World Shipyard Monitor - CRSLYangzi Xinfu SB 16. Dalian COSCO KHI 17. GSI Nansha SELECTED SHIPYARDS...

World Shipyard MonitorVolume 26, No. 5 ISSN: 1358-8788

Global Contracting Global Shipbuilding Activity This MonthOrderbook 206.4m dwt 2019 YTD Deliveries 33.8m dwt

2019 YTD Contracts 18.8m dwt 2019 YTD Demolition 8.2m dwt

Newbuilding Prices This Month (end Apr-19)Newbuilding Price Index 131 points VLCC N/B $93.0m

Capesize N/B $51.0m Boxship c.13,000 teu N/B $113.0m

May-2019

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CONTENTS

Global Orderbook Orderbook by Vessel Type p2-3

Contracting

Newbuilding Orders by Vessel Type p4-5

Deliveries

Global Deliveries by Vessel Type p6-7

Demolition

Global Scrapping by Vessel Type p8-9

Shipbuilding Price Trends

Newbuilding Prices by Vessel Type p10

Investment

Global Investment by Vessel Type p11

Investment by Owner Country/Region p12

Global Contracting

By Builder Country/Region p18-19

Global Deliveries

By Builder Country/Region p20-21

Shipyard Focus

Shipyard Feature & Review p22

Shipyard Review p23-24

Shipyard Groups

Shipyard News & Shipyards by Group p25

Analysis p28

Clarksons Research is respected worldwide as the most authoritative provider of intelligence for the global shipping industry. Clarksons Research is part of the Clarksons group, the world’s largest provider of shipbroking and integrated shipping services. For more detail about the Clarksons group visit www.clarksons.com.

SELECTED SHIPYARDS China: 1. Shanghai Waigaoqiao Hudong Zhonghua SCS Shipbuilding 2. Jiangsu New YZJ 3. Dalian Shipbuilding 4. New Times SB 5. Fujian Southeast SB Mawei SB (Mawei)

6. Nantong COSCO KHI Chengxi Shipyard Jiangsu Hantong HI Nantong Xiangyu 7. Huangpu Wenchong 8. CSC Jinling 9. Beihai Shipyard 10. Zhejiang Yangfan COSCO Zhoushan

11. Bohai SB 12. Tsuneishi Zhoushan Jinhai Manufacturing 13. Taizhou Sanfu 14. COSCO HI Yangzhou 15. Yangzi Xinfu SB 16. Dalian COSCO KHI 17. GSI Nansha

SELECTED SHIPYARDSSouth Korea:1. Daewoo (DSME)2. Samsung HI3. Hyundai HI (Ulsan)4. Hyundai Samho HI5. Hyundai Mipo6. Sungdong SB7. STX SB (Jinhae)8. Daehan SB9. Dae Sun SB

SELECTED SHIPYARDSJapan:1. Imabari SB (Saijo)2. Oshima SB3. Mitsubishi HI (Nagasaki)4. Imabari SB (Hiroshima)5. Imabari SB (Imabari)6. Japan Marine United (Kure) 7. Onomichi Dockyard8. Imabari SB (Marugame)

Kawasaki HI (Sakaide)9. Japan Marine United (Ariake)10. Tsuneishi Zosen11. Namura SB12. Japan Marine United (Tsu)13. Sasebo HI14. Sumitomo (Yokosuka)

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2018 Apr* 2018 Apr* 2016 2017 2018 Apr* 2019 2020 2021 2022+

VLCC 200,000+ dwt 107 92 4.7 4.0 29.4 31.4 33.1 28.3 12.4 12.5 3.4 0.0Suezmax 125-199,999 dwt 64 48 1.9 1.4 16.4 11.4 9.7 7.3 1.8 4.9 0.6 0.0Aframax 85-124,999 dwt 110 76 2.9 2.0 16.1 15.8 12.5 8.6 3.7 2.6 2.0 0.2Panamax 55-84,999 dwt 38 33 0.9 0.7 3.5 2.7 2.7 2.3 0.6 1.2 0.5 0.0Products 25-54,999 dwt 178 155 4.1 3.5 7.3 8.0 8.5 7.4 3.7 3.1 0.6 0.0Products 10-24,999 dwt 27 24 0.3 0.2 0.5 0.5 0.5 0.4 0.2 0.2 0.0 0.0Chem & Spec. 10-54,999 dwt 120 96 1.9 1.5 5.2 4.3 2.8 2.2 1.2 1.0 0.0 0.0Tankers 10,000+ dwt 644 524 16.5 13.4 78.4 74.1 69.6 56.5 23.7 25.4 7.3 0.2Tankers < 10,000 dwt 107 91 0.7 0.6 1.4 1.2 0.6 0.6 0.3 0.2 0.1 0.0Capesize 100,000+ dwt 223 229 8.0 8.1 41.6 47.1 52.1 52.2 16.2 24.8 9.7 1.5Panamax 80-99,999 dwt 306 291 6.0 5.7 17.8 20.2 25.4 24.2 9.2 10.7 4.0 0.3Panamax 65-79,999 dwt 8 8 0.1 0.1 1.0 0.6 0.6 0.6 0.2 0.4 0.0 0.0Handymax 40-64,999 dwt 279 252 4.9 4.4 21.9 16.5 17.1 15.5 6.4 7.1 2.0 0.0Handysize 10-39,999 dwt 174 150 2.2 1.8 10.5 7.4 5.8 4.9 2.3 2.2 0.4 0.0Bulkers 10,000+ dwt 990 930 21.2 20.2 92.7 91.8 101.0 97.3 34.4 45.2 16.0 1.7Combos 10,000+ dwt 6 5 0.2 0.2 0.2 0.3 0.5 0.4 0.2 0.3 0.0 0.0Total Bulk Vessels 1,747 1,550 38.7 34.5 172.7 167.4 171.8 154.8 58.5 71.0 23.3 2.0

2018 Apr* 2018 Apr* 2016 2017 2018 Apr* 2019 2020 2021 2022+

LNG Carriers 134 138 10.5 10.5 11.2 9.9 11.1 11.2 2.3 4.0 4.3 0.6LPG Carriers 80 80 1.5 1.6 3.8 2.5 2.5 2.8 0.9 1.6 0.3 0.0Containers 8,000+ teu 138 134 8.8 8.3 28.9 24.0 22.6 21.6 5.8 9.4 6.1 0.3Containers 3-7,999 teu 18 14 0.4 0.3 1.7 1.1 0.7 0.6 0.1 0.4 0.0 0.0Containers < 3,000 teu 287 304 4.4 4.7 5.9 6.2 6.9 7.2 2.1 3.5 1.5 0.1Offshore 414 392 4.8 4.8 6.6 5.5 3.8 3.9 1.4 1.4 0.8 0.3Cruise Vessels 105 114 9.7 10.2 0.4 0.4 0.4 0.4 0.1 0.1 0.1 0.1Passenger Ferries 144 137 2.1 2.1 0.3 0.2 0.2 0.2 0.1 0.0 0.0 0.0Other# 398 389 4.1 3.9 5.0 4.3 3.7 3.7 1.8 1.2 0.7 0.0Total Specialised Vessels 1,718 1,702 46.3 46.4 63.7 54.3 51.9 51.6 14.6 21.8 13.7 1.5

2018 Apr* 2018 Apr* 2016 2017 2018 Apr* 2019 2020 2021 2022+

All Vessel Types 3,465 3,252 85.1 80.8 236.5 221.7 223.6 206.4 73.1 92.8 37.0 3.5

Clarksons Research

Orderbook by Vessel TypeOrderbook as % of Fleet (dwt)

m.CGT, end: Bulk Vessel No. end: m. dwt, end:

Orderbook Summary

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Total

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Orderbook

Orderbook, Delivery in:

Orderbook

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May-19

Orderbook

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N.B. THE ORDERBOOK AND ANALYSIS BY YEAR OF DELIVERY ON THIS PAGE ARE BASED ON REPORTED ORDERS AND SCHEDULED DELIVERY DATES AND DO NOT NECESSARILY REPRESENT THE EXPECTED PATTERN OF FUTURE DELIVERIES. #Other vessels include MPP, Reefers, Ro-Ro ships, PCC. *As at end of period.Please note that from now onwards, the Ship Type Orderbook Monitor and Shipyard Orderbook Monitor will be provided in digital format only (with the exception of the January edition). If you require these publications in printed format, please contact Clarksons Research.

No. end:

12.6%

0.9%

17.7%

5.9%

8.5%28.7%

21.4%

15.6%

7.6%

10.9%

9.5%

8.1%

11.4%

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13.3%

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19.8%

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Chem & Spec.

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End Apr 19

End 2018

• As of the end of April 2019, the global orderbook stood at3,252 vessels of 206.4m dwt and 80.8m CGT, representingan 8% and 5% decline in dwt and CGT terms respectivelysince end 2018. In terms of dwt, 35% of the currentorderbook is scheduled to be delivered in the remainder of2019, while only 20% is due for delivery in 2021 and beyond.

• Driven in part by firm deliveries, especially in the VLCCsector, the tanker orderbook has declined significantly in thefirst four months of the year, by 19% in dwt terms, to stand at615 vessels of a combined 57.1m dwt as of the end of April2019. The crude sector orderbook declined in tonnage termsby 19% in the first four months of the year to reach 198vessels of 41.8m dwt as of the end of April, while the producttanker (10,000+ dwt) orderbook has similarly declined by19% in the same period to reach 222 vessels of 12.1m dwt.

• In contrast, the LNG carrier orderbook has remainedsteady in the first four months of the year, against thebackdrop of record level contracting in full year 2018 andcontinued firm ordering in 2019 so far, to reach 138 vesselsof a combined 20.6m cu.m. The majority of LNG carriercapacity on order (57%) was ordered in 2018, while 40% isdue for delivery in 2020.

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Orderbook by Vessel Type

2012 2013 2014 2015 2016 2017 2018 Apr* 2019 2020 2021 2022+

VLCC 200,000+ dwt 12.8 13.1 13.4 21.0 15.2 15.9 16.5 14.1 6.1 6.2 1.7 0.0Suezmax 125-199,999 dwt 6.3 4.2 5.8 9.6 8.7 6.1 5.1 3.8 1.0 2.5 0.3 0.0Aframax 85-124,999 dwt 3.9 7.0 7.1 11.5 9.0 8.8 6.9 4.7 2.1 1.4 1.1 0.1Panamax 55-84,999 dwt 1.5 0.9 1.9 3.0 2.1 1.6 1.6 1.3 0.4 0.7 0.3 0.0Products 25-54,999 dwt 6.2 9.7 8.4 7.5 4.5 4.8 5.2 4.5 2.2 1.9 0.4 0.0Products 10-24,999 dwt 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.2 0.1 0.0 0.0Chem & Spec. 10-54,999 dwt 1.5 2.7 4.0 4.0 3.3 2.7 1.7 1.3 0.7 0.6 0.0 0.0Tankers 10,000+ dwt 32.4 37.8 40.9 57.0 43.0 40.2 37.3 30.0 12.7 13.4 3.8 0.1Tankers < 10,000 dwt 0.9 0.7 0.5 0.7 1.0 0.9 0.4 0.4 0.2 0.1 0.0 0.0Capesize 100,000+ dwt 24.4 35.4 37.7 29.5 21.5 24.2 26.8 26.9 8.4 12.7 5.0 0.8Panamax 80-99,999 dwt 16.0 15.7 16.8 15.7 9.5 10.7 13.3 12.6 4.8 5.6 2.1 0.1Panamax 65-79,999 dwt 8.2 5.4 2.0 0.9 0.5 0.3 0.3 0.3 0.1 0.2 0.0 0.0Handymax 40-64,999 dwt 20.2 28.0 28.2 23.0 12.7 9.6 10.1 9.1 3.8 4.2 1.2 0.0Handysize 10-39,999 dwt 9.5 11.4 11.5 9.9 6.7 4.7 3.7 3.1 1.5 1.4 0.2 0.0Bulkers 10,000+ dwt 78.3 95.8 96.3 79.0 50.9 49.5 54.2 52.0 18.5 24.1 8.4 0.9Combos 10,000+ dwt 0.0 0.0 0.0 0.2 0.2 0.2 0.3 0.3 0.1 0.2 0.0 0.0Total Bulk Vessels 111.6 134.2 137.7 136.8 95.1 90.8 92.2 82.6 31.5 37.8 12.3 1.0

2012 2013 2014 2015 2016 2017 2018 Apr* 2019 2020 2021 2022+

LNG Carriers 10.0 12.9 16.9 17.1 14.4 12.7 13.4 13.3 2.9 4.7 5.1 0.7LPG Carriers 1.9 3.8 6.4 6.4 3.4 2.2 2.2 2.3 0.8 1.3 0.2 0.0Containers 8,000+ teu 27.6 34.5 30.4 36.3 28.8 23.9 21.2 19.9 5.7 8.8 5.2 0.3Containers 3-7,999 teu 8.1 5.2 2.5 1.2 1.4 0.9 0.6 0.5 0.1 0.4 0.0 0.0Containers < 3,000 teu 1.8 2.9 3.9 4.7 4.8 5.0 5.7 5.9 1.7 2.9 1.3 0.1Offshore 11.4 12.1 11.4 9.2 7.2 6.6 5.0 5.2 1.8 1.9 1.0 0.5Cruise Vessels 2.8 3.2 4.1 5.1 6.4 8.5 9.4 9.7 1.0 1.7 1.7 5.3Passenger Ferries 0.5 0.7 0.8 0.9 1.2 1.3 1.7 1.8 0.5 0.6 0.4 0.2Other# 8.6 8.8 7.8 9.0 7.5 5.8 4.9 4.7 1.9 1.7 1.0 0.0Total Specialised Vessels 72.5 84.2 84.4 90.0 75.2 67.0 64.2 63.4 16.4 24.0 15.9 7.1

2012 2013 2014 2015 2016 2017 2018 Apr* 2019 2020 2021 2022+

All Vessel Types 184.1 218.4 222.1 226.7 170.3 157.8 156.3 146.0 47.9 61.8 28.3 8.1

Clarksons Research

Orderbook as % of Fleet (dwt)

Orderbook, Delivery in:Million GT, end:

Bulk Vessel

Orderbook

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Orderbook Delivery Schedule (m. dwt)

N.B. THE ORDERBOOK AND ANALYSIS BY YEAR OF DELIVERY ON THIS PAGE ARE BASED ON REPORTED ORDERS AND SCHEDULED DELIVERY DATES AND DO NOT NECESSARILY REPRESENT THE EXPECTED PATTERN OF FUTURE DELIVERIES. Details of the specialised vessel orderbook, in terms of special units of measurement e.g. cbm, teu, '000 cuft. etc. can be found in the centre blue pages. #Other vessels include MPP, Reefers, Ro-Ro ships, PCC. *As at end of period.

Specialised Vessel

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May-19

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2018 Apr* 2018 Apr* 2015 2016 2017 2018 Apr*

VLCC 200,000+ dwt 47 10 2.0 0.4 21.2 4.3 17.5 14.4 3.1 DOWN BY….. -36%Suezmax 125-199,999 dwt 21 6 0.6 0.2 9.2 4.3 4.0 3.3 0.9 DOWN BY….. -13%Aframax 85-124,999 dwt 31 3 0.8 0.1 11.7 2.0 7.1 3.5 0.3 DOWN BY….. -72%Panamax 55-84,999 dwt 13 0 0.3 0.0 2.8 0.2 0.8 0.9 0.0 DOWN BY….. -100%Products 25-54,999 dwt 66 7 1.5 0.2 4.9 0.7 4.1 3.1 0.4 DOWN BY….. -66%Products 10-24,999 dwt 11 0 0.1 0.0 0.3 0.1 0.2 0.2 0.0 DOWN BY….. -100%Chem & Spec. 10-54,999 dwt 28 1 0.4 0.0 2.4 1.0 1.0 0.6 0.0 DOWN BY….. -90%Tankers 10,000+ dwt 217 27 5.8 0.9 52.6 12.7 34.6 25.9 4.7 DOWN BY….. -45%Tankers < 10,000 dwt 23 8 0.1 0.1 0.5 0.8 0.4 0.1 0.1 UP BY…. 27%Capesize 100,000+ dwt 94 23 3.2 0.8 13.6 6.0 21.6 19.4 4.8 DOWN BY….. -25%Panamax 80-99,999 dwt 135 30 2.6 0.6 8.1 0.5 11.4 11.3 2.5 DOWN BY….. -34%Panamax 65-79,999 dwt 4 0 0.1 0.0 0.1 0.1 0.2 0.3 0.0 DOWN BY….. -100%Handymax 40-64,999 dwt 114 6 2.0 0.1 9.0 1.3 6.7 7.0 0.4 DOWN BY….. -84%Handysize 10-39,999 dwt 63 9 0.7 0.1 4.6 0.5 1.4 2.0 0.3 DOWN BY….. -56%Bulkers 10,000+ dwt 410 68 8.6 1.6 35.4 8.3 41.2 40.0 8.0 DOWN BY….. -40%Combos 10,000+ dwt 2 0 0.1 0.0 0.2 0.0 0.1 0.2 0.0 -100%Total Bulk Vessels 652 103 14.6 2.5 88.7 21.8 76.3 66.2 12.8 DOWN BY….. -42%

2018 Apr* 2018 Apr* 2015 2016 2017 2018 Apr*

LNG Carriers 77 21 5.9 1.4 2.7 0.8 1.3 6.4 1.5 DOWN BY….. -29%LPG Carriers 44 13 0.8 0.3 2.9 0.3 0.8 1.4 0.7 UP BY…. 47%Containers 8,000+ teu 65 14 3.8 0.8 21.2 1.3 5.8 9.8 2.0 DOWN BY….. -40%Containers 3-7,999 teu 10 0 0.2 0.0 1.0 0.3 0.0 0.4 0.0 DOWN BY….. -100%Containers < 3,000 teu 137 39 2.2 0.6 2.5 2.0 2.4 3.5 0.8 DOWN BY….. -28%Offshore 46 7 0.6 0.2 0.6 0.3 0.6 0.4 0.3 UP BY…. 105%Cruise Vessels 28 16 2.3 1.2 0.1 0.1 0.1 0.1 0.0 DOWN BY….. -43%Passenger Ferries 57 10 0.9 0.2 0.1 0.1 0.1 0.1 0.0 DOWN BY….. -60%Other# 140 47 1.3 0.5 2.6 0.9 1.2 1.2 0.7 UP BY…. 81%

Total Specialised Vessels 604 167 18.2 5.2 33.7 6.1 12.4 23.2 6.0 DOWN BY….. -22%

2018 Apr* 2018 Apr* 2015 2016 2017 2018 Apr*

All Vessel Types 1,256 270 32.8 7.7 122.4 27.9 88.7 89.4 18.8 DOWN BY….. -37%

Clarksons Research

This Year vs. Last Year



m. dwt, end: Bulk Vessel

Contracting

Contracting by Vessel Type

DOWN BY…..

Contracting Trends (m. CGT) Contracting Summary

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Ordering Trends

Ordering Trends

Ordering Trends

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May-19

m.CGT, end:

No. end:

Contracting

Total

Specialised Vessel

Contracting

N.B. Details of the specialised vessel orderbook, in terms of special units of measurement e.g. cbm, teu, '000 cuft. etc. can be found in the Shiptype Orderbook Monitor. #Other vessels include MPP, Reefers, Ro-Ro ships, PCC. *Year to date at end of period.

• In the year to date, 270 vessels of a combined 18.8mdwt and 7.7m CGT have been reported ordered, with acombined estimated investment value of $22.9bn. Thisrepresents a 39% year-on-year decline in CGT terms,although only an 11% year-on-year decline in value terms,with the decline in investment moderated in part bycontinued firm contracting for LNG carriers and cruise ships.• Despite limited ordering in 2019 so far, the bulkersector accounted for the largest share of total ordering inApril (48% in numerical terms), with 19 vessels of 3.6m dwtreported ordered, bringing the year to date total to 68 unitsof 8.0m dwt. However, this represents a 55% year-on-yeardecline in tonnage terms, against the backdrop of difficultmarket conditions. In April, Chinese owner COSCOShipping Bulk placed an order across a number of domesticshipyards for 16 x 210,000 dwt Newcastlemax bulkcarriers,which upon delivery are set to transport bauxite. • A further four LNG carriers (including two 170,000+cu.m. units) were reported contracted in April, bringing theyear to date total to 21 vessels of a combined 2.7m cu.m.Despite this total representing a 19% year-on-year declinein capacity terms compared to record 2018 levels,contracting generally remains firm in this sector.

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OtherGasBoxshipTankerBulker

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Contracting by Vessel Type

Date Dwt Del.Apr-19 55,000 86,000 cu.m. 2021 Jiangnan SY Group 0 0.00Apr-19 55,000 86,000 cu.m. 2021 Jiangnan SY Group 0 0.00Apr-19 210,000 0 0 2021 Dalian COSCO KHI 0 0.00Apr-19 210,000 0 0 2021 Dalian COSCO KHI 0 0.00Apr-19 210,000 0 0 2021 Tianjin Xingang HI 0 0.00Apr-19 210,000 0 0 2021 Tianjin Xingang HI 0 0.00Apr-19 210,000 0 0 2021 Tianjin Xingang HI 0 0.00Apr-19 210,000 0 0 2021 Beihai Shipyard 0 0.00Apr-19 210,000 0 0 2021 Beihai Shipyard 0 0.00Apr-19 210,000 0 0 2021 Beihai Shipyard 0 0.00Apr-19 50,000 0 0 2020 Hyundai Mipo 0 0.00Apr-19 50,000 0 0 2020 Hyundai Mipo 0 0.00Apr-19 0 100,000 GT 2022 Samsung HI $m 970.90Apr-19 Suezmax Tanker 158,000 0 0 2020 Hyundai HI (Ulsan) 0 0.00 Kyklades MaritimeApr-19 Suezmax Tanker 158,000 0 0 2020 Hyundai HI (Ulsan) 0 0.00 Kyklades MaritimeApr-19 Capesize Bulker 210,000 0 0 2022 COSCO HI Yangzhou 0 0.00 COSCO Shipping BulkApr-19 Capesize Bulker 210,000 0 0 2022 COSCO HI Yangzhou 0 0.00 COSCO Shipping BulkApr-19 Capesize Bulker 210,000 0 0 2022 COSCO HI Yangzhou 0 0.00 COSCO Shipping BulkApr-19 Capesize Bulker 210,000 0 0 2022 COSCO HI Yangzhou 0 0.00 COSCO Shipping BulkApr-19 Capesize Bulker 210,000 0 0 2021 COSCO HI Yangzhou 0 0.00 COSCO Shipping BulkApr-19 Capesize Bulker 210,000 0 0 2021 COSCO HI Yangzhou 0 0.00 COSCO Shipping BulkApr-19 Capesize Bulker 210,000 0 0 2021 COSCO HI Yangzhou 0 0.00 COSCO Shipping BulkApr-19 Capesize Bulker 210,000 0 0 2021 COSCO HI Yangzhou 0 0.00 COSCO Shipping BulkApr-19 LPG Carrier 55,000 84,600 cu.m. 2020 Hyundai HI (Ulsan) 0 0.00 Hyundai LNG ShippingApr-19 Ro-Ro 30,000 5,800 Lane m. 2021 Yantai CIMC Raffles 0 0.00 Wallenius SOLApr-19 Ro-Ro 30,000 5,800 Lane m. 2021 Yantai CIMC Raffles 0 0.00 Wallenius SOLApr-19 110,000 0 0 2021 0 0.00

< 3 000 teu

2011 2012 2013 2014 2015 2016 2017 2018 Apr*

VLCC 200,000+ dwt 1.4 2.4 7.7 5.1 10.9 2.2 8.8 7.2 1.5 DOWN BY….. -36%Suezmax 125-199,999 dwt 1.9 0.6 0.4 3.6 4.9 2.3 2.1 1.7 0.5 DOWN BY….. -13%Aframax 85-124,999 dwt 0.9 1.3 4.6 1.8 6.5 1.1 4.0 1.9 0.2 DOWN BY….. -72%Panamax 55-84,999 dwt 0.2 0.1 0.1 1.2 1.7 0.1 0.5 0.5 0.0 -100%Products 25-54,999 dwt 1.9 2.9 6.5 2.1 3.0 0.5 2.5 1.9 0.2 DOWN BY….. -66%Products 10-24,999 dwt 0.1 0.0 0.1 0.1 0.2 0.0 0.1 0.1 0.0 DOWN BY….. -100%Chem & Spec. 10-54,999 dwt 0.2 0.7 1.7 1.9 1.5 0.6 0.6 0.3 0.0 DOWN BY….. -90%Tankers 10,000+ dwt 6.7 8.0 21.1 15.7 28.6 6.9 18.5 13.6 2.4 DOWN BY….. -47%Tankers < 10,000 dwt 0.4 0.2 0.3 0.2 0.4 0.6 0.2 0.1 0.0 UP BY…. 21%Capesize 100,000+ dwt 6.5 3.6 23.8 14.2 7.0 3.0 11.1 10.0 2.5 DOWN BY….. -26%Panamax 80-99,999 dwt 4.5 2.5 8.0 6.6 4.3 0.3 6.0 5.9 1.3 DOWN BY….. -35%Panamax 65-79,999 dwt 2.2 1.1 0.9 0.2 0.0 0.0 0.1 0.2 0.0 DOWN BY….. -100%Handymax 40-64,999 dwt 6.9 3.8 17.7 9.8 5.2 0.8 3.9 4.1 0.2 DOWN BY….. -84%Handysize 10-39,999 dwt 3.1 2.8 6.8 4.2 3.0 0.3 0.9 1.2 0.2 DOWN BY….. -57%Bulkers 10,000+ dwt 23.3 13.7 57.3 35.0 19.5 4.5 22.0 21.4 4.2 DOWN BY….. -42%Combos 10,000+ dwt 0.0 0.0 0.0 0.0 0.2 0.0 0.1 0.1 0.0 DOWN BY….. -100%Total Bulk Vessels 30.3 21.9 78.7 50.9 48.6 11.9 40.7 35.2 6.6 DOWN BY….. -44%

2011 2012 2013 2014 2015 2016 2017 2018 Apr*

LNG Carriers 5.4 4.2 4.6 7.7 3.5 0.9 1.6 7.5 1.7 DOWN BY….. -31%LPG Carriers 0.4 1.1 2.8 3.5 2.5 0.3 0.7 1.2 0.5 UP BY…. 30%Containers 8,000+ teu 15.0 2.6 19.2 10.1 21.4 1.3 5.4 8.7 1.7 DOWN BY….. -41%Containers 3-7,999 teu 4.0 1.6 1.2 0.3 0.8 0.3 0.0 0.3 0.0 DOWN BY….. -100%Containers < 3,000 teu 1.1 0.4 1.9 1.7 2.1 1.6 2.0 2.8 0.7 DOWN BY….. -28%Offshore 4.1 4.2 3.3 2.8 1.0 0.5 1.0 0.7 0.4 UP BY…. 54%Cruise Vessels 0.9 1.1 1.0 1.7 1.6 2.5 3.3 2.2 1.0 UP BY…. 32%Passenger Ferries 0.1 0.2 0.5 0.5 0.4 0.6 0.5 0.8 0.2 DOWN BY….. -21%Other# 1.7 3.5 4.3 2.7 4.2 1.1 1.3 1.6 0.6 UP BY…. 21%

Total Specialised Vessels 32.8 18.9 38.7 31.0 37.6 9.0 15.8 25.9 6.8 DOWN BY….. -21%

2011 2012 2013 2014 2015 2016 2017 2018 Apr*

All Vessel Types 63.2 40.9 117.4 81.9 86.1 20.9 56.6 61.2 13.4 DOWN BY….. -34%

Clarksons Research

COSCO Shipping Bulk

COSCO Shipping BulkCOSCO Shipping Bulk

ExmarExmarCOSCO Shipping BulkCOSCO Shipping Bulk

COSCO Shipping Bulk


New Times SB Eastern Pacific Shpg

COSCO Shipping BulkCapesize BulkerCapesize BulkerCapesize BulkerCapesize Bulker

Handy Products TankerHandy Products TankerFPSO

N.B. Details of the specialised vessel orderbook, in terms of special units of measurement e.g. cbm, teu, '000 cuft. etc. can be found in the Shiptype Orderbook Monitor. #Other vessels include MPP, Reefers, Ro-Ro ships, PCC. *Year to date at end of period.

May-19

Contracting This Year vs. Last Year


Total Million GT, end: Ordering Trends


Spec. Unit


DOWN BY…..

Specialised Vessel Million GT, end: Ordering Trends

Capesize Bulker

PriceBuilderLPG Carrier

Bulk Vessel Million GT, end: Ordering Trends

Owner

LR2 Tanker

Vessel Type

Capesize BulkerLPG Carrier

Capesize Bulker

Capesize Bulker

What's Been Ordered…

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2018 Apr* 2018 Apr* 2016 2017 2018 Apr* 2019 2020

VLCC 200,000+ dwt 39 25 1.7 1.1 14.3 15.2 12.1 7.8 17.4 11.8 UP 43%Suezmax 125-199,999 dwt 32 22 1.0 0.7 4.2 8.9 5.0 3.3 4.6 4.2 DOWN -9%Aframax 85-124,999 dwt 50 29 1.3 0.8 5.9 7.2 5.6 3.3 6.0 2.7 UP 7%Panamax 55-84,999 dwt 13 5 0.3 0.1 1.4 1.5 1.0 0.4 0.7 0.9 DOWN -30%Products 25-54,999 dwt 49 30 1.2 0.7 4.9 3.1 2.4 1.5 4.1 3.3 UP 69%Products 10-24,999 dwt 12 2 0.1 0.0 0.1 0.2 0.2 0.0 0.2 0.2 DOWN -19%Chem & Spec. 10-54,999 dwt 86 25 1.4 0.4 2.1 1.9 2.0 0.6 1.4 1.2 DOWN -31%Tankers 10,000+ dwt 281 138 7.0 3.8 33.0 38.0 28.3 16.9 34.2 24.2 UP 21%Tankers < 10,000 dwt 113 22 0.8 0.1 0.3 0.5 0.7 0.1 0.3 0.2 DOWN -53%Capesize 100,000+ dwt 51 14 2.0 0.6 20.0 15.3 14.3 4.0 13.3 19.9 DOWN -7%Panamax 80-99,999 dwt 64 44 1.3 0.9 9.2 8.4 5.3 3.6 9.0 8.5 UP 68%Panamax 65-79,999 dwt 4 0 0.1 0.0 0.2 0.5 0.3 0.0 0.1 0.4 DOWN -75%Handymax 40-64,999 dwt 90 33 1.6 0.6 13.2 10.8 5.6 2.0 5.2 6.6 DOWN -7%Handysize 10-39,999 dwt 87 30 1.1 0.4 4.6 3.4 2.9 1.1 2.2 2.0 DOWN -26%Bulkers 10,000+ dwt 296 121 6.1 2.4 47.3 38.4 28.4 10.7 29.7 37.4 STEADY 5%Combos 10,000+ dwt 0 1 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.2 #DIV/0! #DIV/0!Total Bulk Vessels 690 282 13.8 6.4 80.5 76.9 57.3 27.8 64.4 61.9 UP 12%

2018 Apr* 2018 Apr* 2016 2017 2018 Apr* 2019 2020

LNG Carriers 56 15 4.8 1.4 2.7 2.6 4.8 1.4 2.8 3.7 DOWN -41%LPG Carriers 40 11 0.7 0.2 3.2 2.1 1.1 0.3 0.9 1.4 DOWN -12%Containers 8,000+ teu 70 18 4.6 1.2 8.7 10.6 11.3 2.9 7.3 8.8 DOWN -36%Containers 3-7,999 teu 10 4 0.3 0.1 0.1 0.4 0.5 0.2 0.2 0.4 DOWN -54%Containers < 3,000 teu 95 22 1.4 0.3 1.3 1.7 2.3 0.5 1.8 2.9 DOWN -21%Offshore 154 29 1.6 0.3 2.1 1.7 1.8 0.1 0.7 1.2 DOWN -58%Cruise Vessels 14 7 1.3 0.7 0.1 0.1 0.1 0.1 0.1 0.1 DOWN -6%Passenger Ferries 56 17 0.6 0.2 0.1 0.1 0.1 0.0 0.1 0.0 DOWN -24%Other# 124 42 1.6 0.6 1.7 1.7 1.3 0.5 1.5 1.1 UP 19%Total Specialised Vessels 619 165 16.9 4.9 20.1 21.0 23.2 6.1 15.5 19.5 DOWN -33%

2018 Apr* 2018 Apr* 2016 2017 2018 Apr* 2019 2020

All Vessel Types 1,309 447 30.8 11.2 100.6 98.0 80.6 33.8 79.9 81.4 STEADY -1%

Clarksons Research

No. end

Specialised Vessel

m. dwt, end:

May-19

N.B. DELIVERY TRENDS ON THIS PAGE ARE CALCULATED ON A SECTORAL BASIS, USING ASSUMPTIONS BASED ON YARD-BY-YARD ANALYSIS OF HISTORICAL AND EXPECTED FUTURE ORDERBOOK DELIVERY PERFORMANCE. NO ADDITION IS MADE FOR FUTURE CONTRACTING. #Other vessels include MPP, Reefers, Ro-Ro ships, PCC. *Year to date at end of period.

Deliveries 2019 vs. 2018

m.CGT, end: Delivery Trends

Delivery Trends (m. dwt)

No. end:

Deliveries

Bulk Vessel

Delivery Summary

Delivery Trendsm. dwt, end:

Total

Deliveries by Vessel Type

m. dwt, end:No. end

2019 vs. 2018


m.CGT, end:

Delivery Trendsm.CGT, end:

• In April 2019, 78 vessels of 5.7m dwt were reported delivered into the global fleet, bringing the year to date total to 447 vessels of a combined 33.8m dwt. Currently, full year 2019 deliveries are projected to remain steady year-on-year at 79.9m dwt (see Shipyard Focus for further analysis).

• Tanker deliveries have been firm in 2019 so far, especially in the VLCC sector, with Q1 representing the largest quarterly output in tonnage terms since the 1970s (6.3m dwt). In total, 160 vessels of a combined 17.0m dwt and 3.9m CGT were reported delivered in the tanker sector in the first four months of the year, accounting for 50% of global output in dwt terms. Following relatively limited delivery volumes in this sector in 2018, partly driven by weak contracting in 2016, total tanker output is projected to reach 34.5m dwt in full year 2019, up 19% year-on-year.

• Meanwhile, against the backdrop of difficult market conditions in Q1, especially in the Capesize sector, bulkcarrier output has remained limited in 2019 so far, with 121 vessels of a combined 10.7m dwt reported delivered. Currently, total bulker output is projected to remain fairly steady year-on-year, to reach 29.7m dwt in full year 2019.

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Deliveries by Vessel Type

Vessel Type Flag Dwt Del.PCC Traviata MA. 21,500 8,000 Cars Apr 2019MPP Mick AT. 12,234 0 0 Apr 2019LNG Carrier Nikolay Yevgenov BS. 96,840 172,652 cu.m. Apr 2019LNG Carrier British Sponsor I.M. 94,442 173,644 cu.m. Apr 2019Handysize Bulker Berge Taranaki LI. 36,896 0 0 Apr 2019Cruise Spectrum of the Seas BS. 13,937 4,246 berths Apr 2019Suezmax Tanker Neptune Moon LI. 157,162 0 0 Apr 2019Post-P'max Containership Maersk Huacho SG. 162,051 15,226 TEU Apr 2019MPP Zea Focus MD. 13,300 0 0 Apr 2019Neo P'max Containership COSCO Shipping Azalea H.K. 146,588 13,500 TEU Apr 2019UL/VLCC Tanker Phoenix Jamnagar SG. 311,798 0 0 Apr 2019Feeder Containership Ever Build PA. 36,972 2,910 TEU Apr 2019Handy Products Tanker Maersk Corsica SG. 49,940 0 0 Apr 2019Handysize Bulker Dahlia Harmony LI. 38,300 0 0 Apr 2019Handysize Bulker Daiwan Miracle LI. 34,447 0 0 Apr 2019Panamax Bulker Atlantic Samurai M.I. 82,000 0 0 Apr 2019LPG Carrier Pyxis Pioneer SG. 53,928 82,200 cu.m. Apr 2019Post-P'max Containership COSCO Shipping Galaxy H.K. 198,070 20,988 TEU Apr 2019Post-P'max Containership COSCO Shipping Solar H.K. 197,820 20,988 TEU Apr 2019Reefer Orange Strait CC. 8,120 309,039 cu.ft. Apr 2019Capesize Bulker Bulk Peninsula SG. 182,000 0 0 Apr 2019Handy Products Tanker Pacific Jasper LI. 49,700 0 0 Apr 2019Chemical Tanker Fairchem Valour SG. 22,322 0 0 Apr 2019Chemical Tanker Fairchem Thresher M.I. 25,000 0 0 Apr 2019Neo P'max Containership ONE Apus JA. 139,335 14,026 TEU Apr 2019Feeder Containership Filotimo PA. 23,200 1,774 TEU Apr 2019Cruise Le Bougainville FR. 1,305 180 berths Apr 2019Handysize Bulker Arklow Wind IH. 16,861 0 0 Apr 2019

2012 2013 2014 2015 2016 2017 2018 Apr* 2019 2020

VLCC 200,000+ dwt 7.9 4.9 3.9 3.2 7.4 7.9 6.2 4.0 8.8 5.8 UP 40%Suezmax 125-199,999 dwt 3.7 2.3 0.7 0.8 2.2 4.7 2.6 1.8 2.5 2.2 DOWN -7%Aframax 85-124,999 dwt 2.8 1.3 1.1 2.1 3.3 4.0 3.1 1.8 3.3 1.6 UP 7%Panamax 55-84,999 dwt 0.6 0.5 0.2 0.1 0.8 0.9 0.6 0.2 0.4 0.5 DOWN -31%Products 25-54,999 dwt 1.6 2.3 2.8 3.4 3.0 1.9 1.4 0.9 2.5 2.0 UP 71%Products 10-24,999 dwt 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 DOWN -26%Chem & Spec. 10-54,999 dwt 0.7 0.4 0.4 1.2 1.3 1.2 1.2 0.4 0.8 0.7 DOWN -33%Tankers 10,000+ dwt 17.5 11.7 9.2 10.8 18.2 20.8 15.4 9.1 18.4 13.0 UP 19%Tankers < 10,000 dwt 0.6 0.4 0.3 0.2 0.2 0.4 0.5 0.1 0.2 0.1 DOWN -57%Capesize 100,000+ dwt 21.8 11.4 9.6 8.8 10.3 8.0 7.3 2.0 6.8 10.2 DOWN -7%Panamax 80-99,999 dwt 10.8 7.7 4.4 4.4 4.9 4.5 2.9 1.9 4.7 4.4 UP 65%Panamax 65-79,999 dwt 3.8 3.2 2.6 1.0 0.1 0.3 0.2 0.0 0.0 0.2 DOWN -75%Handymax 40-64,999 dwt 12.3 8.7 6.7 9.1 7.6 6.2 3.2 1.2 3.0 3.8 DOWN -6%Handysize 10-39,999 dwt 6.8 4.1 3.4 4.1 2.9 2.2 1.9 0.7 1.4 1.3 DOWN -27%Bulkers 10,000+ dwt 55.5 35.2 26.8 27.4 26.0 21.2 15.5 5.8 16.0 20.0 STEADY 4%Combos 10,000+ dwt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 #DIV/0! #DIV/0!Total Bulk Vessels 73.6 47.3 36.2 38.4 44.4 42.4 31.4 15.1 34.7 33.2 UP 11%

Specialised Vessel

Deliveries 2012 2013 2014 2015 2016 2017 2018 Apr* 2019 2020

LNG Carriers 0.2 1.7 3.6 3.1 3.6 3.3 6.4 1.8 3.5 4.4 DOWN -44%LPG Carriers 0.3 0.9 0.8 2.2 2.9 1.9 0.9 0.3 0.8 1.1 DOWN -13%Containers 8,000+ teu 9.8 10.2 13.2 15.0 8.3 10.3 11.4 3.0 7.2 8.2 DOWN -36%Containers 3-7,999 teu 3.0 3.7 2.5 1.2 0.1 0.3 0.4 0.2 0.2 0.3 DOWN -51%Containers < 3,000 teu 0.9 0.7 0.7 1.1 1.1 1.4 1.8 0.4 1.5 2.3 DOWN -19%Offshore 2.3 2.3 3.2 2.6 2.1 1.6 1.6 0.2 0.9 1.6 DOWN -45%Cruise Vessels 0.8 0.6 0.7 0.6 1.1 1.2 1.3 0.7 1.5 1.7 UP 17%Passenger Ferries 0.4 0.2 0.2 0.3 0.3 0.4 0.4 0.1 0.4 0.5 DOWN -7%Other# 5.1 3.4 2.9 3.0 2.5 2.8 2.0 0.7 1.9 1.6 DOWN -5%

Total Specialised Vessels 22.8 23.7 27.8 29.1 22.0 23.2 26.3 7.3 18.0 21.7 DOWN -32%

2012 2013 2014 2015 2016 2017 2018 Apr* 2019 2020

All Vessel Types 96.4 71.1 64.0 67.5 66.4 65.6 57.6 22.4 52.7 54.9 DOWN -9%

Clarksons Research

Vessel Name BuilderTianjin Xingang HI Wallenius Lines AB

2019 vs. 2018

Daewoo (DSME)Daewoo (DSME)Oshima Shipbuilding

N.B. DELIVERY TRENDS ON THIS PAGE ARE CALCULATED ON A SECTORAL BASIS, USING ASSUMPTIONS BASED ON YARD-BY-YARD ANALYSIS OF HISTORICAL DELIVERY AND EXPECTED FUTURE ORDERBOOK DELIVERY PERFORMANCE. NO ADDITION IS MADE FOR FUTURE CONTRACTING. #Other vessels include MPP, Reefers, Ro-Ro ships, PCC. *Year to date at end of period.

May-19

Total Million GT, end: Delivery Trends


Million GT, end: Delivery Trends

Deliveries 2018 vs 2017

Bulk Vessel Million GT, end: Delivery Trends

OwnerWhat's Been Delivered…

Imabari SB (Imabari)Samsung Ningbo

Taizhou Sanfu

JMU Kure Shipyard

Tsuneishi CebuHakodate DockTsuneishi ZosenKawasaki HI SakaideJiangnan SY GroupJiangnan SY GroupGuangxin SBImabari SB HiroshimaOnomichi DockydShin KurushimaFukuoka (Nagasaki)

Hyundai HI (Ulsan)Hudong ZhonghuaCOSCO HI YangzhouJMU Ariake Shipyard

Jiangsu New YZJVARD SoeviknesFerus Smit Leer

HS SchiffahrtsTeekay Corp CLNG JVBP ShippingORIX Maritime CorpRoyal Caribbean IntZodiac MaritimeMaersk Line

Seatrade Shipmgmt

CSSC Shpg LeasingCOSCO Shipping DevK-LineEvergreen MarineMaersk TankersORIX Maritime CorpWisdom Marine Group

Spec. Unit

Unknown JapaneseKumiai Nav. Pte. LtdCOSCO Shipping LinesCOSCO Shipping Lines

Meyer WerftCOSCO HI Yangzhou

Ponant SAArklow Shipping Ltd

Doun KisenEastern Pacific ShpgNissen KaiunFairfield ChemicalNippon Yusen KaishaLomar Shipping

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2018 Apr* 2018 Apr* 2015 2016 2017 2018 Apr* 2019 2020

VLCC 200,000+ dwt 31 3 19.2 22.7 0.5 0.6 3.9 9.2 0.9 2.9 6.6Suezmax 125-199,999 dwt 22 1 21.5 20.1 0.0 0.1 1.9 3.3 0.1 1.2 3.4Aframax 85-124,999 dwt 46 0 20.9 - 0.3 0.6 3.5 4.8 0.0 2.0 4.1Panamax 55-84,999 dwt 12 0 18.9 - 0.6 0.1 0.5 0.8 0.0 0.5 0.7Products 25-54,999 dwt 43 6 25.3 28.8 0.6 0.6 0.9 1.7 0.2 1.1 1.2Products 10-24,999 dwt 7 1 30.0 36.2 0.1 0.1 0.0 0.1 0.0 0.1 0.1Chem & Spec. 10-54,999 dwt 14 2 27.4 21.3 0.2 0.4 0.3 0.4 0.0 0.4 0.5Tankers 10,000+ dwt 175 13 22.5 26.1 2.4 2.5 11.0 20.3 1.3 8.1 16.6Tankers < 10,000 dwt 23 7 33.4 34.8 0.1 0.0 0.1 0.1 0.0 0.1 0.1Capesize 100,000+ dwt 18 18 23.2 22.5 15.4 13.3 6.4 3.1 3.4 7.0 6.1Panamax 80-99,999 dwt 0 0 - - 0.5 0.4 0.2 0.0 0.0 0.2 0.5Panamax 65-79,999 dwt 2 2 21.6 32.9 6.3 8.0 3.4 0.1 0.1 1.0 4.9Handymax 40-64,999 dwt 15 4 29.8 27.8 3.1 4.3 3.1 0.7 0.2 0.8 3.7Handysize 10-39,999 dwt 22 10 32.0 36.3 5.2 3.2 1.7 0.5 0.2 0.6 2.0Bulkers 10,000+ dwt 57 34 28.3 27.8 30.7 29.3 14.7 4.4 3.9 9.5 17.1Combos 10,000+ dwt 4 2 24.2 19.6 0.1 0.0 0.2 0.4 0.2 0.4 0.2Total Bulk Vessels 259 56 24.8 28.3 33.3 31.9 26.0 25.2 5.5 18.2 34.0

2018 Apr* 2018 Apr* 2015 2016 2017 2018 Apr* 2019 2020

LNG Carriers 5 2 41.8 40.0 0.2 0.1 0.1 0.3 0.2 0.4 0.4LPG Carriers 39 4 29.2 34.3 0.1 0.3 0.3 0.8 0.0 0.3 0.5Containers 8,000+ teu 0 0 - - 0.0 0.0 0.0 0.0 0.0 0.0 0.0Containers 3-7,999 teu 12 10 18.5 15.7 1.4 6.4 3.6 0.7 0.6 1.9 3.1Containers < 3,000 teu 55 33 24.7 23.6 1.5 2.3 1.7 0.9 0.7 2.0 2.0Offshore 158 56 30.7 27.2 1.6 1.7 1.8 1.7 0.9 2.0 1.6Cruise Vessels 5 0 41.3 - 0.0 0.0 0.0 0.0 0.0 0.0 0.0Passenger Ferries 11 7 42.0 39.9 0.0 0.0 0.1 0.0 0.0 0.1 0.1Other# 122 30 33.7 34.0 1.2 1.9 1.7 1.1 0.3 1.3 2.0Total Specialised Vessels 407 142 30.8 27.9 5.9 12.8 9.3 5.5 2.7 8.0 9.8

2018 Apr* 2018 Apr* 2015 2016 2017 2018 Apr* 2019 2020

All Vessel Types 666 198 28.5 28.0 39.2 44.7 35.3 30.8 8.2 26.2 43.8

Clarksons Research

Demolition Sales by Vessel Type

Demolition

No. Average Age m. dwt

No.

Specialised Vessel

Demolition Summary Demolition Trends (m. dwt)

m. dwt Total

Demolition

Average Age m. dwt Forecast Demolition

May-19

Bulk Vessel

Demolition

No. Average Age

*Year to date at end of period. Average age is based on number of ships. #Other vessels include MPP, Reefers, Ro-Ro ships, PCC.

Forecast Demolition

Forecast Demolition

• Recycling has been limited in the year to date, with 198 vessels of a combined 8.2m dwt reported sold for demolition.Total demolition in full year 2019 is currently projected to reach 26.2m dwt, down 15% year-on-year. • In the year to date, the bulkcarrier sector accounts for the largest share of vessels demolished in tonnage terms, with 34 bulkers of a combined 3.9m dwt reported sold for recycling. This has largely been driven by the Capesize sector, which accounted for 87% of total bulkcarrier tonnage reported sold for demolition in the first four months of the year (18 units of 3.4m dwt). Meanwhile, 10 Handysize vessels of a combined 0.2m dwt have also been reported sold for scrap in the year to date. Currently, total bulker recycling in full year 2019 is forecast to reach 9.5m dwt, representing a 114% increase year-on-year in dwt terms, but still 51% below the annual average since the onset of the financial crisis. • Following extremely firm demolition levels in full year 2018, tanker scrapping has been subdued in 2019 so far, with only 20 units of 1.3m dwt reported sold for scrap. Two VLCCs were reported sold for recycling in April, bringing the year to date total to three units. However, crude sector scrapping remains extremely limited.

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Demolition Sales by Vessel Type

Date Flag Dwt Ldt Built Buyer $/ldt $m.Apr-19 CC. 53,000 0 1993 Dockwise Turkey 0.0 0.00Apr-19 PA. 800 0 1983 Hai Duong Vietnam 0.0 0.00Apr-19 RS. 1,928 0 1980 Reftransservice India 0.0 0.00Apr-19 SV. 14,191 5,765 1997 FTN Shipping Bangladesh 473.0 2.73Apr-19 SG. 173,044 21,313 2002 Tai Chong Cheang As is S'pore 455.0 9.70Apr-19 KO. 148,668 17,741 1996 Korea Line As is Korea 425.0 7.54Apr-19 M.I. 299,999 43,030 1999 Foresight As is S'pore 0.0 0.00Apr-19 KO. 233,592 36,885 1993 Sinokor Merchant Bangladesh 480.0 17.70Apr-19 LI. 937 0 1977 Oil Mktg Bahrain India 0.0 0.00Apr-19 UAE 1,200 0 1982 Abu Qurrah Oil Well India 0.0 0.00Apr-19 MY. 2,024 0 1999 Alam Maritim Bangladesh 0.0 0.00Apr-19 IA. 4,584 0 1985 Tanto Intim Line Bangladesh 0.0 0.00Apr-19 PAL 15,606 7,097 1997 Nabeel Bangladesh 0.0 0.00Apr-19 PAL 40,713 9,437 1996 Mingyang Ship Mgmt Bangladesh 0.0 0.00Apr-19 PAL 2,215 0 2004 Tidewater Marine India 0.0 0.00Apr-19 PA. 1,500 0 1979 Seacor Intl (Dubai) Turkey 0.0 0.00Apr-19 PA. 41,093 7,623 1984 Al Khalejia Pakistan 0.0 0.00Apr-19 IN. 9,017 4,966 1971 Shpg Corp of India India 382.0 1.90Apr-19 H.K. 20,630 7,428 2002 China Trade Group Bangladesh 0.0 0.00Apr-19 SV. 10,713 6,245 1990 Ost-West-Handel India 430.0 2.69Apr-19 IA. 24,341 7,296 1997 Temas Line Bangladesh 465.0 3.39Apr-19 IA. 18,106 5,722 1995 Temas Line Bangladesh 462.0 2.64Apr-19 GR. 169,225 22,442 2000 Alpha Bulkers As is S'pore 460.0 10.32Apr-19 C.I. 317 0 1971 Akron NE Turkey 0.0 0.00Apr-19 PA. 627 0 1983 Amancio Shpg Turkey 0.0 0.00Apr-19 BS. 11,095 0 1992 Chartworld Shipping India 0.0 0.00Apr-19 MY. 4,946 0 1996 Harbour Link Marine Bangladesh 0.0 0.00Apr-19 PAL 63,388 23,638 1997 Unknown Bangladesh 0.0 0.00Apr-19 SG. 23,724 6,938 1991 Wan Hai Lines As is Kaohsiung 400.0 2.78

2011 2012 2013 2014 2015 2016 2017 2018 Apr* 2019 2020

VLCC 200,000+ dwt 1.8 1.5 2.7 1.2 0.3 0.3 2.0 4.8 0.5 1.5 3.5Suezmax 125-199,999 dwt 0.6 1.6 0.5 0.6 0.0 0.1 1.0 1.7 0.1 0.6 1.8Aframax 85-124,999 dwt 1.3 1.6 1.4 1.2 0.2 0.3 2.0 2.7 0.0 1.1 2.2Panamax 55-84,999 dwt 0.4 0.6 0.4 0.5 0.3 0.0 0.3 0.5 0.0 0.3 0.4Products 25-54,999 dwt 0.7 0.7 0.8 0.5 0.4 0.4 0.5 1.1 0.2 0.7 0.7Products 10-24,999 dwt 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.1 0.0 0.1 0.1Chem & Spec. 10-54,999 dwt 0.5 0.4 0.2 0.2 0.1 0.2 0.2 0.2 0.0 0.2 0.3Tankers 10,000+ dwt 5.4 6.5 6.1 4.2 1.4 1.4 6.1 11.1 0.7 4.5 9.0Tankers < 10,000 dwt 0.2 0.1 0.0 0.1 0.1 0.0 0.0 0.1 0.0 0.1 0.1Capesize 100,000+ dwt 5.6 6.1 4.1 2.2 7.9 6.9 3.3 1.6 1.8 3.7 3.3Panamax 80-99,999 dwt 0.5 0.6 0.3 0.1 0.3 0.3 0.1 0.0 0.0 0.1 0.3Panamax 65-79,999 dwt 2.4 4.2 2.5 2.5 3.4 4.3 1.8 0.1 0.1 0.5 2.6Handymax 40-64,999 dwt 1.3 3.0 2.3 2.0 1.9 2.6 1.8 0.4 0.1 0.5 2.2Handysize 10-39,999 dwt 3.3 5.1 4.1 2.6 3.3 2.0 1.0 0.3 0.1 0.4 1.3Bulkers 10,000+ dwt 13.1 19.0 13.4 9.4 16.9 16.1 8.1 2.4 2.1 5.1 9.6Combos 10,000+ dwt 1.2 1.2 0.2 0.0 0.1 0.0 0.1 0.2 0.1 0.2 0.1Total Bulk Vessels 19.9 26.8 19.7 13.7 18.4 17.5 14.3 13.8 3.0 10.0 18.8

2011 2012 2013 2014 2015 2016 2017 2018 Apr* 2019 2020

LNG Carriers 0.1 0.1 0.3 0.2 0.2 0.2 0.2 0.3 0.2 0.6 0.6LPG Carriers 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.6 0.0 0.2 0.5Containers 8,000+ teu 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Containers 3-7,999 teu 0.1 1.4 3.4 2.8 1.2 5.7 3.2 0.6 0.5 1.7 2.8Containers < 3,000 teu 1.0 2.9 2.1 1.8 1.2 1.8 1.3 0.7 0.5 1.6 1.6Offshore 0.9 1.2 1.3 0.7 0.9 1.1 1.2 1.2 0.6 1.3 1.1Cruise Vessels 0.0 0.1 0.1 0.1 0.0 0.0 0.1 0.1 0.0 0.1 0.1Passenger Ferries 0.6 0.3 0.3 0.2 0.2 0.2 0.2 0.1 0.1 0.2 0.3Other# 3.6 3.3 3.2 2.6 1.1 2.5 2.0 1.2 0.4 1.7 2.3Total Specialised Vessels 6.5 9.3 10.8 8.5 4.9 11.6 8.4 5.0 2.3 7.5 9.2

2011 2012 2013 2014 2015 2016 2017 2018 Apr* 2019 2020

All Vessel Types 26.4 36.0 30.5 22.2 23.3 29.1 22.7 18.8 5.3 17.5 28.0

Clarksons Research

ReeferMPPIntermediate Containership

AHT/STexisOurgeSeabulk Tims I

Feeder Containership

AHT/S

Other Offshore

Feeder Containership

ReeferFeeder ContainershipFeeder ContainershipCapesize Bulker

Capesize BulkerUL/VLCC Tanker

MPPFeeder ContainershipHandy Products Tanker

Other Offshore

Vessel TypeTransport (Heavy Lift)AHT/SReeferFeeder ContainershipCapesize Bulker

Handymax Bulker

Specialised Vessel Million GT

Demolition

Chilean Reefer

Forecast Demolition

Capesize BulkerAHT/SAHT/SAHT/S

Passenger Ferry

Demolition

What's Been Scrapped…

*Year to date at end of period. #Other vessels include MPP, Reefers, Ro-Ro ships, PCC.

Owner Talisman

Forecast Demolition

Forecast Demolition

Vessel Name

Abdallah

CSK Glory

May-19

Eve

MarvellousJolly

Baltic PrinceSpring Mas

Wan Hai 206

Bao Cheng

Total Million GT

Harrier

Bulk Vessel Million GT

Demolition

Med Scout

Selat Mas

Kuwait AnaAkbar

Hai Duong 02Mariam

Atlantic Trader

Noble Breeze

VeraHarbour Hornbill

BluebellAgra

Setia JaguhTanto Hawari

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2011 2012 2013 2014 2015 2016 2017 2018 Apr*

VLCC c.320,000 dwt 99.0 93.0 94.0 97.0 93.5 84.5 81.5 92.5 93.0 FIRMER... 7%Suezmax c.157,000 dwt 60.5 56.5 59.5 65.0 63.0 54.5 55.0 60.5 61.5 FIRMER... 5%Aframax c.115,000 dwt 52.5 48.0 52.3 54.0 52.0 44.5 44.0 48.0 48.5 FIRMER... 7%'LR1' Tanker c.75,000 dwt 44.0 41.5 43.0 46.0 45.0 41.0 41.5 44.0 44.5 FIRMER... 3%'MR' Tanker c.51,000 dwt 35.5 34.0 34.8 36.8 35.5 32.5 33.8 36.5 36.5 FIRMER... 4%Capesize c.180,000 dwt 48.5 46.0 53.5 54.0 46.0 42.0 44.0 50.0 51.0 STRONG... 9%Kamsarmax c.82,000 dwt 30.0 26.5 29.5 30.0 26.5 24.5 25.5 28.0 28.0 FIRMER... 6%Handymax c.62,000 dwt 27.0 24.3 26.5 27.0 24.3 22.3 24.0 26.0 26.0 FIRMER... 6%Handysize c.38,000 dwt 22.5 21.0 22.3 23.0 20.5 19.5 22.0 24.0 24.0 FIRMER... 7%

2011 2012 2013 2014 2015 2016 2017 2018 Apr*

LNG^ c.174,000 m3 202.0 199.5 198.0 200.0 199.0 197.0 182.0 182.0 185.0 POOR... 3%LPG c.24,000 m3 46.5 41.0 43.0 46.0 44.0 42.0 42.0 43.0 43.0 STEADY... 2%LPG c.60,000 m3 63.0 62.0 64.5 68.5 68.0 63.5 63.0 63.3 63.3 STEADY... 0%LPG c.82,000 m3 73.0 70.0 74.5 79.0 77.0 71.0 70.0 71.0 71.0 STEADY... 1%Container c.725 teu 15.5 13.0 14.0 14.3 13.8 11.9 12.1 13.9 14.5 STRONG... 11%Container c.1,100 teu 20.0 18.0 19.5 19.5 18.8 16.3 16.5 19.0 19.8 STRONG... 11%Container c.1,700 teu 30.5 25.0 26.0 27.0 25.0 21.8 22.5 26.0 26.3 FIRMER... 5%Container c.2,750 teu 38.3 30.5 31.5 32.5 29.5 27.0 28.8 35.0 35.0 STRONG... 11%Container c.3,700 teu 49.5 36.8 39.0 41.5 38.0 33.0 34.0 39.0 41.5 STRONG... 11%Container c.6,700 teu 69.0 58.0 65.5 67.8 66.5 60.0 60.5 69.0 72.0 STRONG... 13%Container† c.8,500 teu 92.5 76.5 85.5 89.0 89.0 83.0 83.0 89.0 89.5 FIRMER... 3%

Container c.13,000 teu 128.0 107.0 113.5 116.0 116.0 109.0 107.0 115.0 113.0 STEADY... 2%Container~ c.21,000 teu 154.0 154.0 145.5 140.0 149.0 147.5 FIRMER... 4%MPP c.17,000 dwt 24.5 19.8 20.5 21.5 21.5 20.0 21.5 24.0 24.8 STRONG... 10%Ro-Ro c.2,3-2,700 Lm 54.0 53.9 56.1 54.2 50.1 46.2 51.0 48.9 48.3 WEAKER... -8%Ro-Ro c.3,5-4,000 Lm 67.0 69.8 65.3 59.9 56.7 62.9 60.3 59.5 STEADY... -1%PCC c.6,500 ceu 67.0 64.5 66.5 64.0 59.5 60.0 61.0 63.5 65.0 STEADY... 2%

2011 2012 2013 2014 2015 2016 2017 2018 Apr*

Price Index 139 126 133 138 131 123 125 130 131 STEADY... 2%% change -17.9% -9.2% 5.5% 3.4% -4.9% -6.4% 1.8% 4.1%

Clarksons Research

Sources: Please refer to notes on the back of the Shipyard Orderbook Monitor. *As at end of period. ^Based on 160,000m3 vessel until end 2013. †Based on c.8,800 TEU vessel until end September 2018. ~Based on c.18,500 TEU vessel until end September 2018.

May-19

Prices 1 Year Ago

Newbuilding Index (basis Jan '88=100) Price Trend vs.

Price Index 1 Year Ago

Prices 1 Year Ago

Specialised Vessel Price $ million, end: Price Trend vs.

Shipbuilding Price TrendsNewbuilding Prices Newbuilding Price Commentary

Bulk Vessel Price $ million, end: Price Trend vs.

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$m

VLCC'MR' TankerCapesize13,000 teu Containership

• The Clarksons Newbuilding Price Index stood at 131points as of the end of April 2019, up by one point comparedto its start year level.

• The Clarksons Containership Newbuilding Price Indexstood at 82 points as of end April 2019, its highest level sinceJune 2014. Despite this, at the larger end, the guidelinenewbuild price for a c.13,000 TEU unit has declined by $2.0msince the end of February 2019, while the guideline newbuildprice for a c.20,000 TEU unit has declined by $1.5m in thesame period. In contrast, guideline newbuild prices for smallerand medium sized vessels have generally increased in 2019so far. The guideline newbuild price for a c.6,700 TEU boxshipstood at $72.0m as of end April, up $3.0m from end 2018,while the guideline newbuild price for a c.1,100 TEU boxshipstood at $19.75m, up $0.75m in the same period.

• In other sectors, the guideline newbuild price for ac.17,000 dwt MPP has increased by $0.75m in 2019 so far tostand at $24.75m as of end April, while the guideline newbuildprice for a 2,3-27,00 lane metre Ro-Ro and a 3,5-4,000 Lanemetre Ro-Ro currently stands at $48.25m and $59.5mrespectively.

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2011 2012 2013 2014 2015 2016 2017 2018 2019*

VLCC 200,000+ dwt 1.1 1.3 4.5 3.1 6.6 1.2 4.6 4.1 0.9 DOWN BY….. -32%Suezmax 125-199,999 dwt 1.9 0.5 0.3 3.0 4.0 1.6 2.0 1.5 0.4 DOWN BY….. -25%Aframax 85-124,999 dwt 1.2 1.1 3.5 1.5 5.4 0.8 2.9 1.6 0.1 DOWN BY….. -73%Panamax 55-84,999 dwt 0.2 0.1 0.1 1.3 1.7 0.1 0.4 0.5 0.0 DOWN BY….. -100%Products 25-54,999 dwt 2.3 3.6 7.6 3.3 4.3 0.5 2.9 2.4 0.2 DOWN BY….. -71%Products 10-24,999 dwt 0.2 0.0 0.2 0.2 0.4 0.1 0.2 0.2 0.0 DOWN BY….. -100%Chem & Spec. 10-54,999 dwt 0.3 1.0 3.1 4.1 3.2 0.9 1.6 0.9 0.0 DOWN BY….. -93%Tankers 10,000+ dwt 7.2 7.8 19.2 16.4 25.7 5.3 14.7 11.2 1.7 DOWN BY….. -54%Tankers < 10,000 dwt 1.0 0.6 0.7 0.5 0.6 1.2 0.7 0.3 0.1 UP BY…. 35%Capesize 100,000+ dwt 3.3 1.6 11.8 7.8 3.2 1.3 5.0 4.8 1.3 DOWN BY….. -21%Panamax 80-99,999 dwt 3.2 1.5 4.8 4.4 2.6 0.2 3.3 3.7 0.9 DOWN BY….. -29%Panamax 65-79,999 dwt 1.6 0.7 0.6 0.1 0.0 0.0 0.1 0.1 0.0 DOWN BY….. -100%Handymax 40-64,999 dwt 5.7 2.8 12.6 7.5 3.5 0.5 2.5 2.7 0.2 DOWN BY….. -82%Handysize 10-39,999 dwt 3.4 2.7 6.6 4.2 2.7 0.1 0.8 1.3 0.2 DOWN BY….. -53%Bulkers 10,000+ dwt 17.2 9.3 36.5 24.0 11.9 2.1 11.6 12.5 2.5 DOWN BY….. -41%

Combos 10,000+ dwt 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.0 DOWN BY….. -100%Total Bulk Vessels 25.3 17.7 56.3 40.9 38.3 8.5 27.0 24.1 4.3 DOWN BY….. -46%

2011 2012 2013 2014 2015 2016 2017 2018 2019*

LNG Carriers 10.2 7.8 8.1 15.4 6.2 1.9 3.0 12.7 3.1 DOWN BY….. -27%LPG Carriers 0.8 2.3 5.3 6.7 4.8 0.5 1.3 2.4 1.1 UP BY…. 39%Containers 8,000+ teu 13.9 2.1 15.2 8.0 16.0 0.9 3.9 7.3 1.6 DOWN BY….. -34%Containers 3-7,999 teu 4.4 1.5 1.3 0.3 0.9 0.3 0.0 0.4 0.0 DOWN BY….. -100%Containers < 3,000 teu 1.6 0.5 2.3 1.9 2.5 1.6 2.2 3.5 0.9 DOWN BY….. -20%Offshore 39.6 46.5 34.3 21.0 6.2 2.2 6.9 4.5 2.4 UP BY…. 62%Cruise Vessels 4.8 6.7 6.1 9.8 9.1 15.8 19.5 13.9 7.6 UP BY…. 64%Passenger Ferries 0.4 0.4 1.7 2.3 1.7 2.0 2.3 3.3 0.7 DOWN BY….. -35%Other# 3.7 5.1 5.3 7.6 6.6 2.6 3.1 2.7 1.1 UP BY…. 22%Total Specialised Vessels 79.4 72.8 79.6 73.1 54.1 27.9 42.1 50.8 18.6 UP BY…. 10%

2011 2012 2013 2014 2015 2016 2017 2018 2019*

All Vessel Types 104.8 90.5 135.9 114.0 92.4 36.4 69.2 74.9 22.9 DOWN BY….. -8%

Clarksons Research

Investment by Vessel TypeInvestment by Ship Type ($bn) Investment In 2019 by Ship Type ($bn)

Bulk Vessel Value $ billion Investment Trends

Investment vs. Last Year

Specialised Vessel Value $ billion Investment Trends


May-19

Total Value $ billion Investment Trends


The methodology for calculating shipbuilding investment can be found in the notes page at the back of the Shipyard Orderbook Monitor. #Other vessels include MPP, Reefers, Ro-Ro ships, PCC. *Year to date at end of period.

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2011 2012 2013 2014 2015 2016 2017 2018 2019

OthersContainersGasBulkersTankers

Tankers8%

Bulkcarriers11%

LNG Carrier13%

Boxships11%

Offshore11%

Cruise33%

Other13%

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Major

Investors 2015 2016 2017 2018 2019* 2015 2016 2017 2018 2019*

Italy 39 6 17 33 7 1.8 1.9 8.4 2.2 2.3 UP BY…. 223%Greece 139 47 146 108 15 7.7 3.2 5.4 10.4 1.4 DOWN BY….. -59%Netherlands 33 14 18 7 4 1.6 0.6 1.6 2.1 1.2 UP BY…. 75%Sweden 12 16 8 5 7 0.3 0.5 0.3 0.3 0.5 UP BY…. 412%Denmark 60 5 19 16 2 4.3 0.3 1.0 1.4 0.4 DOWN BY….. -22%Russia 16 11 30 20 12 1.0 0.2 1.0 1.2 0.3 DOWN BY….. -16%Finland 6 1 1 0 1 0.4 0.0 0.2 0.0 0.3 #DIV/0! #DIV/0!Norway 56 35 62 80 6 3.3 1.6 4.8 5.0 0.2 DOWN BY….. -85%United Kingdom 29 8 28 23 1 1.6 2.6 1.7 1.9 0.2 DOWN BY….. -69%Belgium 13 10 13 7 2 0.8 0.4 0.9 0.3 0.1 UP BY…. 47%France 20 10 17 9 2 2.0 0.9 1.8 0.6 0.0 DOWN BY….. -80%Germany 63 19 15 58 2 3.5 0.8 0.3 4.2 0.0 DOWN BY….. -99%Other Europe 49 26 51 40 1 1.9 0.9 1.9 2.1 0.0 DOWN BY….. -98%TOTAL EUROPE 535 208 425 406 62 30.3 14.0 29.4 31.8 7.2 DOWN BY….. -32%China P.R. 299 134 227 145 92 13.8 3.1 7.6 6.1 4.9 UP BY…. 142%South Korea 69 38 63 64 37 4.4 1.0 3.3 4.9 1.3 DOWN BY….. -17%Japan 482 109 192 314 34 20.4 3.0 5.9 11.2 1.3 DOWN BY….. -64%India 19 7 0 4 5 0.4 0.1 0.0 0.0 1.0 UP BY…. 6041%Taiwan 58 19 26 64 6 1.7 0.5 0.7 2.6 0.2 DOWN BY….. -78%Singapore 103 29 75 71 5 3.8 0.5 2.9 3.4 0.1 DOWN BY….. -88%Hong Kong 32 5 14 7 1 1.9 0.2 0.5 0.3 0.1 DOWN BY….. -43%Malaysia 14 12 2 8 0 0.5 3.2 0.3 0.5 0.0 DOWN BY….. -100%Other Asia 79 45 49 6 0 0.8 0.4 0.9 0.1 0.0 DOWN BY….. -100%TOTAL ASIA 1,155 398 648 683 180 47.7 12.0 22.0 29.1 8.9 DOWN BY….. -8%Oman 0 0 0 0 2 0.0 0.0 0.0 0.0 0.2 #DIV/0! #DIV/0!U.A.E. 26 23 3 1 2 0.5 0.5 0.1 0.0 0.1 UP BY…. 2100%Azerbaijan 1 6 0 0 2 0.0 0.1 0.0 0.0 0.0 #DIV/0! #DIV/0!Other Mid. East 21 18 9 16 1 1.4 0.7 0.2 0.7 0.0 DOWN BY….. -91%TOTAL MID. EAST 48 47 12 17 7 1.9 1.4 0.2 0.7 0.3 UP BY…. 51%United States 34 24 44 44 13 8.5 7.6 15.3 9.5 5.3 UP BY…. 69%Trinidad 0 0 0 1 1 0.0 0.0 0.0 0.1 0.1 UP BY…. 198%Australia 6 5 1 3 0 0.3 0.6 0.1 0.7 0.0 DOWN BY….. -100%Other 105 28 79 102 7 3.7 0.8 2.2 3.1 1.1 STEADY…. 3%TOTAL OTHER 145 57 124 150 21 12.5 9.0 17.5 13.4 6.5 UP BY…. 46%

GLOBAL TOTAL 1,883 710 1,209 1,256 270 92.4 36.4 69.2 74.9 22.9 DOWN BY….. -8%Country/Region is that of the contracting owner. *Year to date.

Clarksons Research May-19

No. of Vessels

Investment by Region ($bn) Investor Summary

Investment by Owner Country/Region

Investment Trends

vs. Last Year

Value $ billion

0

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2011 2012 2013 2014 2015 2016 2017 2018 2019

OtherNorth AmericaMiddle EastEuropeAsia

• As of the end of April 2019, 270 vessels with a combinedestimated investment value of $22.9bn have been reportedcontracted globally. This represents an 11% year-on-yeardecline in value terms, despite continued firm ordering in thehigh-value LNG carrier and cruise ship sectors. Asian ownersaccount for the largest share (39%) of year to date newbuildinvestment, with an estimated $8.9bn reported invested in 180vessels. Meanwhile, owners from European nations haveinvested an estimated total of $7.2bn in 62 newbuild vessels inthe same period, accounting for 31% of the global total in dollarvalue terms.

• In 2019 so far, Chinese owners have invested an estimatedtotal of $4.9bn in 92 newbuild vessels, accounting for thesecond largest share of year to date investment by any ownernation, and representing a significant year-on-year increase invalue terms. In April, Chinese owners invested an estimated$0.9bn in a number of Newcastlemax bulkcarriers. • In the first four months of 2019, Italian owners have investedan estimated total of $2.3bn in seven newbuild vessels,accounting for the largest share of investment by any Europeanowner nation in value terms. This total includes four cruise shipsordered in March this year.

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Major

Investors 2015 2016 2017 2018 2019* 2016 2017 2018 2019* 2019 2020 2021 2022+

Greece 534 343 318 289 242 20.5 17.5 20.4 18.6 5.0 8.4 5.0 0.2Italy 144 81 49 66 71 8.6 12.9 13.6 15.2 2.1 2.5 4.0 6.6Norway 253 163 154 183 168 11.8 12.5 14.3 13.6 5.6 4.9 2.2 1.0United Kingdom 153 86 67 63 52 9.4 8.0 8.1 7.2 1.5 2.6 1.1 1.9Netherlands 99 67 61 43 38 6.3 7.0 5.2 6.3 1.7 2.0 1.4 1.2Germany 214 154 101 118 106 6.6 4.1 6.5 5.6 1.2 1.6 0.2 2.6Russia 68 55 67 62 71 6.6 6.0 5.5 5.5 1.2 2.3 1.8 0.3Denmark 102 90 86 66 48 5.7 4.8 3.8 3.2 0.9 0.9 1.4 0.0France 32 34 40 37 34 5.9 6.8 3.3 3.0 0.8 1.7 0.5 0.0Sweden 38 40 37 28 32 1.6 1.5 1.4 1.8 0.6 0.3 0.6 0.2Belgium 38 35 32 28 23 2.6 1.9 1.7 1.5 0.9 0.4 0.1 0.0Turkey 49 37 28 36 32 1.2 0.9 1.4 1.3 0.6 0.6 0.1 0.0Other Europe 156 119 113 103 88 4.3 4.5 4.4 4.0 1.9 1.7 0.2 0.3TOTAL EUROPE 1,880 1,304 1,153 1,122 1,005 91.0 88.4 89.5 86.6 24.1 29.7 18.6 14.2Japan 798 683 622 686 604 33.6 28.4 28.4 24.8 9.9 10.6 4.2 0.2China P.R. 747 607 560 449 473 26.1 23.9 19.3 20.9 6.5 7.5 5.0 1.8South Korea 137 115 115 126 149 6.3 5.8 8.4 9.2 2.0 4.3 2.7 0.2Singapore 403 289 268 242 213 11.9 10.6 10.6 9.3 4.9 3.0 1.1 0.2Malaysia 125 121 103 75 70 9.0 7.5 6.5 6.3 1.2 3.4 1.3 0.4Taiwan 124 114 86 104 98 4.1 2.9 4.3 4.2 1.3 1.7 1.1 0.1India 54 45 27 22 26 1.5 0.6 0.3 1.3 0.2 0.1 0.0 1.0Thailand 34 20 18 13 12 1.3 1.0 0.9 0.9 0.1 0.8 0.0 0.0Other Asia 281 220 172 110 95 5.1 3.6 2.3 1.9 0.9 0.7 0.3 0.0TOTAL ASIA 2,703 2,214 1,971 1,827 1,740 98.9 84.4 81.0 78.8 27.0 32.2 15.7 3.9U.A.E. 84 74 59 31 29 2.4 2.0 1.5 1.4 1.1 0.2 0.0 0.0Kuwait 9 3 1 9 9 0.3 0.1 0.5 0.5 0.1 0.4 0.0 0.0Israel 9 6 0 8 8 0.4 0.0 0.2 0.2 0.0 0.2 0.0 0.0Other Mid. East 47 46 44 13 16 2.1 1.8 0.3 0.5 0.1 0.4 0.0 0.0TOTAL MID. EAST 149 129 104 61 62 5.2 3.8 2.5 2.6 1.3 1.2 0.1 0.0United States 262 182 151 137 138 35.2 42.6 43.0 45.8 6.9 9.5 8.5 20.8Brazil 101 57 46 26 25 15.2 14.1 3.9 3.8 1.0 2.3 0.5 0.0Canada 82 66 61 33 27 6.1 5.1 2.6 1.9 0.4 1.4 0.1 0.0Other 252 212 217 259 255 8.1 7.2 9.0 9.1 4.0 2.8 1.7 0.6TOTAL OTHER 697 517 475 455 445 64.6 69.0 58.4 60.6 12.3 16.0 10.9 21.4

GLOBAL TOTAL 5,429 4,164 3,703 3,465 3,252 259.7 245.7 231.4 228.6 64.8 79.1 45.2 39.4


No. of Vessels

N.B. THE ORDERBOOK AND ANALYSIS BY YEAR OF DELIVERY ON THIS PAGE AND PAGES 14 & 15 ARE BASED ON REPORTED ORDERS AND SCHEDULED DELIVERY DATES AND DO NOT NECESSARILY REPRESENT THE EXPECTED PATTERN OF FUTURE DELIVERIES. Country/Region is that of the contracting owner. *Year to date.

Orderbook by Owner Country/Region

Orderbook, Delivery in:Value $ billion

Greece21%

Italy18%

Norway16%

United Kingdom

8%

Netherlands7%

Germany6%

Other Europe

23%

European Owned Orderbook by Country ($bn)

Japan31%

China P.R.27%

Singapore12%

South Korea12%

Malaysia8%

Taiwan5%

Other Asia5%

Asian Owned Orderbook by Country/Region ($bn)

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China P.R. 21 12 25 22 107 156 164 132 51 24 19 36 211 257 268 1,505South Korea 56 31 18 - 59 21 - - 2 102 28 64 30 16 16 443Japan 15 2 17 6 73 48 114 114 87 10 29 34 52 2 54 657Philippines - - 8 - - - 17 6 4 - - - 4 - 5 44Vietnam - - - 1 21 - 4 - - - - - - 5 7 38Taiwan - - - - - 4 - - - - - - 12 2 - 18India - - - - - - - - - - - - - 4 14 18Singapore - - - - - - - - - 1 - - - 11 8 20Other Asia - - - - 4 - - - - - 4 - 6 18 61 93TOTAL ASIA 92 45 68 29 264 229 299 252 144 137 80 134 315 315 433 2,836Romania - - - - 2 - - - - - - - - 3 8 13Germany - - - - - - - - 2 - - - - 1 28 31Italy - - - - - - - - - - - - - - 44 44Norway - - - - - - - - - - - - 1 10 24 35Netherlands - - - - - - - - 1 - - - - 14 46 61Turkey - - - - 3 - - - - - - - - 3 21 27Croatia - - - - 2 - - - 1 - - - - - 16 19Finland - - - - 1 - - - - - - - - - 9 10Other Europe - 3 7 1 3 - - - - 1 - - - 13 88 116TOTAL EUROPE - 3 7 1 11 - - - 4 1 - - 1 44 284 356Brazil - - 1 3 - - - - - - - - - 18 1 23United States - - - - - - - - - - - - 2 9 9 20Others - - - - - - - - 2 - - - - 6 9 17TOTAL OTHERS - - 1 3 - - - - 2 - - - 2 33 19 60

GLOBAL TOTAL 92 48 76 33 275 229 299 252 150 138 80 134 318 392 736 3,252

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China P.R. 1.8 0.8 1.1 0.8 3.2 8.2 4.1 3.0 0.9 2.5 1.2 4.0 5.0 16.2 11.0 64.0 South Korea 4.8 2.6 1.0 - 2.2 1.7 - - 0.1 19.4 2.2 7.8 0.7 11.3 0.4 54.2 Japan 1.3 0.1 0.8 0.2 2.9 2.6 3.2 2.8 1.9 1.7 1.1 3.7 1.5 0.1 0.6 24.5 Philippines - - 0.4 - - - 0.4 0.1 0.1 - - - 0.1 - 0.2 1.2 Vietnam - - - 0.0 0.7 - 0.1 - - - - - - 0.1 0.2 1.1 Taiwan - - - - - 0.2 - - - - - - 0.4 0.2 - 0.8 India - - - - - - - - - - - - - 0.1 0.1 0.2 Singapore - - - - - - - - - 0.1 - - - 4.3 0.5 4.8 Other Asia - - - - 0.1 - - - - - 0.0 - 0.1 0.3 0.5 1.0 TOTAL ASIA 7.9 3.4 3.3 1.1 9.1 12.6 7.9 6.0 2.9 23.8 4.5 15.5 7.7 32.7 13.4 151.8 Romania - - - - 0.1 - - - - - - - - 0.7 0.4 1.2 Germany - - - - - - - - 0.0 - - - - 0.1 13.4 13.5 Italy - - - - - - - - - - - - - - 27.7 27.7 Norway - - - - - - - - - - - - 0.0 0.9 2.5 3.4 Netherlands - - - - - - - - 0.0 - - - - 0.5 1.0 1.5 Turkey - - - - 0.1 - - - - - - - - 0.1 0.5 0.7 Croatia - - - - 0.1 - - - 0.0 - - - - - 1.1 1.1 Finland - - - - 0.0 - - - - - - - - - 6.9 7.0 Other Europe - 0.2 0.3 0.1 0.1 - - - - 0.2 - - - 1.1 14.2 16.2 TOTAL EUROPE - 0.2 0.3 0.1 0.4 - - - 0.1 0.2 - - 0.0 3.5 67.7 72.4 Brazil - - 0.1 0.3 - - - - - - - - - 2.0 0.0 2.4 United States - - - - - - - - - - - - 0.1 0.3 0.8 1.2 Others - - - - - - - - 0.0 - - - - 0.4 0.4 0.9 TOTAL OTHERS - - 0.1 0.3 - - - - 0.0 - - - 0.1 2.8 1.2 4.4

GLOBAL TOTAL 7.9 3.6 3.7 1.4 9.5 12.6 7.9 6.0 3.0 23.9 4.5 15.5 7.8 39.0 82.3 228.6

Clarksons Research

Orderbook by Builder Country/Region & Vessel Type

Bulkers Specialised VesselsShipbuilding

Country / Region

Tankers

Number of Vessels on Order as of 1st May. 2019

To

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Specialised Vessels

Value of Vessels on Order as of 1st May. 2019 ($bn)

May-19

Shipbuilding Country / Region

Tankers Bulkers

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China P.R. 6.5 1.9 2.8 1.5 3.3 34.5 13.5 8.1 1.5 1.0 0.8 5.8 5.1 2.9 3.3 92.5South Korea 17.2 4.7 2.0 - 2.8 6.5 - - 0.0 9.4 1.4 10.9 0.7 0.6 0.1 56.3Japan 4.6 0.3 1.9 0.5 2.4 10.3 9.6 7.0 3.1 0.7 0.6 4.9 1.4 - 0.4 47.6Philippines - - 0.9 - - - 1.4 0.4 0.2 - - - 0.1 - 0.0 2.9Vietnam - - - 0.1 1.0 - 0.3 - - - - - - 0.0 0.0 1.5Taiwan - - - - - 0.8 - - - - - - 0.4 0.1 - 1.4India - - - - - - - - - - - - - 0.0 0.1 0.1Singapore - - - - - - - - - 0.0 - - - 0.0 0.0 0.1Other Asia - - - - 0.1 - - - - - 0.0 - 0.0 0.0 0.2 0.3TOTAL ASIA 28.3 6.9 7.7 2.0 9.6 52.2 24.8 15.5 4.8 11.1 2.8 21.6 7.7 3.6 4.0 202.5Romania - - - - 0.1 - - - - - - - - 0.0 0.0 0.1Germany - - - - - - - - 0.0 - - - - 0.0 0.1 0.2Italy - - - - - - - - - - - - - - 0.1 0.1Norway - - - - - - - - - - - - 0.0 0.0 0.0 0.0Netherlands - - - - - - - - 0.0 - - - - 0.0 0.1 0.1Turkey - - - - 0.0 - - - - - - - - 0.0 0.1 0.1Croatia - - - - 0.1 - - - 0.0 - - - - - 0.1 0.2Finland - - - - 0.0 - - - - - - - - - 0.1 0.1Other Europe - 0.5 0.8 0.1 0.2 - - - - 0.1 - - - 0.0 0.4 2.0TOTAL EUROPE - 0.5 0.8 0.1 0.4 - - - 0.1 0.1 - - 0.0 0.1 1.0 3.0Brazil - - 0.1 0.2 - - - - - - - - - 0.2 0.0 0.5United States - - - - - - - - - - - - 0.1 0.0 0.1 0.2Others - - - - - - - - 0.1 - - - - 0.0 0.0 0.1TOTAL OTHERS - - 0.1 0.2 - - - - 0.1 - - - 0.1 0.2 0.1 0.8

GLOBAL TOTAL 28.3 7.3 8.6 2.3 10.0 52.2 24.8 15.5 4.9 11.2 2.8 21.6 7.8 3.9 5.2 206.4

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China P.R. 3.2 1.0 1.6 0.9 2.0 17.8 7.1 4.8 1.0 1.1 0.7 5.4 4.2 2.8 5.1 58.5South Korea 8.5 2.4 1.1 - 1.7 3.3 - - 0.0 11.1 1.1 9.8 0.5 1.4 0.2 41.2Japan 2.3 0.2 1.1 0.3 1.4 5.3 5.0 4.1 1.9 1.0 0.5 4.7 1.2 0.0 0.3 29.3Philippines - - 0.5 - - - 0.7 0.2 0.1 - - - 0.1 - 0.0 1.6Vietnam - - - 0.0 0.6 - 0.2 - - - - - - 0.0 0.0 0.9Taiwan - - - - - 0.4 - - - - - - 0.4 0.1 - 0.9India - - - - - - - - - - - - - 0.0 0.1 0.1Singapore - - - - - - - - - 0.0 - - - 0.4 0.0 0.4Other Asia - - - - 0.0 - - - - - 0.0 - 0.0 0.0 0.1 0.2TOTAL ASIA 14.1 3.6 4.2 1.2 5.8 26.9 12.9 9.1 3.0 13.2 2.3 19.9 6.4 4.7 5.9 133.2Romania - - - - 0.1 - - - - - - - - 0.0 0.0 0.1Germany - - - - - - - - 0.0 - - - - 0.0 2.4 2.4Italy - - - - - - - - - - - - - - 4.2 4.2Norway - - - - - - - - - - - - 0.0 0.1 0.3 0.3Netherlands - - - - - - - - 0.0 - - - - 0.0 0.2 0.2Turkey - - - - 0.0 - - - - - - - - 0.0 0.1 0.1Croatia - - - - 0.1 - - - 0.0 - - - - - 0.2 0.3Finland - - - - 0.0 - - - - - - - - - 1.3 1.4Other Europe - 0.2 0.4 0.0 0.1 - - - - 0.1 - - - 0.1 2.1 3.1TOTAL EUROPE - 0.2 0.4 0.0 0.3 - - - 0.0 0.1 - - 0.0 0.2 10.7 12.1Brazil - - 0.1 0.1 - - - - - - - - - 0.2 0.0 0.4United States - - - - - - - - - - - - 0.1 0.0 0.1 0.2Others - - - - - - - - 0.0 - - - - 0.1 0.1 0.2TOTAL OTHERS - - 0.1 0.1 - - - - 0.0 - - - 0.1 0.3 0.2 0.8

GLOBAL TOTAL 14.1 3.8 4.7 1.3 6.1 26.9 12.9 9.1 3.1 13.3 2.3 19.9 6.4 5.2 16.8 146.0

Clarksons Research

Orderbook by Builder Country/Region & Vessel Type

Shipbuilding Country / Region

Tankers Bulkers Specialised Vessels

Million dwt on Order as of 1st May. 2019

To

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May-19

Bulkers Specialised VesselsShipbuilding

Country / Region

Tankers

Million GT on Order as of 1st May. 2019

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Major

Shipbuilders 2018 Apr* 2018 Apr* 2016 2017 2018 2019* 2019 2020 2021 2022+

China P.R. 1,544 1,505 63.3 64.0 101.8 99.2 94.5 92.5 29.5 41.2 20.2 1.6South Korea 485 443 55.9 54.2 51.4 51.1 62.8 56.3 17.1 27.2 10.6 1.4Japan 761 657 28.7 24.5 65.6 55.8 54.8 47.6 21.9 20.5 5.2 0.0Philippines 58 44 1.7 1.2 6.3 6.0 3.8 2.9 1.8 1.0 0.2 0.0Vietnam 51 38 1.6 1.1 1.7 2.3 1.8 1.5 0.5 1.0 0.0 0.0Taiwan 18 18 0.8 0.8 1.2 0.9 1.4 1.4 0.5 0.8 0.1 0.0India 14 18 0.2 0.2 0.2 0.1 0.0 0.1 0.0 0.1 0.0 0.0Singapore 19 20 4.7 4.8 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0Other Asia 95 93 1.0 1.0 0.6 0.4 0.3 0.3 0.2 0.1 0.0 0.0TOTAL ASIA 3,045 2,836 157.8 151.8 228.8 215.9 219.5 202.5 71.4 91.8 36.3 3.0Romania 12 13 1.1 1.2 1.3 0.2 0.1 0.1 0.1 0.0 0.0 0.0Germany 34 31 14.5 13.5 0.3 0.3 0.2 0.2 0.1 0.1 0.0 0.0Italy 33 44 21.8 27.7 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.0Norway 43 35 3.9 3.4 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0Netherlands 59 61 1.4 1.5 0.3 0.2 0.1 0.1 0.1 0.0 0.0 0.0Turkey 33 27 0.9 0.7 0.2 0.2 0.1 0.1 0.1 0.0 0.0 0.0Croatia 23 19 1.3 1.1 0.8 0.7 0.2 0.2 0.2 0.0 0.0 0.0Finland 9 10 7.2 7.0 0.1 0.2 0.1 0.1 0.1 0.0 0.0 0.1Other Europe 108 116 16.6 16.2 1.4 2.0 2.0 2.0 0.7 0.3 0.7 0.3TOTAL EUROPE 354 356 68.6 72.4 4.7 3.9 3.2 3.0 1.4 0.5 0.8 0.4Brazil 25 23 2.7 2.4 2.0 1.2 0.6 0.5 0.2 0.3 0.0 0.0USA 23 20 1.5 1.2 0.7 0.4 0.3 0.2 0.1 0.1 0.0 0.0Others 18 17 1.0 0.9 0.3 0.2 0.1 0.1 0.0 0.1 0.0 0.0TOTAL OTHERS 66 60 5.1 4.4 3.0 1.8 1.0 0.8 0.3 0.5 0.0 0.0

GLOBAL TOTAL 3,465 3,252 231.4 228.6 236.5 221.7 223.6 206.4 73.1 92.8 37.0 3.5

Clarksons Research

m. dwt, end:

Orderbook by Country/Region


May-19

N.B. THE ORDERBOOK AND ANALYSIS BY YEAR OF DELIVERY ON THIS PAGE ARE BASED ON REPORTED ORDERS AND SCHEDULED DELIVERY DATES AND DO NOT NECESSARILY REPRESENT THE EXPECTED PATTERN OF FUTURE DELIVERIES. *Latest year to date figure.

No. end: $ billion

China P.R.37%

South Korea26%

Japan17%

Other Asia4%

Europe15%

Others1%

Global Orderbook by CGT

China P.R.44%

South Korea31% Japan

21%

Other Asia4%

Asian Orderbook by CGT

Romania1%

Germany19%

Italy36%

Norway5%

Netherlands3%

Turkey2%

Croatia2%

Finland10% Other Europe

22%

European Orderbook by CGT

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Major

Shipbuilders 2012 2013 2014 2015 2016 2017 2018 2019* 2019 2020 2021 2022+

China P.R. 37.7 47.8 48.3 44.6 34.1 32.5 30.3 30.0 10.7 12.0 6.3 0.9South Korea 31.3 35.4 34.8 31.9 20.7 17.7 22.3 21.0 5.2 9.6 5.5 0.7Japan 15.4 18.0 20.9 27.4 22.5 18.6 16.4 14.0 6.4 6.0 1.6 0.0Philippines 1.5 2.7 2.3 2.4 1.9 1.8 1.1 0.8 0.5 0.3 0.0 0.0Vietnam 1.1 1.2 1.0 1.0 0.8 1.1 0.9 0.7 0.3 0.4 0.0 0.0Taiwan 0.8 1.1 1.0 0.8 0.6 0.4 0.5 0.5 0.1 0.3 0.1 0.0India 1.0 0.4 0.2 0.1 0.2 0.2 0.1 0.2 0.1 0.1 0.0 0.0Singapore 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.1 0.1 0.0 0.1Other Asia 1.0 0.9 0.8 0.8 0.7 0.6 0.4 0.4 0.3 0.1 0.0 0.0TOTAL ASIA 90.3 107.8 109.5 109.3 81.9 73.2 72.3 67.8 23.6 29.0 13.6 1.7Romania 0.4 0.6 0.9 0.7 0.5 0.2 0.1 0.2 0.1 0.0 0.0 0.0Germany 1.1 1.7 1.4 1.7 2.5 2.5 2.5 2.3 0.3 0.8 0.6 0.7Italy 1.1 1.1 1.7 1.5 2.2 2.9 3.6 4.4 0.3 0.5 0.6 3.0Norway 0.7 0.7 0.6 0.4 0.5 0.6 0.7 0.6 0.3 0.1 0.2 0.0Netherlands 0.5 0.6 0.6 0.5 0.3 0.3 0.3 0.3 0.2 0.1 0.0 0.0Turkey 0.5 0.5 0.4 0.4 0.3 0.3 0.3 0.2 0.1 0.1 0.1 0.0Croatia 0.2 0.2 0.5 0.6 0.6 0.6 0.4 0.3 0.2 0.1 0.0 0.0Finland 0.3 0.3 0.4 0.9 0.8 1.3 1.3 1.2 0.2 0.2 0.2 0.7Other Europe 1.3 0.9 1.5 2.0 2.1 2.8 2.7 2.7 0.7 0.7 0.5 0.8TOTAL EUROPE 6.1 6.6 8.0 8.7 9.8 11.5 11.9 12.3 2.4 2.6 2.1 5.2Brazil 2.7 2.3 2.5 1.7 1.2 0.8 0.3 0.3 0.1 0.1 0.0 0.0USA 0.8 1.3 1.2 0.9 0.6 0.5 0.3 0.2 0.1 0.1 0.0 0.0Others 0.2 0.3 0.2 0.2 0.3 0.3 0.2 0.2 0.1 0.1 0.0 0.0TOTAL OTHERS 3.7 3.9 3.9 2.8 2.1 1.6 0.8 0.7 0.3 0.4 0.0 0.0

GLOBAL TOTAL 100.1 118.3 121.4 120.8 93.8 86.3 85.1 80.8 26.3 31.9 15.7 6.9

Major

Shipbuilders 2012 2013 2014 2015 2016 2017 2018 2019 # 2019 2020 2021 2022+

China P.R. 73.6 94.7 94.2 87.8 66.0 63.8 59.5 58.5 18.8 25.3 13.1 1.5South Korea 58.7 65.9 65.3 63.3 40.0 36.3 45.0 41.2 11.3 19.4 9.4 1.3Japan 32.4 35.7 39.9 53.5 44.5 37.4 34.2 29.3 13.5 12.4 3.4 0.0Philippines 3.3 5.3 4.8 5.4 4.3 3.8 2.1 1.6 1.0 0.6 0.1 0.0Vietnam 1.6 1.7 1.4 1.3 1.0 1.4 1.1 0.9 0.3 0.6 0.0 0.0Taiwan 1.6 2.1 1.8 1.4 1.0 0.7 0.9 0.9 0.3 0.5 0.1 0.0India 1.4 0.4 0.2 0.1 0.2 0.1 0.1 0.1 0.0 0.1 0.0 0.0Singapore 0.2 0.2 0.3 0.4 0.4 0.4 0.4 0.4 0.2 0.2 0.0 0.1Other Asia 0.7 0.7 0.6 0.6 0.5 0.4 0.2 0.2 0.2 0.0 0.0 0.0TOTAL ASIA 173.6 206.7 208.5 213.8 157.9 144.3 143.6 133.2 45.4 59.0 26.0 2.8Romania 0.6 1.4 2.1 1.5 0.8 0.2 0.1 0.1 0.1 0.0 0.0 0.0Germany 1.2 1.7 1.5 1.8 2.6 2.5 2.6 2.4 0.3 0.8 0.6 0.7Italy 1.0 1.0 1.5 1.3 2.1 2.8 3.4 4.2 0.3 0.5 0.5 2.9Norway 0.5 0.5 0.4 0.3 0.3 0.3 0.4 0.3 0.1 0.1 0.1 0.0Netherlands 0.3 0.4 0.4 0.3 0.2 0.2 0.2 0.2 0.1 0.1 0.0 0.0Turkey 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.1 0.1 0.0 0.0 0.0Croatia 0.2 0.2 0.6 0.8 0.8 0.7 0.4 0.3 0.2 0.0 0.0 0.0Finland 0.3 0.3 0.4 0.9 0.8 1.4 1.4 1.4 0.2 0.2 0.2 0.7Other Europe 1.1 0.7 1.4 2.0 2.3 3.3 3.2 3.1 0.7 0.7 0.7 0.9TOTAL EUROPE 5.5 6.6 8.4 9.3 10.0 11.6 11.9 12.1 2.2 2.4 2.2 5.3Brazil 4.1 3.8 3.9 2.5 1.7 1.1 0.4 0.4 0.2 0.2 0.0 0.0USA 0.6 1.1 1.1 0.8 0.6 0.4 0.3 0.2 0.1 0.1 0.0 0.0Others 0.2 0.2 0.2 0.2 0.2 0.3 0.2 0.2 0.1 0.1 0.0 0.0TOTAL OTHERS 5.0 5.1 5.2 3.5 2.5 1.8 0.9 0.8 0.3 0.5 0.0 0.0

GLOBAL TOTAL 184.1 218.4 222.1 226.7 170.3 157.8 156.3 146.0 47.9 61.8 28.3 8.1

Clarksons Research

Orderbook by Country/Region


May-19

Orderbook, Delivery in:Million CGT, end:

Million GT, end:

N.B. THE ORDERBOOK AND ANALYSIS BY YEAR OF DELIVERY ON THIS PAGE ARE BASED ON REPORTED ORDERS AND SCHEDULED DELIVERY DATES AND DO NOT NECESSARILY REPRESENT THE EXPECTED PATTERN OF FUTURE DELIVERIES. *Year to date.

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Major

Shipbuilders 2018 Apr* 2018 Apr* 2015 2016 2017 2018 2019*

China P.R. 501 140 20.5 7.4 40.7 11.7 39.9 33.3 11.0 STEADY…. 0%

South Korea 284 45 26.9 5.5 34.1 7.0 31.5 33.1 5.4 DOWN BY….. -51%

Japan 312 39 10.0 1.3 41.0 7.4 11.6 20.6 2.0 DOWN BY….. -71%

Philippines 6 0 0.2 0.0 3.3 0.2 2.6 0.6 0.0 DOWN BY….. -100%

Vietnam 7 0 0.2 0.0 0.8 0.2 1.5 0.2 0.0 DOWN BY….. -100%

Taiwan 14 0 0.5 0.0 0.4 0.1 0.4 0.9 0.0 DOWN BY….. -100%

India 0 4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UP BY….

Singapore 6 1 0.4 0.1 0.0 0.0 0.0 0.0 0.0 UP BY…. 275%

Other Asia 6 2 0.0 0.0 0.3 0.1 0.0 0.0 0.0 UP BY…. 961%

TOTAL ASIA 1,136 231 58.8 14.4 120.7 26.7 87.7 88.7 18.5 DOWN BY….. -37%Romania 1 1 0.0 0.2 0.1 0.0 0.0 0.0 0.0 DOWN BY….. -100%

Germany 8 0 2.8 0.0 0.1 0.2 0.0 0.1 0.0 DOWN BY….. -100%

Italy 9 14 7.1 7.3 0.0 0.1 0.0 0.0 0.0 UP BY…. 120%

Norway 20 1 1.8 0.1 0.0 0.0 0.0 0.0 0.0 DOWN BY….. -100%

Netherlands 22 5 0.2 0.1 0.1 0.1 0.0 0.1 0.0 DOWN BY….. -19%

Turkey 16 2 0.5 0.0 0.1 0.0 0.1 0.0 0.0 UP BY…. 102%

Croatia 2 0 0.3 0.0 0.3 0.2 0.0 0.0 0.0 DOWN BY….. -100%

Finland 1 2 0.6 0.4 0.0 0.1 0.1 0.0 0.0 DOWN BY….. -100%

Other Europe 32 12 2.6 0.3 0.8 0.5 0.7 0.5 0.2 UP BY…. 13%

TOTAL EUROPE 111 37 15.9 8.5 1.6 1.1 0.9 0.7 0.2 STEADY…. 0%Brazil 2 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UP BY….

USA 0 1 0.0 0.0 0.1 0.1 0.1 0.0 0.0 UP BY….

Others 7 1 0.2 0.1 0.0 0.0 0.0 0.1 0.0 DOWN BY….. -100%

TOTAL OTHERS 9 2 0.2 0.1 0.1 0.1 0.1 0.1 0.0 UP BY…. 12%

GLOBAL TOTAL 1,256 270 74.9 22.9 122.4 27.9 88.7 89.4 18.8 DOWN BY….. -37%*Year to date.

Clarksons Research

Contracting by Country/RegionContracting Summary

No. end: $ billion m. dwt, end: Trends This Year

vs. Last Year

May-19

Bulker47%

Container41%

Gas4%

Tanker5%

Other3%

Japanese Contracts in 2019ytd (GT)

Container4%

Gas45%

Tanker48%

Other3%

Korean Contracts in 2019ytd (GT) • Contracting at Korean shipyards has been generallysubdued in 2019 so far, with 45 units of a combined 5.4mdwt and 2.0m CGT reported ordered, a 55% year-on-yeardecline in CGT terms. 51% of this total in CGT terms isaccounted for by LNG carriers, up from a share of 44% in fullyear 2018, with 12 x 174,000+ cu.m. vessels reportedordered at Korean yards in the first four months of the year.Meanwhile, VLCC contracting at Korean shipyards has beenmore limited in 2019 so far, with only eight vessels of 2.4mdwt and 0.3m CGT reported ordered, down year-on-year by66% in dwt terms. Samsung HI has won orders for 11vessels of a combined 0.7m CGT in 2019 so far, with acombined estimated investment value of $2.7bn, accountingfor the largest share of ordering at any Korean yard in bothCGT and value terms. • Japanese yards have won contracts for a reported 39units of a combined 0.7m CGT in 2019 so far, with acombined estimated investment value of $1.3bn, a significantyear-on-year decline in CGT terms on already limited 2018levels. 81% of these orders in CGT terms were placed byJapanese owners, with 32 vessels of a combined 0.6m CGTreported contracted, of which 13 were bulkers and 9 wereboxships. Bulkers account for 44% of total year to datecontracting at Japanese yards in CGT terms, with 19 units ofa combined 1.1m dwt and 0.3m CGT reported ordered, thelargest of which was an 87,000 dwt wide-beam Kamsarmaxunit. In numerical and CGT terms, Imabari SB (Marugame)accounts for the largest share of ordering at any Japaneseshipyard in the year to date, with 4 units of 0.2m CGTreported contracted.

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Major

Shipbuilders 2011 2012 2013 2014 2015 2016 2017 2018 2019*

China P.R. 12.6 9.0 26.1 16.6 13.8 4.5 11.6 10.2 3.4 STEADY…. 1%

South Korea 14.6 8.6 18.4 13.1 10.9 2.2 7.6 13.0 2.0 DOWN BY….. -53%

Japan 4.4 4.1 9.9 10.0 13.5 2.3 3.2 5.9 0.7 DOWN BY….. -64%

Philippines 0.2 0.4 1.9 0.7 1.1 0.1 0.7 0.1 0.0 DOWN BY….. -100%

Vietnam 0.3 0.2 0.7 0.2 0.4 0.2 0.7 0.1 0.0 DOWN BY….. -100%

Taiwan 0.6 0.0 0.5 0.2 0.3 0.0 0.1 0.3 0.0 DOWN BY….. -100%

India 0.0 0.1 0.1 0.0 0.0 0.1 0.0 0.0 0.0 #DIV/0! #DIV/0!

Singapore 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.0 DOWN BY….. -5%

Other Asia 0.3 0.3 0.3 0.3 0.3 0.1 0.1 0.0 0.0 UP BY…. 183%

TOTAL ASIA 33.0 22.9 58.0 41.2 40.3 9.6 24.2 29.8 6.2 DOWN BY….. -37%Romania 0.3 0.1 0.5 0.4 0.0 0.1 0.1 0.0 0.0 UP BY…. 814%

Germany 0.3 0.4 0.9 0.2 0.7 1.2 0.4 0.5 0.0 DOWN BY….. -100%

Italy 0.3 0.4 0.2 0.9 0.0 1.2 1.2 1.1 1.1 UP BY…. 197%

Norway 0.2 0.5 0.3 0.3 0.1 0.3 0.2 0.3 0.0 DOWN BY….. -81%

Netherlands 0.2 0.1 0.4 0.2 0.1 0.1 0.1 0.1 0.0 UP BY…. 6%

Turkey 0.1 0.1 0.2 0.2 0.2 0.1 0.1 0.1 0.0 DOWN BY….. -74%

Croatia 0.0 0.0 0.1 0.3 0.2 0.2 0.0 0.1 0.0 DOWN BY….. -100%

Finland 0.1 0.1 0.0 0.3 0.6 0.0 0.7 0.1 0.1 UP BY…. 68%

Other Europe 0.6 0.5 0.2 0.8 0.7 0.5 1.1 0.5 0.2 DOWN BY….. -11%

TOTAL EUROPE 2.2 2.2 2.9 3.6 2.7 3.7 3.9 2.9 1.4 UP BY…. 50%Brazil 0.5 0.9 0.1 0.3 0.0 0.0 0.0 0.0 0.0 DOWN BY….. -100%

USA 0.4 0.4 0.6 0.3 0.1 0.1 0.1 0.0 0.0 #DIV/0! #DIV/0!

Other 0.0 0.0 0.1 0.0 0.1 0.1 0.1 0.1 0.0 STEADY…. -2%

TOTAL OTHERS 0.9 1.3 0.9 0.7 0.2 0.1 0.2 0.1 0.0 UP BY…. 41%

GLOBAL TOTAL 36.1 26.3 61.7 45.6 43.2 13.4 28.4 32.8 7.7 DOWN BY….. -30%

Major

Shipbuilders 2011 2012 2013 2014 2015 2016 2017 2018 2019*

China P.R. 23.4 14.8 52.9 31.3 27.8 7.7 23.9 20.6 7.1 STEADY…. 3%

South Korea 26.7 13.7 35.9 25.2 24.6 4.4 19.2 24.5 3.7 DOWN BY….. -54%

Japan 8.2 8.1 18.9 18.7 27.2 4.7 6.6 12.2 1.3 DOWN BY….. -68%

Philippines 0.3 0.6 3.7 1.6 2.4 0.1 1.5 0.3 0.0 DOWN BY….. -100%

Vietnam 0.4 0.2 1.0 0.1 0.5 0.1 0.9 0.2 0.0 DOWN BY….. -100%

Taiwan 1.1 0.1 1.0 0.3 0.4 0.0 0.2 0.6 0.0 DOWN BY….. -100%

India 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 #DIV/0! #DIV/0!

Singapore 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.0 DOWN BY….. -17%

Other Asia 0.1 0.2 0.1 0.1 0.2 0.1 0.0 0.0 0.0 UP BY…. 263%

TOTAL ASIA 60.3 37.7 113.6 77.5 83.2 17.2 52.4 58.4 12.2 DOWN BY….. -37%Romania 0.5 0.1 1.2 0.9 0.1 0.1 0.0 0.0 0.0 UP BY…. 650%

Germany 0.3 0.4 0.9 0.2 0.7 1.2 0.4 0.6 0.0 DOWN BY….. -100%

Italy 0.3 0.4 0.2 0.8 0.0 1.2 1.2 1.1 0.9 UP BY…. 154%

Norway 0.1 0.3 0.2 0.2 0.1 0.1 0.1 0.2 0.0 DOWN BY….. -87%

Netherlands 0.1 0.0 0.2 0.1 0.1 0.1 0.1 0.0 0.0 UP BY…. 25%

Turkey 0.1 0.0 0.1 0.1 0.1 0.0 0.1 0.1 0.0 DOWN BY….. -77%

Croatia 0.0 0.0 0.1 0.4 0.3 0.2 0.0 0.0 0.0 DOWN BY….. -100%

Finland 0.1 0.1 0.0 0.2 0.6 0.1 0.8 0.1 0.1 UP BY…. 88%

Other Europe 0.4 0.4 0.1 0.8 0.8 0.6 1.3 0.6 0.2 DOWN BY….. -12%

TOTAL EUROPE 2.0 1.9 3.1 3.8 2.8 3.5 4.0 2.7 1.2 UP BY…. 37%Brazil 0.5 1.0 0.1 0.3 0.0 0.0 0.0 0.0 0.0 DOWN BY….. -100%

USA 0.3 0.2 0.6 0.3 0.1 0.1 0.1 0.0 0.0 #DIV/0! #DIV/0!

Others 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.0 DOWN BY….. -59%

TOTAL OTHERS 0.9 1.3 0.7 0.6 0.1 0.1 0.2 0.1 0.0 UP BY…. 24%

GLOBAL TOTAL 63.2 40.9 117.4 81.9 86.1 20.9 56.6 61.2 13.4 DOWN BY….. -34%*Year to date.

Clarksons Research

Trends This YearMillion CGT, end:

Million GT, end:

Contracting by Country/Region

Trends This Year

May-19

vs. Last Year

vs. Last Year

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2018 Apr* 2018 Apr* 2016 2017 2018 2019* 2019 2020

China P.R. 558 161 21.1 6.1 36.1 38.7 35.2 11.9 29.0 32.6 DOWN -18%

South Korea 184 85 22.9 7.2 36.6 31.5 19.7 12.0 25.6 25.3 UP 30%

Japan 327 135 13.3 5.1 21.9 20.5 20.1 8.3 21.6 20.0 UP 7%

Philippines 29 12 1.5 0.3 1.9 3.0 2.8 0.8 1.5 1.1 DOWN -44%

Vietnam 26 12 0.6 0.4 0.7 0.6 0.7 0.3 0.7 0.8 DOWN -11%

Taiwan 12 0 0.5 0.0 0.5 0.6 0.4 0.0 0.2 0.6 DOWN -48%

India 5 0 0.1 0.0 0.0 0.2 0.0 0.0 0.0 0.0 DOWN -95%

Singapore 3 0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UP 929%

Other Asia 38 4 0.2 0.0 0.1 0.2 0.1 0.0 0.1 0.1 UP 27%

TOTAL ASIA 1,182 409 60.1 19.2 97.7 95.3 79.1 33.3 78.6 80.5 STEADY -1%Romania 13 0 0.3 0.0 1.4 1.0 0.1 0.0 0.0 0.0 DOWN -66%

Germany 9 3 2.5 1.0 0.1 0.1 0.1 0.0 0.1 0.1 DOWN -12%

Italy 5 3 2.9 1.3 0.1 0.1 0.0 0.0 0.0 0.0 DOWN -21%

Norway 14 9 0.7 0.6 0.1 0.0 0.0 0.0 0.0 0.0 UP 28%

Netherlands 13 2 0.3 0.0 0.1 0.1 0.1 0.0 0.1 0.1 DOWN -15%

Turkey 12 8 0.3 0.2 0.1 0.1 0.1 0.0 0.1 0.0 UP 12%

Croatia 2 0 0.0 0.0 0.1 0.1 0.0 0.0 0.1 0.0 UP 280%

Finland 3 1 0.8 0.6 0.0 0.0 0.0 0.0 0.1 0.0 UP 295%

Other Europe 27 4 3.2 0.7 0.1 0.1 0.5 0.2 0.4 0.4 DOWN -17%

TOTAL EUROPE 98 30 11.1 4.6 2.1 1.7 0.9 0.3 0.9 0.6 DOWN -7%Brazil 10 2 0.8 0.3 0.2 0.6 0.4 0.1 0.3 0.2 DOWN -27%

USA 15 4 0.9 0.3 0.5 0.3 0.1 0.1 0.1 0.1 DOWN -24%

Others 4 2 0.1 0.2 0.0 0.0 0.0 0.0 0.0 0.1 UP 304%

TOTAL OTHERS 29 8 1.8 0.7 0.7 0.9 0.5 0.2 0.4 0.3 DOWN -24%

GLOBAL TOTAL 1,309 447 73.1 24.5 100.6 98.0 80.6 33.8 79.9 81.4 STEADY -1%


Delivery Trends

N.B. DELIVERY TRENDS ON THIS PAGE ARE CALCULATED ON A COUNTRY/REGIONAL BASIS, USING ASSUMPTIONS BASED ON YARD-BY-YARD ANALYSIS OF HISTORICAL AND EXPECTED FUTURE ORDERBOOK DELIVERY PERFORMANCE. NO ADDITION IS MADE FOR FUTURE CONTRACTING. #Other vessels include MPP, Reefers, Ro-Ro ships, PCC. *Year to date at end of period.

Deliveries by Country/Region

Major Shipbuildersm. dwt, end:No., end: $ billion

2019 vs 2018

Delivery Summary

0

10

20

30

40

50

60

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

m. CGTDelivery Trends to 2020

Output in CGT peaked in 2010

0%

10%

20%

30%

40%

50%

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

% CGT

S.Korea

China

Japan

Europe

Others

Country/Regional Shares

Projected

Projected• In the year to date, 447 vessels of a combined 33.8m dwthave been reported delivered into the global fleet, representinga 5% year-on-year increase in tonnage terms. Overall, globalshipyard output is currently projected to reach 79.9m dwt in fullyear 2019, steady year-on-year.

• Output from South Korean yards is up 29% year-on-year indwt terms, to stand at 85 vessels of a combined 12.0m dwt asof the end of April 2019. This is driven in part by firm VLCCoutput, with 20 units of 6.2m dwt reported delivered in the yearto date, accounting for 52% of total deliveries by Koreanshipyards. Meanwhile, in the LNG carrier sector, 11 vessels of1.9m cu.m. have been reported delivered from Korean yards inthe year to date, accounting for 73% of the global total incapacity terms, but representing a 52% year-on-year declinecompared to firm 2018 levels. Overall, total South Koreanshipyard output is currently projected to reach 25.6m dwt in fullyear 2019, a 30% year-on-year increase on relatively limited2018 levels.

• Japanese shipyards delivered 135 vessels of a combined8.3m dwt in the first four months of the year, representing aslight 3% year-on-year increase in dwt terms. Bulkcarriersaccount for the largest share of year to date output fromJapanese yards of any vessel sector in dwt terms (42%), with54 vessels of a combined 3.5m dwt reported delivered, of which17 were Supramaxes or Ultramaxes and 22 were Handysizes.Meanwhile, of 50 Japanese shipyards reported to havedelivered a vessel in the first four months of the year, OshimaShipbuilding has delivered the largest number of vessels, with14 units of 0.9m dwt reported delivered, all of which werebulkcarriers. In full year 2019, total output from Japaneseshipyards is projected to remain relatively steady across 2019and 2020, reaching 21.6 dwt and 20.0m dwt respectively.

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2012 2013 2014 2015 2016 2017 2018 2019* 2019 2020

China P.R. 20.6 13.6 11.8 13.1 11.3 11.9 11.3 3.5 9.8 10.2 DOWN -13%

South Korea 13.6 12.5 12.2 12.7 12.4 10.6 7.7 3.3 7.1 9.0 DOWN -8%

Japan 8.2 6.9 6.6 6.7 7.1 6.8 7.6 3.0 6.8 6.4 DOWN -10%Philippines 0.9 0.5 1.0 0.9 0.6 0.9 0.9 0.2 0.4 0.4 DOWN -53%Vietnam 0.5 0.4 0.3 0.4 0.3 0.3 0.3 0.2 0.4 0.3 STEADY 3%Taiwan 0.4 0.3 0.3 0.4 0.2 0.3 0.3 0.0 0.0 0.2 DOWN -87%

India 0.2 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 DOWN -45%

Singapore 0.2 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 DOWN -84%

Other Asia 0.3 0.4 0.4 0.3 0.1 0.2 0.1 0.0 0.1 0.1 DOWN -31%

TOTAL ASIA 45.0 34.8 32.8 34.7 32.1 31.0 28.3 10.2 24.6 26.7 DOWN -13%Romania 0.2 0.2 0.1 0.2 0.4 0.3 0.1 0.0 0.0 0.1 DOWN -52%

Germany 0.5 0.3 0.5 0.4 0.4 0.4 0.4 0.2 0.4 0.7 STEADY -1%

Italy 0.4 0.2 0.3 0.3 0.5 0.5 0.5 0.2 0.5 0.6 STEADY -3%

Norway 0.3 0.4 0.4 0.2 0.2 0.1 0.2 0.1 0.3 0.2 UP 87%

Netherlands 0.2 0.1 0.2 0.2 0.2 0.2 0.1 0.0 0.1 0.2 UP 26%

Turkey 0.2 0.2 0.1 0.2 0.1 0.2 0.1 0.1 0.1 0.0 STEADY 0%

Croatia 0.2 0.1 0.0 0.1 0.1 0.1 0.0 0.0 0.1 0.1 UP 493%

Finland 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.1 0.3 0.1 UP 99%

Other Europe 0.5 0.6 0.2 0.2 0.4 0.4 0.6 0.2 0.5 0.6 DOWN -15%

TOTAL EUROPE 2.5 2.2 1.9 1.8 2.5 2.3 2.2 0.9 2.4 2.6 UP 10%Brazil 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.0 0.1 0.1 DOWN -7%

USA 0.2 0.2 0.4 0.4 0.3 0.2 0.2 0.0 0.1 0.1 DOWN -45%

Others 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.0 0.1 0.1 UP 348%

TOTAL OTHERS 0.5 0.4 0.6 0.7 0.5 0.5 0.3 0.1 0.3 0.3 DOWN -6%

GLOBAL TOTAL 47.9 37.5 35.3 37.1 35.1 33.8 30.8 11.2 27.3 29.6 DOWN -11%

2012 2013 2014 2015 2016 2017 2018 2019* 2019 2020

China P.R. 40.1 26.7 23.0 25.2 22.2 23.7 23.2 7.5 18.6 20.2 DOWN -20%

South Korea 31.4 24.8 22.3 23.8 25.5 22.6 14.6 7.5 16.1 18.0 UP 10%

Japan 17.4 14.5 13.3 12.9 13.3 13.1 14.4 5.8 14.1 12.3 STEADY -3%

Philippines 2.6 1.3 1.9 1.8 1.2 2.0 2.0 0.4 0.8 0.7 DOWN -58%

Vietnam 0.8 0.5 0.4 0.6 0.4 0.4 0.4 0.2 0.4 0.4 DOWN -5%

Taiwan 0.8 0.5 0.6 0.7 0.5 0.6 0.3 0.0 0.1 0.4 DOWN -69%

India 0.2 0.2 0.1 0.0 0.0 0.1 0.0 0.0 0.0 0.0 DOWN -58%

Singapore 0.2 0.1 0.1 0.0 0.1 0.0 0.1 0.0 0.0 0.0 DOWN -96%

Other Asia 0.1 0.2 0.2 0.1 0.1 0.2 0.1 0.0 0.1 0.1 DOWN -10%

TOTAL ASIA 93.7 68.8 61.8 65.1 63.2 62.6 55.1 21.3 50.1 52.2 DOWN -9%Romania 0.3 0.4 0.2 0.4 0.8 0.6 0.1 0.0 0.0 0.0 DOWN -55%

Germany 0.5 0.3 0.5 0.4 0.4 0.5 0.5 0.2 0.5 0.8 DOWN -5%

Italy 0.3 0.2 0.3 0.2 0.4 0.5 0.5 0.2 0.5 0.5 STEADY 3%

Norway 0.2 0.2 0.3 0.2 0.1 0.1 0.1 0.1 0.2 0.1 UP 89%

Netherlands 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.0 0.1 0.1 STEADY 3%

Turkey 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.0 UP 9%

Croatia 0.2 0.1 0.0 0.1 0.1 0.1 0.0 0.0 0.1 0.1 UP 226%

Finland 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.3 0.1 UP 140%

Other Europe 0.4 0.5 0.1 0.1 0.4 0.3 0.7 0.3 0.5 0.6 DOWN -20%

TOTAL EUROPE 2.3 2.0 1.8 1.6 2.7 2.4 2.1 0.9 2.2 2.4 UP 6%Brazil 0.2 0.2 0.2 0.4 0.2 0.4 0.2 0.1 0.2 0.1 DOWN -24%

USA 0.1 0.1 0.2 0.3 0.3 0.2 0.2 0.1 0.1 0.1 DOWN -36%

Others 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 UP 385%

TOTAL OTHERS 0.4 0.3 0.5 0.8 0.5 0.6 0.4 0.2 0.3 0.3 DOWN -19%

GLOBAL TOTAL 96.4 71.1 64.0 67.5 66.4 65.6 57.6 22.4 52.7 54.9 DOWN -9%

Clarksons Research

Million CGT, end:

2019 vs 2018

2019 vs 2018

Delivery Trends

Delivery in:

N.B. DELIVERY TRENDS ON THIS PAGE ARE CALCULATED ON A COUNTRY/REGIONAL BASIS, USING ASSUMPTIONS BASED ON YARD-BY-YARD ANALYSIS OF HISTORICAL AND EXPECTED FUTURE ORDERBOOK DELIVERY PERFORMANCE. NO ADDITION IS MADE FOR FUTURE CONTRACTING. #Other vessels include MPP, Reefers, Ro-Ro ships, PCC. *Year to date at end of period.

Million GT, end:

Deliveries by Country/Region

May-19

Major Shipbuilders

Major Shipbuilders

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Year No. dwt

2019 13 860,722

2020 19 751,822

2021+ 11 459,600

Total 43 2,072,144

Shipyard Data*

Lgth Beam dwt CGT dwt CGT dwt CGTm. m. ('000) ('000) ('000) ('000) ('000) ('000)

Daewoo (DSME) Geoje South Korea 6 1 539 131 9,730 3,141 32 5,086 2,488 81 14,553 5,404 1Samsung HI Geoje South Korea 8 1 640 131 8,713 3,056 20 2,683 1,242 84 9,284 4,907 2Hyundai HI (Ulsan) Ulsan South Korea 9 14 672 92 12,655 3,913 35 5,195 1,808 85 14,624 4,316 3Hyundai Samho HI Yeongam South Korea 3 1 594 104 5,916 1,892 21 3,976 773 66 11,928 3,766 4Fincantieri Monfalco Monfalcone Italy 1 2 350 56 23 286 1 11 146 15 45 1,933 5Shanghai Waigaoqiao Shanghai China P.R. 2 4 540 106 5,633 959 18 4,643 823 49 9,577 1,870 6Jiangsu New YZJ Taizhou China P.R. 2 2 440 96 2,481 721 32 1,883 665 85 5,216 1,819 7Oshima Shipbuilding Saikai Japan 1 3 535 80 2,613 691 36 2,223 619 97 6,363 1,706 8New Times SB Taizhou China P.R. 1 3 588 106 3,425 647 18 2,590 526 55 8,645 1,624 9Hyundai Mipo Ulsan South Korea 4 5 380 76 3,332 1,904 41 1,604 909 79 2,732 1,618 10Jiangnan SY Group Shanghai China P.R. 2 7 580 120 835 284 6 207 134 44 3,142 1,538 11Meyer Werft Papenburg Germany 2 1 504 125 71 372 2 30 320 11 81 1,523 12Chantiers Atlantique Saint-Nazaire France 2 - 900 95 12 158 2 27 322 9 47 1,418 13Imabari SB Marugame Marugame Japan 3 - 600 80 1,596 587 7 1,345 366 37 4,663 1,404 14Huangpu Wenchong Guangzhou China P.R. 5 - 360 96 761 400 21 397 257 79 2,285 1,234 15GSI Nansha Guangzhou China P.R. 4 4 490 106 1,443 335 11 1,443 316 45 2,859 1,145 16Imabari SB Saijo Saijo Japan 1 1 420 89 2,505 432 5 786 432 22 5,038 1,125 17Meyer Turku Turku Finland 1 1 365 80 14 152 1 8 118 7 90 1,124 18Fincantieri Marghera Venice Italy 1 2 334 54 22 243 2 22 243 8 10 1,067 19COSCO HI Yangzhou Yangzhou China P.R. 3 3 580 136 908 243 9 908 243 37 4,900 1,017 20Dalian Shipbuilding Dalian China P.R. 6 10 550 96 6,058 1,131 11 2,254 460 27 5,720 937 21Imabari SB Hiroshima Mihara Japan 6 5 382 59 2,247 451 6 881 381 26 3,740 925 22Tsuneishi Zhoushan Zhoushan China P.R. 1 - 450 40 1,598 385 11 619 218 43 2,072 890 23Hudong Zhonghua Shanghai China P.R. 1 - 360 92 2,083 646 7 433 403 23 1,490 855 24Beihai Shipyard Qingdao China P.R. 5 1 530 133 3,008 442 9 3,008 442 23 5,026 833 25Jinling Shipyard Nanjing China P.R. 2 1 320 60 704 279 14 704 279 33 941 794 26SCS Shipbuilding Shanghai China P.R. 1 4 510 106 2,970 461 7 1,047 436 10 1,581 785 27Imabari SB (Imabari) Imabari Japan 1 2 211 43 748 259 8 299 159 43 1,528 767 28Fincantieri Sestri Genoa Italy 1 1 285 42 13 120 1 7 61 8 8 756 29Chengxi Shipyard Jiangyin China P.R. 5 - 330 54 1,772 516 11 637 202 42 2,400 705 30Yangzi Xinfu SB Taizhou China P.R. 1 4 543 147 3,343 819 16 3,343 819 22 4,046 688 31JMU Ariake Shipyard Kumamoto Japan 2 1 620 85 2,273 343 8 2,273 334 16 4,550 654 32Nantong Xiangyu Nantong China P.R. 2 1 350 98 40 23 1 39 14 36 2,094 615 33

Clarksons Research

Shipyard Commentary

265,295

394,122

230,085

889,502

CGT

Shipyard Review (1)

Berths

Tsuneishi Zhoushan, Zhoushan

Orderbook by Scheduled Year of Delivery:

Max Output April 2019

RankNo.No.

2018

May-19

Largest Dock

* Maximum output is defined as the maximum annual output for each yard in dwt and CGT since 2000. Ranking of shipyards in the table is based on the current orderbook measured in CGT. A breakdown of deliveries from the yards is available on Shipping Intelligence Network (SIN). THE ORDERBOOK IS BASED ON REPORTED ORDERS AND DOES NOT REPRESENT EXPECTED FUTURE DELIVERIES.

Shipbuilder…..

…Location

Output in Orderbook,

Number

Docks/

Feeder Boxship

58%

Cruise Ship5%

Handymax Bulker12%

Handysize Tanker

1%

Tanker7%

Panamax Bulker17%

• Tsuneshi Zhoushan, based in Zhejiang province,China, is one of two overseas facilities owned by Japaneseshipbuilding group Tsuneishi Holdings. The shipyard isreported to have delivered 197 vessels of 13.1m dwt sinceits first delivery in 2007, the largest total of any foreign-owned yard in China in dwt terms. The yard has historicallyfocussed on the bulker sector, especially Handymaxes andKamsarmaxes, with 199 units reported contracted as ofend April 2019 (81% of the total in numerical terms).However, in recent years, the yard has also won orders fora number of feeder boxships, with 43 units reportedcontracted since 2011, of which 32 were ordered between2016 and 2018. Similarly to many domestically locatedJapanese yards, Japanese owners account for the largestshare of total ordering at Tsuneshi Zhoushan, with theseowners placing orders for 81 units of 4.9m dwt in total(31% in dwt terms) since the yard was established. • As of end April, Tsuneishi Zhoushan has the 23rdlargest orderbook globally, and the 9th largest orderbookof any Chinese yard in CGT terms, with 43 vessels of 2.1mdwt and 0.9m CGT currently on order. This also accountsfor 50% of total CGT on order at all yards in the TsuneishiHoldings group. Overall, sub-3,000 TEU boxrships accountfor 58% of the total orderbook in CGT terms, with 26 unitsof c.65,700 TEU currently on order.

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Lgth Beam dwt CGT dwt CGT dwt CGT

Number m. m. ('000) ('000) ('000) ('000) ('000) ('000)

Hyundai Vinashin Ninh Phuoc Vietnam 2 4 380 65 821 311 11 625 257 26 1,420 610 34Nantong COSCO KHI Nantong China P.R. 2 2 500 80 2,128 452 7 1,588 378 23 2,940 607 35Tianjin Xingang HI Tianjin China P.R. 5 - 520 110 719 220 1 23 38 20 2,634 590 36Tsuneishi Cebu Balamban Philippines 3 - 450 60 1,961 413 18 1,190 315 31 2,024 551 37Fincantieri Ancona Ancona Italy 1 1 240 55 65 134 1 5 67 8 41 548 38Daehan Shipbuilding Haenam South Korea 2 2 460 72 2,219 417 6 671 156 20 2,431 529 39JMU Tsu Shipyard Tsu Japan 2 4 500 75 2,230 377 3 458 156 12 1,328 513 40COSCO Zhoushan Zhoushan China P.R. 3 6 539 68 881 268 9 723 254 18 1,498 500 41Jiangsu Hantong HI Nantong China P.R. - 2 330 96 792 237 6 328 113 22 1,993 482 42Mawei SB (Mawei) Fuzhou China P.R. 2 1 280 76 209 154 10 56 84 49 575 477 43CSBC (Kaohsiung) Kaohsiung Taiwan 2 - 950 92 1,145 330 9 364 216 18 1,404 466 44CMHI (Jiangsu) Nantong China P.R. 1 3 530 130 462 84 3 462 84 15 476 447 45Taizhou Sanfu Taizhou China P.R. - 1 578 78 645 233 5 87 59 29 857 419 46Dalian COSCO KHI Dalian China P.R. 2 4 700 80 1,037 215 3 819 164 19 1,952 416 47Jinhai Manufacturing Zhoushan China P.R. 5 4 510 120 226 111 4 226 111 9 1,383 406 48Zhejiang Yangfan Zhoushan China P.R. 2 3 500 45 1,198 427 5 188 100 17 553 395 49MHI Nagasaki Nagasaki Japan 5 8 990 100 1,672 673 6 507 540 7 488 388 50JMU Kure Shipyard Kure Japan 3 1 508 80 1,378 369 5 716 275 13 1,315 384 51Zvezda Shipbuilding Bolshoy Kamen Russia 1 - - - - - - - - 16 1,117 380 52Shanhaiguan SB Qinghuangdao China P.R. 6 19 440 100 818 217 9 330 126 19 1,543 376 53Bohai Shipbuilding Huludao China P.R. 4 - 480 107 2,230 415 6 453 96 13 2,214 373 54Onomichi Dockyd Onomichi Japan 2 6 215 43 574 186 6 300 145 18 1,137 372 55New Dayang SB Yangzhou China P.R. 1 - 360 80 208 55 3 208 55 20 1,412 369 56Taizhou Kouan SB Taizhou China P.R. 1 4 300 50 1,077 303 6 276 103 23 1,097 363 57MV Werften Wismar Wismar Germany 1 1 340 67 - - - - - 2 - 354 58Sasebo HI Sasebo Japan 6 8 400 70 1,189 244 3 344 79 17 1,518 352 59AVIC Weihai Shipyard Weihai China P.R. 2 - 389 50 462 168 8 281 158 9 67 349 60Wuchang SB Group Wuhan China P.R. 2 4 480 115 66 94 12 58 69 35 417 346 61Kawasaki HI Sakaide Sakaide Japan 3 - 450 75 1,410 453 5 396 421 9 513 341 62Tsuneishi Zosen Fukuyama Japan 5 9 330 55 2,784 670 11 972 234 17 1,411 334 63COSCO Dalian SY Dalian China P.R. 4 11 340 100 1,071 296 9 469 161 13 644 314 64Namura Shipbuilding Imari Japan 1 - 450 70 2,373 406 8 1,467 257 10 1,838 312 65Sanoyas Shipbuilding Kurashiki Japan 2 5 675 63 890 198 5 425 101 17 1,197 303 66Shin Kurushima Imabari Japan 3 - 367 47 709 375 13 356 243 20 756 297 67STX SB (Jinhae) Jinhae South Korea 2 3 385 74 5,069 1,238 9 353 152 12 599 294 68Mitsui SB (Chiba) Ichihara Japan 3 7 400 72 1,797 408 3 685 106 13 1,171 267 69Kitanihon Zosen Hachinohe Japan 2 1 200 38 261 188 9 246 156 16 389 266 70Yantai CIMC Raffles Yantai China P.R. 2 1 380 120 103 63 2 - 6 10 472 265 71Xiamen Shipbuilding Xiamen China P.R. 1 3 245 40 397 251 6 175 98 19 191 263 72Fujian Southeast SB Fuzhou China P.R. - - 220 50 142 158 13 142 98 44 152 259 73COSCO HI (Guangdong) Dongguan China P.R. - - - - 58 51 4 16 30 18 241 255 74Saiki Hvy. Ind. Saiki Japan - 1 223 30 368 132 4 231 75 17 704 246 75Sumitomo (Yokosuka) Yokosuka Japan 1 - 560 80 950 224 5 548 126 9 1,007 232 76Ningbo Xinle SB Ningbo China P.R. 2 2 130 19 114 89 3 35 51 32 232 231 77JMU Maizuru Shipyard Maizuru Japan 2 2 258 36 567 137 5 281 116 11 806 226 78AVIC Dingheng SB Yangzhou China P.R. 2 2 230 54 191 148 9 191 148 22 226 217 79HHIC-Phil (Subic SY) Subic Philippines 2 2 550 135 2,994 625 11 1,593 535 8 912 208 80I-S Shipyard Imabari Japan 2 - 212 36 339 133 4 139 71 12 707 205 81Flensburger SB Flensburg Germany - 1 220 50 69 94 2 18 67 6 24 204 82Tadotsu Shipyard Tadotsu Japan 1 - 380 59 659 200 4 408 140 11 750 200 83Qingdao Wuchuan HI Qingdao China P.R. - - - - 208 55 - - - 11 397 200 84Jiangsu New Hantong Zhenjiang China P.R. 1 3 480 96 843 230 4 409 97 10 820 197 85Iwagi Zosen Iwagi Japan 3 2 215 90 676 196 10 635 174 11 693 196 86MV Werften Stralsund Stralsund Germany - 1 - 108 - - - - - 4 - 194 87VARD Soeviknes Sovik Norway 1 1 120 23 26 47 2 3 47 6 4 194 88Shin Kasado Dock Kudamatsu Japan 2 1 227 37 590 159 7 539 135 10 632 179 89Wuhu Shipyard Wuhu China P.R. - 1 230 40 590 151 2 31 27 15 372 176 90Toyohashi SB Toyohashi Japan 1 2 380 66 502 363 8 337 167 11 538 168 91Zhoushan Changhong Zhoushan China P.R. 2 1 380 105 537 90 4 122 55 9 331 162 92

Clarksons Research

Shipyard Review (2)

Largest DockShipbuilder…..

Docks/ 2018 April 2019

Output in Orderbook,Shipyard Data*

May-19

* Maximum output is defined as the maximum annual output for each yard in dwt and CGT since 2000. Ranking of shipyards in the table is based on the current orderbook measured in CGT. A breakdown of deliveries from the yards is available on Shipping Intelligence Network (SIN). THE ORDERBOOK IS BASED ON REPORTED ORDERS AND DOES NOT REPRESENT EXPECTED FUTURE DELIVERIES.

Max Output

…LocationBerths

RankNo.No.

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Lgth Beam dwt CGT dwt CGT dwt CGT

Number m. m. ('000) ('000) ('000) ('000) ('000) ('000)

Sembcorp Tanjong Singapore Singapore 5 1 384 64 47 38 - - - 7 - 156 93Haitong Offshore Eng Nantong China P.R. 1 1 380 50 155 87 11 143 84 14 283 152 94Minaminippon (Ozai) Oita Japan 2 1 321 51 378 227 3 46 103 9 345 149 95CIMC SOE Nantong China P.R. - - - - 37 31 2 37 31 8 135 147 96Jinglu Shipyard Yantai China P.R. 2 2 369 102 683 179 4 80 49 9 572 144 97Huanghai SB Weihai China P.R. - 1 200 30 396 275 6 54 69 6 34 131 98Jiangmen Nanyang Jiangmen China P.R. 2 1 400 42 357 138 4 159 56 9 354 126 99Uljanik Brod. Pula Croatia - 2 235 60 215 164 - - - 5 51 122 100Shimanami Shipyard Hakata Japan - 1 200 34 377 134 8 302 107 9 340 120 101Shanghai Shipyard Shanghai China P.R. 5 4 262 46 1,142 344 7 280 140 5 282 119 102Astillero Barreras Vigo Spain 1 3 120 50 24 81 - - - 4 2 118 103Hakodate Dock Hakodate Japan 3 1 330 58 287 109 6 208 77 9 314 115 104Usuki Zosensho Usuki Japan 3 2 139 24 120 87 5 92 69 9 144 113 105Guangzhou Hangtong Jiangmen China P.R. - 2 - 60 45 80 5 16 37 19 35 110 106Qingdao Yangfan Qingdao China P.R. 2 1 480 76 415 94 - - - 4 620 109 107Dae Sun Shipbuilding Busan South Korea 2 1 191 34 487 212 15 154 166 9 88 106 108Baltic Shipyard Saint Petersburg Russia - 1 - 36 49 69 - - - 4 34 106 109DSIC Dev General Dalian China P.R. - - - - - - - - - 10 258 106 110Krasnoye Sormovo Nizhny Novgorod Russia 1 - 150 18 70 62 7 54 54 15 120 104 111IHC Dredgers Kinderdijk Netherlands - - 192 32 108 70 3 15 32 10 14 104 112Fukuoka SB Fukuoka Japan 1 1 186 34 120 87 4 80 59 9 123 104 113Cochin Shipyard Kochi India 2 3 270 45 135 70 - - - 8 32 103 114Guangxin SB Zhongshan China P.R. 1 3 360 40 27 55 2 13 19 15 48 103 115VARD Langsten Tomrefjord Norway 1 2 120 24 18 36 - - - 3 - 97 116Kleven Verft Ulsteinvik Norway - 1 220 32 31 59 3 15 42 3 - 94 117Shanghai Zhenhua Shanghai China P.R. 1 1 220 60 67 72 2 5 57 6 61 94 118Shin Kochi Jyuko Kochi Japan - 2 192 35 232 110 7 162 79 8 240 94 119Navantia Ferrol Ferrol Spain 1 2 287 53 313 61 2 313 61 3 469 92 120T. Mariotti Genoa Italy 3 - 277 40 4 52 - - - 3 3 91 121Fukuoka (Nagasaki) Nagasaki Japan - - 190 36 127 83 3 65 47 5 142 90 122Ulstein Ulsteinvik Ulsteinvik Norway 2 2 225 55 27 52 1 3 10 5 20 88 123Jurong Aracruz Aracruz Brazil 1 1 - - - - - - - 2 132 87 124Kanda Zosensho Kure Japan 3 - 181 33 332 127 5 124 49 7 203 85 125Brodosplit Split Croatia - - 282 50 521 149 - - - 8 4 83 126YZJ Offshore Suzhou China P.R. - 3 - - 39 14 - - - 4 328 77 127Samsung Ningbo Ningbo China P.R. - - - - 200 97 4 200 97 3 150 73 128Asakawa Shipbuilding Imabari Japan 1 1 85 26 100 72 5 100 72 5 98 73 129CMHI (Shenzhen) Shenzhen China P.R. 6 11 400 88 98 77 3 59 52 5 35 72 130Damen Galati Galati Romania 1 1 235 35 77 60 3 5 12 9 10 72 131COSCO Qidong Nantong China P.R. 1 - 170 120 - - - - - 5 90 69 132Jiangzhou Union SB Chaohu China P.R. 1 1 300 37 161 131 1 13 11 7 92 69 133Havyard Leirvik Leirvik Norway 1 2 130 20 22 43 4 - 19 11 4 68 134Tersan Shipyard Yalova Turkey 3 2 178 57 66 67 3 6 24 5 3 68 135Ezhou Guangda SB Ezhou China P.R. 2 1 116 31 15 11 1 15 11 6 90 67 136West Sea Viana Do Castelo Portugal 3 2 203 32 55 49 - - - 3 - 67 137Rauma Marine Rauma Finland 1 1 260 85 5 21 1 5 21 2 - 66 138MHI Shimonoseki Shimonoseki Japan 3 2 217 53 98 123 3 19 36 5 - 66 139Shin Kurushima Higashihiroshima Japan - 2 165 28 119 82 3 79 53 6 93 65 140Dayang Offshore Taixing China P.R. - - - - 14 16 2 8 16 10 69 64 141Keppel Nantong Nantong China P.R. 1 1 400 - 13 35 - - - 6 37 63 142Shikoku Dock. Takamatsu Japan - 2 168 32 218 95 4 95 77 6 118 62 143Higaki Zosen Imabari Japan 1 1 85 21 128 98 9 109 94 7 81 62 1443. Maj Brod. Rijeka Croatia - 3 214 31 235 122 1 25 12 3 92 59 145Western Marine Chittagong Bangladesh 2 - 120 21 21 20 - - - 9 66 59 146COOEC Tianjin China P.R. 1 - 420 110 - - - - - 1 - 58 147Sembcorp Marine Rigs Singapore Singapore - - - - - - - - - 1 - 58 148Keppel Singmarine Singapore Singapore 3 5 350 70 63 94 - - - 5 28 57 149Remontowa SB Gdansk Poland 3 1 84 30 38 68 - - - 10 17 57 150Others (220 shipyards) 371 4,292 3,399 551 3,557 3,994TOTAL (370 shipyards) 1,309 80,570 30,753 3,252 206,399 80,845

Clarksons Research

Shipyard Review (3)

Largest DockShipbuilder…..

Docks/ 2018 April 2019

Orderbook,Output inShipyard Data*

Max Output

No.

May-19

* Maximum output is defined as the maximum annual output for each yard in dwt and CGT since 2000. Ranking of shipyards in the table are based on the current orderbook measured in CGT. A breakdown of deliveries from the yards is available on Shipping Intelligence Network (SIN). THE ORDERBOOK IS BASED ON REPORTED ORDERS AND DOES NOT REPRESENT EXPECTED FUTURE DELIVERIES.

RankNo.Berths

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Shipbuilder … 2018

No. '000 dwt '000 CGT No. '000 dwt '000 CGT Rank 2019 2020 2021 2022+

Hyundai HI Group 4 158 16,079 6,581 256 30,703 10,310 1 2,917 4,643 2,458 291

Daewoo (DSME) 1 41 7,910 2,756 81 14,553 5,404 2 1,275 2,662 1,381 86

Imabari Shipbuilding 10 111 9,506 2,728 190 18,436 5,269 3 2,258 2,148 863 0

Samsung HI 2 53 6,739 3,039 87 9,434 4,980 4 874 2,224 1,566 315

Fincantieri 11 17 31 1,307 58 159 4,692 5 405 615 628 3,044

COSCO Shipping HI 8 51 4,702 1,147 134 12,265 3,199 6 959 1,379 666 195

Meyer Neptun 2 3 34 448 18 171 2,647 7 393 562 462 1,230

Yangzijiang Holdings 3 39 3,946 1,068 111 9,590 2,584 8 952 1,242 389 0

CSSC Offshore Marine 3 55 2,512 1,094 125 5,144 2,414 9 784 1,064 502 64

Shanghai Waigaoqiao 1 22 3,924 953 49 9,577 1,870 10 469 760 375 266

Japan Marine United 4 22 2,497 569 52 7,998 1,778 11 1,039 692 47 0

Tsuneishi Holdings 3 26 1,650 481 91 5,508 1,774 12 703 784 288 0

Oshima Shipbuilding 1 54 3,865 985 97 6,363 1,706 13 528 812 366 0

Hudong Zhonghua 2 1 15 23 33 3,071 1,641 14 391 584 665 0

New Century SB Group 1 22 4,694 755 55 8,645 1,624 15 592 687 345 0

Jiangnan SY Group 1 14 519 377 44 3,142 1,538 16 199 567 771 0

DSIC Group 4 10 1,458 267 57 7,571 1,445 17 393 397 595 59

Chantiers Atlantique 1 1 0 165 9 47 1,418 18 161 292 321 645

Wuchang Ship HI 3 27 1,538 432 69 5,840 1,378 19 528 594 256 0

China Merchants 4 33 564 693 60 1,526 1,363 20 483 427 308 145

Fujian Shipbuilding 4 11 199 124 119 932 1,049 21 712 333 4 0

Namura Zosensho 3 9 835 179 36 3,670 779 22 483 231 66 0

Chengxi Shipyard 1 20 1,289 348 42 2,400 705 23 308 163 233 0

Jiangsu Hantong HI 2 17 1,760 390 32 2,813 679 24 350 329 0 0

Shin Kurushima Group 5 9 180 76 52 1,662 659 25 425 234 0 0

Onomichi Dockyd 2 13 624 223 35 1,841 618 26 140 421 57 0

Xiamen Xiangyu Grp 1 16 1,052 289 36 2,094 615 27 111 254 251 0

Tianjin Xingang HI 1 3 164 44 20 2,634 590 28 117 332 141 0

AVIC 2 12 72 185 31 293 566 29 183 170 87 125

Genting Hong Kong 2 0 0 0 6 0 548 30 0 251 214 82

Other (237 groups) 386 11,062 5,049 1,167 28,318 15,006 7,213 6,064 1,401 329

TOTAL (267 groups) 1,256 89,418 32,775 3,252 206,399 80,845 26,344 31,921 15,706 6,875

* No. of yards within group that currently have orders. + Deliveries scheduled in the remainder of year. Ranking of shipyards in the table are based on the current orderbook measured in CGT. THE ORDERBOOK AND ANALYSIS BY YEAR OF DELIVERY ON THIS PAGE ARE BASED ON REPORTED ORDERS AND SCHEDULED DELIVERY DATES AND DO NOT NECESSARILY REPRESENT THE EXPECTED PATTERN OF FUTURE DELIVERIES.

Shipyard by Group


Shipyard Groups' Share of Orderbook (CGT) Shipyard News

…Yards*

New Orders Orderbook Apr., 2019 Scheduled Delivery ('000 CGT):

0%

10%

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30%

40%

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0 50 100 150 200 250

50% of Orderbookat Top 9 Groups.



Bottom 196 groups have just a 10% share.

• In late April, China Merchants signed an agreement withcompatriot shipbuilding group AVIC International to acquireits entire 69.77% interest in subsidiary yard AVIC WeihaiShipyard for RMB 620m ($92m). As part of the deal, ChinaMerchants will repay debt owed by the shipyard to AVICInternational. Upon completion of the deal, AVICInternational will only have one subsidiary shipyard, AVICDingheng SB, while China Merchants will now have fiveactive subsidiary shipyards (those with at least one vesselon order). As of the end of April 2019, AVIC Weihai shipyardhas nine passenger ferries on order, the last of which isscheduled for delivery in 2023. However, the yard has alsopreviously focussed on Handysize bulkcarriers and MPPs. • According to reports, representatives from Chineseshipbuilding group CSIC visited Croatia at the end of April todiscuss a potential investment in Croatian Shipbuildinggroup Uljanik. The group has been facing financial difficultiessince 2017, and at the beginning of May 2019 bankruptcyproceedings were launched by a Croatian court. Thedelegation reportedly inspected the group’s two subsidiaryshipyards Uljanik Brodogradiliste and 3. Maj Brodogradiliste.

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Numbers, end: m. dwt, end: Forecast2015 2016 2017 2018 Apr* 2015 2016 2017 2018 Apr* 2019 2020

Orderbook (end period) 1,042 776 728 644 524 103.6 78.4 74.1 69.6 56.5New Orders 503 112 302 217 27 52.6 12.7 34.6 25.9 4.7Newbuildings Delivered 251 333 337 281 138 19.2 33.0 38.0 28.3 16.9 34.2 24.2Sold for Scrap 50 40 100 175 13 2.4 2.5 11.0 20.3 1.3 8.1 16.6Losses 1 0 0 1 0 0.0 0.0 0.0 0.2 0.0 0.0Miscellaneous Additions 3 5 1 1 0 0.9 1.2 0.3 0.0 0.0 0.0Miscellaneous Removals 10 4 3 7 1 1.3 0.3 0.5 1.1 0.2 0.2Total Tanker Fleet >10,000 dwt 6,074 6,368 6,603 6,702 6,826 523.8 555.2 582.0 588.7 604.1 614.6 622.2

% change 3.3% 4.8% 3.7% 1.5% 1.9% 3.2% 6.0% 4.8% 1.2% 2.6% 4.4% 1.2%of which:VLCC 200,000+ dwt 650 698 735 741 763 200.0 214.7 226.0 228.4 235.3 242.9 248.1

% change 3.0% 7.4% 5.3% 0.8% 3.0% 3.1% 7.4% 5.3% 1.0% 3.0% 6.4% 2.1%Suezmax~ 125-199,999 dwt 487 513 557 565 585 75.9 80.0 87.0 88.4 91.5 91.6 92.4

% change 2.1% 5.3% 8.6% 1.4% 3.5% 2.1% 5.4% 8.7% 1.6% 3.5% 3.6% 0.9%Crude Aframax 85-124,999 dwt 635 651 653 644 659 68.6 70.4 71.0 70.3 72.0 72.3 70.5

% change -0.3% 2.5% 0.3% -1.4% 2.3% -0.3% 2.7% 0.8% -0.9% 2.4% 2.8% -2.5%Total Crude^ >55,000 dwt 1,844 1,934 2,015 2,012 2,069 348.2 368.6 387.3 389.6 401.3 409.0 412.9

% change 1.2% 4.9% 4.2% -0.1% 2.8% 2.1% 5.9% 5.1% 0.6% 3.0% 5.0% 1.0%LR2 85-124,999 dwt 285 316 342 352 366 31.0 34.5 37.4 38.5 40.1 40.6 41.0

% change 10.0% 10.9% 8.2% 2.9% 4.0% 10.3% 11.0% 8.4% 3.1% 4.1% 5.4% 1.0%LR1 55-84,999 dwt 331 346 361 367 372 24.3 25.4 26.5 27.0 27.3 27.4 27.7

% change 0.0% 4.5% 4.3% 1.7% 1.4% 0.1% 4.6% 4.4% 1.7% 1.4% 1.6% 1.0%MR 40-54,999 dwt 1,380 1,460 1,504 1,524 1,548 65.7 69.7 71.9 73.1 74.3 76.2 78.5

% change 7.6% 5.8% 3.0% 1.3% 1.6% 7.9% 6.1% 3.2% 1.6% 1.7% 4.3% 3.0%Handy/SR 10-39,999 dwt 723 728 736 726 727 20.3 20.6 20.7 20.3 20.3 20.2 20.1

% change -0.6% 0.7% 1.1% -1.4% 0.1% 0.0% 1.1% 0.6% -1.9% 0.2% -0.5% -0.5%Total Products >10,000 dwt 2,734 2,867 2,961 2,990 3,034 143.8 152.8 159.3 162.2 165.3 167.7 170.6

% change 4.6% 4.9% 3.3% 1.0% 1.5% 5.7% 6.3% 4.3% 1.8% 2.0% 3.4% 1.7%Total Chem. & Spec. >10,000 dwt 1,496 1,567 1,627 1,700 1,723 31.9 33.7 35.3 37.0 37.5 38.0 38.7

% change 3.7% 4.7% 3.8% 4.5% 1.4% 5.6% 5.8% 4.7% 4.6% 1.5% 2.7% 2.1%

Small Tankers <10,000 dwt 7,890 7,991 8,070 8,178 8,195 23.5 23.8 24.2 24.8 24.9 25.0 25.1% change 1.0% 1.3% 1.0% 1.3% 0.2% 0.7% 1.6% 1.8% 2.4% 0.3% 0.8% 0.4%

Numbers, end: m. dwt, end: Forecast2015 2016 2017 2018 Apr* 2015 2016 2017 2018 Apr* 2019 2020

Orderbook (end period) 1,736 1,060 920 990 930 143.1 92.7 91.8 101.0 97.3New Orders 427 63 384 410 68 35.4 8.3 41.2 40.0 8.0Newbuildings Delivered 657 566 460 296 121 49.2 47.3 38.4 28.4 10.7 29.7 37.4Sold for Scrap 432 409 219 57 34 30.7 29.3 14.7 4.4 3.9 9.5 17.1Losses 3 4 2 3 1 0.2 0.3 0.3 0.2 0.1 0.1Miscellaneous Additions 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Miscellaneous Removals 3 4 0 0 0 0.4 0.6 0.0 0.0 0.0 0.0Total Bulkcarrier Fleet 10,740 10,889 11,128 11,364 11,450 777.0 794.1 817.6 841.3 848.0 861.4 881.7

% change 2.1% 1.4% 2.2% 2.1% 0.8% 2.4% 2.2% 3.0% 2.9% 0.8% 2.4% 2.4%of which:Capesize 100,000+ dwt 1,630 1,652 1,693 1,726 1,722 309.2 315.2 323.8 335.0 335.5 341.2 355.0

% change -0.3% 1.3% 2.5% 1.9% -0.2% 0.5% 1.9% 2.8% 3.4% 0.2% 1.9% 4.0%Panamax 65-99,999 dwt 2,450 2,446 2,506 2,570 2,611 195.2 196.1 201.5 206.9 210.3 214.7 218.3

% change 0.9% -0.2% 2.5% 2.6% 1.6% 1.5% 0.5% 2.8% 2.7% 1.6% 3.8% 1.7%Handymax 40-64,999 dwt 3,323 3,444 3,554 3,629 3,658 179.6 188.4 196.1 201.0 202.8 205.4 208.3

% change 6.2% 3.6% 3.2% 2.1% 0.8% 7.6% 4.9% 4.0% 2.5% 0.9% 2.2% 1.4%Handysize 10-39,999 dwt 3,337 3,347 3,375 3,439 3,459 93.0 94.4 96.1 98.6 99.4 100.2 100.2

% change 0.3% 0.3% 0.8% 1.9% 0.6% 1.3% 1.4% 1.9% 2.5% 0.9% 1.6% 0.0%

Numbers, end: m. TEU, end: Forecast2015 2016 2017 2018 Apr* 2015 2016 2017 2018 Apr* 2019 2020

Orderbook (end period) 523 467 428 443 452 4.1 3.4 2.9 0.0 2.7New Orders 274 99 140 212 53 2.4 0.3 0.8 1.3 0.3Newbuildings Delivered 211 132 155 175 44 1.7 0.9 1.2 1.3 0.3 0.9 1.1Sold for Scrap 95 194 142 67 43 0.2 0.7 0.4 0.1 0.1 0.3 0.4Losses 1 3 2 1 0 0.7 2.5 2.6 1.1 0.0 0.0Miscellaneous Additions 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0Miscellaneous Removals 5 4 0 2 0 4.3 3.2 0.0 3.2 0.0 0.0Total Containership Fleet 5,222 5,153 5,164 5,269 5,270 19.8 20.1 20.9 22.0 22.3 22.6 23.4

% change 2.2% -1.3% 0.2% 2.0% 0.0% 7.9% 1.3% 3.8% 5.6% 1.1% 2.7% 3.4%of which:Post-Panamax 15,000+ teu 65 78 101 131 139 1.2 1.4 1.9 2.4 2.6 2.9 3.5

% change 66.7% 20.0% 29.5% 29.7% 6.1% 69.2% 21.2% 31.8% 31.7% 6.3% 18.5% 21.1%Neo-Panamax* 12-14,999 teu 174 190 210 232 240 2.3 2.6 2.9 3.2 3.3 3.4 3.6

% change 12.3% 9.2% 10.5% 10.5% 3.4% 13.1% 9.8% 11.1% 10.8% 3.5% 7.8% 5.1%Neo-Panamax 8-11,999 teu 542 576 603 621 623 4.9 5.3 5.5 5.7 5.8 5.8 5.9

% change 16.1% 6.3% 4.7% 3.0% 0.3% 16.7% 6.7% 5.4% 3.5% 0.4% 0.4% 1.9%Intermediate 3-7,999 teu 1,516 1,413 1,360 1,358 1,352 7.4 6.9 6.7 6.7 6.6 6.5 6.3

% change -0.1% -6.8% -3.8% -0.1% -0.4% 0.1% -6.5% -3.6% -0.2% -0.5% -2.0% -3.2%Feeder <3,000 teu 2,925 2,896 2,890 2,927 2,916 4.0 3.9 3.9 4.0 4.0 4.0 4.1

% change -0.3% -1.0% -0.2% 1.3% -0.4% 0.0% -1.8% 0.1% 2.4% -0.2% -0.1% 1.9%

Clarksons Research

Fleet

ContainershipFleet

*Includes some ships which are too large to transit the expanded Panama Canal locks based on current official dimension restrictions.

May-19

Fleet ForecastsTanker Fleet

~Suezmax fleet total includes coated vessels. ^Total crude fleet includes crude Panamax vessels. An extended range of tanker fleet time-series is available on WFR.

Bulkcarrier

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Numbers, end: m. CBM, end: Forecast

2015 2016 2017 2018 Apr* 2015 2016 2017 2018 Apr* 2019 2020

Orderbook (end period) 155 132 117 134 138 24.6 20.8 18.5 20.6 20.6New Orders 34 10 18 77 21 5.0 1.4 2.5 11.8 2.7Newbuildings Delivered 32 33 33 56 15 4.7 5.2 4.8 9.0 2.6 5.2 6.8Sold for Scrap 3 2 2 5 2 0.3 0.3 0.3 0.5 0.3 0.8 0.8Losses 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0Miscellaneous Additions 0 0 0 1 0 0.0 0.0 0.0 0.6 0.0 0.0Miscellaneous Removals 1 0 1 1 0 125.9 0.0 0.1 138.1 0.0 0.0Total LNG Fleet 444 475 505 555 567 64.4 69.4 73.8 82.1 84.5 86.6 92.6

% change 7.0% 7.0% 6.3% 9.9% 2.2% 7.4% 7.7% 6.4% 11.3% 2.9% 5.4% 6.9%

Numbers, end: m. CBM, end: Forecast

2015 2016 2017 2018 Apr* 2015 2016 2017 2018 Apr* 2019 2020

Orderbook (end period) 217 127 82 80 80 10.4 5.4 3.6 3.8 4.1New Orders 76 19 29 44 13 4.3 0.5 1.3 2.1 1.0Newbuildings Delivered 83 93 74 40 11 3.6 4.8 3.0 1.4 0.5 1.4 2.1Sold for Scrap 19 20 23 39 4 0.1 0.3 0.3 0.9 0.0 0.4 0.7Losses 0 0 0 0 2 0.0 0.0 0.0 0.0 0.0 0.0Miscellaneous Additions 1 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0Miscellaneous Removals 0 0 1 0 0 0.0 0.0 0.0 0.0 0.0 0.0Total LPG Fleet 1,317 1,390 1,440 1,441 1,446 25.9 30.3 33.0 33.5 34.0 34.5 35.9% change 5.2% 5.5% 3.6% 0.1% 0.3% 15.8% 17.2% 8.9% 1.5% 1.4% 2.9% 4.1%of which:65,000+ cbm 199 243 266 271 276 16.2 19.9 21.8 22.2 22.6 23.1 24.6

% change 21.3% 22.1% 9.5% 1.9% 1.8% 22.2% 22.9% 9.7% 2.0% 1.9% 3.9% 6.5%20-64,999 cbm 163 183 205 209 212 5.4 6.1 6.8 6.9 7.0 7.0 7.0

% change 7.9% 12.3% 12.0% 2.0% 1.4% 8.5% 12.6% 12.0% 1.2% 1.2% 1.9% -0.5%5-19,999 cbm 339 348 353 355 354 2.8 2.9 2.9 2.9 2.9 2.9 2.9

% change 5.9% 2.7% 1.4% 0.6% -0.3% 6.4% 2.5% 2.0% 0.6% -0.4% -0.9% -1.2%<5,000 cbm 616 616 616 606 604 1.5 1.5 1.5 1.5 1.4 1.4 1.4

% change -0.2% 0.0% 0.0% -1.6% -0.3% 0.0% 0.0% -0.7% -2.4% -0.8% -1.5% -2.4%

Numbers, end: 000 GT, end: Forecast

2015 2016 2017 2018 Apr* 2015 2016 2017 2018 Apr* 2019 2020

AHTS >2,500 GT 510 530 537 547 548 1,924.5 1,994.7 2,051.9 2,107.5 2,116.6 2,132.4 2,151.6AHTS <2,500 GT 2,099 2,078 2,044 1,994 1,981 2,862.4 2,862.5 2,837.9 2,786.8 2,769.5 2,743.7 2,708.7

% change 0.2% 0.0% -1.0% -1.5% -0.5% 3.4% 1.5% 0.7% 0.1% -0.2% -0.4% -0.3%PSV >2,500 GT 724 768 793 810 818 2,593.1 2,770.2 2,880.1 2,952.1 2,982.7 3,045.4 3,173.4PSV <2,500 GT 1,225 1,246 1,250 1,232 1,218 1,482.8 1,509.7 1,510.4 1,486.9 1,460.5 1,468.9 1,473.9

% change 6.5% 3.3% 1.4% 0.0% -0.3% 9.6% 5.0% 2.6% 1.1% 0.1% 1.7% 2.9%Other 4,410 4,486 4,537 4,579 4,569 46,520.0 48,086.9 49,115.5 50,547.1 50,160.9 50,310.9 50,864.2Total Offshore Fleet 8,968 9,108 9,161 9,162 9,134 55,382.8 57,223.9 58,395.9 59,880.5 59,490.1 59,701.3 60,371.8

% change 3.2% 1.6% 0.6% 0.0% -0.3% 5.2% 3.3% 2.0% 2.5% -0.7% -0.3% 1.1%

Numbers, end: Units, end:** Forecast2015 2016 2017 2018 Apr* 2015 2016 2017 2018 Apr* 2019 2020

MPP (,000 Teu) 3,264 3,235 3,180 3,173 3,178 1544.2 1,539.7 1,520.2 1,521.0 1,528.8 1,530.7 1,511.2% change -0.5% -0.9% -1.7% -0.2% 0.2% 0.8% -0.3% -1.3% 0.0% 0.5% 0.6% -1.3%

General Cargo (m. dwt) 15,019 15,016 14,942 14,917 14,911 37.8 37.7 37.6 37.6 37.5 37.6 37.5% change 0.1% 0.0% -0.5% -0.2% 0.0% 0.2% -0.4% -0.2% -0.1% -0.1% 0.2% -0.4%

PCC (m. dwt) 785 780 782 785 783 12.4 12.3 12.5 12.6 12.6 12.5 12.3% change 1.7% -0.6% 0.3% 0.4% -0.3% 2.4% -0.8% 1.6% 0.7% 0.0% -0.8% -1.4%

Ro-Ro (m. dwt) 828 831 838 839 845 6.8 6.8 6.9 7.0 7.1 7.1 7.1% change 0.7% 0.4% 0.8% 0.1% 0.7% 3.5% -0.5% 1.0% 1.8% 0.8% 1.4% 0.3%

Pass. Ferry (,000 Pax.) 7,369 7,490 7,631 7,783 7,805 2,103.8 2,119.4 2,136.5 2,166.8 2,170.2 2,178.4 2,183.9% change 1.9% 1.6% 1.9% 2.0% 0.3% 1.0% 0.7% 0.8% 1.4% 0.2% 0.5% 0.2%

Cruise (,000 Berths) 400 409 421 430 437 489.1 516.0 543.5 572.6 589.5 608.4 646.6% change 1.5% 2.3% 2.9% 2.1% 1.6% 3.0% 5.5% 5.3% 5.4% 3.0% 6.3% 6.3%

Reefer (m. ft3) 1,472 1,465 1,442 1,420 1,416 224.5 221.7 213.3 206.4 204.8 197.0 176.6% change 0.2% -0.5% -1.6% -1.5% -0.3% -0.5% -1.3% -3.8% -3.2% -0.8% -4.5% -10.4%

Other (m. GT) 23,100 23,497 23,826 24,123 24,181 13.6 13.3 13.2 13.2 13.1% change 2.3% 1.7% 1.4% 1.2% 0.2% -2.4% -1.9% -0.8% -0.2% -0.2%

Numbers, end: m. GT, end: Forecast2015 2016 2017 2018 Apr* 2015 2016 2017 2018 Apr* 2019 2020

57,595 58,207 58,710 59,229 59,459 1,122.6 1,157.7 1,198.6 1,235.2 1,251.9 1,269.4 1,294.6% change 1.5% 1.1% 0.9% 0.9% 0.4% 3.9% 3.1% 3.5% 3.1% 1.3% 2.8% 2.0%GLOBAL TOTAL FLEET 92,892 94,097 95,133 96,141 96,444 1,221.3 1,259.1 1,302.1 1,341.3 1,358.1 1,376.3 1,403.2% change 1.8% 1.3% 1.1% 1.1% 0.3% 3.8% 3.1% 3.4% 3.0% 1.3% 2.6% 2.0%

Clarksons Research

Fleet ForecastsLNG Carrier

Fleet

LPG Carrier

Fleet

** Units are dwt for Combos, PCC, Ro-Ros and General Cargo, TEU for MPP, cu.ft. for Reefer, no. of berths for Cruise, and GT for others. Fleet forecasts take into account delivery trends calculated using the orderbook delivery schedule, estimated slippage and cancellation trends. Delivery statistics and fleet forecasts are calculated using assumptions based on yard-by-yard analysis of historical and expected future orderbook delivery performance. NOTE THAT FLEET GROWTH FORECASTS ON PAGES 26-27 ARE BASIS TOTAL FLEET CAPACITY, AND THAT VESSEL TIME OUT OF SERVICE FOR SCRUBBER RETROFIT IS LIKELY TO IMPACT ‘ACTIVE’ CAPACITY GROWTH IN 2019 AND 2020. REDUCTION IN CAPACITY IN 2019 CURRENTY ESTIMATED AT 1.4% FOR CRUDE TANKERS, 0.6% FOR PRODUCTS TANKERS, 0.7% FOR BULKCARRIERS AND 1.0% FOR CONTAINERSHIPS. FOR MORE DETAILS SEE CLARKSONS RESEARCH MONTHLY SHIPPING SECTOR REPORTS.

May-19

Offshore

Fleet

Other Vessel Types

Total Fleet

TOTAL CARGO FLEET

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Shipbuilding Focus

Steady Overall? Driven largely by subdued contracting in recent years, global shipyard output has remained relatively limited in 2019 so far, with 447 units of 33.8m dwt delivered into the global fleet, steady year-on-year in dwt terms. Looking forward, total deliver-ies are currently projected to reach 79.9m dwt in full year 2019, a similar total in dwt terms as full year 2018, when total output reached its lowest annual level since 2009. However, despite a year-on-year likeness in overall output levels, some interesting dynamics appear to be at play within the different vessel sectors. Tankers Getting Ahead? Tanker output has been relatively firm in 2019 so far, with 160 units of 17.0m dwt reported delivered, up 40% year-on-year in dwt terms. The Q1 total (138 units of 14.5m dwt) represented the second high-est quarterly total on record in dwt terms, though, due in part to a front-heavy or-derbook (61% of tonnage on order at the start of the year was due for delivery by end June), tanker output is currently pro-jected to slow in the rest of 2019. Howev-er, the full year 2019 forecast is still for a 19% year-on-year increase to a total of 34.5m dwt. Against the backdrop of posi-tive sentiment, driven partly by upcoming regulation, delivery slippage has slowed, and any acceleration of this trend could yet see upside to the delivery outlook. Bulker Output Slowing? In contrast, bulker output has been sub-dued in 2019 so far, with 121 units of 10.7m dwt delivered, steady year-on-year in dwt terms on limited 2018 levels. With

the volume of tonnage due for delivery in 2019 (as of start year) larger than 2018, bulker output in full year 2019 is currently projected to increase 17% year-on-year in dwt terms, to reach 32.6m dwt. Howev-er, weak bulker markets have led to sig-nificant delivery slippage in 2019 so far, and with conditions still looking tough, potential downside risk to output is clear. Output Falling Elsewhere Boxship output totalled 44 units of 3.6m dwt as of end April 2019, down by 39% year-on-year in dwt terms. Meanwhile, with limited volumes due for delivery in 2019 total boxship output in the full year

is currently projected to decline by 50% year-on-year in dwt terms to 9.3m dwt. Similarly, 26 gas carriers of 1.7m dwt have been delivered in 2019 so far, also down 39% year-on-year, while full year 2019 output is currently projected to de-cline 29% year-on-year, to 3.8m dwt. So, overall shipyard output still looks sub-dued in historical terms, and is projected to remain steady this year. Despite this, across the different ship types output levels compared to 2018 have varied significantly in the year to date, and there remain clear upsides and downsides to delivery projections. Beyond the overall trend, there is still plenty to track closely.

Global shipyard output is currently projected to reach 79.9m dwt in full year 2019, similar to already lim-ited 2018 levels. Although delivery volumes are projected to remain fairly steady year-on-year, within the different vessel sectors a number of interesting output dynamics have emerged in 2019 so far, and sev-eral factors could potentially affect the delivery outlook.

Graph of the Month Shipyard Output: Keeping Tabs On The Vessel Sectors

Source : Clarksons Research

Global Shipyard Output: Looking Past The Overall Trend

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m dwtGlobal Shipyard Output

Forecast

World Shipyard Monitor, May 2019 Published by: Clarkson Research Services Limited Commodity Quay, St Katharine Docks, London E1W 1BF, England. Tel: + (44) (0) 20 7334 3134 E-mail: [email protected] On-line Shop: http://www.crsl.com Website: http://www.clarksons.com/research Shipping Intelligence Network: http://www.clarksons.net World Fleet Register: http://www.clarksons.net/wfr World Shipyard Monitor is published 12 times a year. It is availa-ble on subscription at a price of £925/£945 (within Europe/outside Europe) including postage.

Editorial Board: Managing Director Stephen Gordon Research Director Trevor Crowe Publisher Rob Benson Editor George Warner Analyst Alex Springer Analyst Ivan Rumynin Analyst Yinglong Cai Analyst Seungwon Lee Data & Statistics Phil English Clarksons Platou Contacts: Newbuilding S. Nair Newbuilding P. Love Demolition D. Lepper

The material and the information contained herein are provided for general information purposes, and may not be reproduced without the written permission of Clarksons Research. To the maximum extent permitted by law, Clark-sons Research shall not be liable to the recipient or any third party for any loss, liability or damage, cost or expense including without limitation, direct, indirect, consequential loss or damage, any loss of profit, loss of use, loss of or interruption in business, loss of goodwill, loss of data arising out of, or in connection with, the use of and the reliance on the information whether in contract, tort, negli-gence, bailment, breach of statutory duty or otherwise, even if foreseeable. This disclaimer shall be governed by and construed in accordance with English law.

The bars on the graph show total deliveries in selected vessel sec-tors from 2015 to 2018 and in 2019 so far in dwt terms. The cross-hatched bars show total tonnage forecast for delivery in the remainder of 2019. The inset graph shows an annual timeseries of global shipyard output in dwt terms. A wide range of deliveries data is available on the Shipping Intelligence Net-work.

The author of this feature article is George Warner. Any views or opin-ions presented are solely those of the author and do not necessarily repre-sent those of the Clarksons group.

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