Post on 14-Apr-2018
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Shipbuilding MarketOverviewCargotec Capital Markets Day,
Helsinki, 17th November 2011.
Steve Gordon,
Clarkson Research Services Limited (CRSL)
The information supplied herewith is believed to be correct but the accuracy thereof is not guaranteed and the Company andits employees cannot accept liability for loss suffered in consequence of reliance on the information provided. Provision of
this data does not obviate the need to make further appropriate enquiries and inspections. The information is for the use ofthe recipient only and is not to be used in any document for the purposes of raising finance without the written permission of
Clarkson Research Services.
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Agenda
1. Market Position, Seaborne Trade, World Fleet
2. Regional Shipbuilding Capacity
3. Ship Type Investment & Outlook
4. Summary
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Market Position: Clarksea Index
Three very differentdecades!
Between the end of May2008 and mid-April 2009,the Index fell from almost$50,000/day to a low of$7,350/day.
2009 & 2010 proved betterthan expected and lowinterest rates helped.
Sentiment now weaker -as of 11th November 2011,$11,142 / day
TheThe ClarkseaClarksea Index (tankers,Index (tankers, bulkersbulkers, containers,, containers,
gas) Source: Clarkson Researchgas) Source: Clarkson Research
ClarkSea Index
0
10
20
30
40
50
60
1980
1983
1986
1989
1992
1995
1998
2001
2004
2007
2010
Sour ce: Clarkson Res earch, Apr il 2011
'000 $/day
The Clarksea Index is an average
weighted index of earnings across
the major sectors of tankers,bulkers, containers and gas
Average 1980s - $9,461/day
Avergae 1990s - $11,924/day
Average 2000s - $21,720/day
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Cycle Position November 2011
This chart shows
average earnings
today for the ship
type, as a % of
the average
earnings during
the last 10 years
-100% -50% 0% 50% 100% 150% 200% 250%
VLCCSuezmaxAframax
Clean Products
CapesizePanamax
HandymaxHandy
Container 3,500 teuContainer 1,700 teu
OffshoreLPGLNG
% deviation from 10 year trend
Tankersdepressed
QuarterlyUpturn but lots
of supply tocome
Gas &Offshore
better
Rates have continued todecline since the summer
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The World Economy - Sea trade cycles generallyfollow cycles in world GNP but not precisely.
World Seaborne Trade & GDP
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
-1.0
%
0.0
%
1.0
%
2.0
%
3.0
%
4.0
%
5.0
%
6.0
%
Source: C larkson Research S ervices. IMF
Trade Growth
World GDP
Growth %
2009
2008
2007
linear
trendline
2010
Seaborne Trade 2011, m.tonnes
Other Dry
27%
Minor Bulks
13%
Major
Bulks
25%
Crude Oil
21%
Oil Products9% Gas
3%
Source: Clarkson Research Services
1990-2008: tradealmost doubledto 8.2bn tonnes that is overone tonne for
every person onthe planet
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Global Seaborne Trade
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
(e)
Sour ce: Clarkson Res earch, Apr il 2011
Major Bulk Minor BulkContainer Trade Crude OilOil Products GasOther
Billion Tonnes
2000-2010 Trade Grow th
1.7%
2.5%
2.9%
4.3%
4.9%
5.3%
5.7%
6.5%
-1.9%
7.9%
8.2%
-3.7%
3.9%
2.7%
-5.0% 0.0% 5.0% 10.0%
Phos.RockOther
CrudeOil
MinorBu
lkGrainLPG
Baux./Alum.
OilProductsCarsCruiseCoalLNG
Container
IronOre
Sour ce: Clark s on Res earch,
Apr il 2011
% Grow th Per
World Seaborne Trade
4%average
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Seaborne Trade Scenarios
0
2
4
6
8
10
12
14
16
18
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
2020
Sour ce: Clarkson Res earch, Apr il 2011
Chinese Imports
World Less China
7% scenario4% scenario
3% scenario
1% scenario
Per iod % p.a.
1951-60 6.3%
1961-70 9.1%
1971-80 3.5%
1981-90 2.3%
1991-00 3.9%
2001-10 3.7%
Billion Tonnes
We expect trade to grow byaround 5% in 2011 but thereare lots of risks given economicdevelopments / uncertainty andthere is a lag on trade data.
For planning purposes, 4%growth in trade over the nextdecade does not seemunreasonable.
Seaborne Trade Outlook
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Age Profile 11% of fleet above 25 years
0
20
40
60
80
100
1971 1981 1991 2001 2011
Million
GTD
eliveries
Relatively few vessels buil t inthe 1980s so l imited
replacement requirement
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World Fleet 1986 - 2012
Growth Rates:
This year the fleet movedpast the billion GT mark
Fleet growth has moved upto 7-8% in recent years and
this is also forecast for 2011and 2012.
This is roughly double longterm trade growth and more
than the 5% trade growthexpected this year.
Graph in GT-4%
-2%
0%
2%
4%
6%
8%
10%
0
200
400
600
800
1000
1200
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012(f)
Source: Clarkson Research, April 2011
World Fleet Development
World Fleet Development
% Growth
Million
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Agenda
1. Market Position, Seaborne Trade, World Fleet
2. Regional Shipbuilding Capacity
3. Ship Type Investment & Outlook
4. Summary
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World Shipbuilding & Scenario
0
20
40
60
80
100
1971 1981 1991 2001 2011 2021
MillionGTD
eliverie
The last shipbuilding peak wasin 1975 when output reached 36
million GT 35 year cycle
Market Peak 2010 or 2011?
Surplus
Capacity
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Shipbuilding Output by Country & CGT
0
20
40
60
1996 1998 2000 2002 2004 2006 2008 2010
M
illion
CGT
Deliveries Europe Japan
S. Ko rea Ch in a
Others
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010
20
3040
50
6070
80
90100
1902
1907
1912
1917
1922
1927
1932
1937
1942
1947
1952
1957
1962
1967
1972
1977
1982
1987
1992
1997
2002
2007
%
totals
hipslaunc
he
Korea
Japan
Europe
Britain
Other
Scandinavia
USA China
Shipbuilding Waves of Competition
Source: Maritime Economics (2009)
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China takes the lead..Global Shipbuilding Share (2011 YTD Delivery
in Dwt)
Japan
20%
S. Korea
33%
China
41%
Europe
2%
Others
4%
Global Shipbuilding Share - Delivery
0%
10%
20%
30%
40%
50%
60%
70%
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
201
1YTD
Source: Clarkson Research Services
% DWT Deliveries China EuropeJ apan South KoreaOthers
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South Korean success in high value ordersGlobal Shipbuilding Share (2011 YTD
contrac ting in CGT)
S. Kore a
50%
China
32%
Japan
5%
Others
7%
Europe
6%
Global Shipbuilding Share - Contract ing
0%
10%
20%
30%
40%
50%
60%
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2
011YTD
Source: Clarkson Research Services
% CGT Deliveries China EuropeJ apan South KoreaOthers
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World Shipbuilding by Country 2010
19.0
16.0
9.7
0.8
0.7
0.6
0.5
0.5
0.4
0.3
3.6
0 5 10 15 20 25
China
S. Korea
Japan
Germany
Italy
Philippines
Norway
TurkeySpain
Netherlands
Others
Mil lion CGT Output 2010
Source: Clarkson Research
223 yards
30 yards
78 yards
What is CGT?CGT is the Gross Tonnage (GT)of the ship weighted to reflect its
work content per GT. For
example the weight for acontainership might be 1.0 andthe weight for a big tanker 0.25)
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World Shipbuilding by Country 2011 YTD
14.7
13.1
7.0
0.40.4
0.2
0.2
0.2
0.2
2.4
0 5 10 15 20 25
China
S. Ko rea
Japan
GermanyItaly
Norway
Turkey
Spain
Netherlands
Others
Mil lion CGT Outpu t in 2011
Source: Clarkson Research
232 yards
31 yards
68yards
What is CGT?CGT is the Gross Tonnage (GT)of the ship weighted to reflect its
work content per GT. For
example the weight for acontainership might be 1.0 andthe weight for a big tanker 0.25)
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World Shipbuilding Production by Country
COUNTRY her Total Output
M CGT M CGT M CGT M CGT M CGT M CGT
China 3.9 10.3 1.7 0.1 3.0 19.0
S. Korea 4.6 3.0 4.8 2.2 1.4 16.0
Japan 2.3 4.7 0.8 0.6 1.3 9.7
Germany 0.0 0.0 0.2 0.0 0.6 0.8
Italy 0.0 0.0 0.0 0.0 0.7 0.7Philippines 0.1 0.3 0.2 0.0 0.0 0.6
Norway 0.0 0.0 0.0 0.0 0.5 0.5
Turkey 0.3 0.0 0.0 0.0 0.1 0.5
Spain 0.0 0.0 0.0 0.0 0.3 0.4
Netherlands 0.0 0.0 0.0 0.0 0.3 0.3All Others 0.4 0.5 0.4 0.0 2.2 3.6
Total 11.6 18.8 8.1 3.0 10.5 52.0
Tankers Bulkers Containers Gas
World Shipbuilding Capacity 2010 - CGT
Indicates market leader for each ship type
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World Shipbuilding Capacity 2011 YTD - CGT
Indicates market leader for each ship type
World Shipbuilding Production by Country
COUNTRY Tanker Bulk Carrier Containership Gas Others Total
China P.R. 2.6 9.3 0.7 0.1 2.1 14.7
South Korea 3.3 3.6 4.2 0.7 1.4 13.1
Japan 1.6 4.2 0.4 0.2 0.6 7.0
Philippines 0.0 0.6 0.0 0.0 0.0 0.6
Italy 0.0 0.0 0.0 0.0 0.4 0.4
Germany 0.0 0.0 0.0 0.0 0.3 0.4
Taiwan 0.0 0.1 0.2 0.0 0.0 0.3
Vietnam 0.0 0.2 0.0 0.0 0.1 0.3
Norway 0.0 0.0 0.0 0.0 0.2 0.2
Turkey 0.1 0.0 0.1 0.0 0.0 0.2
All Others 0.2 0.2 0.1 0.0 1.1 1.6
Total 7.8 18.1 5.6 1.0 6.3 38.8
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Top Builders 2010
COUNTRY BUILDER Bulkers Container Gas Other Tankers Total Cont % tot
1 South Korea Daewoo 217 1,468 606 235 612 3,138 47%
2 South Korea Hyundai H.I. 467 1,304 263 446 488 2,968 44%
3 South Korea Samsung H.I. - 961 998 356 299 2,614 37%
4 South Korea Hyundai Samho 249 408 88 - 539 1,284 32%5 China P.R. J iangnan Changxing 50 377 - - - 427 88%
6 Taiwan CSBC - 325 - - - 325 100%
7 South Korea Hanjin H.I. - 312 81 13 52 459 68%
8 China P.R. J iangsu New YZJ 391 309 - - - 700 44%
9 J apan Mitsubishi H.I. - 289 233 244 - 766 38%
10 Philippines HHIC-Phil. Inc. - 207 - - 52 260 80%
11 China P.R. Guangzhou Wenchon - 207 - 58 - 264 78%12 J apan Koyo Dock K.K. 246 190 81 - - 517 37%
13 China P.R. Dalian Shipbuilding 409 168 - - 554 1,131 15%
14 South Korea Sungdong S.B. 709 154 - - 156 1,020 15%
15 J apan Naikai S.B. - 118 - - 17 135 88%
16 China P.R. J iangsu Yangzijiang - 113 - 156 - 269 42%
17 J apan Imabari S.B. 752 101 - 233 44 1,131 9%
18 China P.R. Shanghai S.Y. 248 96 - - - 344 28%
19 J apan I.H.I. 194 95 - - 178 466 20%
20 China P.R. Zhejiang S.B. 33 78 - 15 - 126 62%
2010 Output - 000 CGT
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Top Builders 2011 YTDCOUNTRY BUILDER Bulk Carrier Containership Gas Others Tanker Total Cont % tot
1 South Korea Hyundai H.I. 513 1,173 83 363 641 2774 42%
2 South Korea Samsung H.I. - 1,104 162 294 840 2400 46%
3 South Korea Daewoo 219 742 410 341 153 1866 40%
4 South Korea Hyundai Samho 271 898 - 114 305 1587 57%
5 South Korea Hyundai Mipo 438 21 17 223 493 1192 2%6 South Korea STX Shipbuild. 558 120 34 - 275 987 12%
7 China P.R. Dalian Shipbuilding 346 49 - - 545 941 5%
8 South Korea Sungdong S.B. 660 - - - 128 788 0%
9J apan Imabari S.B. 595 - - 99 - 694 0%
10 China P.R. Shanghai Waigaoqiao 403 - - - 181 583 0%
11 South Korea SPP Shipbuilding 472 - - - 104 575 0%12J apan Oshima S.B. Co. 566 - - - - 566 0%
13 China P.R. J iangsu New YZJ 492 26 - - - 517 5%
14J apan Mitsubishi H.I. - 248 - 174 89 511 49%
15 China P.R. Dayang S.B. 440 - - 47 - 487 0%
16J apan Universal S.B. 352 - - - 133 485 0%
17 China P.R. New Times S.B. 333 - - - 114 447 0%
18J apan Mitsui SB 390 - - - 44 435 0%
19J apan I.H.I. 209 47 - - 177 433 11%
20 China P.R. Hudong Zhonghua 183 90 - 75 51 399 23%
2011 YTD Output - 000 CGT
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Non-Delivery Trends
In recent years around aquarter to a third of expecteddeliveries at the start of theyear have not delivered.
Slippage and Cancellation by Shiptype, 2011
GAS
TANKERS
BULKERS
TOTAL
CONTAINERS
0% 5% 10% 15% 20% 25% 30% 35%
Cancellation Slippage
Unit : Dwt
% Differ ence of Forecas t vs . Actual Deliveries into t he
Global Fleet
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Sour ce: Clark s on Res earch, October 2011
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Investor Behavioura ornvestors 2007 2008 2009 2010 2011* 2007 2008 2009 2010 2011*
Greece 655 257 67 292 118 37.7 21.2 3.0 13.3 11.5 STEADY. 4%Norway 259 104 19 119 67 19.9 10.2 0.5 5.8 7.5 UP BY. 55%Denmark 103 143 14 15 37 4.1 8.6 0.4 0.3 6.7 UP BY. 2222%Germany 667 366 35 75 42 35.2 19.3 1.7 3.0 3.4 UP BY. 35%France 103 38 11 68 27 4.4 1.8 0.1 3.1 0.9 DOWN BY.. -63%Italy 165 102 30 18 13 8.9 6.0 1.1 2.4 0.8 DOWN BY.. -59%
Netherlands 165 99 55 43 28 4.6 2.1 1.0 2.4 0.7 DOWN BY.. -64%Turkey 242 108 12 43 22 9.0 5.0 0.1 1.5 0.7 DOWN BY.. -49%Russia 40 63 28 30 22 1.1 1.6 0.4 1.2 0.6 DOWN BY.. -37%Sweden 7 10 4 14 5 1.1 1.7 0.1 0.5 0.5 UP BY. 20%United Kingdom 79 35 9 26 7 1.7 2.0 0.4 1.0 0.2 DOWN BY.. -75%Monaco 0 3 0 5 5 0.0 0.1 0.0 0.2 0.2 UP BY. 28%Other Europe 246 107 41 58 19 11.0 6.0 1.2 2.1 0.3 DOWN BY.. -81%TOTAL EUROPE 2,731 1,435 325 806 412 138.7 85.7 10.0 36.9 34.2 UP BY. 11%China P.R. 391 273 230 444 136 18.5 13.8 6.9 14.5 4.4 DOWN BY.. -64%Singapore 234 149 91 111 76 6.0 6.2 1.5 4.3 3.2 DOWN BY.. -13%Hong Kong 157 63 32 81 36 6.9 3.0 1.6 2.6 2.5 UP BY. 13%Japan 423 326 84 100 39 24.4 17.8 2.8 3.7 2.3 DOWN BY.. -25%South Korea 253 141 43 89 43 12.8 8.3 2.1 4.2 2.1 DOWN BY.. -41%Taiwan 103 44 12 63 24 8.6 3.1 0.4 3.4 1.4 DOWN BY.. -50%Malaysia 85 61 31 35 24 1.8 0.8 0.5 3.3 0.4 DOWN BY.. -86%India 94 31 18 47 11 3.9 1.6 0.4 1.9 0.3 DOWN BY.. -80%Other Asia 84 60 30 21 17 1.9 1.6 0.3 0.3 0.2 DOWN BY.. -13%
TOTAL ASIA 1,824 1,148 571 991 406 84.9 56.1 16.5 38.4 16.7 DOWN BY.. -48%Israel 49 19 2 21 28 4.5 1.8 0.1 1.2 1.5 UP BY. 49%Saudi Arabia 33 7 3 3 6 1.2 0.4 0.0 0.3 0.4 UP BY. 76%U.A.E. 81 77 51 22 4 2.5 3.6 0.6 0.8 0.2 DOWN BY.. -66%Other Mid. East 37 63 13 10 4 3.5 5.0 0.7 0.3 0.2 DOWN BY.. -24%TOTAL MID. EAST 200 166 69 56 42 11.7 10.7 1.4 2.6 2.3 UP BY. 8%United States 178 61 43 67 53 19.4 6.1 1.8 5.7 14.3 UP BY. 200%Brazil 28 32 30 21 28 1.1 7.4 5.2 1.4 5.3 UP BY. 355%Canada 52 13 5 40 16 4.2 0.2 0.1 1.3 2.1 UP BY. 98%
Other 100 69 56 56 8 4.1 3.6 2.5 2.8 0.2 DOWN BY.. -91%TOTAL OTHER 358 175 134 184 105 28.8 17.4 9.7 11.1 21.8 UP BY. 135%
GLOBAL TOTAL 5,113 2,924 1,099 2,037 965 264.1 169.9 37.5 88.9 75.0 STEADY. 1%
No. of Vessels Investment TrendsThis Year
Value $ billion
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Chinese Owned Fleet & ContractsChinese Owned Fleet & Contracts
0
20
40
60
80
100
Jan-05
Apr-05
Jul-05
Oct-05
Jan-06
Apr-06
Jul-06
Oct-06
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Source: Clarks on Research Services
m. GT
0
1
2
3
4
5
6m. GT
China P.R. Owned Fleet (LHS)
China P.R. Owned Contracts (RHS)
Strong Chinese ownedcontracts before the financialcrisis leads to strong growthrate after financial crisis.
About 9% (in GT) yoy growth
rate pre-financial crisis. Over 20% (in GT) yoy growth
rate post-financial crisis.
Global fleet growth rate consistat about 7% yoyduring the
same period.
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Agenda
1. Market Position, Seaborne Trade, World Fleet
2. Regional Shipbuilding Capacity
3. Ship Type Investment & Outlook
4. Summary
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Massive Investment In New Ships1. Between 2003 and 2008 the
industry ordered over $800billion of new ships. 50% ofthe orders were placed in2007/8 when prices were ata peak
2. Majority of investment
related to standard designsand technology
3. In 2011, 40% of investmenthas been offshore relatedand 15% gas.
4. Today, the contract valueof the marine orderbook isover $300 billion andoffshore is nearly $150
billion.
0
2040
60
80
100120
140
160
180
200220
240
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Bill $
Orders
0
20
40
60
80
100
120
New Cape
$MMOthers
ContainerLPG
LNGBulk
TankersNew Cape $MM
Source: Clarkson Research Services Ltd
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Shipbuilding Output by Type & CGT
0
20
40
60
1996 1998 2000 2002 2004 2006 2008 2010
M
illion
CG
T
Deliveries Others
Containership
Bulkercarrier
Tanker
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2010 Activity & 2011 Potential
Tankers,
301, 15%
Gas, 56, 3%
Container,
125, 6%
Others,
374, 19%
Bu lk , 1117,
57%
2010
1,973 1,177 (f)
an ers,
153, 13%
Gas, 82,
7%
Container,
289, 25%
Bu lk, 325,
27%
Others,328, 28%
2011
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2011 . Winners & Losers
We expect the relative shareof orders by sector to changein 2011.
We expected Offshore,Container and Gas to dobetter.
We expect bulkers and tankersto be down year on year.
Overall volumes expected tobe slightly down on 2010.
2011 versus 2010
Bulk
Ferry
Tanker
Offshore
Gas
Container
-100% -50% 0% 50% 100% 150% 200%
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Newbuilding RequirementScenario Relatively low ordering expected in the short
term. Surplus capacity may put pressure on pricing.
Gradual pick up later in the decade but withrelatively more gas, container, ferry, Ro Ro,
PCC and Offshore.
Bulkers remains a volume market but not atthe same levels as the boom.
Counter cyclical ordering possible. New designs and technology provide
marketing opportunities.
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Offshore Oil Production & Forecast
Following a decade ofstagnation, offshore oil is
expected to growstrongly.
Step change in oil priceexpectation and offshore
oil is getting deeper Projection based on over
178 oil fields currentlyunder development
1,125 potentialdevelopment oil fieldsand 1,038 gas fields
0
5
10
15
20
25
30
35
1980
1985
1990
1995
2000
2005
2010
2015
2020
MillionBPD
Caspian B lack Sea West Africa
As ia Pacif ic Sth America
M East & ISC NW Europe
Nth America
Offshore oil production and forecast
forecast
Growth
Stagnation
?
Grow
th
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Offshore Discoveries Getting Deeper
-
500
1,000
1,500
2,000
2,500
3,000
3,500
1940 1950 1960 1970 1980 1990 2000 2010
Water Depth (M)
Shengli , China
3.8 bn bblsSafaniya,
S.Arabia 3.5 bn
bbls
Akal & Cantarel l,
Mexico 6.7 bn bbls
combined
Deepwater Gulf of
Mexico Fields
Brazilian Pre-Salt
Discoveries
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Offshore & Marine Orderbook-Value by Type
Offshore
$137 bn $291 bn
Tankers
12.8%
Gas
5.0%
Container
19.9%
Others
20.1%
Bulk
42.2%
Marine
AHTS
7%
Supply
6%
Survey
3%
Mobile
Offshore
Drilling
46%
Mobile
Production
20%
Logistics
3%
Construct& Platform
13.9%
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Offshore Contracting Forecast Significant Requirement
Long Term Project IntelligenceForecast is based on theprojected construction and start-
up of future offshore fields. Thecontracting forecast is based onthe units required for each of thefields in the projection start-up.
0
100
200
300
400
500
600
700
800
900
1000
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
NoofContractsPlaced
Support
Productionand Logistics
Survey andDevelopment
Project Intelligence Methodology Contracting Forecast
Forecast
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Agenda
1. Market Position, Seaborne Trade, World Fleet
2. Regional Shipbuilding Capacity
3. Ship Type Investment & Outlook
4. Summary
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Conclusions We have entered a market trough following a decade of exceptional earnings. The
big three volume sectors tankers, bulkers, containers all face difficult issues.
World trade averages under 4% growth but there is currently shipbuilding capacity togrow the fleet at 7%. Suggests prices may ease back and a return towards boomordering levels is unlikely.
Shipbuilding output is at a record high and marks the peak of a 35 year cycle. Chinatook the shipbuilding crown last year but is having a tough 2011 in contracting terms.
In 2011, Gas, Container and Offshore have been more active. Securing finance at themoment is difficult.
We expect dry bulk to remain a volume newbuild market but for Gas, Ro Ro, Ferryand Offshore to do relatively better over the coming decade
It is a buyers market and yards are being far more flexible with new designs.Solutions that reduce fuel consumption and have a green angle are very attractive.Lower newbuild prices may encourage counter cyclical ordering.
Clarksons Research
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Disclaimer
The information supplied herewith is believed to be correct but the accuracy thereof is not guaranteed and the Company and itsemployees cannot accept liability for loss suffered in consequence of reliance on the information provided. Provision of this data does notobviate the need to make further appropriate enquiries and inspections. The information is for the use of the recipient only and is not tobe used in any document for the purposes of raising finance without the written permission of Clarkson Research Services.
The statistical and graphical information contained under the heading is drawn from the Clarkson Research Services Limited ("CRSL")database and other sources. CRSL has advised that: (i) some information in CRSL's database is derived from estimates or subjectivejudgments; and (ii) the information in the databases of other maritime data collection agencies may differ from the information in CRSL'sdatabase; and (iii) whilst CRSL has taken reasonable care in the compilation of the statistical and graphical information and believes it tobe accurate and correct, data compilation is subject to limited audit and validation procedures and may accordingly contain errors; and(iv) CRSL, its agents, officers and employees do not accept liability for any loss suffered in consequence of reliance on such information orin any other manner; and (v) the provision of such information does not obviate any need to make appropriate further enquiries; (vi) theprovision of such information is not an endorsement of any commercial policies and/or any conclusions by CRSL; and (vii) shipping is avariable and cyclical business and any forecasting concerning it cannot be very accurate