Asian shipbuilders buck weaker trend

Demand for new vessels has started to wane on the back of increasing shipyard costs, although Asian shipyards continue to receive significant orders. The average cost of a new 300,000t very large crude carrier (VLCC), although around 13pc lower than a year ago, rose this week to around $104.5mn compared with around $103.5mn a week earlier. The average cost of a new 110,000t Aframax tanker rose to $57.5mn compared with around $57.3mn a week ago, said Greek shipbroker Intermodal. Previous forecasts suggested the price of a new VLCC this year will average around $98mn, with the average cost of a new Aframax remaining at around $52mn.
The most notable deal reported during the past week was an order placed by Transpetro, the shipping arm of Brazil's state-owned Petrobras, for eight LPG carriers consisting of four 7,000m³ and two 4,000m³ fully pressurised units, as well as two 12,000m³ semi-refrigerated units. The vessels will be built at Estaleiro Promar's Greenfield yard in Brazil at a total contract price of $536mn, Intermodal said, and are scheduled for delivery in the third quarter of 2013 and fourth quarter of 2015.
Taiwanese shipping company Evergreen has sealed a deal with South Korea's STX Shipbuilding for 12 Post Panamax container vessels at an undisclosed price. The vessels, which each will have a capacity to carry 8,000 containers, will be delivered between 2012 and 2013.
American Eagle Tankers (AET), a subsidiary of Malaysian's state-owned oil firm Petronas' shipping affiliate MISC, has placed an order for three VLCCs with South Korea's Daewoo Shipbuilding at a cost of $105mn each. The vessels are to be delivered between 2012 and 2013. AET last month finalised a deal with Samsung Heavy Industries for four new 158,500t Suezmax tankers to be delivered between April and October 2012 for an undisclosed price. The latest deals bring AET's current order book to 17 vessels.
South Korea's SK Shipping has also placed an order for an undisclosed price for two Suezmax tankers of around 160,000t each with China's Dalian Shipbuilding, delivering in 2012-2013, said Intermodal. UK-based dry cargo broker Cabot Shipping commissioned Chinese shipbuilder Nantong Mingde to build two 180,000t bulk carriers at $56mn each, with both vessels scheduled for delivery in October 2012. US-based Diamond Shipping ordered two 158,000t tankers and one 105,000t tanker from South Korean shipbuilder Hyundai Heavy Industries at an undisclosed price. All three vessels are scheduled to be delivered in 2012.