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New-build shipping orders in Q2 2019 hit record low

New-building orders dropped to record lows in Q2 2019. So far this year, Panamaxes have been the most popular size to order.

Despite low earnings earlier this year 13 orders were placed by COSCO bulk for 208,000 DWT vessels at COSCO Shipping HI for USD 54 million each. In comparison to the 45 orders of this time last year for Capesizes, the 13 seems minimal. The total number of Tanker new-build orders is down 47% for the first half of 2019 compared to the same period in 2018.

The Container sector follows the same declining trend as the rest of the cargo sector for new-builds. Orders for the first half of 2019 were down a significant 49% compared to same months in 2018.

Of the bleak 48 containers that were ordered, 28 were by South Korea, clearly dominating the container new-build market and vastly improving on their two orders from the first half of 2018. The domination is primarily due to Sinokor, who ordered 16 Feedermaxes all built by Chinese shipyards, and four Handy containers built by South Korea’s second largest shipyard, Hyundai Mipo. These orders by Sinokor account for around 42% of all containers ordered so far this year.

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