In a year that could easily be dubbed as the “era of ship investment” ship owners across the board moved to take advantage of lower prices and a healthy freight market (although with many ups and downs). Improved financing conditions meant that owners could access more funds, thus moving forward with their investment plans.
Many opted for new buildings, as shipyards reduced their prices in order to refill their berths for the years to come, something which most of them have achieved. As a result, as we enter 2011, a year expected to bring yet more healthy economic recovery for most major economies, but also significant challenges for others (as IMF noted in its end-year report), the world’s shipping industry and its leading maritime nation, Hellas, are in a good position to reap the profits.Hellas-based shipping companies have renewed in a large part their fleet of vessels, lowering both their average purchasing value, as well as their age. Lower ship values as much as 50% compared to the pre-crisis levels, meant that 2010 proved to pose a solid opportunity for many companies in the dry bulk sector to add more vessels to their fleet at a lower cost, compared to ships acquired during 2007-2008. This will enable them to increase their profit margins during the years to come, without expecting freight rates to reach levels similar to those of the sector’s golden era of 2004-2008. It’s a true testament of shipping’s growth potential, even as the country is facing its worst financial crisis in decades, a crisis now perilously spreading to other eurozone members as well.
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Source: Hellenic Shipping News
SHIPPING: Following a year with very large investments in the fleet, Norden ends 2010 as owner of 28 vessels, equally divided between Dry Cargo and Tankers. This is 10 more than at the beginning of the year, and the fleet will also grow in 2011
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The new guidance, developed to complement the Lloyd’s Register Ballast Water Treatment Technology Guide, reflects the current status of regulations proposed by the International
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