Global Shipbuilding Industry
Report on Shipbuilding Industry
Report on Shipbuilding Industry
The Shipbuilding Industry- Riding the Economic Wave
The global economic recession and the decline in sea-borne trade led to over-capacity of ships globally ultimately affecting the performance of the shipbuilding industry during CY09. The global shipbuilding orderbook declined from 367.2 mn GT as on December 31, 2008 to 303.5 mn GT as on December 31, 2009 primarily led by the slow growth of new-build orders aggregating 18.2 mn GT during CY09 as against 90.7 mn GT during CY08. The vessel deliveries however continued to grow at a steady pace with 75.7 mn GT of vessels delivered during CY09 compared to 64.2 mn GT of deliveries during CY08.
The record scrapping volume particularly in the dry bulk vessel segment and y-o-y decline in vessel prices in the range of 20-30% provided no respite to the dwindling global shipbuilding orderbook, especially in case of major shipbuilding nations such as S. Korea, China and Japan thereby requiring their respective governments to take corrective measures in terms of restructuring of yards facing financial crisis and also offering monetary and non-monetary incentives to boost the industrys prospects. However, the Asian shipbuilders continue to dominate the global orderbook accounting for 95.1% of the total as on December 31, 2010. Of the same, in continuation of the trend during CY08, the market share of the S. Korean shipbuilders remained the highest at 37%. The share of the Chinese and Japanese shipbuilders stood at 36.1% & 16.8% respectively.
The Indian shipbuilders occupied 5th rank globally accounting for 1.44% of the global orderbook with 2.2 mn CGT of vessels on order as on December 31, 2009. The Indian shipbuilders specialise in the construction of offshore vessels. However, the expansion of shipyards to the extent of constructing bigger vessels such as dry bulk carriers has enabled the Indian shipbuilders to attract new-build orders in the said vessel segment. Importantly, the Indian yards reported no major instance of order cancellation during CY09 (except in case of Pipavav Shipyard) as compared to their peers in S. Korea and China, primarily owing to no speculative orders being placed with the Indian yards and majority of the orders being received from repetitive clients.
It expects the shipping fleet to be in over-capacity during CY10-CY13 based on a combined mix of factors such as world fleet size, world GDP - current prices and the historical trend of sea-borne trade. Inspite of the new-build vessel prices declining by 20-30% on y-o-y basis, CARE Research expects increased demand for second-hand vessels as compared to new-builds. The said demand is expected to be driven by relatively lower prices of second-hand vessels with younger fleet on offer.
The report elucidates facts about the global Shipbuilding Industry, supplemented by latest statistical data and comprehensive analysis. The report comprising five sections provides an in-depth view of the global Shipbuilding Industry and market trends during CY09, the Ship repair industry & the major Indian players operating in the industry.
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