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home page >> News >> The demand for shipping has driven the shipbuilding industry to "rise in water and ship prices", and the delivery time for motor transport ships has been scheduled to 2027

The demand for shipping has driven the shipbuilding industry to "rise in water and ship prices", and the delivery time for motor transport ships has been scheduled to 2027

The maritime market is not booming, and the shipbuilding industry is a weather vane.

Recently, the China Shipbuilding Industry Association released the China Shipbuilding Capacity Utilization Monitoring Index (CCI) for the second quarter of 2023, reaching 798 points. This is the first time in 10 years that the index has approached 800 points, with a year-on-year increase of 14% and a month on month increase of 3.4%.

Affected by transportation demand, the oil tanker and dry bulk carrier sectors in the new shipbuilding market have performed well. According to data from shipping research firm Clarkson, tanker orders increased by 312% year-on-year in the first half of 2023, accounting for approximately 30% of new orders. A report from CITIC Construction Investment also shows that in the first half of 2023, 38.9% of China's new orders were for bulk cargo ships, 30.4% for oil tankers, 16.7% for container ships, and 5.6% for gas tankers.

Many new shipbuilding orders are taken over by Chinese shipyards. According to data from the China Shipbuilding Industry Association, the number of new orders received by Chinese ships increased by 48.2% month on month in the second quarter, while the number of handheld orders increased by 8.2% month on month. In addition, according to data from the China Shipbuilding Industry Association, from January to June 2023, China's shipbuilding completion volume, new orders received, and handheld orders accounted for 49.6%, 72.6%, and 53.2% of the world's total in deadweight tons, respectively, and 47.3%, 67.2%, and 46.8% in corrected total tons, respectively, ranking first in the world.

For example, in the oil tanker sector, Kurow Shipping has ordered 4+4 Aframax tankers from Zhoushan Changhong, with plans to deliver them in the fourth quarter of 2025 and the first half of 2026. In the dry bulk sector, Agricore Ship Management has placed an order for two 84000 deadweight ton Kamsa type ships at China Shipbuilding Group's Chengxi Shipyard, with a unit price of $35.5 million, and plans to deliver them in June and December 2026. The situation in the automotive shipping sector is also good, with Hoegh Autoliners, a Norwegian shipping company, placing an order for four 9100CEU automotive ships with China Merchants Heavy Industries, which will be delivered in 2026.

The Clarkson New Ship Price Index shows that it continued to rise by 6 points in the second quarter. Meanwhile, Clarkson's "New Shipbuilding Market Summary and Prospects" released in mid July showed that since 2023, shipyards have rapidly sold the remaining 2025 shipping space, and new shipbuilding prices have continued to rise. As of the end of June, the new shipbuilding price index was 171, a 5% increase from the beginning of 2023 and a 34% increase from the beginning of 2021, reaching the highest level since January 2009.

In terms of specific ship types, the demand for container ship orders in the first half of the year decreased from last year's high, and its new shipbuilding price index slightly increased by 3% compared to the beginning of the year; Oil tanker orders have surged, with a 6% increase in the price index of new oil tanker shipbuilding; The new shipbuilding price index for bulk carriers has rebounded by 5%.

Both the changes in the number of new ship orders and the adjustment of the new ship price index are directly influenced by the atmosphere of the shipping market scenario. Taking automobile transport ships as an example, Clarkson's data shows that as of early July 2023, the newly built price of LNG fuel powered automobile transport ships with 7000 standard parking spaces has reached $97 million. This is closely related to the continuous repair of automotive and maritime trade in the global market. Clarkson predicts that the volume of automotive and maritime trade will increase by 7.6% year-on-year to 21.65 million vehicles in 2023, surpassing the total of 21.1 million vehicles in 2019, with the growth of China's automotive export trade contributing about 37% of the repair increase.

The growth of new energy vehicle exports is the core reason for the growth of China's automobile export trade. According to the globally renowned independent analysis firm Canalys, China's total automobile exports are expected to reach 4.4 million in 2023, with new energy vehicles accounting for over 30% of the total. Canalys believes that 2023 will be the first year of rapid growth in light new energy vehicles worldwide.

It is precisely the rapid growth of new energy vehicle exports over the past period of time and expectations for this market that have led to a shortage of transportation capacity for automobile transport ships.

According to Clarkson's research report, the total size of the automobile transportation fleet is currently 4.01 million standard parking spaces, a slight decrease from the level in 2019. Currently, the global automobile transportation fleet holds 147 orders, totaling approximately 1.12 million standard parking spaces. If calculated by the number of parking spaces, the proportion of handheld orders in the fleet is 28%. However, due to the current abundant order volume at various shipyards, coupled with shortages of workers and supply chain difficulties, the delivery time of motor transport ships has been scheduled to 2027.

Regarding the situation where one ship is difficult to find in the automobile transport ship market, Zhou Xuhui, Deputy General Manager of Guangzhou Shipbuilding International Co., Ltd., analyzed in an interview with China Securities News that the trend of Chinese automobile enterprises' products going to sea is not decreasing, and the average price increase of automobile transport ship orders is higher than that of container ships, oil tankers, and bulk carriers. The shortage of transportation capacity and rising prices have shown many shipping companies business opportunities.

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