Changxing Island dock docked a nearly completed construction of the ship, two barges docked side by side in the dockside, the gantry crane is barge one after another yellow container guide frame unloading, and installed to the dock in the Pacific International Lines (PIL) ordered 13,000 TEU new ship.
Here is China Shipbuilding (600150.SH), a wholly owned subsidiary of China State Shipbuilding Corporation (CSSC), Caixin reporter saw at the scene that the shipyard's civilian shipbuilding area is full of large and small modules and subsections of different ship types, and in the collection and distribution centre of the factory, workers are busy with goods distribution and shipment, and transported to the operation area.
Shipyard capacity is in short supply, but shipowners are still ‘crazy’ order. Jiangnan Shipbuilding told Caixin News Agency reporter, at present, civil new ship orders have been basically scheduled to 2028, the company is trying to find ways to improve efficiency, expand production capacity, the goal is to double the production capacity in the future.
Some of the parts piled up at the Gangnam Shipyard, which a truck is transporting (Caixin News Agency)
Growing orders have boosted the shipyard's performance, Jiangnan Shipbuilding relevant person in charge of the shipyard told Caixin News Agency reporter, the efficiency of the entire industry is currently in a historically good period, the shipyard's performance compared to the previous two years has a certain range of growth.
Strong demand to promote the market price of the ship further upwards
Jiangnan shipbuilding predecessor was founded in the Qing dynasty Tongzhi four years (i.e., 1865) of the Jiangnan General Administration of machine building, the early 1950s was renamed Jiangnan Shipyard, 1998 changed to a corporate enterprise. After asset reorganisation and integration, Jiangnan Shipbuilding now covers an area of 5.17 million square metres, with a total shoreline length of 3,561 metres, and is divided into three production areas, capable of building various series of naval vessels, a full range of liquefied natural gas tankers, large/super-large container ships, as well as special ships such as official ships, research vessels and icebreakers.
In the first half of 2024, the shipbuilding market continued to experience robust demand driven by the cyclical turnover of capacity as well as the continued green changes in the industry, with the market's structural growth momentum increasing and batch orders continuing to be released.
‘We didn't even anticipate that this year's container ship orders, in the case of relative saturation of container capacity, are still growing rapidly.’ The aforementioned person in charge told reporters that this year Jiangnan Shipbuilding has received five new orders for 13,000-box container ships.
According to Clarkson Research monitoring data, as of September this year, Jiangnan Shipbuilding currently holds orders for 100 vessels, including 26 container ships (in August this year, the orders held were 81 vessels and 27 container ships). According to the Caixin reporter previously understood that at the end of June last year, Jiangnan Shipbuilding hand-held orders totalled 70, of which 21 container ship hand-held orders.
Only at the end of August, Jiangnan Shipbuilding side of a number of new orders. Among them, with Eastern Pacific Shipping Pte. Ltd. (EPS) signed a contract for the construction of six 150,000 cubic metres of very large ethane carriers (ULEC); and with the Vietnamese shipowner Asia Pacific Shipping Co., Ltd (ASP) signed a contract for the construction of two 50,000 cubic metres of medium-sized LPG/liquid ammonia carriers (ULEC). LPG/liquid ammonia carriers (MGC); and a construction contract for 2+2 medium-sized liquefied ethane carriers (MEC) with global shipping giant Navigator Gas, among others.
Caixin reporter was informed that several liner giants have also recently announced plans to order new vessels. A.P. Muller - Maersk, for its part, will renew its fleet by ordering new vessels as well as leasing, with a total order book of 50-60 vessels, with a total capacity of 800,000 TEU, of which about 300,000 TEU will be ordered. Of these, about 300,000 TEUs will be ordered and owned vessels, fuelled by methanol and liquefied petroleum gas (LPG).
COSCO Sea Control (601919.SH) also announced recently that it has ordered 12 14,000TEU Latin American Extreme high-cooling plug-in methanol dual-fuel-powered container ships.
‘In the current market environment, shipowners still choose to order shipbuilding, and the order is basically three years after delivery, which means that shipowners are generally optimistic about the future of the market for container transport. At the same time, the green environmental protection trend also prompted shipowners to increase investment in renewing capacity.’ The aforementioned person in charge said.
But for the trend of the entire shipbuilding market, the aforementioned person in charge that tends to be cautiously optimistic, ‘especially after the financial crisis in 2008 shipyards experienced a downturn in the shipbuilding industry, we are all cautious about the development of the aftermath of the market. At the same time, with the arrival of the peak of the 2026-2027 delivery, when the host factory is facing a peak demand, whether it can match the demand for shipyards remains to be seen. Under various factors, our shipyards will also tend to be cautious in taking orders.’
Rapidly growing orders pushed up ship prices, the person in charge also told Caixin reporter that this year, affected by related factors, the shortage of ship capacity, led to a sharp upward movement in the container market freight rates, liner companies to get a better profit, pushing them to order ships in a big way. ‘This year, the market price of a dual-fuel container ship with 15,000 containers has been raised by about 10 per cent again compared with last year's high, and the price of one ship can reach more than $200 million.’
Not only is the price of container ships rising, but the price of gas ships is also on the upswing. In this regard, the aforementioned relevant person in charge said the same with the market supply and demand, ‘shipyard capacity is limited, can build large liquefied gas ship shipyards than container ships less, higher threshold, more and more limited production capacity, while the shipowner's demand has become more, the price of the ship is also naturally rising.’
https://www.cnss.com.cn/html/hygc/20240914/354594.html
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