Gas
carriers: 8,000 cbm and less
A very difficult year as well for this size of gas carrier, given the
slowdown in the petrochemical market and butane/propane trading, as
already intimated. Although even more spread out between numerous
owners, traders/owners and pools, this fleet has been subject to various
buying moves or regroupings between some owners and owning groups
(Lauritzen Kosan, Kilgas, Tschudi & Eitzen) looking for a size
concentration in the marketing of these ships. The spread in the freight
rate levels according to size has been considerably narrowed and falls
in a bracket between $150,000 to $250,000 given actual sizes and
specifications (fully pressurised, semi-pressurised/refrigerated, or
ethylene carrier). The large variations in rates has sometimes permitted
the renewal or extension of some term contracts at floor prices for
periods between six months to one year, as certain owners prefer to
secure an employment at lower numbers rather than tempt an unpredictable
spot market, even in winter.
Newbuildings are also present in this sector with some fifteen ship
on order between 3,000 and 7,500 cbm, pressurised,
semi-pressurised/refrigerated, and ethylene types, all for delivery
between 2002 and 2003.
The extent of the slowdown has not spared any
corner of the world and the recent bursting of several economic bubbles
frequently inflated "virtually" may be the price to be paid in
order to go back to the solid foundation on which markets can find a
proper footing.
This lean period with the marketing of products and the operating of
ships pushed down to levels of operating/production costs cannot last too
long except at the risk of seeing the closure of some production sites and
partial or full lay-up of ships.
We should however see in the near future a return to a better balanced
freight market since advances in the supervision and the technical
monitoring of ships, still too often dispersed and haphazard, are
beginning to have a clearer impact on more and more geographical sites.
New restrictions for higher quality put in place by more and more
operators are being tightened and this unavoidable trend should accelerate
the pace of the oldest units being sold to scrap, even for some of them
when well looked after, and thus reduce the surplus capacity affecting
certain size categories of ships.
Shipping and Shipbuilding Markets in 2001
I N D E X
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