STX Pan Ocean noted that the widening financing difficulties faced by shipyards may delay the scheduled newbuilding deliveries and alleviate the overcapacity situation in the dry bulk market, Seatrade Asia online reports.Earnings in the dry bulk market have suffered due to excess vessels chasing demand. In the first-half of 2011, 513 vessels (43.8m dwt) were delivered.
Newbuilding bulker orderbook of the second-half shows 86.7m dwt which is 15.2% of the existing bulker fleet of 568.7m dwt.
“If the whole newbuilding orders would be delivered, it can be a burden in the shipping business,” said STX Pan Ocean in a statement.
“However, some greenfield shipyards have been unable to keep pace with the increasing level of deliveries as financing for new vessels become more difficult. Then, several small and medium-sized shipyards, especially substantial newly-established Chinese yards suffer financial problems, so there is a possibility some vessels are not to be delivered on schedule.”
Meanwhile, the Korea-based dry bulk owner managed to pull in a net profit of $20.2m in the second-quarter, surfacing from a net loss of $2.62m in the same quarter of 2010.
In the first-half of this year, however, the Singapore-listed firm reported a net loss of $28.52m as against a net profit of $15.69m in the six-month period a year ago.
Revenue for the second-quarter stood at $1.4bn compared to $1.53bn in the corresponding quarter of last year.
Newbuilding bulker orderbook of the second-half shows 86.7m dwt which is 15.2% of the existing bulker fleet of 568.7m dwt.
“If the whole newbuilding orders would be delivered, it can be a burden in the shipping business,” said STX Pan Ocean in a statement.
“However, some greenfield shipyards have been unable to keep pace with the increasing level of deliveries as financing for new vessels become more difficult. Then, several small and medium-sized shipyards, especially substantial newly-established Chinese yards suffer financial problems, so there is a possibility some vessels are not to be delivered on schedule.”
Meanwhile, the Korea-based dry bulk owner managed to pull in a net profit of $20.2m in the second-quarter, surfacing from a net loss of $2.62m in the same quarter of 2010.
In the first-half of this year, however, the Singapore-listed firm reported a net loss of $28.52m as against a net profit of $15.69m in the six-month period a year ago.
Revenue for the second-quarter stood at $1.4bn compared to $1.53bn in the corresponding quarter of last year.