contracts & completions
orders there are clear signs of better days ahead for medium sized chemical/products carriers. This improved outlook has to a degree been aided by a little more refining capacity coming on stream globally and Asia’s more buoyant markets. A perennial problem, however, is that as soon as a sector shows signs of growth, owners order new ships threatening any hard-earned stability and depressing freight rates. The medium products (MR1 Handymax) sector is a cause for concern. Here 15
vessel type Aframax
Handymax Handysize
Medium Chemical Medium Products Panamax
Replenishment Small Chemical
Small Products Suezmax VLCC total
<420mm>
total no 136 266 114 129 49 83 6
152 248 185 177
14,820,146 12,808,964 3,208,869 2,009,631 1,283,026 6,004,218 63,100
940,750
1,487,383 28,829,994 55,832,661
1,545 127,288,742
2011 62
newbuildings have been contracted in a short space of time with several options and negotiations in the wings. With a total of 23 Handymaxes already ordered in 2011, this is the second busiest area of activity next to shortsea tankers. Having sold 30 MR1 products carriers to
Diamond S Shipping recently, Cido Shipping is now looking to sell its remaining 16 MR1 units to ease debt problems. Cido ordered over 100 products carriers at inflated prices in the boom and is paying the penalty to remain
TANKERS EXPECTED DELIVERY YEAR total dwt
168 85 96 31 50 4
131 154 74 73
928
2012 41 66 19 21 8
12 1
19 61 67 63
378
2013 23 31 6 8
10 19
2
17 42 37
195 PANTONE Green C: For positional purposes only – Do NOT Print
16 2 4
40 2 2
2014 6 1 4 4
2 1
2015 2
2016 2
in business. The market does not need one owner ordering so many products carriers ever again. Four 47,000 dwt MR1s originally ordered by Cido on a 50/50 ownership basis with SK Shipping, South Korea in 2007 have now been changed to Supramax bulk carriers for delivery from Hyundai Mipo in 2012. Tanker traders are even more happy
when owners remove competing vessels but Consolidated Marine, Greece (Latsis) chose the opposite route and changed two Kamsarmax bulk carriers (hulls 6088/6089) at
vessel type Aframax
Handymax Handysize
Medium Chemical Medium Products Panamax
Replenishment Small Chemical Small Products Suezmax VLCC total
TANKERS ON ORDER no
136 266 114 129 49 83 6
152 248 185 177
dwt
14,820,146 12,808,964 3,208,869 2,009,631 1,283,026 6,004,218 63,100
940,750
1,487,383 28,829,994 55,832,661
1,545 127,288,742
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