The core of recent Eco-ship focused trend in global shipbuilding and shipping industries seems to be on the enlarging gap among shipbuilding countries in newbuilding prices and new order shares. It is suggested that Korean shipbuilding industry is having expanding premium of newbuilding prices compared to Chinese rival.
Park Moo-Hyun, analyst from E*Trade Securities of Korea said that recently, Scorpio Bulkers had placed orders for 11 bulkers (61-63K) at three Chinese yards (Chengxi Shipyard, Dalian COSCO KHI Ship Engineering (DACKS), Nantong COSCO KHI Ship Engineering (NACKS)) and pointed out that eco-design for the newbuilds will be provided by Shanghai Merchant Ship Design and Research Institute (SDARI).
The analyst said that China is currently running nine design centers and the number of SDARI senior engineers is 97 as of 2010, which is greatly falling short of the number secured by one Korean yard.
In addition, Park pointed out, “SDARI’s Eco-design will be applied to the bulker construction of the three yards that it is hard to say that the design is optimized for the situation of each yard. Considering the newbuilding ability of Chinese shipbuilding industry, chances look very small to see improved fuel-efficiency upon delivery as much it has been expected.” Delivery date signed on the contract is suggested to be too early, bringing another burden factor.
Park said, “Particularly, the newbuilding bulkers which Chinese yards build for Scorpio cost 10% lower apiece than the units Hyundai-Vinashin Shipyard won recently,” and continued, “China was also awarded eco-ship however, they see the newbuilding price gap grow comparing with HVS.”
According to Clarksons and E*Trade Securities Research Center, while the newbuilding prices of 57,000 dwt bulker HVS won in May, 2013, was $27.50m apiece with the price per dwt coming at $482.5, bulker newbuilds in the range of 61,000-63,000 dwt placed at Chengxi, DACKS and NACKS cost $27m apiece with the price per dwt coming at $428.5-442.6.
Source: http://www.asiasis.com
