Lorentzen & Stemoco AS Simple Storage Service (S3)
Verftskonferansen 2010 Ålesund Tirsdag 2. november Markedenes Tyngdepunkt og Trender Nicolai Hansteen Chief Economist
Table of contents
• • • •
World economy Outlook main shipping markets New orders for merchant vessels Status global shipbuilding industry
• • • •
Composition Norwegian shipyards Existing fleet and newbuilding AHTS/PSV Scope in building more offshore supply vessels Construction of other conventional and specialized units
World economy is consolidating upturn %
2008
2009
2010
2011
United States
0.0
-2.6
2.6
2.3
Euro Area
0.5
-4.1
1.7
1.5
Russia
5.2
-7.9
4.0
4.3
Japan
-1.2
-5.2
2.8
1.5
China
9.6
9.1
10.5
9.6
India
6.4
5.7
9.7
8.4
Mideast/N.Afr.
5.0
2.0
4.1
5.1
Brazil
5.1
-0.2
7.5
4.1
World Output
2.8
-0.6
4.8
4.2
Prev. forecast*
3.0
-0.6
4.2
4.3
International Monetary Fund *April 2010
• World economy forecasted to grow by 4.8% in 2010 and 4.2% in 2011 • WTO expects world trade to rise 13.5% in ‘10, fastest upturn on record • Developing economies boosting exports 16.5% • Developed economies increasing exports 11.5%
US imports are rising from Asia
• US and European imports are rising • US’ container imports up 11% in ’10 • European box imports up 12%
• Exports from Japan/China boosted • Impact on trade balance
Asian currencies appreciating against USD USD/KRW
USD/JPY 1350
100
1300
95
1250
90
1200 1150
85
1100
80
1050
75
1000 950
70 01.07.2009
01.11.2009
01.03.2010
01.07.2010
USD/RMB 6,85 6,8 6,75 6,7 6,65 6,6 6,55 01.07.2009
01.11.2009
Source: Bloomberg
01.03.2010
01.07.2010
01.07.2009
01.11.2009
01.03.2010
01.07.2010
Demand for dry cargo
Demand for Dry Cargo 4000
Million tons, metric
3500 3000 2500
Demand for Dry Bulk
2000
Demand for Unitised
1500
Demand for General Cargo
1000 500 0 2005
2006
2007
2008
Source: Maritime Strategies International/ Lorentzen & Stemoco
2009
2010
1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
mbpd 5
4
2
1 70
0 60
-1
-2 50
-3 40
y-o-y change
Source: KBC Market Services, L&S
World oil demand (right axis)
mbpd
Oil demand growth of 1.7% in 2010, 1.5% in 2011 World oil demand 100
90
3
80
Asia will continue to be the main demand driver
4
95
3
90
2
85
1
80
0
75
-1
70
-2
65
-3
60 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
NORTH AMERICA
EUROPE
PACIFIC
SOUTH AMERICA
S/SE ASIA
MID EAST/ AFRICA
FSU
Sum world (right axis)
Source: KBC Market Services, L&S
mbpd
mbpd
Regional changes, global oil demand
Freight rate developments
12-month timecharter rates 180 000 160 000
USD per day
140 000 120 000 100 000
170,000 dwt Capesize
80 000
3500 TEU Containership
60 000
110,000 dwt Aframax
40 000 20 000 0 2002 2003 2004 2005 2006 2007 2008 2009 2010
Total exports
NEWBUILDING ORDERS AND DELIVERY
Freight rate forecast Panamax 4 TC Ave Panamax
Historical Scenario 1
100 000
Scenario 2
90 000
USD per day
80 000 70 000 60 000 50 000 40 000 30 000 20 000 10 000 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Second-hand price forecast
USD mill.
Panamax five-year second-hand price forecast 100 90 80 70 60 50 40 30 20 10 0 2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Panamax 77K 5 Year Old Secondhand Prices, Scenario 1 Panamax 77K 5 Year Old Secondhand Prices, Scenario 2 Historical
2012
2013
Second-hand prices out of synch with NB prices…
NB parity line and 2-hand prices 50 000 000
USD
40 000 000
5Y/NB parity
30 000 000 20 000 000 10 000 000 0 0
1
2
3
4
5
6
7
8
9
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Vessel age
NB parity, USD mill.
Resale/ Second-hand prices
Second-hand prices out of synch with NB prices
5-year prices vs. newbuilding parity 100 000 000
250,0 %
90 000 000 80 000 000
200,0 %
70 000 000
USD
60 000 000
150,0 %
50 000 000 40 000 000
100,0 %
30 000 000 20 000 000
50,0 %
10 000 000 0 jan.04
0,0 % jan.05
Panamax newbuilding price
jan.06
jan.07
5-year old prices
jan.08
jan.09
jan.10
5-year newbuilding parity (Right axis)
Newbuilding orders 2010 Newbuilding contracts signed in 2010: Vessel size Capesize Panamax* Supra/Handymax Handysize Sum
Number of vessels 100 286 179 149 714
*Of these, 170 vessels are Kamsarmax bulk carriers, depending on definition
Sum dwt 18.6 23.2 9.4 5.0 56.2
Contracting main ship types Contracting Mill. CGT Other
90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 5 0
LNG/LPG Gas Chemical Tanker Bulker
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Container
Source: Maritime Strategies International/ Lorentzen & Stemoco
Delivery main ship types Delivery Mill. CGT Other
50 45 40 35 30 25 20 15 10 5 0
LNG/LPG Gas Chemical Tanker Bulker
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Container
Source: Maritime Strategies International/ Lorentzen & Stemoco
Yard capacity utilization Yard Capacity Utilization Rest of World
Mill. CGT 50 45 40 35 30 25 20 15 10 5 0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 %
Source: Maritime Strategies International/ Lorentzen & Stemoco
N.America E.Europe/FSU W.Europe P.R.China S.Korea Japan Utilization (right axis)
Shipyard capacity South Korea
Japan 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
9,5
6,3 6,2 6,2 6,1 6,1 0
2
4
9,0
7,6 7,2 7,0
6
8
9,5 9,5 9,5
10
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
10,0 10,0
12
5,9 5,1 4,5 4,0 3,5 0
8,2 7,4 7,2 7,1
5
10
Million cgt
2,1 2,0
1,1 1,0 1,0 0,9 0,7 0
2
2,6
3,2
4
4,2
5,2
6
15
20
Million cgt
China 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
11,0 10,5
16,0
12,5
18,5 18,5
Others 11,0 11,0
8,5
7,0
8
10
12
Million cgt
Source: Maritime Strategies International/ Lorentzen & Stemoco
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
8,1
8,1
7,3 7,3 7,1 7,2 7,1
9,3 9,0 8,6
6,2 6,1 6,6 6,6 6,9 0
2
4
6 Million cgt
8
10
Profitability under threat Urbanization taking a toll: Shanghai 1990 and 2010
• Shipping crisis has made a dent into profitability of many shipyards • Particularly midsized and smaller yards have been vulnerable • National governments have taken measures to support shipbuilding
Steel prices are rebounding
Asia Steel Plate prices USD per ton steel plate
1600 1400 1200 1000 800 600 400 200 0 2000
2001
2002
2003
2004
2005
2006
2007
Asia Steel Plate Commodity Price
Source: Clarksons
2008
2009
2010
Source: Bloomberg
USD JPY USD KRW Jul-10
Apr-10
Jan-10
140
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
Jan-06
Oct-05
Jul-05
Apr-05
Jan-05
Oct-04
Jul-04
Apr-04
Jan-04
Oct-03
Jul-03
Apr-03
Jan-03
Oct-02
Jul-02
Apr-02
Jan-02
Yen and Won appreciating against USD
160 1600
Yen 120 Yen 80 1500
120 1400
100 1300
80 1200
60 1100
40 1000
20 900
0 800
Effects of RMB appreciating against USD
5,0
70,0
5,5
60,0
6,0
50,0
6,5
40,0
7,0
6.7 USD 34m
30,0
7,5
20,0
8,0
10,0
8,5
0,0 RMB exchange rate
USD price at exchange rate
USD price at exchange rate
RMB Exchange rate
RMB sensitivity on USD price
Prospects for Norwegian shipbuilding
Order composition, Norwegian shipyards Total ships delivered and percentage offshore vessels 30 000
27 143 25 000
24 842 20 000
NOK billion
94.2 %
88.8 % Total
15 753
15 000
Offshore
92.7% 10 000
8 433 5 000
75.7 %
0 2009
2010
2011
2012
AHTS fleet Age Profile AHTS > 10,000 BHP
Region AHTS > 10,000 BHP
450000 400000 350000 300000 250000 200000 150000 100000 50000 0
Northwest Europe South America Southeast Asia West Africa Australia/New Zealand
>30
Mediterranean/Black Sea
25->30 20->25 15->20 10->15
5-5
AGE group
USA, Gulf of Mexico
Delivery schedule AHTS > 10,000 BHP
Far East Canada, East Indian Ocean
DWT
Canada, Other Baltic Caspian Sea Mexico Central America Russian Arctic
1 000 000 900 000 800 000 700 000 600 000 500 000 400 000 300 000 200 000 100 000 0
Sum of BHP
2010
USA, Alaska Middle East 0 Source: ODS-Petrodata
DWT
100 000
200 000
300 000
2011
2012
2013
PSV orderbook
Scheduled delivery PSV > 2800 dwt
Dwt
350 000 300 000
USA, Gulf of Mexico
250 000
Southeast Asia South America
200 000
Northwest Europe
150 000
Mediterranean/Black Sea
100 000
Indian Ocean
50 000
Far East
0
Canada, East 2010 2011 2012 2013 2014
Source: ODS-Petrodata
NOK appreciating against USD and EUR USD / NOK
• NOK is appreciating to USD and EUR • Detrimental to Norwegian exporters • Important to keep tight fiscal policy
8 7 6 5 4 3 2 1 0 01.01.2007
01.01.2008
01.01.2009
01.01.2010
EUR / NOK 12 10 8 6 4 2 0 01.01.2007
01.01.2008
Source: Bloomberg
01.01.2009
01.01.2010
• Norwegian shipbuilding strength: • Servicing Oil & Gas Industry • Project-oriented flexibility • Experienced management • Skilled workforce • Low indirect costs
Construction of other ship types
• Ice strengthened vessels 1A • Northern Sea Route • Baltic Sea • LNG powered ships • Dual-fuelled ships
Ice-Strengthened bulk carriers Age profile
140000 120000 100000 80000 60000 40000 20000 0
10->20 dwt
1958 1963 1967 1971 1975 1979 1983 1987 1991 1995 1999 2003 2007
Dwt
10->20 dwt Ice - average age, 27 yrs
350000 300000 250000 200000 150000 100000 50000 0
20->30 dwt
1958 1963 1967 1971 1975 1979 1983 1987 1991 1995 1999 2003 2007
Dwt
20->30 dwt Ice - average age, 21 yrs
Disclaimer
This document has been prepared for the information of clients of Lorentzen & Stemoco AS (L&S). This document may not be reproduced, distributed or published for any purpose without the prior written permission of L&S. The content of this document, including attachments, is intended for the confidential use of the individual(s) or entity(-ies) to whom it is addressed only and may contain personal and/or confidential information. All the information and opinions contained in this document have been prepared or arrived at from sources which are believed to be reliable and given in good faith. L&S does not represent that such information is accurate or complete and it should not be relied upon as such, nor is it a substitute for the judgment of the recipient. All opinions and estimates contained herein constitute L&S’ judgment at the date of this document and are subject to change without notice. L&S does not accept any liability whatsoever for any direct, indirect or consequential loss arising from any use of information, opinion and/or e s t i m a t e s i n t h i s d o c u m e n t .
Table of contents
• • • •
World economy Outlook main shipping markets New orders for merchant vessels Status global shipbuilding industry
• • • •
Composition Norwegian shipyards Existing fleet and newbuilding AHTS/PSV Scope in building more offshore supply vessels Construction of other conventional and specialized units
World economy is consolidating upturn %
2008
2009
2010
2011
United States
0.0
-2.6
2.6
2.3
Euro Area
0.5
-4.1
1.7
1.5
Russia
5.2
-7.9
4.0
4.3
Japan
-1.2
-5.2
2.8
1.5
China
9.6
9.1
10.5
9.6
India
6.4
5.7
9.7
8.4
Mideast/N.Afr.
5.0
2.0
4.1
5.1
Brazil
5.1
-0.2
7.5
4.1
World Output
2.8
-0.6
4.8
4.2
Prev. forecast*
3.0
-0.6
4.2
4.3
International Monetary Fund *April 2010
• World economy forecasted to grow by 4.8% in 2010 and 4.2% in 2011 • WTO expects world trade to rise 13.5% in ‘10, fastest upturn on record • Developing economies boosting exports 16.5% • Developed economies increasing exports 11.5%
US imports are rising from Asia
• US and European imports are rising • US’ container imports up 11% in ’10 • European box imports up 12%
• Exports from Japan/China boosted • Impact on trade balance
Asian currencies appreciating against USD USD/KRW
USD/JPY 1350
100
1300
95
1250
90
1200 1150
85
1100
80
1050
75
1000 950
70 01.07.2009
01.11.2009
01.03.2010
01.07.2010
USD/RMB 6,85 6,8 6,75 6,7 6,65 6,6 6,55 01.07.2009
01.11.2009
Source: Bloomberg
01.03.2010
01.07.2010
01.07.2009
01.11.2009
01.03.2010
01.07.2010
Demand for dry cargo
Demand for Dry Cargo 4000
Million tons, metric
3500 3000 2500
Demand for Dry Bulk
2000
Demand for Unitised
1500
Demand for General Cargo
1000 500 0 2005
2006
2007
2008
Source: Maritime Strategies International/ Lorentzen & Stemoco
2009
2010
1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
mbpd 5
4
2
1 70
0 60
-1
-2 50
-3 40
y-o-y change
Source: KBC Market Services, L&S
World oil demand (right axis)
mbpd
Oil demand growth of 1.7% in 2010, 1.5% in 2011 World oil demand 100
90
3
80
Asia will continue to be the main demand driver
4
95
3
90
2
85
1
80
0
75
-1
70
-2
65
-3
60 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
NORTH AMERICA
EUROPE
PACIFIC
SOUTH AMERICA
S/SE ASIA
MID EAST/ AFRICA
FSU
Sum world (right axis)
Source: KBC Market Services, L&S
mbpd
mbpd
Regional changes, global oil demand
Freight rate developments
12-month timecharter rates 180 000 160 000
USD per day
140 000 120 000 100 000
170,000 dwt Capesize
80 000
3500 TEU Containership
60 000
110,000 dwt Aframax
40 000 20 000 0 2002 2003 2004 2005 2006 2007 2008 2009 2010
Total exports
NEWBUILDING ORDERS AND DELIVERY
Freight rate forecast Panamax 4 TC Ave Panamax
Historical Scenario 1
100 000
Scenario 2
90 000
USD per day
80 000 70 000 60 000 50 000 40 000 30 000 20 000 10 000 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Second-hand price forecast
USD mill.
Panamax five-year second-hand price forecast 100 90 80 70 60 50 40 30 20 10 0 2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Panamax 77K 5 Year Old Secondhand Prices, Scenario 1 Panamax 77K 5 Year Old Secondhand Prices, Scenario 2 Historical
2012
2013
Second-hand prices out of synch with NB prices…
NB parity line and 2-hand prices 50 000 000
USD
40 000 000
5Y/NB parity
30 000 000 20 000 000 10 000 000 0 0
1
2
3
4
5
6
7
8
9
10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Vessel age
NB parity, USD mill.
Resale/ Second-hand prices
Second-hand prices out of synch with NB prices
5-year prices vs. newbuilding parity 100 000 000
250,0 %
90 000 000 80 000 000
200,0 %
70 000 000
USD
60 000 000
150,0 %
50 000 000 40 000 000
100,0 %
30 000 000 20 000 000
50,0 %
10 000 000 0 jan.04
0,0 % jan.05
Panamax newbuilding price
jan.06
jan.07
5-year old prices
jan.08
jan.09
jan.10
5-year newbuilding parity (Right axis)
Newbuilding orders 2010 Newbuilding contracts signed in 2010: Vessel size Capesize Panamax* Supra/Handymax Handysize Sum
Number of vessels 100 286 179 149 714
*Of these, 170 vessels are Kamsarmax bulk carriers, depending on definition
Sum dwt 18.6 23.2 9.4 5.0 56.2
Contracting main ship types Contracting Mill. CGT Other
90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 5 0
LNG/LPG Gas Chemical Tanker Bulker
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Container
Source: Maritime Strategies International/ Lorentzen & Stemoco
Delivery main ship types Delivery Mill. CGT Other
50 45 40 35 30 25 20 15 10 5 0
LNG/LPG Gas Chemical Tanker Bulker
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Container
Source: Maritime Strategies International/ Lorentzen & Stemoco
Yard capacity utilization Yard Capacity Utilization Rest of World
Mill. CGT 50 45 40 35 30 25 20 15 10 5 0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 %
Source: Maritime Strategies International/ Lorentzen & Stemoco
N.America E.Europe/FSU W.Europe P.R.China S.Korea Japan Utilization (right axis)
Shipyard capacity South Korea
Japan 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
9,5
6,3 6,2 6,2 6,1 6,1 0
2
4
9,0
7,6 7,2 7,0
6
8
9,5 9,5 9,5
10
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
10,0 10,0
12
5,9 5,1 4,5 4,0 3,5 0
8,2 7,4 7,2 7,1
5
10
Million cgt
2,1 2,0
1,1 1,0 1,0 0,9 0,7 0
2
2,6
3,2
4
4,2
5,2
6
15
20
Million cgt
China 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
11,0 10,5
16,0
12,5
18,5 18,5
Others 11,0 11,0
8,5
7,0
8
10
12
Million cgt
Source: Maritime Strategies International/ Lorentzen & Stemoco
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996
8,1
8,1
7,3 7,3 7,1 7,2 7,1
9,3 9,0 8,6
6,2 6,1 6,6 6,6 6,9 0
2
4
6 Million cgt
8
10
Profitability under threat Urbanization taking a toll: Shanghai 1990 and 2010
• Shipping crisis has made a dent into profitability of many shipyards • Particularly midsized and smaller yards have been vulnerable • National governments have taken measures to support shipbuilding
Steel prices are rebounding
Asia Steel Plate prices USD per ton steel plate
1600 1400 1200 1000 800 600 400 200 0 2000
2001
2002
2003
2004
2005
2006
2007
Asia Steel Plate Commodity Price
Source: Clarksons
2008
2009
2010
Source: Bloomberg
USD JPY USD KRW Jul-10
Apr-10
Jan-10
140
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
Oct-07
Jul-07
Apr-07
Jan-07
Oct-06
Jul-06
Apr-06
Jan-06
Oct-05
Jul-05
Apr-05
Jan-05
Oct-04
Jul-04
Apr-04
Jan-04
Oct-03
Jul-03
Apr-03
Jan-03
Oct-02
Jul-02
Apr-02
Jan-02
Yen and Won appreciating against USD
160 1600
Yen 120 Yen 80 1500
120 1400
100 1300
80 1200
60 1100
40 1000
20 900
0 800
Effects of RMB appreciating against USD
5,0
70,0
5,5
60,0
6,0
50,0
6,5
40,0
7,0
6.7 USD 34m
30,0
7,5
20,0
8,0
10,0
8,5
0,0 RMB exchange rate
USD price at exchange rate
USD price at exchange rate
RMB Exchange rate
RMB sensitivity on USD price
Prospects for Norwegian shipbuilding
Order composition, Norwegian shipyards Total ships delivered and percentage offshore vessels 30 000
27 143 25 000
24 842 20 000
NOK billion
94.2 %
88.8 % Total
15 753
15 000
Offshore
92.7% 10 000
8 433 5 000
75.7 %
0 2009
2010
2011
2012
AHTS fleet Age Profile AHTS > 10,000 BHP
Region AHTS > 10,000 BHP
450000 400000 350000 300000 250000 200000 150000 100000 50000 0
Northwest Europe South America Southeast Asia West Africa Australia/New Zealand
>30
Mediterranean/Black Sea
25->30 20->25 15->20 10->15
5-5
AGE group
USA, Gulf of Mexico
Delivery schedule AHTS > 10,000 BHP
Far East Canada, East Indian Ocean
DWT
Canada, Other Baltic Caspian Sea Mexico Central America Russian Arctic
1 000 000 900 000 800 000 700 000 600 000 500 000 400 000 300 000 200 000 100 000 0
Sum of BHP
2010
USA, Alaska Middle East 0 Source: ODS-Petrodata
DWT
100 000
200 000
300 000
2011
2012
2013
PSV orderbook
Scheduled delivery PSV > 2800 dwt
Dwt
350 000 300 000
USA, Gulf of Mexico
250 000
Southeast Asia South America
200 000
Northwest Europe
150 000
Mediterranean/Black Sea
100 000
Indian Ocean
50 000
Far East
0
Canada, East 2010 2011 2012 2013 2014
Source: ODS-Petrodata
NOK appreciating against USD and EUR USD / NOK
• NOK is appreciating to USD and EUR • Detrimental to Norwegian exporters • Important to keep tight fiscal policy
8 7 6 5 4 3 2 1 0 01.01.2007
01.01.2008
01.01.2009
01.01.2010
EUR / NOK 12 10 8 6 4 2 0 01.01.2007
01.01.2008
Source: Bloomberg
01.01.2009
01.01.2010
• Norwegian shipbuilding strength: • Servicing Oil & Gas Industry • Project-oriented flexibility • Experienced management • Skilled workforce • Low indirect costs
Construction of other ship types
• Ice strengthened vessels 1A • Northern Sea Route • Baltic Sea • LNG powered ships • Dual-fuelled ships
Ice-Strengthened bulk carriers Age profile
140000 120000 100000 80000 60000 40000 20000 0
10->20 dwt
1958 1963 1967 1971 1975 1979 1983 1987 1991 1995 1999 2003 2007
Dwt
10->20 dwt Ice - average age, 27 yrs
350000 300000 250000 200000 150000 100000 50000 0
20->30 dwt
1958 1963 1967 1971 1975 1979 1983 1987 1991 1995 1999 2003 2007
Dwt
20->30 dwt Ice - average age, 21 yrs
Disclaimer
This document has been prepared for the information of clients of Lorentzen & Stemoco AS (L&S). This document may not be reproduced, distributed or published for any purpose without the prior written permission of L&S. The content of this document, including attachments, is intended for the confidential use of the individual(s) or entity(-ies) to whom it is addressed only and may contain personal and/or confidential information. All the information and opinions contained in this document have been prepared or arrived at from sources which are believed to be reliable and given in good faith. L&S does not represent that such information is accurate or complete and it should not be relied upon as such, nor is it a substitute for the judgment of the recipient. All opinions and estimates contained herein constitute L&S’ judgment at the date of this document and are subject to change without notice. L&S does not accept any liability whatsoever for any direct, indirect or consequential loss arising from any use of information, opinion and/or e s t i m a t e s i n t h i s d o c u m e n t .
