New Ship Building Prices Decline
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New Ship Building Prices Decline


According to a new Clarksons' report ship acquisitions have become more affordable but Indian companies have adopted a wait and watch strategy. In the first indication of declining vessel prices since 2002, the report has cut its assessment on new ship building prices by 3%. The price of new shipbuildings in the first week of June 2005 is at around $126 million, 3% down from the May price of $130 million. New building VLCC prices in January 2004 had soared from $80 million to $100 million in September 2004 to $130 million in May 2005.

However, prices of second-hand vessels continue to remain firm as the time charter rates in the forward market continue to be bullish. According to industry sources, charter freight rates for VLCC, Suezmax and Aframax have dropped to a low of $15,000, $25,000 and $19,000 per day. Despite the softening of prices, Indian shipping companies are in wait and watch mode. GE Officials of Indian Shipping companies pointed out that the assessment by Clarksons is only restricted to new building vessels whose delivery is likely to happen in 2007-08. The prices in the second hand market continue to remain firm, according to some industry sources.

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