Newbuilding orders increase in the GCC region

GCC companies have ordered 47 new vessels this year.


 GCC Shipping companies have been busy ordering new vessels as they look to renew their fleets.

Led by UASC’s $1.4billion order for ten containerships, GCC companies have ordered 47 new vessels in 2013, for a total deadweight of just over two million.

Recent deals include Tomini’s order for nine bulkers from China, with a view for a further 11 vessels to be ordered by the Dubai-based company.

Two more Dubai firms, Tristar and BlueLine, have also placed orders for six and four ships respectively, backed by long-term charters to energy major Shell.

In secondhand vessel purchases, shipping companies based in the United Arab Emirates are leading the GCC, making up for 84% of all ships bought in the region so far in 2013.

New figures from VesselsValue.Com show that UAE based firms have purchased 32 vessels this year, spending just over $210m.

The list of new acquisitions includes 22 tankers, four bulkers, six gas carriers and one boxship.

Shipping companies from Saudi Arabia have purchased four vessels this year, all tankers, for a total outlay of $68.7m.

That includes two aframxes purchased by Red Sea Marine early in the year for a combined total of $39m.

Bahrain companies account for two buys, both gas carriers, spending $40m.

In total, GCC based companies have purchased 38 vessels in 2013, including five aframax tankers and seven small chemical tankers for a combined total of $318.7m.

Globally shipping companies have spent over $16billion in second-hand vessels in 2013.

The statistics also reveal that UAE companies have sold 11 vessels this year, bringing in $74.3m, while Kuwait companies have sold four ships, for a total of just over $20m.

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