Greek owners buy US$13 billion of ships

viernes, 08 diciembre 2006

(ATHENS) Shipowners in Greece, the biggest ship operating nation, have placed a record US$13.2 billion of orders with shipyards this year amid optimism about the outlook for freight rates, shipbroker George Moundreas & Co said...

Record orders come amid optimism over outlook for freight rates. The spending compares with US$3.7 billion in 2005 and US$6.9 billion in 2004, the previous record year, Moundreas data show.

November's expenditure was almost equally split between ships that transport oil and those that can carry commodities such as coal and steel.

The orders reflect the strength of the dry-bulk market and that shipowners are assuming the volatility in tanker freight rates is a 'temporary fluctuation', the Piraeus, Greece-based shipbroker said in a report on Wednesday.

Demand for shipping has been buoyed by a surge in economic growth in emerging nations including China, which is expanding at more than five times the rate of the European nations sharing the euro.

The companies ordered 44 vessels in November for a total of US$1.91 billion and had options for another eight ships for a total price of US$275 million, Moundreas said.

Among Greek companies that placed orders in November was closely held Remi Maritime Corp, which transports oil products and dry bulk. It plans to buy six tankers, each with a capacity of 93,000 deadweight tons, from South Korea's Hyundai Samho Shipyard for US$30 million each.
The ships are scheduled for delivery in 2009 and 2010, Moundreas said. Remi also has options for a further six such tankers.

Transmed Shipping Ltd, another closely held company, plans to buy 10 bulk carriers, each with a capacity of 93,000 deadweight tons, for about US$44 million apiece from China's Jinglu Shipyard for delivery between 2008 and 2010.

Pioneer Tankers Shipping Corp, also closely held, plans to buy four tankers, each with a capacity of 51,000 deadweight tons, for about US$44 million a ship from China's Guangzhou Shipyard International Co for delivery in 2010, Moundreas said.

Asia's shipyards have enough orders to keep them busy for the next three years. The shipyard boom is being driven by the increasing newbuilding orders from shipowners optimistic about growth in global trade. - Bloomberg

Source: The Shipping Times