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Nearly 100! Container ship owners start the mode of "bursting purchase"

Published：2021.03.17 News Sources：Qingdao Gute Ship Supplies Co., Ltd. Views：

Nearly 100! Container ship owners start the mode of "bursting purchase"

With the gradual improvement of the global COVID-19 epidemic, and driven by the huge export demand of China, the "order tide" of the container ship market has become the "leader" leading the recovery of the global new shipbuilding market. Container ship owners have embarked on a "burst purchase" mode. Of the nearly 100 new ship orders so far this year, the "leading" Chinese ship companies of Yangzijiang Shipbuilding Group have received more than half of the orders globally, while the three South Korean ship companies have taken the majority of orders for 10,000-container ships.

The Yangtze River shipping industry became the biggest winner, with South Korean shipping companies taking more than half of the order of 10,000 boxes of ships

According to Clarkson's latest figures, released on March 16, the global order book for new ships so far this year totals 254 vessels, or about 7.355 million CGT. Notably, more than half of all new ship orders were for container ships, with a total of 97 ships, representing about 3.878 million CGT and 881,756 TEU.

Among them, Chinese shipping companies undertook 137 new ship orders, with a total of about 3.377 million CGT, accounting for about 46% of the market share. South Korean ship companies took orders for 86 ships, with a market share of about 47%, about 3.461,000 CGT.

Container ships dominate orders for new ships between China and South Korea. According to Clarkson, Chinese companies have secured 54 container ship orders this year, totaling 405,800 TEU, or about 1.90.0 million CGT, equivalent to 56 per cent of their total order volume and 49 per cent of the global container ship order book.

This year, Korean shipping companies have received 31 container ship orders, totaling 439,800 TEU, or about 1.715 million CGT, equivalent to 50% of their total order volume and 44% of the global container ship order total.

As far as shipyards are concerned, Yangzijiang Shipbuilding Group is undoubtedly the biggest winner in the new container ship market this year. Since the beginning of this year, Yangzijiang Shipbuilding Group has received a total of 44 container ship orders, most of which are branch container ships of less than 5000TEU. In addition, there are 4 large container ships of 11800TEU, 10 large container ships of 15000TEU and 4 large container ships of 24000TEU. The total number of orders received was 371,340 TEU, or about 1,656,000 CGT.

In terms of ship type, most of the 54 container ships ordered by Chinese shipping companies this year are small container ships below 5000TEU, and only Yangzijiang Shipbuilding Group received orders for 180,000 container ships.

At the same time, the vast majority of orders for a total of 48, 000 container ships were taken by three South Korean shipping companies. Among the 31 container ships ordered by Korean shipping companies, except for one 1800TEU feeder ship from Hyundai Oimura, the other 30 ships are 13000-15000TEU neo-Panamax ships.

Orders for new ships are concentrated in the large container ship sector

The wave of orders in the container ship market began in the fourth quarter of last year. The market for new container ships also recovered significantly in the fourth quarter of last year as freight rates began to surge in the second half of last year. Thanks to the container ship freight rate constantly breaking the record, the container ship ordering market has also burst into strong vitality since the beginning of this year, and led to the global new shipbuilding market as a whole up.

According to Clarkson, new container ship orders have reached 162 since the beginning of October 2020, up from just 40 in the first three quarters of last year.

To date, 391 container ships have been ordered by hand, representing an estimated 3.23 million TEU, representing 12.2% of the current fleet in terms of TEU, which remained in the single digits until the fourth quarter of 2020.

A striking feature of this wave of container orders is the concentration of new orders in the larger container ship sector. Of the 363 existing hand-held orders, 86 are 15,000 to 24,000 TEU container ships, totaling about 1.7 million TEU.

On the other hand, feeder container ships have become a popular choice for ship owners to book ships. Unlike the relatively hot large container ship and feeder ship type sector, the medium container ship is almost unheard of, currently 6,000 to 7999TEU container ship hand order is zero, and 8,000 to 11999TEU hand order is only 18.

Data from shipbroker Braemar ACM also showed a 64 percent jump in orders for large container ships in 2020 compared with 2019, including 61 new orders in the fourth quarter of last year, the highest since the third quarter of 2015. Braemar ACM is more optimistic, forecasting 58 orders for large container ships in the first quarter of this year, up from five in the same period last year.

Container ships are being snapped up by owners as China's exports rebound

Market analysts believe that the consolidation companies are competing to order large container ships, because China's economy gradually out of the epidemic haze, export recovery rebound. China's manufacturing sector suffered a downturn in the first half of 2020 due to anti-epidemic blockade measures, but the industry is optimistic that global trade will recover to its previous level after the anti-epidemic measures are lifted, and China's manufacturing sector is expected to return to prosperity.

According to Trading Economics, a data provider, China's exports have risen steadily since June and hit new highs in November and December. Exports rose 21 per cent in November from a year earlier and 18 per cent in December to a record $282bn.

Container companies are hoping to tap into China's voracious demand for export orders with the addition of large container ships. The 10,000-container ships will be deployed on the Asia-Europe and Trans-Pacific shipping routes, the world's busiest, with most of them making their first port of loading in China.

Container ships accounted for just 19 per cent of all new ship orders globally last year, but that figure has soared to nearly 51 per cent in the first two months of this year, suggesting container ships are being "snapped up" by owners, according to South Korean industry insiders. The heavy orders come against the backdrop of a sharp rise in freight rates for container ships. Recently, the Shanghai Export Container Freight Index (SCFI) has reached its highest level since the start of the statistics in January 2009, rising nearly three times compared with the beginning of last year, and the container transport market is in full swing.

So, with both container ships and containers in short supply, shipowners are snapping them up. According to Alpha Liner, a French shipping consultancy, trading in the second-hand container ship market has also picked up after months of high rates, with 140,000 TEU capacity deals completed in January alone, most of which are up more than 50 per cent on the same period last year.

The surge in orders has been accompanied by a steady recovery in the prices of new ships built for container ships. In November last year, the new shipbuilding price index of container ships was 75.35, rose to 76.37 in January this year, reached 77.41 in February this year, and continued to rise to 78.79 in March, which has recovered to the level at the beginning of last year.

"The rising freight rates for container ships have created new incentives for shipping companies to invest," said a South Korean industry source. For the future container traffic will continue to increase the judgment, the shipowner thinks now is the best time to invest. In particular, with the recent recovery in the shipbuilding market and rising raw material prices, South Korean companies also plan to increase the price of new ships, centered on container ships, which have seen freight rates surge. As a result, inquiries from shipowners for container ships are increasing."

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