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Shipping Annual Review December 2009

CRISIL Ltd.
December 31, 2009
116 Pages - SKU: CRSL2564951

Abstract Table of Contents Search inside this report Related Reports

Countries covered: Global

Global shipping industry to remain subdued; consolidation expected CRISIL Research projects the shipping industry to remain subdued due to decline in freight rates on account of sizeable fleet additions and sluggish demand for sea-borne trade. The current environment is more severe for newer players who entered the industry during the robust economic cycle as ship deliveries have commenced from 2009 when the freight rates are subdued. Hence, given this situation, significant consolidation is likely in the industry. Freight rates are expected to remain under pressure in the dry bulk and tanker segments; container segment to see a marginal pick up in 2010

In 2009, there has been significant correction in freight rates across all the segments. Going forward, we believe freight rates in the dry bulk and tanker segments will further witness marginal dips, while freight rates in the container segment are expected to see a marginal pick up due to the bottoming out of freight rates, improvement in trade levels and the relatively consolidated nature of the segment.

Sections
Offshore segment to continue to register healthy growth
Executive summary
1.0 Review and outlook: Dry bulk segment; Tanker segment; Container segment; Significant consolidation expected in the industry
2.0 Shipbuilding industry: Overview; Evolution of the global shipbuilding industry; Break up of global order book; Industry characteristics; Demand drivers; Shipbuilding process; Indian shipbuilding industry; Shipbuilding market trends; Outlook on new shipbuilding prices and investment plans
3.0 Offshore segment (rigs and support vessels): Introduction; Industry characteristics; Factors affecting the industry; Factors affecting company performance in the industry; Indian offshore rigs and support vessels market; Market trends; Outlook for offshore rigs and support vessels
Charts: 2.0 Shipbuilding industry; 01 Evolution of the global shipbuilding industry; 02 Demand for ships; 03 Demand for offshore vessels; 04 Shipbuilding process
Charts: 3.0 Offshore segment (rigs and support vessels); 01 Types of drilling rigs; 02 Submersible; 03 Jack-ups; 04 Semi-submersible; 05 Drill-ships; 06 Anchor handling tug and supply vessel (AHTSV); 07 Platform supply vessel (PSV); 08 Sub-sea construction and support vessel; 09 Factors affecting the industry; 10 Demand for offshore vessels (rigs and support vessels); 11 Factors affecting company performance in the industry
Figures: 1.0 Review and outlook; 01 Dry Baltic Index; 02 Average time charter rates; 03 Trade for dry bulk commodities (y-o-y percentage change); 04 Dry bulk trade (million tonnes); 05 Average time charter rates; 06 Fleet utilisation; 07 Baltic Tanker Index; 08 Average time charter rates; 09 World POL trade (million tonnes); 10 Average time charter rates; 11 Fleet utilisation; 12 Global container activity (y-o-y percentage change); 13 Average time charter rates; 14 Change in global container trade; 15 GDP; 16 Fleet utilisation; 17 Average time charter rates; 2.0 Shipbuilding industry; 01 World shipbuilding capacity (million CGT); 02 Shipbuilding order book (million GT); 03 Comparison of dry bulk new building prices and dry bulk order inflows; 04 Comparison of freight rates and order book; 05 Tonnage per ship
Figures: 2.0 Shipbuilding industry; 06 New orders (million dwt); 07 Comparison of freight rates and order book; 08 Indian order book (million GT); 09 Comparison of relative labour rates; 10 Average second hand prices - Bulk carriers; 11 Dry bulk segment - New orders; 12 Average new building prices - Bulk carriers; 13 Average second hand prices - Tankers; 14 Tanker segment - New orders; 15 Average new building prices - Tankers; 16 Average second hand prices - Containers; 17 Average second hand prices - Containers; 18 New building delivery schedule (million dwt); 3.0 Offshore segment (rigs and support vessels); 01 Offshore rigs in India vs crude oil prices; 02 Crude oil price movement and domestic upstream investments; 03 Change in global capital and exploration spending vs change in crude oil prices; 04 Floating rig utilisation and charter rates; 05 Day rates of rigs; 06 Delivery schedule of jack-up rigs (nos.); 07 Delivery schedule of floaters (nos.); Tables; 2.0 Shipbuilding industry; 01 Top 10 shipbuilders by deliveries in 2008; 02 Performance of Indian shipyards (in million)
Sections: 1.0 World seaborne trade and movement of cargo; Steady growth in world seaborne trade; Commodity-wise seaborne trade; Trade of dry bulk forms the largest component of total trade; Share of POL declining due to faster growth of container; Average distance in seaborne trade has increased over the last few years; 2.0 Ship trading; Second-hand ship market remained buoyant in 2008 with higher demand, but witnessed a slump in 2009(9 months); 3.0 Indian shipping industry; State of the industry; Tankers comprise majority of Indian fleet; Foreign lines account for larger share of Indian cargo; India’s overseas trade to witness robust growth; Regulatory framework; Some of the key regulations are listed as under:; 1. Merchant Shipping Act, 1958; 2. The Inland Vessels Act, 1917; Cabotage law in India; 4.0 Player profiles; The Shipping Corporation of India; The Great Eastern Shipping Company Ltd; Mercator Lines; Varun Shipping Company Ltd; Chowgule Steamships Ltd; Offshore - Player profiles; Great Offshore Ltd; Jindal Drilling & Industries Ltd; Garware Offshore Services Ltd; Ship building - Player profiles; 5.0 Types of charter; 6.0 Types & classification of ships; 7.0 Concepts in shipping and glossary; Key concepts; Shipping routes; Glossary; Abbreviations used in shipping
Charts: 3.0 Indian shipping industry; 01 Institutional framework in India; 5.0 Types of charter; 01 Charter types and differences
Figures: 1.0 World seaborne trade and movement of cargo; 01 World seaborne trade; 02 Commodity-wise seaborne trade; 03 Dry bulk cargo 2001 (3,199 million tonnes); 04 Dry bulk cargo 2008 (4,119 million tonnes); 05 Average distance travelled by seaborne cargo; 06 Seaborne trade in tonne-miles; 07 Commodity-wise seaborne trade in tonne-miles; 08 Seaborne trade 2008 ( 8,168 million tonnes); 09 Seaborne trade 2008 ( 32,746 billion tonne-miles); 2.0 Ship trading; 01 Second-hand price index for dry bulk segment; 02 Second-hand price index for tanker segment; 3.0 Indian shipping industry; 01 Growth in fleet tonnage; 02 Types of vessels 2007 (15 million dwt); 03 Player-wise tonnage; 04 India's seaborne trade (2007-08); 05 India’s overseas trade; 4.0 Player profiles; 01 Tonnage mix 2008-09; 02 Tonnage mix (2008-09); 03 Tonnage mix (2008-09); 04 Tonnage mix (2008-09)
Tables: 3.0 Indian shipping industry; 01 Indian fleet; 4.0 Player profiles; 01 Fleet details; 02 Financial performance; 03 Quarterly results; 04 Fleet details; 05 Financial performance; 06 Quarterly results; 07 Fleet details; 08 Financial Performance; 09 Quarterly results; 10 Fleet details; 11 Financial performance; 12 Quarterly results; 13 Fleet details; 14 Financial performance; 15 Quarterly results; 16 Fleet details; 17 Financial performance; 18 Profit and loss account; 19 Fleet details; 20 Financial performance; 21 Profit and loss account; 22 Financial performance; 23 Profit and loss account; 24 Financial performance; 25 Profit and loss account; 26 Financial performance; 27 Profit and loss account; 28 Financial performance; 29 Profit and loss account; 6.0 Types & classification of ships; 01 Classification of ships based on tonnage

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Shipping Annual Review December 2009

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