Newbuilding orders increase in the GCC region

GCC companies have ordered 47 new vessels this year.
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 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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