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NEWBUILDING ORDERING ACTIVITY ON THE RISE.

There was a further rise in newbuilding ordering activity this past week, as ship owners are finding extra confidence, on the back of better market conditions, as highlighted by the dry bulk market's increase of almost 40 percent during the past month. According to the latest weekly report from Piraeus-based shipbroker Golden Destiny, a total of 45 vessels with an aggregate capacity of 4,009,400 tons were reported, while 14 transactions were report at an undisclosed contract price. The invested capital revealed is about $3,9 billion for 31 new orders. (15 bulkers, 8 tankers, 2 gas tankers, 4 containers, 3 reefers, 1 passenger/cruise and 12 special projects).

Year-on-year, last week's activity was up 282 percent versus a similar week of last year. "The largest volume of newbuilding activity is reported in the bulk carrier segment (15 new orders) with a total invested capital of more than $443 million and tankers (8 new orders) with an invested capital of about $243 million. Bulk carriers held 33 percent share of this week's volume of new orders against 18 percent share from tankers, 4 percent share from gas tankers, 9 percent from containers and 27 percent share from special projects.

At similar week in 2012, 17 fresh orders had been reported with the largest volume of newbuilding activity in the bulk carrier and special project segment -7 new orders in each segment. Compared with previous week's levels, a large increase of 100 percent in the volume of new orders is recorded in the tanker segment, against 17 percent and 43 percent week-on-week decline in the bulk carrier and container segment respectively.

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Publication:Pakistan & Gulf Economist
Date:Jul 28, 2013
Words:271
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