Shipbuilding Orderbook
ORDERBOOK OBSERVER
MARCH 2017
Affinity Orderbook Observer March 2017
Tanker Orderbook by Builder Country Rank
Country
No.
Mn Dwt
Mn CGT
Share (%) of Total
Tanker Scheduled Deliveries MnDwt 10
1
South Korea
180
25.5
5.0
38.8%
9
2
China
159
21.1
4.3
32.0%
8
3
Japan
121
12.7
2.9
19.3%
4
Brazil
14
1.3
0.3
2.0%
5
Philippines
5
1.2
0.2
1.8%
6
Romania
13
1.1
0.3
1.7%
5
7
Spain
6
1.0
0.2
1.4%
4
8
Vietnam
12
0.7
0.2
1.1%
3
9
Iran
5
0.5
0.1
0.8%
2
10 USA
4
0.2
0.1
0.3%
1
6
0.5
0.2
0.7%
0
525
65.8
13.8
Other GLOBAL TOTAL
80 60
Panamax/ LR1
Aframax/ LR2
Suezmax
VLCC
40 20 0
Jan-14
Jul-14
Jan-15
6
Rank
MR
Jul-15
Jan-16
Jul-16
2019
Feb Mar Apr May Jun
Jul
Aug Sep
Oct Nov Dec
Tanker Orderbook by Builder Group
# Vessels Handysize
2018
7
Jan
Tanker Orders by Size Segment
2017
Jan-17
1 2 3 4 5 6 7 8 9 10
Shipbuilder HHI Dalian Daewoo New Times Samsung JMU HMD NACKS Sungdong Tsuneishi
No.
Mn Dwt
Mn CGT
57 29 21 30 37 17 48 7 17 18
12.1 6.2 4.6 3.8 3.8 3.3 2.5 2.2 2.1 1.9
2.0 1.0 0.8 0.8 0.9 0.6 0.8 0.3 0.5 0.4
Share (%) of Total 18% 9% 7% 6% 6% 5% 4% 3% 3% 3% 2
Affinity Orderbook Observer March 2017
Average Duration of a VLCC Construction
Average Size of Tanker Ordered & Built 210 k Dwt
Years Ordered
Built
2.0
160
1.5 1.0
110
0.5 0.0
60 2000
2002
2004
2006
2008
2010
2012
2014
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
2016
Tanker Orderbook at End of Period by Size Segment 180
Mn Dwt Handysize
160
MR
Panamax / LR1
Aframax / LR2
Suezmax
VLCC
140 120 100 80 60 40 20 0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016 Feb-17 3
Affinity Orderbook Observer March 2017
Dry Bulk Orders by Size Segment
Dry Bulk Scheduled Deliveries 16 MnDwt
# Vessels 120
Handysize Kamsarmax Ultramax Newcastlemax
100 80
Handymax PostPanamax SmallCape VLOC
Panamax Supramax Capesize
2017
2018
2019
14 12 10
60
8
40
6
20
4 2
Jan-17
Jul-16
Jan-16
Jul-15
Jan-15
Jul-14
Jan-14
0
Country
No.
Mn Dwt
Mn CGT
Share (%) of Total
1
China
326
40.0
7.6
59%
2
Japan
284
20.4
5.2
30%
3
South Korea
19
4.4
0.7
7%
4
Philippines
37
2.3
0.6
3%
5
Vietnam
7
0.3
0.1
0%
6
India
2
0.1
0.0
0%
7
Argentina
0
0.0
0.0
0%
675
67.6
14.2
GLOBAL TOTAL
Jan
Feb Mar Apr May Jun
Jul
Aug Sep
Oct Nov Dec
Dry Bulk Orderbook by Builder Group
Dry Bulk Orderbook by Builder Country Rank
0
Rank 1 2 3 4 5 6 7 8 9
Shipbuilder
No.
Mn Dwt
Mn CGT
Waigaoqiao YZJ Qingdao Beihai Tsuneishi Oshima HHI Imabari Namura Guangzhou
25 25 16 73 63 11 38 22 14
7.2 5.5 5.0 4.9 4.1 3.6 3.4 2.8 2.3
1.0 0.8 0.7 1.3 1.1 0.5 0.8 0.5 0.4
Share (%) of Total 11% 8% 7% 7% 6% 5% 5% 4% 3%
12
1.4
0.3
2%
10 JMU
4
Affinity Orderbook Observer March 2017
Average Duration of a Capesize Construction
Average Size of Dry Bulk Ordered & Built k Dwt 250 Ordered
Years 2.0
Built
200
1.5
150
1.0
100
0.5
50
0.0 2000
2002
2004
2006
2008
2010
2012
2014
2016
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Dry Bulk Orderbook at End of Period by Size Segment 250 200 150
Mn Dwt Handysize
Handymax
Panamax
Kamsarmax
PostPanamax
Supramax
Ultramax
SmallCape
Capesize
Newcastlemax
VLOC
100 50 0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016 Feb-17 5
Affinity Orderbook Observer March 2017
LNG Orders by Size Segment
LNG Scheduled Deliveries
20 # Vessels 0-50kCbm
150-200kCbm
FPSO
FSU
FSRU
Mn CbM 1.8
2017
1.6
16
2018
2019
1.4 1.2
12
1.0 0.8
8
0.6 4
0.4 0.2
0 Jan-14
0.0 Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Country
No.
Mn Cum
Mn CGT
Share (%) of Total
1
South Korea
85
14.4
4.2
2
Japan
28
4.8
3
China
17
1.6
4
Germany
1
5
Poland
1
GLOBAL TOTAL
132
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
LNG Orderbook by Builder Group
LNG Orderbook by Builder Country Rank
Jan
Rank
Shipbuilder
No.
Mn CuM
Mn CGT
Share (%) of Total
1
Daewoo
49
8.6
2.5
41%
69%
2
Samsung
18
3.1
1.0
15%
1.6
23%
3
HHI
16
2.7
0.7
13%
0.6
8%
4
Mitsubishi
9
1.5
0.6
7%
0.0
0.0
0%
5
Hudong
8
1.4
0.4
7%
0.0
0.0
0%
6
Kawasaki
8
1.3
0.5
6%
7
Imabari
6
1.1
0.3
5%
8
JMU
5
0.8
0.3
4%
20.8
6.4
6
Affinity Orderbook Observer March 2017
Average Size of LNG Ordered & Built k CuM 230
Ordered
Average Duration of Construction Years 3
Built
180
100-150k Cbm
150-200k Cbm
2
130
1
80
0 2000
2002
2004
2006
2008
2010
2012
2014
2016
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
LNG Orderbook at End of Period by Size Segment 30
Mn CuM 0-50kCbM
50-100kCbM
100-150kCbM
150-200kCbM
200+kCbM
FLNG
FSU
25 20 15 10 5 0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016 Feb-17 7
Affinity Orderbook Observer March 2017
LPG Orders by Size Segment 30 # Vessels SGC
Handy
MGC
LGC
LPG Scheduled Deliveries Mn CbM 0.9
VLGC
0.8
25
2017
2018
2019
0.7 20
0.6 0.5
15
0.4 10
0.3 0.2
5
0.1 0 Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
LPG Orderbook by Builder Country Rank
Country
0.0 Jan
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
LPG Orderbook by Builder Group
No.
Mn CuM
Mn CGT
Share (%) of Total
Rank
Shipbuilder
No.
Mn CbM
Mn CGT
Share (%) of Total
1
HHI
17
1.3
0.1
26%
1
South Korea
47
2.4
0.3
47%
2
HMD
22
0.6
0.1
12%
2
Japan
25
1.3
0.2
25%
3
Jiangnan
11
0.5
0.1
11%
3
China
30
1.3
0.2
25%
4
Mitsubishi
6
0.5
0.1
10%
5
Kawasaki
6
0.5
0.1
10%
6
Dalian Nantong Sinopacific Hanjin
5
0.4
0.0
8%
13
0.3
0.1
5%
6
0.2
0.0
4%
4
Philippines
4
0.1
0.0
3%
5
Brazil
1
0.0
0.0
0%
107
5.0
0.7
GLOBAL TOTAL
7 8
8
Affinity Orderbook Observer March 2017
Average Duration of a VLGC Construction
Average Size of LPG Ordered & Built k CbM
80
Ordered
Years 2.5
Built
60
2.0 1.5
40
1.0
20
0.5
0
0.0 2000
2002
2004
2006
2008
2010
2012
2014
2016
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
LPG Orderbook at End of Period by Size Segment 12
Mn CbM SGC
Handy
MGC
LGC
VLGC
10 8 6
4 2 0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016 Feb-17 9
Affinity Orderbook Observer March 2017
Containership Orderbook by Builder Country Rank 1
Country China
Containership Scheduled Deliveries
No.
k TEU
Mn CGT
Share (%) of Total
259
1,387
7.4
42%
Mn TEU 350 2017
2
South Korea
59
916
3.8
28%
300
3
Japan
67
753
3.4
23%
250
4
Philippines
14
179
0.8
5%
5
Taiwan
18
67
0.4
2%
6
Brazil
3
8
0.1
0%
7
USA
2
7
0.1
0%
8
Croatia
2
4
0.0
0%
9
Bangladesh
6
1
0.0
0%
1
1
0.0
0%
1
0
0.0
0%
432
3,324
15.9
10 Vietnam Other GLOBAL TOTAL
40
# Vessels 0-1kTEU 4-5,1kTEU 11-14kTEU
1-2kTEU 5,1-8kTEU 14-16kTEU
Jul-14
Jan-15
Jul-15
100 50 0
Rank
2-4kTEU 9-11kTEU 18+kTEU
Jan-16
150
Jul-16
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
Containership Orderbook by Builder Group
20
0 Jan-14
2019
200
Jan
Containership Orders by Size Segment 60
2018
Jan-17
Shipbuilder
No.
k TEU
Mn CGT
Share (%) of Total
1
Imabari
45
581
2.6
17%
2
HHI
31
462
2.0
14%
3
YZJ
60
299
1.7
9%
4
Samsung
11
228
0.8
7%
5
Waigaoqiao
12
219
0.8
7%
6
Daewoo
11
216
0.9
6%
7
Jiangnan
16
208
0.9
6%
8
Hanjin
15
181
0.8
5% 10
Affinity Orderbook Observer March 2017
Average Size of Containership Ordered & Built 10
Average Duration of Construction
k TEU Ordered
Years 3.0
Built
4-5,1k TEU 2.0
5
1.0 0
0.0 2000
2002
2004
2006
2008
2010
2012
2014
2016
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Containership Orderbook at End of Period by Size Segment 7
Mn TEU
6 5
0-1kTEU
1-2kTEU
2-4kTEU
4-5.1kTEU
5.1-8kTEU
8-9kTEU
9-11kTEU
11-14kTEU
14-16kTEU
16-18kTEU
18+kTEU
4 3 2 1 0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Feb-17 11
JAPANESE ORDERBOOK IN EARLY FEBRUARY 2017 Tonnage and Market Shares by Sector
Japan
No.
Mn Dwt
Total
Mn CGT
Market Share
Rest
Bulk
284
20.4
47.2
5.2
30%
70%
Cont
67
8.2
27.8
3.4
23%
77%
LNG
28
2.3
7.8
1.6
23%
77%
LPG
25
0.8
2.8
0.2
23%
77%
Tank
121
12.7
53.0
2.9
19%
81%
Mn Dwt
Japanese Shipbuilders Orderbook
70
105%
60
90%
50
75%
40
60%
30
45%
20
30%
10
15%
0
0% Bulk Japan (Mn Dwt)
Cont
LNG
Rest (Mn Dwt)
LPG Japan (Share)
Tank Rest (Share) 12
Affinity Orderbook Observer March 2017
Number of Japanese Shipyards with at least 5 dry bulk ships above 20k Dwt on order # Shipyards
40
30
20
10
2000
2002
2004
2006
2008
2010
2012
2014
2016 13
SOUTH KOREAN ORDERBOOK IN EARLY FEBRUARY 2017 Tonnage and Market Shares by Sector
No.
Mn Dwt
Total
Mn CGT
Market Share
Rest
Bulk
19
4.4
67.6
0.7
7%
93%
Cont
59
9.1
36.1
3.8
25%
75%
LNG
85
6.9
10.1
4.2
68%
32%
LPG
47
1.7
3.6
0.3
47%
53%
Tank
180
25.5
65.6
5.0
39%
61%
South Korea
Mn Dwt
South Korean Shipbuilders Orderbook
100
125%
80
100%
60
75%
40
50%
20
25%
0
0% Bulk
South Korea (Mn Dwt)
Cont
LNG
Rest (Mn Dwt)
LPG South Korea (Share)
Tank Rest (Share) 14
Affinity Orderbook Observer March 2017
0%
China
Japan
S Korea
Others
Feb-17
0
2016
5%
2015
20
2014
10%
2013
40
2012
15%
2011
60
2010
20%
2009
80
2008
25%
2007
100
2006
30%
2005
120
2004
35%
2003
140
2002
40%
2001
160
2000
Mn Cgt
Orderbook (in Mn Cgt) by Country and the market share of South Korea
Share of S Korea (RH Axis)
15
CHINESE ORDERBOOK IN EARLY FEBRUARY 2017 Tonnage and Market Shares by Sector
No.
Mn Dwt
Total
Mn CGT
Market Share
Rest
Bulk
326
40.0
67.6
7.6
59%
41%
Cont
259
15.7
36.1
7.4
43%
57%
LNG
17
0.9
10.1
0.6
9%
91%
LPG
30
1.0
3.6
0.2
26%
74%
Tank
159
21.1
65.6
4.3
32%
68%
China
Mn Dwt
Chinese Shipbuilders Orderbook
120
120%
100
100%
80
80%
60
60%
40
40%
20
20%
0
0% Bulk China (Mn Dwt)
Cont
LNG
Rest (Mn Dwt)
LPG China (Share)
Tank Rest (share) 16
Affinity Orderbook Observer March 2017
Number of Chinese Shipyards with at least 5 dry bulk ships above 20k Dwt on order # Shipyards
70
60
50
40
30
20
10
0
2000
2002
2004
2006
2008
2010
2012
2014
2016 17
Affinity Orderbook Observer March 2017
Shipbuilding Capacity of China, Japan and South Korea 50
Mn Cgt
Japan Capacity
Korea Capacity
China Capacity
40
30
20
10
0
18
Affinity Orderbook Observer March 2017
Affinity NB Indices (with and without Inflation)
NB Index
NB Index with infl.
NB Index without infl.
230 210 190 170 150
130 110 90 70
19
Affinity Orderbook Observer March 2017
Affinity NB Indices across the three commercial shipping sectors NB Index
Dry Bulk
Tanker
Container
270 250 230 210 190 170
150 130 110 90 70
20
AFFINITY GLOBAL OFFICES
H
SI
B L
H
SE
P
SY M
LONDON
SINGAPORE
SEOUL
Dry Cargo
Sale & Purchase
Sale & Purchase
Tankers
Newbuilding
LNG
SA
Newbuilding
Dry Cargo
HOUSTON Sale & Purchase
Tankers
Tankers
SANTIAGO LNG
Finance
Research
Valuations
S Y D N E Y, M E L B O U R N E & PERTH
BEIJING Tankers
Dry Cargo
Dry Cargo Dry Cargo
Tankers 21
DISCLAIMER The information contained within this report is given in good faith based on the current market situation at the time of preparing this report and as such is specific to that point only. While all reasonable care has been taken in the preparation and collation of information in this report Affinity (Shipping) LLP (and all associated and affiliated companies) does not accept any liability whatsoever for any errors of fact or opinion based on such facts. Some industry information relating to the shipping industry can be difficult to find or establish. Some data may not be available and may need to be estimated or assessed and where such data may be limited or unavailable subjective assessment may have to be used. No market analysis can guarantee accuracy. The usual fundamentals may not always govern the markets, for example psychology, market cycles and external events (such as acts of god or developments in future technologies) could cause markets to depart from their natural/usual course. Such external events have not been considered
as part of this analysis. Historical market behaviour does not predict future market behaviour and shipping is an inherently high risk business. You should therefore consider a variety of information and potential outcomes when making decisions based on the information contained in this report. All information provided by Affinity (Shipping) LLP is without any guarantee whatsoever. Affinity (Shipping) LLP or any of its subsidiaries or affiliates will not be liable for any consequences thereof. This report is intended solely for the information of the email recipient account and must not be passed or divulged to any third parties whatsoever without the written permission of Affinity (Shipping) LLP. Affinity (Shipping) LLP accepts no liability to any third parties whatsoever. If permission is granted, you must disclose the full report including all disclaimers, and not selected excerpts which may be taken out of context.
© 2017 Affinity Research LLP Affinity Research LLP Floor 44, The Leadenhall Building, London EC3A 8EE Tel +44 (0) 20 3142 0100 Email [email protected]
22
MARCH 2017
Affinity Orderbook Observer March 2017
Tanker Orderbook by Builder Country Rank
Country
No.
Mn Dwt
Mn CGT
Share (%) of Total
Tanker Scheduled Deliveries MnDwt 10
1
South Korea
180
25.5
5.0
38.8%
9
2
China
159
21.1
4.3
32.0%
8
3
Japan
121
12.7
2.9
19.3%
4
Brazil
14
1.3
0.3
2.0%
5
Philippines
5
1.2
0.2
1.8%
6
Romania
13
1.1
0.3
1.7%
5
7
Spain
6
1.0
0.2
1.4%
4
8
Vietnam
12
0.7
0.2
1.1%
3
9
Iran
5
0.5
0.1
0.8%
2
10 USA
4
0.2
0.1
0.3%
1
6
0.5
0.2
0.7%
0
525
65.8
13.8
Other GLOBAL TOTAL
80 60
Panamax/ LR1
Aframax/ LR2
Suezmax
VLCC
40 20 0
Jan-14
Jul-14
Jan-15
6
Rank
MR
Jul-15
Jan-16
Jul-16
2019
Feb Mar Apr May Jun
Jul
Aug Sep
Oct Nov Dec
Tanker Orderbook by Builder Group
# Vessels Handysize
2018
7
Jan
Tanker Orders by Size Segment
2017
Jan-17
1 2 3 4 5 6 7 8 9 10
Shipbuilder HHI Dalian Daewoo New Times Samsung JMU HMD NACKS Sungdong Tsuneishi
No.
Mn Dwt
Mn CGT
57 29 21 30 37 17 48 7 17 18
12.1 6.2 4.6 3.8 3.8 3.3 2.5 2.2 2.1 1.9
2.0 1.0 0.8 0.8 0.9 0.6 0.8 0.3 0.5 0.4
Share (%) of Total 18% 9% 7% 6% 6% 5% 4% 3% 3% 3% 2
Affinity Orderbook Observer March 2017
Average Duration of a VLCC Construction
Average Size of Tanker Ordered & Built 210 k Dwt
Years Ordered
Built
2.0
160
1.5 1.0
110
0.5 0.0
60 2000
2002
2004
2006
2008
2010
2012
2014
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
2016
Tanker Orderbook at End of Period by Size Segment 180
Mn Dwt Handysize
160
MR
Panamax / LR1
Aframax / LR2
Suezmax
VLCC
140 120 100 80 60 40 20 0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016 Feb-17 3
Affinity Orderbook Observer March 2017
Dry Bulk Orders by Size Segment
Dry Bulk Scheduled Deliveries 16 MnDwt
# Vessels 120
Handysize Kamsarmax Ultramax Newcastlemax
100 80
Handymax PostPanamax SmallCape VLOC
Panamax Supramax Capesize
2017
2018
2019
14 12 10
60
8
40
6
20
4 2
Jan-17
Jul-16
Jan-16
Jul-15
Jan-15
Jul-14
Jan-14
0
Country
No.
Mn Dwt
Mn CGT
Share (%) of Total
1
China
326
40.0
7.6
59%
2
Japan
284
20.4
5.2
30%
3
South Korea
19
4.4
0.7
7%
4
Philippines
37
2.3
0.6
3%
5
Vietnam
7
0.3
0.1
0%
6
India
2
0.1
0.0
0%
7
Argentina
0
0.0
0.0
0%
675
67.6
14.2
GLOBAL TOTAL
Jan
Feb Mar Apr May Jun
Jul
Aug Sep
Oct Nov Dec
Dry Bulk Orderbook by Builder Group
Dry Bulk Orderbook by Builder Country Rank
0
Rank 1 2 3 4 5 6 7 8 9
Shipbuilder
No.
Mn Dwt
Mn CGT
Waigaoqiao YZJ Qingdao Beihai Tsuneishi Oshima HHI Imabari Namura Guangzhou
25 25 16 73 63 11 38 22 14
7.2 5.5 5.0 4.9 4.1 3.6 3.4 2.8 2.3
1.0 0.8 0.7 1.3 1.1 0.5 0.8 0.5 0.4
Share (%) of Total 11% 8% 7% 7% 6% 5% 5% 4% 3%
12
1.4
0.3
2%
10 JMU
4
Affinity Orderbook Observer March 2017
Average Duration of a Capesize Construction
Average Size of Dry Bulk Ordered & Built k Dwt 250 Ordered
Years 2.0
Built
200
1.5
150
1.0
100
0.5
50
0.0 2000
2002
2004
2006
2008
2010
2012
2014
2016
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Dry Bulk Orderbook at End of Period by Size Segment 250 200 150
Mn Dwt Handysize
Handymax
Panamax
Kamsarmax
PostPanamax
Supramax
Ultramax
SmallCape
Capesize
Newcastlemax
VLOC
100 50 0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016 Feb-17 5
Affinity Orderbook Observer March 2017
LNG Orders by Size Segment
LNG Scheduled Deliveries
20 # Vessels 0-50kCbm
150-200kCbm
FPSO
FSU
FSRU
Mn CbM 1.8
2017
1.6
16
2018
2019
1.4 1.2
12
1.0 0.8
8
0.6 4
0.4 0.2
0 Jan-14
0.0 Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Country
No.
Mn Cum
Mn CGT
Share (%) of Total
1
South Korea
85
14.4
4.2
2
Japan
28
4.8
3
China
17
1.6
4
Germany
1
5
Poland
1
GLOBAL TOTAL
132
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
LNG Orderbook by Builder Group
LNG Orderbook by Builder Country Rank
Jan
Rank
Shipbuilder
No.
Mn CuM
Mn CGT
Share (%) of Total
1
Daewoo
49
8.6
2.5
41%
69%
2
Samsung
18
3.1
1.0
15%
1.6
23%
3
HHI
16
2.7
0.7
13%
0.6
8%
4
Mitsubishi
9
1.5
0.6
7%
0.0
0.0
0%
5
Hudong
8
1.4
0.4
7%
0.0
0.0
0%
6
Kawasaki
8
1.3
0.5
6%
7
Imabari
6
1.1
0.3
5%
8
JMU
5
0.8
0.3
4%
20.8
6.4
6
Affinity Orderbook Observer March 2017
Average Size of LNG Ordered & Built k CuM 230
Ordered
Average Duration of Construction Years 3
Built
180
100-150k Cbm
150-200k Cbm
2
130
1
80
0 2000
2002
2004
2006
2008
2010
2012
2014
2016
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
LNG Orderbook at End of Period by Size Segment 30
Mn CuM 0-50kCbM
50-100kCbM
100-150kCbM
150-200kCbM
200+kCbM
FLNG
FSU
25 20 15 10 5 0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016 Feb-17 7
Affinity Orderbook Observer March 2017
LPG Orders by Size Segment 30 # Vessels SGC
Handy
MGC
LGC
LPG Scheduled Deliveries Mn CbM 0.9
VLGC
0.8
25
2017
2018
2019
0.7 20
0.6 0.5
15
0.4 10
0.3 0.2
5
0.1 0 Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
LPG Orderbook by Builder Country Rank
Country
0.0 Jan
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
LPG Orderbook by Builder Group
No.
Mn CuM
Mn CGT
Share (%) of Total
Rank
Shipbuilder
No.
Mn CbM
Mn CGT
Share (%) of Total
1
HHI
17
1.3
0.1
26%
1
South Korea
47
2.4
0.3
47%
2
HMD
22
0.6
0.1
12%
2
Japan
25
1.3
0.2
25%
3
Jiangnan
11
0.5
0.1
11%
3
China
30
1.3
0.2
25%
4
Mitsubishi
6
0.5
0.1
10%
5
Kawasaki
6
0.5
0.1
10%
6
Dalian Nantong Sinopacific Hanjin
5
0.4
0.0
8%
13
0.3
0.1
5%
6
0.2
0.0
4%
4
Philippines
4
0.1
0.0
3%
5
Brazil
1
0.0
0.0
0%
107
5.0
0.7
GLOBAL TOTAL
7 8
8
Affinity Orderbook Observer March 2017
Average Duration of a VLGC Construction
Average Size of LPG Ordered & Built k CbM
80
Ordered
Years 2.5
Built
60
2.0 1.5
40
1.0
20
0.5
0
0.0 2000
2002
2004
2006
2008
2010
2012
2014
2016
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
LPG Orderbook at End of Period by Size Segment 12
Mn CbM SGC
Handy
MGC
LGC
VLGC
10 8 6
4 2 0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016 Feb-17 9
Affinity Orderbook Observer March 2017
Containership Orderbook by Builder Country Rank 1
Country China
Containership Scheduled Deliveries
No.
k TEU
Mn CGT
Share (%) of Total
259
1,387
7.4
42%
Mn TEU 350 2017
2
South Korea
59
916
3.8
28%
300
3
Japan
67
753
3.4
23%
250
4
Philippines
14
179
0.8
5%
5
Taiwan
18
67
0.4
2%
6
Brazil
3
8
0.1
0%
7
USA
2
7
0.1
0%
8
Croatia
2
4
0.0
0%
9
Bangladesh
6
1
0.0
0%
1
1
0.0
0%
1
0
0.0
0%
432
3,324
15.9
10 Vietnam Other GLOBAL TOTAL
40
# Vessels 0-1kTEU 4-5,1kTEU 11-14kTEU
1-2kTEU 5,1-8kTEU 14-16kTEU
Jul-14
Jan-15
Jul-15
100 50 0
Rank
2-4kTEU 9-11kTEU 18+kTEU
Jan-16
150
Jul-16
Feb Mar Apr May Jun
Jul
Aug Sep Oct Nov Dec
Containership Orderbook by Builder Group
20
0 Jan-14
2019
200
Jan
Containership Orders by Size Segment 60
2018
Jan-17
Shipbuilder
No.
k TEU
Mn CGT
Share (%) of Total
1
Imabari
45
581
2.6
17%
2
HHI
31
462
2.0
14%
3
YZJ
60
299
1.7
9%
4
Samsung
11
228
0.8
7%
5
Waigaoqiao
12
219
0.8
7%
6
Daewoo
11
216
0.9
6%
7
Jiangnan
16
208
0.9
6%
8
Hanjin
15
181
0.8
5% 10
Affinity Orderbook Observer March 2017
Average Size of Containership Ordered & Built 10
Average Duration of Construction
k TEU Ordered
Years 3.0
Built
4-5,1k TEU 2.0
5
1.0 0
0.0 2000
2002
2004
2006
2008
2010
2012
2014
2016
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Containership Orderbook at End of Period by Size Segment 7
Mn TEU
6 5
0-1kTEU
1-2kTEU
2-4kTEU
4-5.1kTEU
5.1-8kTEU
8-9kTEU
9-11kTEU
11-14kTEU
14-16kTEU
16-18kTEU
18+kTEU
4 3 2 1 0 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Feb-17 11
JAPANESE ORDERBOOK IN EARLY FEBRUARY 2017 Tonnage and Market Shares by Sector
Japan
No.
Mn Dwt
Total
Mn CGT
Market Share
Rest
Bulk
284
20.4
47.2
5.2
30%
70%
Cont
67
8.2
27.8
3.4
23%
77%
LNG
28
2.3
7.8
1.6
23%
77%
LPG
25
0.8
2.8
0.2
23%
77%
Tank
121
12.7
53.0
2.9
19%
81%
Mn Dwt
Japanese Shipbuilders Orderbook
70
105%
60
90%
50
75%
40
60%
30
45%
20
30%
10
15%
0
0% Bulk Japan (Mn Dwt)
Cont
LNG
Rest (Mn Dwt)
LPG Japan (Share)
Tank Rest (Share) 12
Affinity Orderbook Observer March 2017
Number of Japanese Shipyards with at least 5 dry bulk ships above 20k Dwt on order # Shipyards
40
30
20
10
2000
2002
2004
2006
2008
2010
2012
2014
2016 13
SOUTH KOREAN ORDERBOOK IN EARLY FEBRUARY 2017 Tonnage and Market Shares by Sector
No.
Mn Dwt
Total
Mn CGT
Market Share
Rest
Bulk
19
4.4
67.6
0.7
7%
93%
Cont
59
9.1
36.1
3.8
25%
75%
LNG
85
6.9
10.1
4.2
68%
32%
LPG
47
1.7
3.6
0.3
47%
53%
Tank
180
25.5
65.6
5.0
39%
61%
South Korea
Mn Dwt
South Korean Shipbuilders Orderbook
100
125%
80
100%
60
75%
40
50%
20
25%
0
0% Bulk
South Korea (Mn Dwt)
Cont
LNG
Rest (Mn Dwt)
LPG South Korea (Share)
Tank Rest (Share) 14
Affinity Orderbook Observer March 2017
0%
China
Japan
S Korea
Others
Feb-17
0
2016
5%
2015
20
2014
10%
2013
40
2012
15%
2011
60
2010
20%
2009
80
2008
25%
2007
100
2006
30%
2005
120
2004
35%
2003
140
2002
40%
2001
160
2000
Mn Cgt
Orderbook (in Mn Cgt) by Country and the market share of South Korea
Share of S Korea (RH Axis)
15
CHINESE ORDERBOOK IN EARLY FEBRUARY 2017 Tonnage and Market Shares by Sector
No.
Mn Dwt
Total
Mn CGT
Market Share
Rest
Bulk
326
40.0
67.6
7.6
59%
41%
Cont
259
15.7
36.1
7.4
43%
57%
LNG
17
0.9
10.1
0.6
9%
91%
LPG
30
1.0
3.6
0.2
26%
74%
Tank
159
21.1
65.6
4.3
32%
68%
China
Mn Dwt
Chinese Shipbuilders Orderbook
120
120%
100
100%
80
80%
60
60%
40
40%
20
20%
0
0% Bulk China (Mn Dwt)
Cont
LNG
Rest (Mn Dwt)
LPG China (Share)
Tank Rest (share) 16
Affinity Orderbook Observer March 2017
Number of Chinese Shipyards with at least 5 dry bulk ships above 20k Dwt on order # Shipyards
70
60
50
40
30
20
10
0
2000
2002
2004
2006
2008
2010
2012
2014
2016 17
Affinity Orderbook Observer March 2017
Shipbuilding Capacity of China, Japan and South Korea 50
Mn Cgt
Japan Capacity
Korea Capacity
China Capacity
40
30
20
10
0
18
Affinity Orderbook Observer March 2017
Affinity NB Indices (with and without Inflation)
NB Index
NB Index with infl.
NB Index without infl.
230 210 190 170 150
130 110 90 70
19
Affinity Orderbook Observer March 2017
Affinity NB Indices across the three commercial shipping sectors NB Index
Dry Bulk
Tanker
Container
270 250 230 210 190 170
150 130 110 90 70
20
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