Shipping market now faces depression for a long period due to global fleet overcapacity by massive newbuilding delivery, nevertheless, newbuilding market has been recovering during the past fortnight\'s time period, 31 newbuildings having been ordered.
In particular, after Lunar New Year vacation ended in South Korea and China, several newbuilding negotiations and contracts have been made.
Owners and shipbuilders are both in trouble, facing shrinking ship financing and bulker rates having hit rock bottom in 26 years. However, it is forecast that newbuilding would steadily be ordered, with builders\' aggressive sales activity.
Shipowners who have enough funds are to seize the opportunity to place orders at attractive price. Since 27 January, eight bulkers (excluding options), eight tankers, 11 OSVs and two specialized vessels have been contracted as well as one drillship and one LNG-FSRU in offshore sector.
As for bulker market, China\'s Qingshan Shipyard booked 2+2 handysize bulkers from Pola of Belgium, South Korea\'s STX Offshore & Shipbuilding secured 4+2 kamsarmaxes from Efnav of Greece and STX Dalian won two supramaxes from Ince Denizcilik of Turkey, during the past two weeks.
South Korea\'s Daewoo Shipbuilding & Marine Engineering inked four VLCCs and one aframax product carrier from Kuwait Oil Tanker Company (KOTC), STX Dalian 2+2 MR PCs from Evangelos Pistiolis\' Central Shipping and South Korea\'s Hyundai Mipo Dockyard one MR PC from Ditas of Turkey.
In OSV sector, India\'s ABG Shipyard secured six AHTSs from SCI, the Netherland\'s Damen two PSVs from World Wide Shipping of Norway, Spain\'s Balenciaga S.A two PSVs from Craig of UK and Norway\'s Bergen one OCV from Volstad.
Meanwhile, Australia\'s Austal penned one catamaran Ro-Pax ferry from French Polynesian operator Aremiti and Japan\'s Mitsubishi Heavy Industries one Ro-Ro, equipped with new technology restoration facility, from Nippon Shipping.
As for offshore sector, South Korea\'s Hyundai HI contracted one additional 170,000-cbm LNG-FSRU from Hoegh of Norway and Singapore\'s Sembcorp, through its Brazilian affiliated Estaleiro Jurong Aracruz, booked one ultra-deepwater drillship from Sete Brasil for the first time for the jack-up rig specialist yard.