The ship industry briefing

The latest news, views and numbers you need to know this month

News in Numbers

$1.7bn

Shipbuilding firm Samsung Heavy Industries has secured a $1.7bn order from an unnamed Eurasian company to provide design, parts and blocks for seven shuttle tankers.

51%

Germany’s Hapag-Lloyd has reported an almost tenfold surge in its first half profits to $3.3bn, as freight rates increased ‘significantly’ due to scarce transport capacities. Revenues soared 51% year-on-year to $10.6bn.

52%

Dubai-based port operator DP World has reported a doubling of in first half-profit, driven by strong growth in India, Australia and the UK. DP World recorded cash from operating activities of $1.49bn during the first six months of this year.

21%

Abu Dhabi Ports Group has reported a 21% year-on-year increase in revenue in the first half of this year, benefitting from diversification into new businesses and organic growth.

$825m

South Korean shipbuilder Samsung Heavy Industries has won an $825m contract for the construction of four liquefied natural gas carriers.

$135m

Norway’s MPC Container Ships has agreed to offload six ships for a combined $135m. The firm has also agreed a $180m, five-year senior secured credit facility with Hamburg Commercial Bank.

$270m

South Korean shipbuilder Hanjin Heavy Industries and Construction has secured a $270m contract for the construction of four container ships.

Business

CIMC Raffles secures contract for four dual-fuel PCTCs

China’s Yantai CIMC Raffles Shipyard has received an order from UK-based shipping firm Zodiac Maritime for the construction of four dual-fuel pure car truck carriers. As part of the contract, the shipping firm also has an option to buy additional ships in the coming years.

Source: Ship Technology

Navios Maritime finalises purchase of Navios Maritime Acquisition

Dry cargo vessel owner Navios Maritime Partners has concluded the takeover of tanker owner Navios Maritime Acquisition after receiving confirmation from unitholders.

This merger is said to have established the largest US publicly-listed shipping firm, comprising more than 140 ships with a combined deadweight of nearly 15 million tonnes and fleet value of $4.2bn.

Source: Ship Technology

Stonepeak signs agreement to acquire Teekay LNG Partners for $6.2bn

New York-based investment firm Stonepeak has signed an agreement to acquire Teekay’s liquefied natural gas shipping unit, Teekay LNG Partners, for $6.2bn.

Source: Ship Technology

LNG TO BREAK THE ICE

Wärtsilä Voyage has secured an order to supply radio and integrated navigation systems for ten icebreaking liquefied natural gas tankers, which are to be built for the Arctic LNG-2 project. The new contract, which was placed in January, will now be implemented in partnership with Samsung Heavy Industries shipyard.

Source: Ship Technology

Quotes

Stephen Cotton, General Secretary of the International Transport Workers’ Federation, Gives thought on an OPEN LETTER published on the day of UN General Assembly’s General Debate in New York

“Transport workers have kept the world’s supply chains and people moving despite the neglect of world leaders. They have worked through border closures, an inability to return home, a lack of access to healthcare, restrictive quarantine requirements and the complete uncertainty borne from government ineptitude.

"Frankly, they’ve had enough. The time has come for heads of government to respond to these workers’ needs, if not they will be responsible for the collapse of supply chains, and the unnecessary deaths and suffering of workers and citizens caught in the crisis. That blood and that chaos will be on their hands.”

IMO Secretary-General Kitack Lim comments ON the new partnerships between the Kingdom of saudi arabia and the IMO

"IMO is committed to a global approach to environmental protection, with capacity building in developing countries to ensure that no member state is left behind on this important journey. Lowering emissions, reducing marine litter and tackling invasive aquatic species are vital to preserving our oceans.

"I am very pleased that these agreements will go towards IMO projects to help reduce the impact of shipping on our oceans. They demonstrate our continued commitment to protecting our environment."

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01/25/2024 10:23:19

Covid-19 briefing

Download GlobalData’s Covid-19 Executive Briefing report

- ECONOMIC IMPACT -

Latest update: 20 October

After months of decline, GDP estimates for many countries have turned positive.

Hiring prospects seem to be gradually improving in 2021.

5.9%

According to the IMF, global growth forecasts for 2021 were revised from July forecasts, to 5.9%.

10.8%

The World Trade Organization forecasts the merchandise trade volume to rise by 10.8% in 2021

- SECTOR IMPACT: shipping and travel -

Latest update: 7 October

shipping crisis hits home

5.5%

5.5% of all ocean capacity is currently waiting outside a port, according to Lloyd's Loading List.

350%

The price of a 40-foot container routed from Asia to Northern Europe increased by 350% in 2021.

Cruise Travel

The Covid-19 pandemic shut down the cruise industry in March 2020, and many lines are yet to fully return to services.

Some have invested heavily in contactless technology and app-based engagement to create a contactless cruise experience compared to pre-Covid-19 times.

Many cruise companies require a Covid-19 test result or proof of vaccine to board. Although limited staycation cruises have been well received in the UK, the strict limits on the operation of cruises continue to hamper the industry. The short term outlook continues to look bleak.

Travel & Tourism impact

Short Term

Uncertainty over the length of travel restrictions and indication is that measures will be in place even when travel opens back up.

Travel bubbles and travel corridors branch open for more countries. Covid-19 tests/vaccination requirements are part of the new norm.

Once leisure travel resumes, demand will return. It may be used by tour operators to entice people to book but a return to ‘normal’ levels will take some time.

Long Term

Travel will return. Intermediaries are seen by many as a necessary aid when booking so demand will return.

Excursions are something travellers can forgo but experiences are a primary travel motivator so once travel picks up, so too should this stage of the chain.

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01/25/2024 10:23:19

The scrubber maker

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01/25/2024 10:23:19

$1.7bn

51%

52%

21%

$825m

$135m

$270m

Covid-﻿﻿19 briefing

- ECONOMIC IMPACT -

- SECTOR IMPACT: shipping and travel -

Covid-19 briefing