Global Shipbuilding Market Report: 2015 Edition - New Report by Koncept Analytics

-------------------------------- Training Manual March 2009

Global Shipbuilding Market Report ----------------------------------------- 2015

Executive Summary

The shipbuilding industry is involved in the construction and modification of ships and these operations are carried out in specialized facilities called shipyards. The industry builds ships for commercial as well as military purposes. The shipbuilding market is segmented on the basis of ship type: Bulkers, Tankers, Containers, LPG & LNG and other special vessels. Shipbuilding industry is mostly dominated by Asian players, such as South Korea, China and Japan. Traditional large shipbuilders in the region, such as Korea, China, and Japan, as well as Southeast Asia, are enhancing their offshore capabilities and providing a single marine solution for both shipbuilding and offshore.In 2014, the global demand for shipbuilding declined primarily due to slow economic growth and imbalance in supply and demand of ship. The weaker demand was also due to increase in shipbuilding price and demand in 2013 along with freight rate declines in containership and bulk carrier that collectively contributed in decline of demand when compared to 2013.This report, Global Shipbuilding Market analyzes the development of the market on both global and regional level. Regional markets such as China, South Korea, Japan, Europe and other emerging markets have been analyzed. The major trends, growth drivers as well as issues being faced by the industry are being presented in this report. Increasing seaborne trade, strong commercial vessel market and increasing GDP of world economies among others are acting as growth drivers of the industry. Weakened ship prices and continued weakness in drillship new order market are some of the key trends of the industry.The industry is predominated by a handful of players including Hyundai Heavy Industries, Daewoo Shipbuilding, Mitsubishi Heavy Industries and Samsung Heavy Industries. The shipbuilding companies function in an extremely competitive environment with productivity, development capabilities and the skills and competence being the key aspects. One of the major challenges faced by shipbuilding industry is orders backlog in the shipyard. In 2014, global shipbuilding deliveries totaled million GT, a decrease of % from million GT in 2013. Shipbuilding deliveries was at its peak in the year 2011 with volume million GT. In 2015, shipbuilding deliveries are estimated to slightly increase to million GT.Global shipbuilding orderbook from 2008 declined continuously up till 2012 by million GT. However, the year 2013 witnessed an increase of million GT and in 2014 it was million GT, an increase of % from million GT of previous year. Global shipbuilding completions from 2008 to 2014 reflect a bell shaped curve with highest million GT completions in 2011. However, in 2014 completions declined by % to million GT from million GT in 2013.Global Shipbuilding Orderbook (2008-2014)Global Shipbuilding Deliveries (2008-2016E)Global Shipbuilding Completions (2008-2014)

By product, crude oil is traded more among others through sea. The global shipbuilding new orders have gone through many ups and downs during 2008 to 2014 with highest new orders of .. million GT in 2013. In 2014, it was ... million GT, a decrease of ..% from prior year. Global shipbuilding industry is directly affected by world seaborne trade. From 2009 onwards volume of seaborne trade is increasing continuously from billion tonnes to billion tonnes in 2013 at a CAGR of ..%. It is estimated that seaborne trade volume reached billion tonnes in 2014, representing an increase of % from 2013.Demand for commercial vessels remains sluggish. To date in 2015, the global new order volume for commercial vessels stands at million DWT. Though, new orders for large-sized containership will accelerate by year end. Global Seaborne Trade (2009-2014E)Global Shipbuilding New Orders (2008-2014)Global Commercial Vessel Market (2008-2014)

The Korean shipbuilding industry outperformed Chinese firms in the amount of ship deliveries in the last five years .In 2014, Chinas new orders and completions witnessed a decrease of ..million GT and million GT when compared to 2013. In contrast, orderbook increased by million GT to million GT in 2014.The Korean shipbuilding industry has performed generally well in the recent past. However, since 2011 output has gradually declined, to million GT in 2014, reflecting a sharp drop in new contracts after the financial crisis. However, the orderbook is recovering from 2012 onwards reaching to million GT in 2014.In 2014, Japan witnessed an increase in new orders by million GT reaching to million GT, also total orderbook increased from million GT in 2013 to million GT in 2014. In contrast, shipbuilding completions declined slightly by % to million GT in 2014.South Korea's Shipbuilding Activity (2008-2014)Chinas Shipbuilding Activity (2008-2014)Japan's Shipbuilding Activity (2008-2014)

The shipbuilding market is segmented on the basis of ship type, of which Bulkers make up the largest demand.

Prospects for the global shipbuilding industry in 2015 do not appear overly positive. With an already-large orderbook in all of the three major shipping market sectors (bulk carriers, container ships, and tankers), there appears little opportunity for shipyards to increase relatively low, and in many cases unprofitable, pricing levels as new orders continue on their downward spiral. The major shipbuilding groups in South Korea and China are certainly focusing their marketing strategies on other vessel sectors, with the liquefied natural gas (LNG) and larger liquefied petroleum gas (LPG) sectors now being the focus of most attention. While there is certainly new business in the offing, and shipbuilding production in 2015 will continue at high levels because of ordering boom of 2013 and 2014, in general the shipping markets are expected to continue to be over tonnage throughout much of 2015.In 2014, the global demand for shipbuilding declined by million GT to million GT primarily due to slow economic growth and imbalance in supply and demand of ship. The weaker demand was also due to increase in shipbuilding price and demand in 2013 along with freight rate declines in containership and bulk carrier that collectively contributed in decline of demand by % in 2014 when compared to 2013.In 2015, the lower demand for offshore vessel, investment decline in Eco-ship, higher level of backlog and with demand expected in mega-sized containership, LNGC, VLCC the global demand for shipbuilding is expected to reach million GT similar to 2014. Global capacity is estimated to remain within the bracket of to million GT up to 2018. Global Demand Market Outlook for Shipbuilding (2013-2018E)

Koncept AnalyticsCS-36, Second Floor, Ansal PlazaVaishali, Ghaziabad, U.P. 201010T. +91-120-4130959C: +91-9811715635 [email protected] Us:www.konceptanalytics.com

Vikas GuptaBD ManagerThese are abridged and sanitized sample pages from the comprehensive report on the Global Shipbuilding Market. To know more about this report or for any customized research requirement, please contact the following: Chart16

globalGlobal Deliveries by Ship Types (2008-2016E)TankersBulkers and CombosContainershipsLNG CarriersLPG CarriersSpecial VesselsTotal200821.213.916.261.88.96868200927.324.111.84.81.18.97878201023.245.514.92.90.910.497.897.9201122.455.613.41.20.510103.1103.220121855.213.70.20.38.796.196201312.135.114.41.716.670.970.720149.526.8163.60.86.863.563.32015E10.13016.43.626.96968.92016E15.928.312.33.62.86.16969Global Deliveries by Ships (2008-2016E)Global Deliveries by Ship Types (2014)% shareBulkers and Combos42%Containerships25%Tankers15%LNG Carriers6%LPG Carriers1%Special Vessels11%100%Global Orderbook (2008-2014)mn GT2008368200930120102612011217201216020131832014197Global Completions (2008-2014)mn GT200867.7200977.1201096.42011101.9201295.6201370.5201464.4

RegionalTotal Orderbook by Region (2014)mn CGTChina40.64South Korea31.24Japan17.44Global Overbook Share by Region (2014)% shareChina40.8%South Korea30.9%Japan16.7%Europe2.4%Others9.2%100.0%

ChinaChinese Orderbook by Shiptype (2014)% shareBulk Carrier46.6%Container Ship14.6%Crude Oil Tanker6.9%LNG Tanker3.7%Chemical/Oil Products Tanker3.4%General Cargo Ship3.4%Ore Carrier3.2%LPG Tanker2.0%Vehicles Carrier1.5%Others14.7%100.0%Chinese Orderbook (2008-2014)mn GT2008123.962009111.152010103.03201184.00201263.48201373.04201480.45

S. koreaSouth Korean Orderbook by Ship Type (2014)% shareLNG Tanker28.6%Container Ship19.7%Crude Oil Tanker13.7%Chemical/Oil Products Tanker9.0%LPG Tanker9.0%Bulk Carrier7.7%Oil Products Tanker2.0%Vehicles Carrier1.7%Others8.6%100.0%South Korean Order Book (2008-2014)mn GT2008137.602009104.25201089.60201175.87201252.11201360.62201461.08

JapanJapanese Orderbook by Ship Type (2014)% shareBulk Carrier52.4%LNG Tanker10.3%Container Ship8.7%Chemical Tanker5.7%General Cargo Ship4.0%Vehicles Carrier3.6%Chemical/Oil Products Tanker3.1%LPG Tanker3.0%Crude Oil Tanker2.6%Others6.6%100.00%Japanese Orderbook (2008-2014)mn GT200863.64200951.97201042.47201134.27201225.43201326.09201432.88

EuropeEuropean Orderbook (2008-2014)mn GT20089.320096.5220104.1120113.6120123.3920133.4720144.73

Market DynamicsOrdinary Steel Consumption by Shipbuilding Industry (2009-2015E)mn tons20094.4720104.4920114.2220123.4520133.212014E3.372015E3.43Shipbuilding Industry Workforce (2009-2014)Thousand person200954201053201153201251201347201444

Chart1

globalGlobal Deliveries by Ship Types (2008-2016E)TankersBulkers and CombosContainershipsLNG CarriersLPG CarriersSpecial VesselsTotal200821.213.916.261.88.96868200927.324.111.84.81.18.97878201023.245.514.92.90.910.497.897.9201122.455.613.41.20.510103.1103.220121855.213.70.20.38.796.196201312.135.114.41.716.670.970.720149.526.8163.60.86.863.563.32015E10.13016.43.626.96968.92016E15.928.312.33.62.86.16969Global Deliveries by Ships (2008-2016E)Global Deliveries by Ship Types (2014)% shareBulkers and Combos42%Containerships25%Tankers15%LNG Carriers6%LPG Carriers1%Special Vessels11%100%

Sheet2

Sheet3

Chart15

globalGlobal Deliveries by Ship Types (2008-2016E)TankersBulkers and CombosContainershipsLNG CarriersLPG CarriersSpecial VesselsTotal200821.213.916.261.88.96868200927.324.111.84.81.18.97878201023.245.514.92.90.910.497.897.9201122.455.613.41.20.510103.1103.220121855.213.70.20.38.796.196201312.135.114.41.716.670.970.720149.526.8163.60.86.863.563.32015E10.13016.43.626.96968.92016E15.928.312.33.62.86.16969Global Deliveries by Ships (2008-2016E)Global Deliveries by Ship Types (2014)% shareBulkers and Combos42%Containerships25%Tankers15%LNG Carriers6%LPG Carriers1%Special Vessels11%100%Global Overbook (2008-2014)mn GT2008368200930120102612011217201216020131832014197

RegionalTotal Orderbook by Region (2014)mn CGTChina40.64South Korea31.24Japan17.44

Global Overbook Share by Region (2014)% shareChina40.8%South Korea30.9%Japan16.7%Europe2.4%Others9.2%100.0%

ChinaChinese Orderbook by Shiptype (2014)% shareBulk Carrier46.6%Container Ship14.6%Crude Oil Tanker6.9%LNG Tanker3.7%Chemical/Oil Products Tanker3.4%General Cargo Ship3.4%Ore Carrier3.2%LPG Tanker2.0%Vehicles Carrier1.5%Others14.7%100.0%Chinese Orderbook (2008-2014)mn GT2008123.962009111.152010103.03201184.00201263.48201373.04201480.45

S. koreaSouth Korean Orderbook by Ship Type (2014)% shareLNG Tanker28.6%Container Ship19.7%Crude Oil Tanker13.7%Chemical/Oil Products Tanker9.0%LPG Tanker9.0%Bulk Carrier7.7%Oil Products Tanker2.0%Vehicles Carrier1.7%Others8.6%100.0%South Korean Order Book (2008-2014)mn GT2008137.602009104.25201089.60201175.87201252.11201360.62201461.08

JapanJapanese Orderbook by Ship Type (2014)% shareBulk Carrier52.4%LNG Tanker10.3%Container Ship8.7%Chemical Tanker5.7%General Cargo Ship4.0%Vehicles Carrier3.6%Chemical/Oil Products Tanker3.1%LPG Tanker3.0%Crude Oil Tanker2.6%Others6.6%100.00%Japanese Orderbook (2008-2014)mn GT200863.64200951.97201042.47201134.27201225.43201326.09201432.88

EuropeEuropean Orderbook (2008-2014)mn GT20089.320096.5220104.1120113.6120123.3920133.4720144.73


Chart9

globalGlobal Deliveries by Ship Types (2008-2016E)LNG/LPG Carriers and Special Vesselsmn gtTankersBulkers and CombosContainershipsLNG CarriersLPG CarriersSpecial VesselsTotal200821.213.916.261.88.96868200927.324.111.84.81.18.97878201023.245.514.92.90.910.497.897.9201122.455.613.41.20.510103.1103.220121855.213.70.20.38.796.196201312.135.114.41.716.670.970.720149.526.8163.60.86.863.563.32015E10.13016.43.626.96968.92016E15.928.312.33.62.86.16969

Global Deliveries by Ships (2008-2016E)TankerBulk CarriersContainershipsGlobal Deliveries by Ship Types (2014)% shareBulkers and Combos42%Containerships25%Tankers15%LNG Carriers6%LPG Carriers1%Special Vessels11%100%Global Orderbook (2008-2014)mn GT2008368200930120102612011217201216020131832014197Global Completions (2008-2014)mn GT200867.7200977.1201096.42011101.9201295.6201370.5201464.4Global Completions by Region (2014)% shareChina35.2%South Korea34.8%Japan20.8%Europe1.8%R.O.W7.4%100.0%Global Orderbook Share by Region (2014)% shareChina40.8%South Korea30.9%Japan16.7%Europe2.4%R.O.W9.2%100.0%Global New Orders (2008-2014)mn GT200888.0200933.6201082.4201156.8201238.42013103.2201482.6Global New Orders by Region (2014)% shareChina38.8%South Korea29.8%Japan23.4%Europe2.7%R.O.W5.3%100.0%Global Completions by Ship Type (2013)thousand GT% shareBulker3341347.4%Container1474720.9%Tanker953513.5%Dry cargo43986.2%Chemical27293.9%LPG/LNG26233.7%Passenger5720.8%Miscellaneous24643.5%70481100.0%Global Merchant Fleets (2009-2013)Million GT2009882.642010957.9820111043.0820121081.2120131122.65Global Merchant Fleet by Ship Type (2013)% shareBulk Carrier34.6% Oil Tanker21.2%Other ship types 44.2%100.0%Global Seaborne Trade (2009-2014E)bn tons20098.0520108.8020119.2020129.592013E9.922014E10.32Global Seaborne Trade by Products (2014E)mn tonnes% shareCrude Oil183118%Container162916%Iron Ore131213%Coal122812%Oil Products99710%Grain4064%Other Cargo291228%10315100%Global completions by Ship Types (2008-2016E)TankerBulk CarrierContainershipLPG/LNGmn gtTankersBulk CarrierContainershipsLNG/LPG Carriers200814.8913.0116.237.88200921.4622.6911.485.99201018.5643.5514.653.67201119.425313.391.72201215.9353.8913.770.5120139.5433.4114.752.62


ChinaChinese Orderbook by Shiptype (2014)% shareBulk Carrier46.6%Container Ship14.6%Crude Oil Tanker6.9%LNG Tanker3.7%Chemical/Oil Products Tanker3.4%General Cargo Ship3.4%Ore Carrier3.2%LPG Tanker2.0%Vehicles Carrier1.5%Others14.7%100.0%China's Shipbuilding Activity (2008-2014)mn GTmn GTmn GTNew OrdersCompletionsOrderbook200829.114.0124.0200915.022.0111.2201036.136.4103.0201119.139.684.0201213.839.063.5201343.925.973.0201432.122.780.5

S. koreaSouth Korean Orderbook by Ship Type (2014)% shareLNG Tanker28.6%Container Ship19.7%Crude Oil Tanker13.7%Chemical/Oil Products Tanker9.0%LPG Tanker9.0%Bulk Carrier7.7%Oil Products Tanker2.0%Vehicles Carrier1.7%Others8.6%100.0%South Korea's Shipbuilding Activity (2008-2014)mn GTmn GTmn GTNew OrdersCompletionsOrderbook200834.626.4137.620098.528.9104.3201027.931.789.6201125.135.975.920121231.652.1201335.524.560.6201424.722.561.1

JapanJapanese Orderbook by Ship Type (2014)% shareBulk Carrier52.4%LNG Tanker10.3%Container Ship8.7%Chemical Tanker5.7%General Cargo Ship4.0%Vehicles Carrier3.6%Chemical/Oil Products Tanker3.1%LPG Tanker3.0%Crude Oil Tanker2.6%Others6.6%100.00%Japan's Shipbuilding Activity (2008-2014) mn GTmn GTmn GTNew OrdersCompletionsOrderbook200814.718.763.620098.51952201011.920.242.520117.719.434.320128.917.425.4201313.814.626.1201419.313.432.9

EuropeEuropean Shipbuilding Activity (2008-2014)mn GTmn GTmn GTNew OrdersCompletionsOrderbook20082.13.69.320090.52.76.520101.634.120110.81.33.620121.11.23.420131.313.520142.21.24.7European Shipbuilding Activity by Countries (2014)Thousand GTThousand GTThousand GTNew OrdersCompletionsOrderbookDenmark511Greece002UK11713Norway13067195Spain8469203Netherlands79108277Finland230105351France5011729Italy6293121460Germany5685191491

Market DynamicsOrdinary Steel Consumption by Shipbuilding Industry (2009-2015E)mn tons20094.4720104.4920114.2220123.4520133.212014E3.372015E3.43Shipbuilding Industry Workforce (2009-2014)Thousand person200954201053201153201251201347201444Floating Rig Supply-Demand (2013-2017E)# of Contracted Rigs YOY (%)20132752014E2812.0%2015E274-2.2%2016E2822.7%2017E2985.8%Asian Shipbuilding-Order Backlog Mix by Country China Japan KoreaBulker53%54%7%Tanker15%14%26%Gas carrier9%15%44%Container16%8%20%Other7%9%3%100%100%100%

Emerging MarketsBrazil's Shipbuilding Activity (2008-2014)Thousand GTThousand GTThousand GTNew OrdersCompletionsOrderbook20085774823942009427721182010924722492011556102266820125822194031201319317041642014452123984Taiwan's Shipbuilding Activity (2008-2014)Thousand GTThousand GTThousand GTNew OrdersCompletionsOrderbook200823962226472009264476222220102465801947201110287672207201263790156020131021483197620142936001659US Shipbuilding Activity (2008-2014)Thousand GTThousand GTThousand GTNew OrdersCompletionsOrderbook200824165669200927292526201070238212201127612260820122121547842013721192125520142002931285Philippines's Shipbuilding Activity (2008-2014)Thousand GTThousand GTThousand GTNew OrdersCompletionsOrderbook20082397544591920096045726690201022561161706420116011661472620124052506248220133474133146722014193318784611Romania's Shipbuilding Activity (2008-2014)Thousand GTThousand GTThousand GTNew OrdersCompletionsOrderbook2008642592320220091772019442010356613111620115586521060201223043777420131376504171720148243262214Vietnam's Shipbuilding Activity (2008-2014)Thousand GTThousand GTThousand GTNew OrdersCompletionsOrderbook200811502354296200966351309420105705602452201122965922622012117884135720131144542194420141413751535Emerging Markets Shipbuilding Activity (2014)Thousand GTThousand GTThousand GTNew OrdersCompletionsOrderbookVietnam1413751535US2002931285Turkey169174400Taiwan2936001659Singapore8797177Romania8243262214Poland88136182Philippines193318784611India496222Croatia39541588Brazil452123984

Competitive Landscape

Market Segments

Global Commercial Vessel Market (2008-2014)

mn DWT2008185.1200959.42010160201185.22012562013179.92014113.2

Tanker's Supply-Demand Outlook (2012-2017E)%%%Demand growth Supply growth Utilization20127.7%6.7%83.7%20134.4%4.7%83.5%20144.3%2.3%85.2%2015E5.0%1.9%87.8%2016E1.9%2.5%87.3%2017E3.1%3.5%86.9%

Dry Bulk Supply-Demand Outlook (2012-2017E)

%%%Demand growth Supply growth Utilization20128.3%13.8%83.5%20139.7%6.8%85.7%20144.6%5.1%85.6%2015E4.0%4.3%85.4%2016E4.9%4.2%86.0%2017E4.7%2.8%87.7%

Container Supply-Demand Outlook (2012-2017E)

%%%Demand growth Supply growth Utilization20126.0%7.7%80.7%20135.9%6.8%80.1%20146.1%6.2%80.0%2015E6.4%6.5%80.0%2016E6.9%5.2%81.3%2017E7.0%4.5%83.2%

LNG Shipping Supply-Demand Outlook (2012-2017E)

%%%Demand growth Supply growth Utilization20125.4%3%92.2%2013-1.3%1.7%89.5%20140%5.1%85.2%2015E7.4%8.4%84.3%2016E11%6.6%87.8%2017E11.6%9.5%89.5%LPG Shipping Supply-Demand Outlook (2012-2017E)%%%Demand growth Supply growth Utilization20124.4%2.3%86.4%201312.4%4.2%93.3%201415.7%6.2%98.7%2015E8.9%10.8%97%2016E6.5%17.6%87.9%2017E0.5%12%78.8%

Chart3


Global Deliveries by Ships (2008-2016E)TankerBulk CarriersContainershipsGlobal Deliveries by Ship Types (2014)% shareBulkers and Combos42%Containerships25%Tankers15%LNG Carriers6%LPG Carriers1%Special Vessels11%100%Global Orderbook (2008-2014)mn GT2008368200930120102612011217201216020131832014197Global Completions (2008-2014)mn GT200867.7200977.1201096.42011101.9201295.6201370.5201464.4Global Completions by Region (2014)% shareChina35.2%South Korea34.8%Japan20.8%Europe1.8%R.O.W7.4%100.0%Global Orderbook Share by Region (2014)% shareChina40.8%South Korea30.9%Japan16.7%Europe2.4%R.O.W9.2%100.0%Global New Orders (2008-2014)mn GT200888200933.6201082.4201156.8201238.42013103.2201482.6Global New Orders by Region (2014)% shareChina38.8%South Korea29.8%Japan23.4%Europe2.7%R.O.W5.3%100.0%Global Completions by Ship Type (2013)thousand GT% shareBulker3341347.4%Container1474720.9%Tanker953513.5%Dry cargo43986.2%Chemical27293.9%LPG/LNG26233.7%Passenger5720.8%Miscellaneous24643.5%70481100.0%Global Merchant Fleets (2009-2013)Million GTFleet-end yearFleet Growth (%)2009882.66.3%20109588.5%20111043.18.9%20121081.23.7%20131122.73.8%2014E1161.93.5%2015E11912.5%Global Merchant Fleet by Ship Type (2013)% shareBulk Carrier34.6% Oil Tanker21.2%Other ship types 44.2%100.0%Global Seaborne Trade (2009-2014E)bn tons20098.0520108.8020119.2020129.592013E9.922014E10.32Global Seaborne Trade by Products (2014E)mn tonnes% shareCrude Oil183118%Container162916%Iron Ore131213%Coal122812%Oil Products99710%Grain4064%Other Cargo291228%10315100%Global completions by Ship Types (2008-2016E)TankerBulk CarrierContainershipLPG/LNGmn gtTankersBulk CarrierContainershipsLNG/LPG Carriers200814.8913.0116.237.88200921.4622.6911.485.99201018.5643.5514.653.67201119.425313.391.72201215.9353.8913.770.5120139.5433.4114.752.62






Market DynamicsOrdinary Steel Consumption by Shipbuilding Industry (2009-2015E)mn tons20094.4720104.4920114.2220123.4520133.212014E3.372015E3.43Shipbuilding Industry Workforce (2009-2014)Thousand person200954201053201153201251201347201444Floating Rig Supply-Demand (2013-2017E)# of Contracted Rigs YOY (%)20132752014E2812.0%2015E274-2.2%2016E2822.7%2017E2985.8%Asian Shipbuilding-Order Backlog Mix by Country China Japan KoreaBulker53%54%7%Tanker15%14%26%Gas carrier9%15%44%Container16%8%20%Other7%9%3%100%100%100%New Shipbuiling Price Trends US$ mnNew ShipBuilding Price IndexSecond Hand Price IndexJune'13126Feb'14136118Apr'14138121June'14140114Aug'14138111Sept'14139108Oct'14138104Nov'14139103Jan'15138102Feb'1513599



Market SegmentsGlobal Commercial Vessel Market (2008-2014)mn DWT2008185.1200959.42010160201185.22012562013179.92014113.2Global Commercial Vessel Market by Region (2014)%China46.7%Korea28%Japan20.1%Others5.2%100%Tanker's Supply-Demand Outlook (2012-2017E)%%%Demand growth Supply growth Utilization20127.7%6.7%83.7%20134.4%4.7%83.5%20144.3%2.3%85.2%2015E5.0%1.9%87.8%2016E1.9%2.5%87.3%2017E3.1%3.5%86.9%Dry Bulk Supply-Demand Outlook (2012-2017E)%%%Demand growth Supply growth Utilization20128.3%13.8%83.5%20139.7%6.8%85.7%20144.6%5.1%85.6%2015E4.0%4.3%85.4%2016E4.9%4.2%86.0%2017E4.7%2.8%87.7%Container Supply-Demand Outlook (2012-2017E)%%%Demand growth Supply growth Utilization20126.0%7.7%80.7%20135.9%6.8%80.1%20146.1%6.2%80.0%2015E6.4%6.5%80.0%2016E6.9%5.2%81.3%2017E7.0%4.5%83.2%LNG Shipping Supply-Demand Outlook (2012-2017E)%%%Demand growth Supply growth Utilization20125.4%3%92.2%2013-1.3%1.7%89.5%20140%5.1%85.2%2015E7.4%8.4%84.3%2016E11%6.6%87.8%2017E11.6%9.5%89.5%LPG Shipping Supply-Demand Outlook (2012-2017E)%%%Demand growth Supply growth Utilization20124.4%2.3%86.4%201312.4%4.2%93.3%201415.7%6.2%98.7%2015E8.9%10.8%97%2016E6.5%17.6%87.9%2017E0.5%12%78.8%LNG Vessel Market by Region (2014)%Korea73.8%Japan20%China6.2%

Chart4


Global Deliveries by Ships (2008-2016E)TankerBulk CarriersContainershipsGlobal Deliveries by Ship Types (2014)% shareBulkers and Combos42%Containerships25%Tankers15%LNG Carriers6%LPG Carriers1%Special Vessels11%100%Global Orderbook (2008-2014)mn GT2008368200930120102612011217201216020131832014197Global Completions (2008-2014)mn GT200867.7200977.1201096.42011101.9201295.6201370.5201464.4Global Completions by Region (2014)% shareChina35.2%South Korea34.8%Japan20.8%Europe1.8%R.O.W7.4%100.0%Global Orderbook Share by Region (2014)% shareChina40.8%South Korea30.9%Japan16.7%Europe2.4%R.O.W9.2%100.0%Global New Orders (2008-2014)mn GT200888200933.6201082.4201156.8201238.42013103.2201482.6Global New Orders by Region (2014)% shareChina38.8%South Korea29.8%Japan23.4%Europe2.7%R.O.W5.3%100.0%Global Completions by Ship Type (2013)thousand GT% shareBulker3341347.4%Container1474720.9%Tanker953513.5%Dry cargo43986.2%Chemical27293.9%LPG/LNG26233.7%Passenger5720.8%Miscellaneous24643.5%70481100.0%Global Merchant Fleets (2009-2013)Million GTFleet-end yearFleet Growth (%)2009882.66.3%20109588.5%20111043.18.9%20121081.23.7%20131122.73.8%2014E1161.93.5%2015E11912.5%Global Merchant Fleet by Ship Type (2013)% shareBulk Carrier34.6% Oil Tanker21.2%Other ship types 44.2%100.0%Global Seaborne Trade (2009-2014E)bn tons20098.0520108.8020119.2020129.5920139.922014E10.32Global Seaborne Trade by Products (2014E)mn tonnes% shareCrude Oil183118%Container162916%Iron Ore131213%Coal122812%Oil Products99710%Grain4064%Other Cargo291228%10315100%Global completions by Ship Types (2008-2016E)TankerBulk CarrierContainershipLPG/LNGmn gtTankersBulk CarrierContainershipsLNG/LPG Carriers200814.8913.0116.237.88200921.4622.6911.485.99201018.5643.5514.653.67201119.425313.391.72201215.9353.8913.770.5120139.5433.4114.752.62










Chart29

globalGlobal Deliveries by Ship Types (2008-2016E)TankersBulkers and CombosContainershipsLNG CarriersLPG CarriersSpecial VesselsTotal200821.213.916.261.88.96868200927.324.111.84.81.18.97878201023.245.514.92.90.910.497.897.9201122.455.613.41.20.510103.1103.220121855.213.70.20.38.796.196201312.135.114.41.716.670.970.720149.526.8163.60.86.863.563.32015E10.13016.43.626.96968.92016E15.928.312.33.62.86.16969Global Deliveries by Ships (2008-2016E)Global Deliveries by Ship Types (2014)% shareBulkers and Combos42%Containerships25%Tankers15%LNG Carriers6%LPG Carriers1%Special Vessels11%100%Global Orderbook (2008-2014)mn GT2008368200930120102612011217201216020131832014197Global Completions (2008-2014)mn GT200867.7200977.1201096.42011101.9201295.6201370.5201464.4Global Completions by Region (2014)% shareChina35.2%South Korea34.8%Japan20.8%Europe1.8%R.O.W7.4%100.0%Global Orderbook Share by Region (2014)% shareChina40.8%South Korea30.9%Japan16.7%Europe2.4%R.O.W9.2%100.0%Global New Orders (2008-2014)mn GT200888.0200933.6201082.4201156.8201238.42013103.2201482.6Global New Orders by Region (2014)% shareChina38.8%South Korea29.8%Japan23.4%Europe2.7%R.O.W5.3%100.0%





EuropeEuropean Orderbook (2008-2014)mn GT20089.320096.5220104.1120113.6120123.3920133.4720144.73European Completions (2008-2014)mn GT20083.6220092.6820102.9620111.3320121.2420130.9920141.19


Chart5


Global Deliveries by Ships (2008-2016E)TankerBulk CarriersContainershipsGlobal Deliveries by Ship Types (2014)% shareBulkers and Combos42%Containerships25%Tankers15%LNG Carriers6%LPG Carriers1%Special Vessels11%100%Global Orderbook (2008-2014)mn GT2008368200930120102612011217201216020131832014197Global Completions (2008-2014)mn GT200867.7200977.1201096.42011101.9201295.6201370.5201464.4Global Completions by Region (2014)% shareChina35.2%South Korea34.8%Japan20.8%Europe1.8%R.O.W7.4%100.0%Global Orderbook Share by Region (2014)% shareChina40.8%South Korea30.9%Japan16.7%Europe2.4%R.O.W9.2%100.0%Global New Orders (2008-2014)mn GT200888200933.6201082.4201156.8201238.42013103.2201482.6Global New Orders by Region (2014)% shareChina38.8%South Korea29.8%Japan23.4%Europe2.7%R.O.W5.3%100.0%Global Completions by Ship Type (2013)thousand GT% shareBulker3341347.4%Container1474720.9%Tanker953513.5%Dry cargo43986.2%Chemical27293.9%LPG/LNG26233.7%Passenger5720.8%Miscellaneous24643.5%70481100.0%Global Merchant Fleets (2009-2013)Million GTFleet-end yearFleet Growth (%)2009882.66.3%20109588.5%20111043.18.9%20121081.23.7%20131122.73.8%2014E1161.93.5%2015E11912.5%Global Merchant Fleet by Ship Type (2013)% shareBulk Carrier34.6% Oil Tanker21.2%Other ship types 44.2%100.0%Global Seaborne Trade (2009-2014E)bn tons20098.0520108.8020119.2020129.592013E9.922014E10.32Global Seaborne Trade by Products (2014E)mn tonnes% shareCrude Oil183118%Container162916%Iron Ore131213%Coal122812%Oil Products99710%Grain4064%Other Cargo291228%10315100%Global completions by Ship Types (2008-2016E)TankerBulk CarrierContainershipLPG/LNGmn gtTankersBulk CarrierContainershipsLNG/LPG Carriers200814.8913.0116.237.88200921.4622.6911.485.99201018.5643.5514.653.67201119.425313.391.72201215.9353.8913.770.5120139.5433.4114.752.62


ChinaChinese Orderbook by Shiptype (2014)% shareBulk Carrier46.6%Container Ship14.6%Crude Oil Tanker6.9%LNG Tanker3.7%Chemical/Oil Products Tanker3.4%General Cargo Ship3.4%Ore Carrier3.2%LPG Tanker2.0%Vehicles Carrier1.5%Others14.7%100.0%China's Shipbuilding Activity (2008-2014)mn GTmn GTmn GTNew OrdersCompletionsOrderbook200829.11412420091522111.2201036.136.4103201119.139.684201213.83963.5201343.925.973201432.122.780.5








Chart1

globalGlobal Deliveries by Ship Types (2008-2016E)TankersBulkers and CombosContainershipsLNG CarriersLPG CarriersSpecial VesselsTotal200821.213.916.261.88.96868200927.324.111.84.81.18.97878201023.245.514.92.90.910.497.897.9201122.455.613.41.20.510103.1103.220121855.213.70.20.38.796.196201312.135.114.41.716.670.970.720149.526.8163.60.86.863.563.32015E10.13016.43.626.96968.92016E15.928.312.33.62.86.16969Global Deliveries by Ships (2008-2016E)Global Deliveries by Ship Types (2014)% shareBulkers and Combos42%Containerships25%Tankers15%LNG Carriers6%LPG Carriers1%Special Vessels11%100%Global Orderbook (2008-2014)mn GT2008368200930120102612011217201216020131832014197Global Completions (2008-2014)mn GT200867.7200977.1201096.42011101.9201295.6201370.5201464.4Global Completions by Region (2014)% shareChina35.2%South Korea34.8%Japan20.8%Europe1.8%R.O.W7.4%100.0%Global Orderbook Share by Region (2014)% shareChina40.8%South Korea30.9%Japan16.7%Europe2.4%R.O.W9.2%100.0%Global New Orders (2008-2014)mn GT200888.0200933.6201082.4201156.8201238.42013103.2201482.6Global New Orders by Region (2014)% shareChina38.8%South Korea29.8%Japan23.4%Europe2.7%R.O.W5.3%100.0%







Emerging MarketsPhili

Chart5


Global Deliveries by Ships (2008-2016E)TankerBulk CarriersContainershipsGlobal Deliveries by Ship Types (2014)% shareBulkers and Combos42%Containerships25%Tankers15%LNG Carriers6%LPG Carriers1%Special Vessels11%100%Global Orderbook (2008-2014)mn GT2008368200930120102612011217201216020131832014197Global Completions (2008-2014)mn GT200867.7200977.1201096.42011101.9201295.6201370.5201464.4Global Completions by Region (2014)% shareChina35.2%South Korea34.8%Japan20.8%Europe1.8%R.O.W7.4%100.0%Global Orderbook Share by Region (2014)% shareChina40.8%South Korea30.9%Japan16.7%Europe2.4%R.O.W9.2%100.0%Global New Orders (2008-2014)mn GT200888200933.6201082.4201156.8201238.42013103.2201482.6Global New Orders by Region (2014)% shareChina38.8%South Korea29.8%Japan23.4%Europe2.7%R.O.W5.3%100.0%Global Completions by Ship Type (2013)thousand GT% shareBulker3341347.4%Container1474720.9%Tanker953513.5%Dry cargo43986.2%Chemical27293.9%LPG/LNG26233.7%Passenger5720.8%Miscellaneous24643.5%70481100.0%Global Merchant Fleets (2009-2013)Million GTFleet-end yearFleet Growth (%)2009882.66.3%20109588.5%20111043.18.9%20121081.23.7%20131122.73.8%2014E1161.93.5%2015E11912.5%Global Merchant Fleet by Ship Type (2013)% shareBulk Carrier34.6% Oil Tanker21.2%Other ship types 44.2%100.0%Global Seaborne Trade (2009-2014E)bn tons20098.0520108.8020119.2020129.592013E9.922014E10.32Global Seaborne Trade by Products (2014E)mn tonnes% shareCrude Oil183118%Container162916%Iron Ore131213%Coal122812%Oil Products99710%Grain4064%Other Cargo291228%10315100%Global completions by Ship Types (2008-2016E)TankerBulk CarrierContainershipLPG/LNGmn gtTankersBulk CarrierContainershipsLNG/LPG Carriers200814.8913.0116.237.88200921.4622.6911.485.99201018.5643.5514.653.67201119.425313.391.72201215.9353.8913.770.5120139.5433.4114.752.62Global Demand for Shipbuilding (2007-2014)mn GTDemandYoY (%)2007176.62008110.9-37%200933.1-70%201094.1184%201162.5-34%201239.9-36%201395.5139%201473.6-23%Global Demand by Ship type (2014)mn GT%Bulkers32.744.4%Tankers14.619.8%Containers9.512.9%LNG7.19.6%LPG3.34.5%Others6.48.7%73.6100%Global Demand Market Outlook for Shipbuilding (2013-2018)mn GT2013116.3201473.62015E752016E672017E76.62018E85.3


ChinaChinese Orderbook by Shiptype (2014)% shareBulk Carrier46.6%Container Ship14.6%Crude Oil Tanker6.9%LNG Tanker3.7%Chemical/Oil Products Tanker3.4%General Cargo Ship3.4%Ore Carrier3.2%LPG Tanker2.0%Vehicles Carrier1.5%Others14.7%100.0%China's Shipbuilding Activity (2008-2014)mn GTmn GTmn GTNew OrdersCompletionsOrderbook200829.11412420091522111.2201036.136.4103201119.139.684201213.83963.5201343.925.973201432.122.780.5








company profileHyundai Heavy Industries Shipbuilding Revenue (2009-2014)Shipbuildingbn KRWbn KRWUS$ bnUS$ bnbn KRWUS$ bnRevenueNet IncomeEx rateRevenueNet IncomeRevenueEx rateRevenue201037,342.44562.70.0008732.493.97201015871.40.0008713.81201153,711.72753.40.0009148.882.51201118351.90.0009116.70201254,973.71029.60.0008948.930.92201217787.70.0008915.83201354,188.1146.30.0009249.850.13201317018.30.0009215.66201452,582.4-2206.10.0009549.95-2.10201416432.20.0009515.61Samsung Heavy Industries Revenue and Net Income (2009-2014)bn KRWbn KRWUS$ bnUS$ bnRevenueNet IncomeEx rateRevenueNet Income2010130540.0008711.360.00201113359851.1150.0009112.160.77201214489796.3880.0008912.900.71201314834632.2050.0009213.650.58201412879147.320.0009512.240.14

Global Shipbuilding Market Report: 2015 Edition - New Report by Koncept Analytics

Documents

Transcript of Global Shipbuilding Market Report: 2015 Edition - New Report by Koncept Analytics