Overcapacity industry expects marine equipment to remain low in 2014

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Overcapacity industry expects marine equipment to remain low in 2014
Time: 2014-02-09 Source: http://

Benefiting from the news that the price of new ships continued to rise, the shipbuilding industry strengthened yesterday. The whole sector of the market rose to lead the two cities. The Chinese ship's daily limit, GSI and China Shipbuilding's shares all rose more than 5%. The analysis pointed out that due to the low price and operating costs, shipowners are now making efforts to book ships, but the continued increase in the number of orders and prices has also worried the market.
This year, although the BDI index fell sharply during the off-season, the shipbuilding market remained active. Some insiders said that some of the small boat factories are difficult to take orders due to stoppages or semi-stopping, and the mainstream shipyards' production schedules are basically saturated this year. The new signing orders of individual first-line enterprises are gradually arranged in the next year.
In this case, the price of new ships is also rising. The data shows that the average price of bulk carriers, tankers and container ships in January increased by 11.2%, 10.7% and 10.6% respectively compared with the beginning of 2013. Among them, the price of the Capesize bulk carrier of 176,000 to 180,000 DWT was the fastest, with an increase of 20.7%.
The new ship price makes the market worry that GF Securities analysis pointed out that the root cause of the shipowner's current order is profitable. The reason is that the price of the new ship is lower (higher peak period is 30%~40% lower), operating cost Lower (fuel consumption is reduced by 20% to 30%), so there is a possibility of profitability at the current low freight rate. Since last year, global new ship orders have rebounded from the bottom, and achieved a significant year-on-year growth on the low base.
On the other hand, the number of new ship orders and the persistence of price increases have also worried the market. According to the latest report of China Shipbuilding Industry Association, shipbuilding enterprises are faced with various difficulties such as difficulty in delivery, difficulty in profit, difficult transformation, and difficulty in financing. Due to the downturn in the shipping market, the low price of completed ships throughout the year, and the rising rigidity of production costs, it is expected this year. The main indicators of the shipping industry are still at a low level, and the number of new orders received has dropped slightly.
Statistics show that from January to November last year, the industry realized a profit of 25.2 billion yuan, down 13.1% year-on-year, and the profits mainly came from non-ship products, logistics support, capital operation, etc. The production of marine products was basically unprofitable.
Gao Xiaochun, an analyst at CITIC, believes that last year was the reversal of the world's new ship orders. It is expected to remain at a high level this year but the absolute value has declined. The worst performance of the shipbuilding industry has not yet arrived. It is expected that the industry's revenue will be flat in 2014. Profits fell by about 10%. It is optimistic that 2014 will be a low point of performance, and in 2015, the industry's revenue and profits will achieve positive growth.
The overcapacity of offshore production has appeared to reverse the performance trend in order to increase revenues. At present, the industry has begun to expand market segments, and the industry has set off a boom in offshore equipment. An insider of a large shipyard in Guangdong said that the company started its business from a single ship repair business early, avoiding bulk cargo ships, container ships and oil tankers with overcapacity, and focused on cultivating marine engineering ship projects. Some brokerages also pointed out that the marine industry has benefited from the construction of a maritime powerhouse and is in the upswing phase. Based on the rise of national sea power and global industrial transfer, offshore equipment has good growth.
However, the China Shipbuilding Industry Association pointed out that the data shows that the global market of the offshore industry is limited (60 billion to 80 billion US dollars), and the international market is highly competitive. There are more than 20 offshore engineering equipment manufacturing enterprises in China, and marine engineering shipbuilding enterprises. Nearly 100, the contradiction of overcapacity at home and abroad has begun to appear.

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