33주 해운마켓브리핑 / WK33 Marine Market Briefing

Marine Market Side –
Spot Market.

 

Weekly Summary.

 

 

Shipping Market Overview by vessel segment.

 

 

Congestion measure: vessels in port vs vessels outside (Bubble Map)

 

 

 

Freight rates are high. But not super cycle high

 

Compared to the past 20 years, freight rates have been high during the first seven months of 2021, with all ship sizes averaging earnings that exceed USD 20,000 per day. However, compared to the first seven months of 2007 and 2008, the current rates are still far below.
In the first seven months of this year Capesize rates have average USD 24,970 per day. In the same period of 2008, Capesize rates averaged USD 147,475 per day.
As a share of what they earned back in 2008, Handysize rates come closest, but are still far below with average earnings so far this year at 55% of rates recorded in the first seven months of 2008. Panamax and Supramax earnings stand at 36% and 41% respectively.
Higher commodity prices are not the key to a super cycle in dry bulk shipping. In fact, no super cycle without the volumes. Although volumes have grown in the first half of this year, the growth hasn’t been enough to justify talk of a super cycle.

 

 

Korean Ship Owner Side –

1. “현대 LNG해운 매각 추진”/“Hyundai LNG Shipping is put up for sales”
- 해운업계에 따르면 국내 사모펀드 IMM프라이빗에쿼티(IMM PE)와 IMM인베스트먼트는 현대LNG해운의 매각을 결정하고 현재 매도자 실사를 진행하고 있는 것으로 알려졌습니다.
현대LNG해운은 국내 최대 선사인 HMM(구 현대상선)이 2014년 매각한 회사로, 당시 현대상선을 보유했던 현대그룹은 유동성 위기에 빠지자 핵심 자산이었던 LNG운송부문을 IMM PE와 IMM인베스트먼트(IMM 컨소시엄)에 매각했었습니다.
현대LNG해운은 올해 LNG 수요 급증에 힘입어 말레이시아 국영 에너지기업인 페트로나스와 장기용선 계약을 체결하기도 했습니다.  
과거 사업부를 전신으로 하는 회사가 매물로 나오면서 전 주인인 HMM이 입찰에 나설 가능성도 제기되고 있으나, 이와 관련해 HMM은 "확정된 바 없다"고 밝혔습니다.
다만 업계에서는 운임 상승 등으로 해운시장이 호황기를 맞은 상황에서, 사상 최대 실적으로 자금력을 갖추게 된 HMM의 입찰 가능성이 높다고 내다보고 있습니다.

- According to the shipping industry, domestic private equity funds IMM Private Equity (IMM PE) and IMM Investment have decided to sell Hyundai LNG Shipping and are currently conducting due diligence on the seller.
Hyundai LNG Shipping was sold in 2014 by HMM (formerly Hyundai Merchant Marine), the largest shipping company in Korea.
When Hyundai Group, which owned Hyundai Merchant Marine at the time, fell into a liquidity crisis, it sold its LNG transportation business to IMM PE and IMM Investment (IMM Consortium).
With the surge in LNG demand this year, Hyundai LNG Shipping also signed a long-term charter contract with Petronas, a Malaysian state-owned energy company.
The possibility of HMM, the former owner, of bidding, is being raised as a company whose predecessor was the former business unit came out for sale. In this regard, HMM saying, "Nothing has been confirmed."
However, the industry believes that there is a high possibility of bidding for HMM, which has secured the financial power with the highest performance in history, in a situation in which the shipping market is booming due to freight rates.

 

North East Asia Ship Owner Side –

1. “Santoku Shipping 벌크 신조 두 척 발주”/ “Santoku Shipping orders two newbuilding bulk carriers”
- Santoku Shipping Co는 2척의 Kamsarmax 벌크 신조를 발주 하였다고 밝혔습니다. 조선소 업계에 따르면, Santoku Senpaku로 잘 알려진 동 선주사는 Jiangsu Yangzi-Mitsui 조선소에서 건조 중인 82,300dwt 벌크선 두 척을 보유하고 있다고 밝혔습니다.
한 척은 2022년 연말에 그리고 나머지 한 척은 2023년에 해당 선주사로 하여금 인도될 예정입니다. 동사는 금번 신조선 2척을 포함한 총 10척의 신조선을 중국 조선소에 발주하여 보유 중입니다. 나머지 8척 중
2척의 뉴캐슬막스 선박은 Shanghai Waigaoqiao 조선소 그리고 6척의 61,400dwt 선박은 Dalian CoSCO KHI Ship Engineering에 발주되어 있습니다.

- Osaka-based Santoku Shipping Co has quietly expanded its fleet with two kamsarmax bulker newbuildings. According to shipbuilding players, the privately-owned shipping company also known as Santoku Senpaku,
has two 82,300-dwt vessels under construction at Jiangsu Yangzi-Mitsui Shipbuilding Co (Yamic), a joint venture between Yangzijiang Shipbuilding and Japan's Mitsui E&S Shipbuilding.
Santoku is scheduled to take delivery of one ship in late 2022 and the other in 2023. Including the two kamsarmaxes, Santoku has 10 bulker newbuildings booked at yards in China.
It has two newcastlemaxes at Shanghai Waigaoqiao Shipbuilding (SWS) and six 61,400-dwt vessels at Dalian Cosco KHI Ship Engineering (Dacks).

2. “Evergreen 8척의 중고 컨테이너선 인수”/“Evergreen snaps up eight containerships”
- Evergreen Marine은 8척의 컨테이너선을 인수하였다고 밝혔습니다. 7척의 1,600teu 피더선 그리고 1척의 7,000teu 컨테이너선 총 8척의 중고선은 Evergreen의 자회사 Evergreen Hong Kong 그리고 Evergreen Asia 두 자회사를 통해서 인수되었다고 밝혔습니다.
7척의 1,600teu는 Evergreen Hong Kong에서 인수되었으며, 7,000teu 컨테이너선 한 척은 Evergreen Asia에서 인수되었다고 밝혔으며, 인도날짜는 밝혀지지 않았습니다.
알파라이너에 따르면, Evergreen은 총 200여척의 컨테이너선을 운용하며, 현재 컨테이너 라이너들 중 세계 7위에 랭크하고 있습니다. 총 200여 선박 중 116척이 자사선이며, 현재 신조선 35척을 보유하고 있습니다.

- Taiwan’s Evergreen Marine has acquired eight containerships. The liner giant is adding seven 1,600 teu vessels and one 7,000 teu unit through its two subsidiaries, Evergreen Hong Kong and Evergreen Asia respectively.

Evergreen Hong Kong has snapped up seven 1,600 teu boxships from Gaining Enterprise while Evergreen Asia acquired the 7,000 teu vessel. Delivery details have not been disclosed.

Evergreen is currently the seventh-largest liner, with a fleet of around 200 ships, including 116 self-owned. According to VesselsValue the company has 35 newbuilds on order.

Ship Yard Side –

1. The total WW orderbook in July 2021.
1). In July 2021, the total WW orderbook is 4,010,000CGT (100Vessels).
Korea 1,810,000CGT (24Vessels, 45%), China 1,770,000CGT (49Vessels, 44%) and Japan 400,000CGT (21Vessels, 10%)

2). The total accumulated orderbook by Global from Jan to July this year is 29,700,000CGT Increased by 213% on the same time last year (9,490,000CGT).

3). The total accumulated orderbook by territories from Jan to July this year, China - 13,480,000CGT (474Vessels, 45%), Korea - 12,760,000CGT (304Vessels, 43%) and Japan – 2,610,000CGT (116Vessels, 9%)

 

Environment Side –

1. “MOL”/“MOL looks at shipping ammonia from Australia”
- MOL은 호주 에너지 회사인 Origin Energy사와 그린 암모니아 생산 및 공급과정을 개발하기 위한 합동 연구에 업무 협약을 맺었다고 밝혔습니다.
Origin사는 2026년 첫 그린 암모니아 화물을 선적하는 것을 목표로 Tasmania, Bell Bay 녹색 암모니아 수출 프로젝트를 포함하여 다수의 그린 암모니아 및 수소 프로젝트를 추진하고 있는 에너지 회사입니다.
MOL과 Origin사는 암모니아 해상 운송에 대한 타당성 조사, 일본 그리고 아시아 지역의 수요 조사 및 그린 암모니아 생산 및 공급과정을 개발하는 것을 올해 12월까지 완료할 예정입니다.
올해 5월 MOL은 5년간의 공백 이후, 암모니아 수송 사업에 재진입 하였습니다. 이를 위해 동사는 LPG와 암모니아를 수송할 수 있는 11년된 35,000cum MV. Green Pioneer를 올해 매입하였습니다.
또한 2025년에 신조선 인도 목표로 세계에서 가장 큰 암모니아 운반선을 자국 Namura 조선소에 발주한 바 있습니다.

- Japan’s Mitsui OSK Lines (MOL) has announced that it has signed a memorandum of understanding (MoU) for a joint study to build a supply chain of green ammonia with Australian energy company, Origin Energy.

Origin is pursuing a number of green ammonia and hydrogen projects, including a green ammonia export project in Bell Bay, Tasmania, with first cargo targeted for 2026. MOL and Origin will complete a feasibility study on marine transportation of ammonia,
demand in Japan and Asia and developing a supply chain by December of this year. In May this year, MOL reentered the ammonia trades after a five-year hiatus.
The company bought the 11-year-old 35,000 cu m Green Pioneer, a ship capable of transporting both LPG and ammonia. Earlier this month, MOL ordered what will become the largest ammonia carrier in the world when it delivers from Namura Shipbuilding in 2025.

 

International Oil Prices with VLSFO –

 

 

Global Average Bunker Prices –     

 

 

Baltic Dry Index –

Written by David Kim in WSS Korea.