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Machinery Manufacturing: Global new orders continue to decline year-on-year

Global orders received in August continued to decline year-on-year. As of the date of the report, new global orders received in August 2015 amounted to 3.73 million DWT (without taking into account any post-recovery portion), which was 40% and 48% lower year-on-year, respectively. From January to August this year, the total number of new orders received globally was 52.54 million DWT, a significant drop from the same period in 2014, a drop of 46%.

New orders for tankers have increased significantly. In August, the number of new orders received by tankers was 2.847 million DWT, which was a significant year-on-year increase of 124%. In August, the number of new orders received by bulk carriers and container ships as of the end of the year was relatively weak. They were 157,000 DWT and 54,000 TEU, respectively, down 94% and 69% respectively year-on-year.

The new orders for the whole of 2015 are expected to be 80 million DWT. From January to August this year, the total number of new orders received globally was 52.54 million DWT, and new orders received in August continued to decline year-on-year. We believe that the shipping market in 2015 is still bottoming out and new orders are expected to be around 80 million DWT throughout the year.

The three major shipbuilding new ship cost index continued to decline year-on-year. In August, the cost indices of new ships for bulk carriers, tankers and container ships were 120 points, 159 points and 80 points, respectively, which continued to decline year-on-year, with declines of 11%, 2% and 2% respectively. However, the chain index was basically the same as last month. Declined by 1.1%, 0.4% and 0.5%.

The main ship type new ship cost was basically flat. In August, the VLCC, Afra, Cape of Good Hope, and Panamanian new ships were 95.5 million, 53 million, 48.5 million, and 26.25 million U.S. dollars, respectively, of which the VLCC and Aframax new ship prices remained unchanged from last month, and the Cape of Good Hope and Panamanian new ships Costs decreased slightly from the previous month, falling by 500,000 and 250,000 U.S. dollars, respectively.

The improvement of the profitability of shipbuilding enterprises still needs to wait. In August, the cost of major new ship types was basically the same as in the previous quarter. Overall, the shipbuilding cost was still at historically low levels. Based on current ship prices, the gross profit margin of shipyards remains low for a while.

Japan's new orders have improved. According to the real-time data as of the release date of the report, the number of new orders received by vessels in China in August was 840,000 DWT, down by 70.7% and 50% year-on-year, respectively. South Korea's new orders received this month were 430,000 DWT, down by 77.9% and 84.2% year-on-year respectively. Japan’s situation improved this month, with 2.44 million DWT new orders, a year-on-year increase of 67.4% and 37.5% respectively.

Handheld orders in China and Japan continued to decline year-on-year. At the end of August, orders for handhelds in China and Japan were 130 million DWT and 58 million DWT, respectively, down 20% and 10% from the same period of last year. South Korea's handheld orders were 86 million DWT, which was flat year-on-year.

Global new ship delivery has picked up. In August 2015, the world's new ships delivered 5.18 million DWT, up 6% year-on-year. China's new ship delivery this month was 1.72 million DWT, which continued to decline year-on-year, with a drop of 7.6%; Korea and Japan's new ship deliveries for this month were 1.98 million and 1.13 million DWT, up 23.5% and 12.6% year-on-year respectively.