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Clarkson Research Services

World Shipyard MonitorVolume 22, No. 1 ISSN: 1358-8788

Global Contracting Global Shipbuilding Activity This MonthOrderbook 316.9m dwt 2014 Deliveries 90.9m dwt

109.7m dwt 2014 Demolition 33.9m dwt

Newbuilding Prices This Month (end Dec-14)Newbuilding Price Index 138.5 VLCC N/B $97.0m

Capesize N/B $54.0m Boxship c.13,000 teu N/B $116.0m

The Clarkson Research fleet database on-line builds on a history of more than

50 years of publication of industry standard vessel data.

Clarkson Research's World Fleet Register covers over 90,000 vessels in service, on order, under conversion or recently removed from the global fleet.

January-2015

World Fleet RegisterA powerful, web-based vessel database system … a comprehensive view of the

world fleet

www.clarksons.net/wfr

2014 Contracts

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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

Clarkson Research Services Limited (CRSL) is respected worldwide as the most authoritative provider of intelligence for global shipping. CRSL is part of the Clarksons group, the world's largest shipbroking and integrated shipping services provider. For more detail about the Clarksons group visit www.clarksons.com.

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CHINA

SELECTED SHIPYARDS China: 1. Shanghai Waigaoqiao, Hudong Zhonghua Jiangnan Changxing Jiangnan SY Group 2. Jiangsu New YZJ 3. Chengxi Shipyard, Hantong SY, Nantong Cosco KHI, Jiangsu Rongsheng 4. Dalian Shipbuilding SSPACTEE

5. New Times SB 6. Zhejiang Yangfan, Zhejiang Ouhua SB, Tsuneishi Zhoushan 7. CIC (Jiangsu) Sinopacific Dayang, Taizhou Sanfu, Taizhou Kouan SB, Changxing SB 8. Jinhai Heavy Industries SPACETE

9. Beihiai Shipyard 10. Guangzhou Longxue 11. Jingling Shipyard 12. Guangzhou SY Intl., Huangpu Wenchong (W) 13. STX Dailan 14. Sainty SB (Yangzhou) 15. Bohai Shipbuilding 16. Weihai Samjin

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JAPAN

SOUTH KOREA

SELECTED SHIPYARDSSouth Korea:1. Hyundai HI (Ulsan)2. Daewoo (Okpo)3. Samsung HI (Koje)4. Hyundai Mipo5. Hyundai Samho HI6. Sungdong SB7. STX Shipbuilding (Jinhae)8. SPP Shipbuilding (Sacheon)9. Hyundai HI (Gunsan)10. Daehan SB11. Hanjin HI 12. STX Shipbuilding (Goseong)

SELECTED SHIPYARDSJapan:1. Mitsubishi HI (Nagasaki)2. Oshima SB Co.3. Imabari Shipbuilding (Imabari)4. Imabari Shipbuilding (Hiroshima)5. Japan Marine United (Kure)6. Namura Shipbuilding7. Japan Marine United (Ariake)8. Imabari Shipbuilding (Marugame)9. Japan Marine United (Tsu)10. Shin Kurushima (Onishi)11. Imabari Shipbuilding (Saijo)12. Tsuneishi Zosen13. Onomichi Dockyard14. Kitanihon Zosen 15. Japan Marine United (Yokohama)16. Sasebo HI

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2013 Dec* 2013 Dec* 2011 2012 2013 Dec* 2015 2016 2017 2018+

VLCC 200,000+ dwt 86 92 3.8 4.0 40.7 26.8 27.0 28.6 8.7 16.2 3.8 0.0Suezmax 120-199,999 dwt 54 68 1.6 2.1 20.0 13.0 8.4 10.6 2.6 4.4 3.0 0.6Aframax 80-119,999 dwt 115 109 3.0 2.8 9.4 6.4 12.9 12.3 5.9 4.1 1.6 0.7Panamax 60-79,999 dwt 22 43 0.5 0.9 3.2 2.5 1.6 3.1 0.6 2.1 0.4 0.0Products 30-59,999 dwt 343 280 8.2 6.5 9.2 10.4 16.7 13.5 8.0 4.7 0.8 0.1Products 10-29,999 dwt 15 7 0.2 0.1 0.4 0.2 0.3 0.2 0.1 0.0 0.0 0.0Chem & Spec. 10-59,999 dwt 138 223 2.4 3.9 3.1 2.0 3.7 5.9 2.3 2.5 1.1 0.1Tankers 10,000+ dwt 773 822 19.6 20.2 85.9 61.3 70.6 74.3 28.1 34.0 10.7 1.5Tankers < 10,000 dwt 185 130 1.1 0.7 2.2 1.3 0.9 0.6 0.5 0.1 0.0 0.0Capesize 100,000+ dwt 349 369 11.4 12.0 91.7 47.0 68.3 72.6 31.0 33.5 7.5 0.7Panamax 80-99,999 dwt 340 342 6.8 6.8 47.2 29.8 28.2 28.3 14.1 11.3 2.6 0.3Panamax 65-79,999 dwt 154 73 2.9 1.4 21.5 15.4 11.5 5.3 5.0 0.4 0.0 0.0Handymax 40-64,999 dwt 797 772 13.5 13.3 49.4 33.0 46.9 46.6 25.3 16.1 4.8 0.4Handysize 10-39,999 dwt 510 474 6.5 6.1 22.4 14.3 17.6 16.8 9.8 5.4 1.6 0.1Bulkers 10,000+ dwt 2,150 2,030 41.1 39.7 232.1 139.5 172.5 169.7 85.1 66.6 16.5 1.6Combos 10,000+ dwt 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Total Bulk Vessels 3,108 2,982 61.9 60.6 320.3 202.1 244.0 244.6 113.7 100.6 27.1 3.1

2013 Dec* 2013 Dec* 2011 2012 2013 Dec* 2015 2016 2017 2018+

LNG Carriers 120 159 9.8 12.5 5.0 7.8 9.9 12.7 3.3 3.3 2.9 3.2LPG Carriers 182 226 2.9 4.4 1.4 2.1 4.3 7.3 2.9 3.6 0.8 0.0Containers 8,000+ teu 275 224 15.4 12.7 36.2 28.6 36.9 30.8 17.8 9.8 2.0 1.2Containers 3-7,999 teu 105 50 3.2 1.5 12.1 9.8 6.3 2.9 2.1 0.5 0.2 0.1Containers < 3,000 teu 150 166 2.3 2.7 3.3 2.3 3.5 4.3 1.8 2.1 0.3 0.0Offshore 1,214 1,014 12.2 10.8 10.2 10.9 10.3 9.3 4.2 2.6 1.6 0.8Cruise Vessels 24 32 2.8 4.0 0.2 0.2 0.2 0.3 0.1 0.1 0.1 0.1Passenger Ferries 76 68 0.9 0.9 0.1 0.1 0.1 0.2 0.1 0.0 0.0 0.0Other# 411 324 6.0 4.9 10.3 7.0 5.8 4.5 3.1 1.1 0.3 0.0Total Specialised Vessels 2,557 2,263 55.5 54.5 78.8 68.8 77.4 72.3 35.3 23.2 8.3 5.5

2013 Dec* 2013 Dec* 2011 2012 2013 Dec* 2015 2016 2017 2018+

All Vessel Types 5,665 5,245 117.4 115.1 399.1 270.9 321.5 316.9 149.1 123.8 35.4 8.6


Orderbook by Vessel TypeOrderbook as % Of Fleet (dwt)

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

Orderbook Summary

m.CGT, end:

No. end:

Total

m.CGT, end: m. dwt, end:

Orderbook

Orderbook, Delivery in:

Orderbook

Specialised Vessel

Jan-15

Orderbook

m. dwt, 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. 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.

No. end:

6.3%

6.7%

56.4%

20.1%

29.7%

27.1%

34.9%

23.3%

11.4%

5.2%

23.7%

5.4%

13.3%

11.0%

14.2%

7.8%

3.1%

39.0%

19.0%

28.1%

27.1%

31.8%

23.6%

18.3%

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18.1%

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Boxship <3K TEU

Boxship 3-8K TEU

Boxship >8K TEU

Handysize

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P'max 65-80K

P'max 80-100k

Capesize

Chem & Spec.

Prod. 10-30K

Prod. 30-60K

Panamax

Aframax

Suezmax

VLCCEnd Dec 14End 2013

� At the start of 2015, the global orderbook stood at 5,245 vessels of 316.9m dwt. Following strong ordering in 2013, contracting activity slowed 41% y-o-y in numerical terms in 2014 contributing to a y-o-y decline of 7% in the global orderbook in numerical terms.

� Despite this, the 10,000+ dwt tanker orderbook grew 5% y-o-y in 2014 to 822 ships of 74.3m dwt. After limited Suezmax ordering in 2013, with 5 ships contracted, newbuilding interest returned to the sector in 2014 and 40 Suezmaxes were reported contracted. This, alongside lower deliveries in 2014, led to growth of 26% y-o-y in the volume of Suezmax tonnage on order. Also in the crude sector, the VLCC orderbook grew 6% y-o-y in dwt terms in 2014, totalling 92 ships of 28.6m dwt as of 1st January 2015.

� In the boxship sector, the orderbook declined 17% y-o-y in tonnage terms in 2014 to 440 vessels of 38.0m dwt at the start of 2015. This fall was most apparent in the 3-8,000 TEU sector where there has been very limited ordering. The 3-8,000 TEU boxship orderbook declined by 53% y-o-y at the start of 2015 to 50 ships of 2.9m dwt, its lowest level since 1999 in numerical terms.

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Orderbook by Vessel Type

2007 2008 2009 2010 2011 2012 2013 Dec* 2015 2016 2017 2018+

VLCC 200,000+ dwt 29.2 40.0 32.8 31.8 20.7 13.7 13.7 14.5 4.4 8.1 1.9 0.0Suezmax 120-199,999 dwt 11.7 13.3 11.3 13.0 10.5 6.9 4.4 5.5 1.4 2.3 1.6 0.3Aframax 80-119,999 dwt 17.9 15.7 10.9 8.8 5.2 3.5 7.1 6.7 3.2 2.2 0.9 0.4Panamax 60-79,999 dwt 6.2 5.2 4.2 3.6 1.9 1.5 1.0 1.8 0.4 1.2 0.3 0.0Products 30-59,999 dwt 15.9 14.0 9.8 7.4 5.5 6.2 10.1 8.2 4.8 2.8 0.5 0.1Products 10-29,999 dwt 0.3 0.4 0.5 0.5 0.3 0.2 0.2 0.1 0.1 0.0 0.0 0.0Chem & Spec. 10-59,999 dwt 9.5 8.4 6.3 3.8 2.0 1.3 2.3 3.7 1.4 1.5 0.7 0.1Tankers 10,000+ dwt 90.7 96.9 75.8 68.7 46.2 33.3 38.8 40.5 15.7 18.2 5.8 0.8Tankers < 10,000 dwt 2.8 2.8 2.4 1.9 1.5 0.9 0.6 0.4 0.3 0.0 0.0 0.0Capesize 100,000+ dwt 63.4 83.1 76.8 67.5 47.4 24.3 35.2 37.3 15.9 17.1 3.8 0.4Panamax 80-99,999 dwt 17.2 23.6 22.8 30.1 25.5 16.1 15.3 15.4 7.7 6.1 1.4 0.2Panamax 65-79,999 dwt 7.6 9.2 9.4 13.3 12.0 8.7 6.4 3.0 2.8 0.2 0.0 0.0Handymax 40-64,999 dwt 30.2 37.5 35.2 37.4 29.2 19.6 27.5 27.4 14.8 9.5 2.8 0.2Handysize 10-39,999 dwt 16.8 21.8 20.1 20.0 14.3 9.1 11.0 10.4 6.1 3.3 1.0 0.1Bulkers 10,000+ dwt 135.1 175.3 164.3 168.4 128.4 77.8 95.4 93.4 47.2 36.3 9.0 0.9Combos 10,000+ dwt 1.5 1.5 1.5 0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Total Bulk Vessels 230.1 276.5 244.0 239.8 176.1 112.0 134.8 134.3 63.2 54.6 14.8 1.7

2007 2008 2009 2010 2011 2012 2013 Dec* 2015 2016 2017 2018+

LNG Carriers 14.7 9.1 4.4 2.0 6.2 9.7 12.4 15.7 4.2 4.0 3.6 3.9LPG Carriers 3.9 2.7 1.7 1.4 1.2 1.9 3.7 6.2 2.5 3.0 0.6 0.0Containers 8,000+ teu 35.7 36.6 32.9 29.2 34.9 27.5 35.2 29.2 16.8 9.4 1.9 1.2Containers 3-7,999 teu 24.8 22.8 16.6 10.3 10.3 8.4 5.5 2.6 1.9 0.4 0.2 0.1Containers < 3,000 teu 10.5 7.7 4.3 2.8 2.6 1.8 3.0 3.6 1.6 1.7 0.3 0.0Offshore 6.3 7.8 7.5 8.5 9.8 11.3 11.5 10.6 4.4 3.2 1.9 1.0Cruise Vessels 4.2 3.2 2.4 2.1 2.5 2.8 2.8 4.0 0.8 1.2 0.9 1.2Passenger Ferries 1.4 1.3 1.0 1.0 0.7 0.4 0.6 0.6 0.3 0.2 0.1 0.0Other# 24.3 25.1 20.5 17.1 11.1 8.4 8.7 7.1 4.4 1.9 0.7 0.1Total Specialised Vessels 125.9 116.3 91.2 74.3 79.3 72.0 83.4 79.6 36.9 25.0 10.2 7.4

2007 2008 2009 2010 2011 2012 2013 Dec* 2015 2016 2017 2018+

All Vessel Types 356.0 392.8 335.2 314.1 255.4 184.0 218.2 213.9 100.1 79.6 25.0 9.1


Orderbook as % Of Fleet (dwt)

Orderbook, Delivery in:Million GT, end:

Bulk Vessel

Orderbook

Million GT, end: Orderbook, Delivery in:


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

Orderbook

Total

Orderbook

Million GT, end:

Jan-15

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2013 Dec* 2013 Dec* 2010 2011 2012 2013 Dec*

VLCC 200,000+ dwt 47 35 2.1 1.5 17.7 1.0 6.5 14.7 10.9 DOWN BY….. -26%Suezmax 120-199,999 dwt 5 40 0.2 1.2 12.2 4.0 1.3 0.8 6.3 UP BY…. 704%Aframax 80-119,999 dwt 79 20 2.0 0.5 4.4 1.0 2.0 8.9 2.2 DOWN BY….. -75%Panamax 60-79,999 dwt 0 26 0.0 0.5 1.3 0.3 0.5 0.0 1.9Products 30-59,999 dwt 233 55 5.6 1.1 2.1 3.4 4.9 11.3 2.5 DOWN BY….. -78%Products 10-29,999 dwt 9 1 0.1 0.0 0.2 0.1 0.0 0.2 0.0 DOWN BY….. -81%Chem & Spec. 10-59,999 dwt 89 122 1.6 2.1 0.4 0.3 0.7 2.5 3.1 UP BY…. 27%Tankers 10,000+ dwt 462 299 11.5 7.0 38.3 10.1 16.0 38.3 27.0 DOWN BY….. -29%Tankers < 10,000 dwt 59 20 0.4 0.1 0.6 0.5 0.3 0.3 0.1 DOWN BY….. -75%Capesize 100,000+ dwt 238 136 7.7 4.5 30.7 12.2 6.8 46.2 27.5 DOWN BY….. -41%Panamax 80-99,999 dwt 169 125 3.4 2.5 27.2 8.5 4.8 13.9 10.3 DOWN BY….. -26%Panamax 65-79,999 dwt 40 6 0.7 0.1 11.6 5.0 2.2 2.9 0.4 DOWN BY….. -85%Handymax 40-64,999 dwt 495 256 8.6 4.5 23.8 11.6 6.5 30.4 15.6 DOWN BY….. -49%Handysize 10-39,999 dwt 311 154 3.9 2.0 11.1 4.9 4.2 10.8 5.6 DOWN BY….. -48%Bulkers 10,000+ dwt 1,253 677 24.3 13.6 104.5 42.2 24.4 104.1 59.5 DOWN BY….. -43%Combos 10,000+ dwt 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 #DIV/0!Total Bulk Vessels 1,774 996 36.3 20.7 143.3 52.8 40.7 142.8 86.6 DOWN BY….. -39%

2013 Dec* 2013 Dec* 2010 2011 2012 2013 Dec*

LNG Carriers 46 74 3.5 5.6 0.4 4.4 3.3 3.5 5.7 UP BY…. 63%LPG Carriers 124 102 2.1 2.2 0.7 0.5 1.2 3.2 3.9 UP BY…. 23%Containers 8,000+ teu 160 57 8.8 3.4 5.1 15.5 2.8 21.0 8.4 DOWN BY….. -60%Containers 3-7,999 teu 22 4 0.7 0.1 1.3 4.7 1.9 1.4 0.2 DOWN BY….. -83%Containers < 3,000 teu 92 67 1.5 1.1 0.7 1.4 0.5 2.3 1.6 DOWN BY….. -28%Offshore 516 298 3.9 2.8 4.3 4.1 3.4 1.8 1.9 STEADY AT…. 3%Cruise Vessels 6 15 0.6 2.0 0.1 0.1 0.1 0.1 0.2 UP BY…. 239%Passenger Ferries 48 28 0.6 0.4 0.1 0.0 0.0 0.1 0.1 DOWN BY….. -50%Other# 168 108 2.9 1.4 3.7 1.7 1.9 2.6 1.2 DOWN BY….. -55%

Total Specialised Vessels 1,182 753 24.6 19.0 16.4 32.4 15.0 35.9 23.1 DOWN BY….. -36%

2013 Dec* 2013 Dec* 2010 2011 2012 2013 Dec*

All Vessel Types 2,956 1,749 60.8 39.7 159.8 85.3 55.8 178.7 109.7 DOWN BY….. -39%


This Year vs. Last Year



m. dwt, end: Bulk Vessel

Contracting

Contracting by Vessel Type

#DIV/0!

Quarterly Contracting (m. CGT) Contracting Summary

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

Ordering Trends

Ordering Trends

Ordering Trends

m.CGT, end: m. dwt, end:

No. end:

Jan-15

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

0

5

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15

20

25

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2Q07

4Q07

2Q08

4Q08

2Q09

4Q09

2Q10

4Q10

2Q11

4Q11

2Q12

4Q12

2Q13

4Q13

2Q14

4Q14

TankersBulkersGasContainersOther

� A total of 1,749 vessels of a combined 109.7m dwt were reported ordered in 2014. Following firmer than anticipated ordering activity in 2013, newbuilding interest subsided throughout 2014 and contracting levels declined by 39% y-o-y in dwt terms.

� Ordering levels decreased across the majority of ship sectors last year with the gas sector one of the few to see the number of orders rise y-o-y. In fact, gas sector ordering reached record levels in terms of cu.m. with 16.6m cu.m. reported ordered (176 vessels). This heightened level of newbuilding interest was supported by expectations of an increase in shale production in the US. Two thirds of capacity contracted was accounted for by LNG carriers with the volume of LNG units ordered rising 66% y-o-y to 11.0m cu.m. Whilst the number of LPG units contracted fell slightly y-o-y, the focus on VLGCs pushed ordering volumes in the LPG sector up by 24% y-o-y in cu.m. terms in 2014 and a record 54 VLGC orders of 4.5m cu.m. were placed. Consequently, the gas carrier orderbook has grown by 41% since the start of 2014 in numerical terms to 34.7m cu.m. at the start of 2015. This is equivalent to over 40% of the current gas carrier fleet in terms of cu.m.

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Contracting by Vessel Type

Date Dwt Del.Dec-14 0 0 0 2016 0 0.00Dec-14 0 0 0 2016 0 0.00Dec-14 85,000 172,000 cu.m. 2019 $m 317.53Dec-14 85,000 172,000 cu.m. 2018 $m 317.53Dec-14 85,000 172,000 cu.m. 2018 $m 317.53Dec-14 85,000 172,000 cu.m. 2017 $m 317.53Dec-14 85,000 172,000 cu.m. 2017 $m 317.53Dec-14 34,000 0 0 2017 0 0.00Dec-14 94,600 173,400 cu.m. 2018 0 0.00Dec-14 94,600 173,400 cu.m. 2018 0 0.00Dec-14 94,600 173,400 cu.m. 2018 0 0.00Dec-14 94,600 173,400 cu.m. 2018 0 0.00Dec-14 111,000 0 0 2016 $m 49.00Dec-14 111,000 0 0 2016 $m 49.00Dec-14 4,100 84 LOA 2016 0 0.00Dec-14 82,000 165,000 cu.m. 2018 0 0.00Dec-14 6,000 2,000 Passengers 2017 0 0.00Dec-14 10,000 2,660 Berths 2018 0 0.00Dec-14 15,000 3,954 Berths 2018 0 0.00Dec-14 38,000 0 0 2017 0 0.00Dec-14 158,000 0 0 2017 $m 65.00Dec-14 158,000 0 0 2016 $m 65.00Dec-14 115,177 10,000 TEU 2016 $m 84.50Dec-14 115,177 10,000 TEU 2016 $m 84.50Dec-14 37,300 0 0 2017 0 0.00Dec-14 319,000 0 0 2017 0 0.00Dec-14 0 98 LOA 2016 NKm 520.00

< 3 000 teu

2006 2007 2008 2009 2010 2011 2012 2013 Dec*

VLCC 200,000+ dwt 18.2 5.4 17.9 3.4 9.0 0.5 3.4 7.4 5.5 DOWN BY….. -26%Suezmax 120-199,999 dwt 6.5 4.6 3.5 2.2 6.4 2.2 0.7 0.4 3.3 UP BY…. 700%Aframax 80-119,999 dwt 10.4 5.1 2.2 1.0 2.4 0.6 1.1 4.9 1.2 DOWN BY….. -75%Panamax 60-79,999 dwt 2.5 2.2 0.9 0.5 0.7 0.2 0.3 0.0 1.1 #DIV/0!Products 30-59,999 dwt 8.7 4.6 3.3 0.5 1.3 2.0 3.0 6.8 1.5 DOWN BY….. -78%Products 10-29,999 dwt 0.2 0.1 0.2 0.1 0.1 0.1 0.0 0.1 0.0 DOWN BY….. -83%Chem & Spec. 10-59,999 dwt 3.7 4.4 1.0 0.4 0.3 0.2 0.4 1.5 2.0 UP BY…. 26%Tankers 10,000+ dwt 50.0 26.4 29.1 8.1 20.3 5.7 8.9 21.2 14.5 DOWN BY….. -32%Tankers < 10,000 dwt 1.2 1.4 0.9 0.5 0.4 0.4 0.2 0.2 0.1 DOWN BY….. -76%Capesize 100,000+ dwt 13.7 45.1 25.7 9.5 15.9 6.3 3.5 23.7 14.1 DOWN BY….. -41%Panamax 80-99,999 dwt 3.5 12.2 8.2 2.4 14.7 4.6 2.6 7.6 5.7 DOWN BY….. -26%Panamax 65-79,999 dwt 1.4 5.0 3.5 1.8 6.6 2.8 1.2 1.6 0.2 DOWN BY….. -84%Handymax 40-64,999 dwt 8.1 19.5 11.9 4.5 14.2 6.8 3.8 17.7 9.3 DOWN BY….. -48%Handysize 10-39,999 dwt 4.9 10.8 7.6 3.0 7.1 3.1 2.6 6.7 3.5 DOWN BY….. -48%Bulkers 10,000+ dwt 31.7 92.6 57.0 21.1 58.5 23.6 13.7 57.2 32.7 DOWN BY….. -43%Combos 10,000+ dwt 0.5 1.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ###### #DIV/0!Total Bulk Vessels 83.4 121.3 86.9 29.7 79.1 29.7 22.8 78.7 47.2 DOWN BY….. -40%

2006 2007 2008 2009 2010 2011 2012 2013 Dec*

LNG Carriers 4.6 2.5 0.6 0.0 0.5 5.4 4.1 4.4 7.1 UP BY…. 62%LPG Carriers 1.9 0.7 0.6 0.1 0.6 0.4 1.1 2.8 3.3 UP BY…. 17%Containers 8,000+ teu 6.9 23.1 6.1 0.4 4.8 14.9 2.6 19.8 8.0 DOWN BY….. -60%Containers 3-7,999 teu 8.1 8.9 5.2 0.5 1.2 4.1 1.6 1.2 0.2 DOWN BY….. -81%Containers < 3,000 teu 3.9 3.0 1.4 0.1 0.6 1.1 0.4 1.9 1.3 DOWN BY….. -30%Offshore 2.4 3.7 2.9 1.6 3.7 4.2 4.1 2.9 2.3 DOWN BY….. -19%Cruise Vessels 1.0 1.6 0.2 0.1 0.9 0.9 1.1 0.6 2.0 UP BY…. 235%Passenger Ferries 0.4 0.5 0.4 0.1 0.5 0.1 0.1 0.4 0.3 DOWN BY….. -25%Other# 8.2 11.3 7.0 1.9 3.8 1.8 3.3 4.5 1.9 DOWN BY….. -58%

Total Specialised Vessels 37.2 55.4 24.4 4.9 16.6 33.0 18.4 38.4 26.4 DOWN BY….. -31%

2006 2007 2008 2009 2010 2011 2012 2013 Dec*

All Vessel Types 120.6 176.7 111.3 34.6 95.7 62.7 41.2 117.1 73.6 DOWN BY….. -37%


Pacific CarriersChina VLCCFarstad Shipping

Swiftships Inc.

Carnival Cruise LineID ShippingNordic American NATSNordic American NATSSeaspan Corporation

Maran Gas MaritimeMaran Gas MaritimeMaran Gas Maritime

Seaspan Corporation

Frontline 2012Frontline 2012EsvagtMitsui O.S.K. LinesE.N.T.M.V.Holland America Line

VARD Vung Tau

Rodi MarineRodi MarineUnknownUnknownUnknownUnknownUnknownNYK Bulk & ProjectsMaran Gas Maritime

Sungdong SBSungdong SBJiangsu New YZJJiangsu New YZJShimanami SBDalian Shipbuilding

Havyard LeirvikJapan Marine UnitedAstillero BarrerasFincantieriFincantieriImabari Shipbuilding

Suezmax

Swiftships Inc.DaewooDaewooDaewooDaewooDaewoo

DaewooNew Times SBNew Times SB

Cruise

LR2LR2

Other Offshore

Post PanamaxHandysizeUL/VLCC

Cruise

SuezmaxPost Panamax

LNGHandysize

Handysize

LNGLNGLNGLNG

Other OffshoreLNGPass. Ferries

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

Jan-15

PriceBuilderAHT/SAHT/S

Hakodate DockDaewooDaewoo

Contracting This Year vs. Last Year

Total Million GT, end: Ordering Trends


Spec. Unit


#DIV/0!

Specialised Vessel Million GT, end: Ordering Trends

LNGLNGLNG

What's Been Ordered…

Bulk Vessel Million GT, end: Ordering Trends

OwnerVessel Type

Daewoo

LNG

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2013 Dec* 2013 Dec* 2011 2012 2013 Dec* 2015 2016

VLCC 200,000+ dwt 30 24 1.3 1.1 19.1 15.3 9.5 7.6 5.2 13.6 DOWN -31%Suezmax 120-199,999 dwt 31 8 0.9 0.2 6.8 7.3 4.7 1.3 1.3 3.7 STEADY 5%Aframax 80-119,999 dwt 18 17 0.5 0.4 6.5 4.7 1.9 1.9 3.9 3.8 UP 107%Panamax 60-79,999 dwt 10 4 0.2 0.1 1.9 1.0 0.7 0.3 0.2 1.7 DOWN -37%Products 30-59,999 dwt 76 100 1.8 2.4 3.3 2.6 3.8 4.8 5.2 4.7 UP 9%Products 10-29,999 dwt 8 9 0.1 0.1 0.3 0.2 0.1 0.2 0.1 0.0 DOWN -52%Chem & Spec. 10-59,999 dwt 27 23 0.5 0.4 2.2 1.2 0.7 0.6 1.8 2.0 UP 219%Tankers 10,000+ dwt 200 185 5.3 4.7 40.1 32.5 21.4 16.6 17.8 29.4 UP 7%Tankers < 10,000 dwt 98 59 0.6 0.4 0.9 0.9 0.6 0.3 0.3 0.2 DOWN -22%Capesize 100,000+ dwt 103 94 3.5 3.1 45.6 41.9 22.1 18.5 21.0 24.8 UP 13%Panamax 80-99,999 dwt 168 98 3.4 2.0 15.7 20.0 14.2 8.2 8.4 7.8 STEADY 2%Panamax 65-79,999 dwt 77 67 1.5 1.3 6.4 7.1 5.8 5.1 3.7 0.9 DOWN -28%Handymax 40-64,999 dwt 264 193 4.4 3.2 22.1 20.9 14.6 11.1 14.0 12.2 UP 26%Handysize 10-39,999 dwt 184 157 2.3 2.0 10.3 10.4 6.2 5.3 7.1 5.4 UP 36%Bulkers 10,000+ dwt 796 609 15.1 11.5 100.0 100.2 62.8 48.1 54.2 51.2 UP 13%Combos 10,000+ dwt 0 0 0.0 0.0 1.0 0.0 0.0 0.0 0.0 0.0Total Bulk Vessels 1,094 853 21.1 16.7 141.9 133.6 84.8 65.0 72.2 80.8 UP 11%

2013 Dec* 2013 Dec* 2011 2012 2013 Dec* 2015 2016

LNG Carriers 18 33 1.3 2.8 1.0 0.2 1.4 2.8 2.9 2.9 STEADY 1%LPG Carriers 49 52 0.8 0.7 0.6 0.3 1.1 0.8 2.3 3.3 UP 171%Containers 8,000+ teu 83 100 4.5 5.6 9.1 10.0 10.6 13.5 14.8 11.3 UP 10%Containers 3-7,999 teu 75 50 2.2 1.5 4.2 3.7 4.5 2.9 1.7 0.3 DOWN -43%Containers < 3,000 teu 45 51 0.6 0.6 1.2 1.1 1.0 0.9 1.0 1.5 UP 14%Offshore 469 478 3.2 3.9 3.0 2.5 2.2 2.7 2.5 2.3 DOWN -9%Cruise Vessels 6 6 0.6 0.7 0.0 0.1 0.1 0.1 0.1 0.1 DOWN -5%Passenger Ferries 25 32 0.3 0.3 0.1 0.1 0.0 0.0 0.1 0.0 UP 66%Other# 236 149 2.7 2.0 5.0 4.2 3.1 2.0 2.2 1.3 UP 6%Total Specialised Vessels 1,006 951 16.2 18.1 24.1 22.2 23.9 25.8 27.4 23.0 UP 6%

2013 Dec* 2013 Dec* 2011 2012 2013 Dec* 2015 2016

All Vessel Types 2,100 1,804 37.3 34.7 166.1 155.7 108.7 90.9 99.6 103.8 UP 10%


m. dwt, end:

Jan-15

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 2015 vs 2014

Delivery Trendsm. dwt, end:

Total No. end

Specialised Vessel Delivery Trends

m.CGT, end: Delivery Trends

m.CGT, end:

Quarterly Deliveries (m.dwt)

No. end:

Deliveries

Bulk Vessel

Delivery Summary

Deliveries by Vessel Type

m. dwt, end:No. end

2015 vs 2014


m.CGT, end:

0

10

20

30

40

50

60

2Q07

4Q07

2Q08

4Q08

2Q09

4Q09

2Q10

4Q10

2Q11

4Q11

2Q12

4Q12

2Q13

4Q13

2Q14

4Q14


� Global delivery levels are reported to have fallen by 16% y-o-y in dwt terms in 2014 to a reported 1,804 ships of a combined 90.9m dwt. A 14.7m dwt y-o-y decline in bulkcarrier deliveries in 2014 accounted for 84% of the overall drop in shipyard output. Following the peak of the shipbuilding boom in 2011 (in dwt terms) when 166.1m dwt was reported delivered globally, shipyard output slowed at a faster pace and by a larger amount thanperhaps anticipated between 2012 and 2013 with deliveries decreasing by 30% y-o-y in 2013 to 108.7m dwt. The pace of delivery continued to slow in the first half of 2014 though shipyard output appears to have stabilised in the second half of the year at a monthly rate of around 7m dwt.

� Looking forward, with a considerably larger start year orderbook than that of 2014, global shipyard deliveries are currently projected to rise by around 10% y-o-y in 2015 to 99.6m dwt – this increase would be the first annual rise in global output since 2011 when delivery volumes increased 9% y-o-y. Firmer deliveries in the bulkcarrier sector, particularly the Capesize and Handymax segments, are projected to account for 70% of the projected rise in deliveries compared to 2014.

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Deliveries by Vessel Type

Vessel Type Flag Dwt Del.Capesize Ore Rizhao SG. 400,065 0 0 Dec 2014Post Panamax Maersk Tigris M.I. 65,152 5,466 TEU Dec 2014Capesize Stellar Young PA. 250,063 0 0 Dec 2014AHT/S Ram Nation AM. 3,866 0 0 Dec 2014Other Offshore Fugro Frontier BS. 473 54 LOA Dec 2014AHT/S Avery Island AM. 5,952 0 0 Dec 2014Handymax Jin Hai Ping PRC 44,588 0 0 Dec 2014Post Panamax Munkebo Maersk DIS 194,690 18,270 TEU Dec 2014Handy Prod STI Poplar M.I. 38,734 0 0 Dec 2014Handymax Glory Harvest M.I. 63,800 0 0 Dec 2014Handysize Ocean Fortune H.K. 37,595 0 0 Dec 2014Handy Sunny Daisy PA. 12,502 1,060 TEU Dec 2014Handysize Heng Li 5 PRC 16,145 0 0 Dec 2014Handymax Kmarin Genoa PA. 63,154 0 0 Dec 2014Drill Ship Pacific Meltem LI. 58,830 12,000 W. Depth Dec 2014AHT/S Bourbon Explorer 508 ... 3,700 0 0 Dec 2014Other Offshore Ceona Amazon GB. 0 24 Pipelay Dec 2014Handy Heung-A Haiphong M.I. 12,473 1,043 TEU Dec 2014Post Panamax CSCL Pacific Ocean H.K. 184,320 19,100 TEU Dec 2014Post Panamax CMA CGM Litani MA. 113,800 9,289 TEU Dec 2014Post Panamax CMA CGM Tigris MA. 113,800 9,289 TEU Dec 2014AHT/S Bourbon Liberty 164 SV. 1,703 0 0 Dec 2014AHT/S Bourbon Liberty 165 SV. 1,700 0 0 Dec 2014AHT/S Triton Kaisar IA. 1,350 5,218 HP Dec 2014Handymax IVS Naruo PA. 60,317 0 0 Dec 2014Post Panamax Sajir M.I. 160,000 14,500 TEU Dec 2014Handymax Betula Arrow PA. 61,007 0 0 Dec 2014Pass. Ferries Queulat SV. 599 282 Pass. Dec 2014

2007 2008 2009 2010 2011 2012 2013 Dec* 2015 2016

VLCC 200,000+ dwt 4.6 6.6 8.5 8.6 9.9 7.9 4.9 3.9 2.7 6.8 DOWN -32%Suezmax 120-199,999 dwt 2.2 1.1 3.7 3.2 3.6 3.8 2.5 0.7 0.7 1.9 STEADY 3%Aframax 80-119,999 dwt 3.3 4.1 5.8 4.3 3.6 2.6 1.1 1.1 2.1 2.1 UP 101%Panamax 60-79,999 dwt 1.8 1.8 1.6 1.3 1.1 0.6 0.4 0.2 0.1 0.9 DOWN -38%Products 30-59,999 dwt 3.8 4.6 4.5 3.0 2.0 1.6 2.3 2.9 3.1 2.8 UP 9%Products 10-29,999 dwt 0.2 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.0 DOWN -52%Chem & Spec. 10-59,999 dwt 1.5 2.1 2.2 2.0 1.4 0.8 0.4 0.4 1.1 1.3 UP 177%Tankers 10,000+ dwt 17.3 20.5 26.4 22.5 21.8 17.4 11.7 9.2 9.9 15.9 UP 7%Tankers < 10,000 dwt 0.5 0.8 0.9 0.7 0.6 0.6 0.4 0.2 0.2 0.1 DOWN -27%Capesize 100,000+ dwt 5.3 4.4 10.8 20.0 23.7 21.7 11.4 9.7 10.8 12.8 UP 12%Panamax 80-99,999 dwt 1.8 1.4 2.2 5.8 8.5 10.8 7.7 4.4 4.6 4.3 STEADY 4%Panamax 65-79,999 dwt 1.8 1.8 1.4 2.1 3.5 3.9 3.3 2.8 2.0 0.5 DOWN -28%Handymax 40-64,999 dwt 3.3 4.2 6.1 11.0 12.8 12.2 8.7 6.5 8.2 7.3 UP 27%Handysize 10-39,999 dwt 1.5 2.1 3.6 5.7 6.6 6.6 4.0 3.4 4.4 3.4 UP 31%Bulkers 10,000+ dwt 13.7 13.8 24.2 44.5 55.1 55.2 35.0 26.7 30.0 28.2 UP 12%Combos 10,000+ dwt 0.0 0.0 0.0 0.9 0.5 0.0 0.0 0.0 0.0 0.0 -Total Bulk Vessels 31.5 35.1 51.4 68.6 78.0 73.3 47.1 36.2 40.0 44.2 UP 11%

2007 2008 2009 2010 2011 2012 2013 Dec* 2015 2016

LNG Carriers 3.2 6.0 4.8 2.9 1.2 0.2 1.7 3.6 3.6 3.6 STEADY 1%LPG Carriers 0.9 1.8 1.1 0.9 0.5 0.3 1.0 0.8 2.0 2.8 UP 164%Containers 8,000+ teu 3.9 5.3 3.9 7.5 8.7 9.7 10.0 12.9 14.0 10.7 UP 9%Containers 3-7,999 teu 6.8 6.8 5.9 6.0 3.7 3.1 3.7 2.4 1.5 0.3 DOWN -39%Containers < 3,000 teu 3.5 4.1 2.0 1.4 1.0 0.9 0.7 0.7 0.9 1.3 UP 21%Offshore 1.3 1.4 1.7 2.5 2.7 2.5 2.3 3.1 2.7 2.7 DOWN -12%Cruise Vessels 0.9 1.0 1.0 1.2 0.5 0.8 0.6 0.7 0.8 1.2 UP 9%Passenger Ferries 0.3 0.6 0.4 0.4 0.3 0.4 0.2 0.2 0.2 0.2 UP 22%Other# 4.9 5.9 5.8 6.3 6.5 5.0 3.5 2.8 3.2 2.0 UP 16%Total Specialised Vessels 25.8 32.9 26.6 29.3 25.2 22.7 23.6 27.1 28.9 24.8 UP 7%

2007 2008 2009 2010 2011 2012 2013 Dec* 2015 2016

All Vessel Types 57.3 68.0 78.0 97.9 103.2 96.0 70.7 63.3 68.9 69.0 UP 9%


Vessel Name BuilderJiangsu Rongsheng Vale


Hyundai Samho HILeevac ShipyardDamen Gorinchem


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.

Jan-15

Total Million GT, end: Delivery Trends


Specialised Vessel Million GT, end: Delivery Trends

Bulk Vessel Million GT, end: Delivery Trends

OwnerWhat's Been Delivered…

Hakata ZosenNantong Hongqiang HI

HHIC-Phil. Inc.

Japan Marine United

Jiangsu Hantong HISamsung HISinopacific ZhejiangLloyd WerftDae Sun S.B.Hyundai HINew Times SBNew Times SBSinopacific ZhejiangSinopacific ZhejiangGuangzhou Hangtong

DaewooHyundai MipoJiangsu Hantong HIOshima SB Co

Hyundai HINantong COSCO KHIZhong Xing Sea Land

Rickmers ReedereiPolaris Shipping CoAries MarineFugro Marine ServECOFujian Shipping Co.Maersk Line

CIMC

Scorpio TankersGlory ShipsOcean LongevityFukusei SangyoHengli PetrochemicalKmarinPacific Drilling

Spec. Unit

Bourbon OffshoreCeonaHeung-A Shpg. Co.LtdChina Shpg. Cont.

North AmericanJiangsu New YZJ

MMSLAustral Naviera

CIMCBourbon OffshoreBourbon OffshoreTriton GlobalSantoku SenpakuUnited Arab Shpg.

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2013 Dec* 2013 Dec* 2010 2011 2012 2013 Dec* 2015 2016

VLCC 200,000+ dwt 17 10 18.2 21.0 3.5 3.3 2.7 5.0 3.0 1.6 1.4Suezmax 120-199,999 dwt 7 8 20.4 20.8 1.9 1.1 3.0 1.0 1.2 0.6 0.5Aframax 80-119,999 dwt 24 26 21.7 23.0 1.7 2.4 3.5 2.4 2.4 1.4 1.3Panamax 60-79,999 dwt 8 6 22.0 20.8 1.2 0.6 0.3 0.5 0.4 0.2 0.1Products 30-59,999 dwt 28 20 23.7 23.8 2.3 1.0 1.1 1.1 0.8 0.5 0.5Products 10-29,999 dwt 14 14 26.0 27.1 0.9 0.4 0.3 0.3 0.3 0.2 0.1Chem & Spec. 10-59,999 dwt 12 11 28.2 26.5 1.5 0.9 0.6 0.3 0.3 0.2 0.2Tankers 10,000+ dwt 110 95 22.8 23.6 12.8 9.6 11.7 10.7 8.3 5.0 4.4Tankers < 10,000 dwt 15 15 28.7 31.6 0.4 0.3 0.2 0.1 0.1 0.1 0.1Capesize 100,000+ dwt 45 25 23.1 23.5 2.7 10.5 11.7 8.1 4.2 4.2 4.2Panamax 80-99,999 dwt 5 2 23.0 25.1 0.2 0.9 1.1 0.5 0.2 0.2 0.2Panamax 65-79,999 dwt 68 64 27.1 24.9 0.5 4.3 7.6 4.5 4.4 4.2 3.8Handymax 40-64,999 dwt 80 68 26.9 26.9 0.4 2.2 4.7 3.5 3.0 3.0 2.7Handysize 10-39,999 dwt 233 146 30.0 29.1 2.7 5.3 8.3 6.7 4.1 4.0 4.0Bulkers 10,000+ dwt 431 305 28.1 27.3 6.5 23.2 33.4 23.3 15.9 15.7 14.9Combos 10,000+ dwt 4 0 - - 0.0 2.2 2.1 0.4 0.0 0.1 0.1Total Bulk Vessels 560 415 27.1 26.6 19.8 35.2 47.4 34.5 24.3 20.9 19.4

2013 Dec* 2013 Dec* 2010 2011 2012 2013 Dec* 2015 2016

LNG Carriers 5 3 37.0 41.8 0.1 0.2 0.1 0.3 0.2 0.2 0.2LPG Carriers 16 29 30.3 29.3 0.5 0.3 0.1 0.1 0.2 0.2 0.2Containers 8,000+ teu 0 0 - - 0.0 0.0 0.0 0.0 0.0 0.0 0.0Containers 3-7,999 teu 74 58 20.8 20.2 0.7 0.2 1.5 3.7 3.3 3.0 2.6Containers < 3,000 teu 124 113 24.1 23.5 1.3 1.1 3.4 2.6 2.1 2.1 2.0Offshore 72 53 35.1 36.3 2.0 1.6 2.2 2.6 1.2 1.1 0.8Cruise Vessels 5 5 40.3 43.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0Passenger Ferries 20 12 34.1 32.9 0.1 0.1 0.0 0.1 0.0 0.0 0.0Other# 276 239 31.4 31.4 3.6 4.0 3.7 3.1 2.5 2.3 2.0Total Specialised Vessels 592 512 29.0 28.9 8.3 7.3 11.2 12.5 9.5 8.9 7.8

2013 Dec* 2013 Dec* 2010 2011 2012 2013 Dec* 2015 2016

All Vessel Types 1,152 927 28.1 27.8 28.1 42.6 58.6 47.0 33.9 29.8 27.2


Demolition Sales by Vessel Type

Demolition

No. Average Age m. dwt

No.

Specialised Vessel

Demolition Summary Quarterly Demolition (m. dwt)

m. dwt Total

Demolition

Average Age m. dwt Forecast Demolition

Jan-15

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

0

2

4

6

8

10

12

14

2Q07

4Q07

2Q08

4Q08

2Q09

4Q09

2Q10

4Q10

2Q11

4Q11

2Q12

4Q12

2Q13

4Q13

2Q14

4Q14


� Whilst recycling activity remained high in 2014 with 33.9m dwt reported sold for demolition, scrap volumes retreated for a second successive year. Some fall off in demolition activity towards the end of the year was attributed to pricing which softened as demand for recycled steel fell. In December, $415/ldt was quoted for a Capesize bulkcarrier in India versus a high of $495 per/ldt in September. Indian shipbreakers won the largest share of tonnage in 2014 (26%) with Chinese shipbreakers in second place (23%), aided by the government’s scrap-and-build subsidy. Bulkcarriers saw the biggest reduction in demolition activity year-on-year and Capesize scrap volumes declined 48% year-on-year. Meanwhile, 3-8,000 TEU containerships continued to see strong levels of demolition and, although activity slowed across the second half of the year, it is expected that notable scrap volumes are still to come in 2015. Overall fundamentals suggest that recycling activity will continue above the historical average this year and, although the current relatively low pricing environment may keep a cap on demolition activity as we start 2015, the outlook for this year is that demolition volumes will remain comparable to, albeit a little below, the fairly strong recycling volumes reported last year.

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Demolition Sales by Vessel Type

Date Vessel Type Flag Dwt Ldt Built Buyer $/ldt $m.Dec-14 Feeder TV. 11,972 0 1982 Bangladesh 0.00 0.00Dec-14 Feeder IN. 9,493 4,480 1994 Caravel Logistics India 0.00 0.00Dec-14 Handysize M.I. 26,140 7,780 1985 Unithai Line Ltd. India 0.00 0.00Dec-14 Handy Prod GG. 44,978 10,730 1988 Sahara Mina India 0.00 0.00Dec-14 Feeder H.K. 7,835 3,135 1984 Ji Zhou Shipping Bangladesh 0.00 0.00Dec-14 Feeder MY. 7,650 2,659 1981 Shin Yang Shipping Bangladesh 0.00 0.00Dec-14 Handymax BA. 41,084 0 1985 Brave Royal Shipping Bangladesh 0.00 0.00Dec-14 Feeder PA. 15,900 0 1996 COSCON PRC 0.00 0.00Dec-14 AHT/S LI. 1,100 0 1979 Shenzhen Huawei PRC 0.00 0.00Dec-14 MPP PA. 9,498 3,384 1985 Mediterranean Shpg India 414.50 1.40Dec-14 LPG PA. 11,772 5,465 1982 Unknown India 0.00 0.00Dec-14 Handysize M.I. 34,507 8,155 1987 Unithai Line Ltd. India 0.00 0.00Dec-14 MPP PA. 5,118 1,680 1982 Deryoung Maritime Bangladesh 0.00 0.00Dec-14 Handymax MO. 41,093 6,755 1984 UGE Unknown 425.00 2.87Dec-14 Feeder PA. 12,714 0 1997 COSCON PRC 0.00 0.00Dec-14 AHT/S IN. 731 0 1966 Samson Maritime India 0.00 0.00Dec-14 General Cargo IA. 8,958 0 1982 Isa Line Indonesia 0.00 0.00Dec-14 Panamax PRC 63,283 11,603 1989 Dongguan Haichang PRC 0.00 0.00Dec-14 General Cargo PA. 8,131 0 1980 Qingdao Marine PRC 0.00 0.00Dec-14 General Cargo PA. 7,018 0 1986 Shenghao Marine PRC 0.00 0.00Dec-14 MPP TV. 5,968 0 1984 Doehle Danautic Bangladesh 0.00 0.00Dec-14 MPP IN. 4,508 0 1982 Krishna Maritech India 0.00 0.00Dec-14 MPP PA. 7,298 0 1985 Shenghao Marine PRC 0.00 0.00Dec-14 Handy Prod PRC 34,715 0 1994 China Shpg. Tankers PRC 0.00 0.00Dec-14 Feeder GB. 7,283 0 1979 Storesletten Rederi Lithuania 0.00 0.00Dec-14 General Cargo TZ. 8,522 0 1983 Unimar Shipping Man. Turkey 0.00 0.00Dec-14 MPP CB. 16,917 0 1979 Hainan Hai Yuan PRC 0.00 0.00Dec-14 General Cargo IA. 5,204 0 1971 Setya Graha Sarana Indonesia 0.00 0.00Dec-14 MPP PA. 8,020 3,100 1983 Nautilus Shipping PRC 0.00 0.00

2006 2007 2008 2009 2010 2011 2012 2013 Dec* 2015 2016

VLCC 200,000+ dwt 0.0 0.0 0.4 1.3 1.9 1.8 1.5 2.7 1.6 0.9 0.8Suezmax 120-199,999 dwt 0.0 0.0 0.1 0.5 1.0 0.6 1.6 0.5 0.7 0.3 0.3Aframax 80-119,999 dwt 0.5 0.5 0.6 0.9 0.9 1.3 1.9 1.3 1.3 0.8 0.7Panamax 60-79,999 dwt 0.2 0.2 0.3 0.4 0.7 0.3 0.2 0.3 0.2 0.1 0.1Products 30-59,999 dwt 0.6 0.8 0.3 0.7 1.3 0.6 0.6 0.7 0.5 0.3 0.3Products 10-29,999 dwt 0.2 0.3 0.3 0.4 0.5 0.2 0.2 0.2 0.2 0.2 0.1Chem & Spec. 10-59,999 dwt 0.2 0.2 0.3 0.6 0.9 0.5 0.4 0.2 0.2 0.2 0.1Tankers 10,000+ dwt 1.7 2.0 2.4 4.8 7.3 5.4 6.5 5.9 4.6 2.8 2.4Tankers < 10,000 dwt 0.1 0.1 0.1 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1Capesize 100,000+ dwt 0.2 0.0 1.1 0.7 1.4 5.6 6.1 4.2 2.2 2.2 2.2Panamax 80-99,999 dwt 0.0 0.0 0.0 0.0 0.1 0.5 0.6 0.3 0.1 0.1 0.1Panamax 65-79,999 dwt 0.3 0.0 0.6 1.2 0.3 2.4 4.2 2.5 2.4 2.3 2.1Handymax 40-64,999 dwt 0.1 0.1 0.3 0.9 0.2 1.3 3.0 2.3 1.8 2.0 1.8Handysize 10-39,999 dwt 0.5 0.2 1.1 3.4 1.7 3.2 5.1 4.1 2.6 2.5 2.4Bulkers 10,000+ dwt 1.0 0.3 3.2 6.3 3.7 13.1 19.0 13.4 9.1 9.1 8.6Combos 10,000+ dwt 0.1 0.0 0.1 0.2 0.0 0.6 0.6 0.1 0.0 0.0 0.0Total Bulk Vessels 2.9 2.4 5.7 11.4 11.3 19.3 26.2 19.5 13.8 12.0 11.1

2006 2007 2008 2009 2010 2011 2012 2013 Dec* 2015 2016

LNG Carriers 0.0 0.0 0.1 0.0 0.1 0.1 0.2 0.3 0.2 0.3 0.2LPG Carriers 0.1 0.4 0.5 0.6 0.5 0.2 0.1 0.1 0.1 0.1 0.1Containers 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 0.1 0.2 1.8 0.6 0.1 1.4 3.4 3.0 2.7 2.4Containers < 3,000 teu 0.3 0.3 1.4 3.7 1.2 0.9 2.9 2.1 1.8 1.6 1.6Offshore 0.1 0.3 0.5 0.8 1.1 0.9 1.2 1.5 0.7 1.0 0.7Cruise Vessels 0.1 0.0 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.0 0.0Passenger Ferries 0.1 0.1 0.2 0.1 0.3 0.5 0.2 0.3 0.1 0.2 0.2Other# 0.5 0.5 0.9 7.0 4.0 3.6 3.4 3.1 2.5 2.3 2.0Total Specialised Vessels 1.3 1.7 3.8 14.0 7.9 6.5 9.4 10.8 8.5 8.4 7.2

2006 2007 2008 2009 2010 2011 2012 2013 Dec* 2015 2016

All Vessel Types 4.2 4.2 9.5 25.4 19.2 25.8 35.7 30.3 22.2 20.4 18.3


Grand Noble

GSN UnityThai Harvest

Forecast Demolition

Forecast Demolition

Forecast Demolition

Deryoung Sky

Chong SongDa Qing 74

Hua Sheng 1

Jan-15

Specialised Vessel Million GT

Demolition

Demolition

What's Been Scrapped…

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

Owner Lumoso Tanto Intim Line

Al WakrahHu Tuo HeOcean Pearl

Asian

Uni R

Tone

Kinship Bangar

ISA RiverXin Dong Guan 2

Vessel Name

MSC Isabelle

Ji PengDanum 153Sarwar Jahan

Caravel PrideThai Dawn

Chao Shan He

Setya Pratama

Total Million GT

Huahai

Bulk Vessel Million GT

Demolition

Peace OceanPearl

Andreas A

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2006 2007 2008 2009 2010 2011 2012 2013 Dec*

VLCC c.320,000 dwt 129.0 146.0 150.0 101.0 105.0 99.0 93.0 94.0 97.0 FIRMER... 3.2%

Suezmax c.157,000 dwt 80.5 90.0 91.0 62.5 66.8 60.5 56.5 59.5 65.0 STRONG... 9.2%

Aframax c.115,000 dwt 65.5 72.5 75.0 49.0 57.0 52.5 48.0 52.3 54.0 FIRMER... 3.3%

Panamax c.75,000 dwt 58.5 63.5 61.5 45.5 45.5 44.0 41.5 43.0 46.0 FIRMER... 7.0%

'MR' Tanker c.51,000 dwt 47.0 52.5 47.5 35.0 36.5 35.5 34.0 34.8 36.8 FIRMER... 5.8%

Capesize c.180,000 dwt 68.0 97.0 88.0 56.0 57.0 48.5 46.0 53.5 54.0 STEADY... 0.9%

Panamax c.76,000 dwt 40.0 55.0 46.5 33.8 34.5 29.0 25.8 27.8 29.0 FIRMER... 4.5%

Handymax c.62,000 dwt 36.5 48.0 42.0 30.5 31.0 27.0 24.3 26.5 27.0 STEADY... 1.9%

Handysize c.35,000 dwt 29.5 38.0 32.5 25.0 26.5 22.5 21.0 22.3 23.0 FIRMER... 3.4%

2006 2007 2008 2009 2010 2011 2012 2013 Dec*

LNG c.160,000 m3 222.0 237.0 245.0 211.5 202.0 202.0 199.5 198.0 200.0 STEADY... 1.0%

LPG c.24,000 m3 51.0 53.5 53.0 46.0 45.0 46.5 41.0 43.0 46.0 FIRMER... 7.0%

LPG c.60,000 m3 75.5 85.0 82.0 66.5 63.0 63.0 62.0 64.5 68.5 FIRMER... 6.2%

LPG c.82,000 m3 92.0 93.0 92.0 72.0 72.8 73.0 70.0 74.5 79.0 FIRMER... 6.0%

Container c.725 teu 20.5 21.0 18.0 14.0 16.0 15.5 13.0 14.0 14.3 STEADY... 2.3%

Container c.1,100 teu 22.0 27.5 25.0 19.0 21.5 20.0 18.0 19.5 19.5 STEADY...

Container c.1,700 teu 38.0 41.0 38.0 23.0 29.5 30.5 25.0 26.0 27.0 FIRMER... 3.8%



Container c.4,800 teu 84.0 57.3 60.5 59.0 45.0 50.5 53.5 FIRMER... 5.9%



Container c.13,000 teu 166.0 118.0 129.0 128.0 107.0 113.5 116.0 STEADY... 2.2%

Ro-Ro c.2,3-2,700 Lm 56.5 68.7 63.2 63.5 57.1 54.0 53.9 56.1 55.9 STEADY... -0.5%

Ro-Ro c.3,5-4,000 Lm 65.5 68.8 67.3 STEADY... -2.2%

2006 2007 2008 2009 2010 2011 2012 2013 Dec*

Price Index 169.3 185.1 177.7 138.0 142.4 139.0 126.3 133.2 138.5 FIRMER... 3.9%% change 9.4% -4.0% -22.3% 3.2% -2.4% -9.2% 5.5%


Newbuilding Price Commentary

Newbuilding

Price Index

Prices

Price Trend vs.

1 Year Ago

1 Year Ago Prices

Shipbuilding Price TrendsNewbuilding Prices

Price $ million, end:

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

Bulk Vessel

Jan-15

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

1 Year Ago

Sources: Please refer to notes on the back of the Shipyard Orderbook Monitor.* As at end of period.

0

20

40

60

80

100

120

140

Dec

09

Jun

10

Dec

10

Jun

11

Dec

11

Jun

12

Dec

12

Jun

13

Dec

13

Jun

14

Dec

14

$m

VLCC'MR' TankerCapesize13,000 teu Containership

� The Clarkson Newbuilding Price Index remained stable month-on-month in December 2014, ending the year at 138.5 points. Having bottomed out at 125.6 points in March 2013, the index increased for fourteen consecutive months to stand at 139.7 points at the end of May 2014 – a rise of 11% over the period. Whilst newbuilding prices have generally softened since then, the newbuilding price index was up 3.9% year-on-year at the end of December 2014.

� The guideline newbuilding price for a Suezmax tanker has seen the largest year-on-year increase of all the vessel types featured on this page, up 9.2% to $65m at the end of December 2014. The sector is one of few to see contracting activity rise year-on-year in 2014, with 8 times as many orders placed as in 2013. Guide newbuilding price levels for Suezmaxes are now closer to those seen in 2010 when 78 units were ordered. At the end of December, the guide price for a coated Panamax tanker newbuild was up 7.0% year-on-year at $46m while the guideline newbuilding price for a MR tanker rose 5.8% year-on-year to $36.8m. The guide price for a VLCC newbuilding broke the $100m barrier during Q2 2014 but softened throughout the remainder of 2014 and is up by 3.2% year-on-year at $97m at the end of December 2014.

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2006 2007 2008 2009 2010 2011 2012 2013 2014*

VLCC 200,000+ dwt 13.7 4.7 17.0 2.0 5.6 0.3 1.9 4.3 3.4 DOWN BY….. -21%Suezmax 120-199,999 dwt 6.0 4.6 3.9 2.0 4.9 2.2 0.7 0.3 2.6 UP BY…. 712%Aframax 80-119,999 dwt 11.0 6.0 2.8 1.1 2.7 0.8 0.9 3.8 1.1 DOWN BY….. -71%Panamax 60-79,999 dwt 3.2 3.0 1.2 0.6 0.7 0.2 0.3 0.0 1.2 #DIV/0! #DIV/0!Products 30-59,999 dwt 13.5 7.6 5.9 0.6 1.7 2.4 3.7 7.7 2.6 DOWN BY….. -66%Products 10-29,999 dwt 0.2 0.2 0.4 0.1 0.3 0.1 0.0 0.1 0.0 DOWN BY….. -100%Chem & Spec. 10-59,999 dwt 8.6 11.4 2.6 0.8 0.6 0.4 0.8 3.0 3.6 UP BY…. 19%Tankers 10,000+ dwt 56.2 37.4 33.8 7.2 16.5 6.3 8.4 19.2 14.5 DOWN BY….. -25%Tankers < 10,000 dwt 3.1 4.1 2.4 1.0 0.9 0.9 0.5 0.6 0.3 DOWN BY….. -59%Capesize 100,000+ dwt 9.9 41.3 24.1 6.0 9.1 3.3 1.6 11.9 7.8 DOWN BY….. -34%Panamax 80-99,999 dwt 3.1 13.1 9.8 2.0 10.9 3.2 1.6 4.6 3.6 DOWN BY….. -22%Panamax 65-79,999 dwt 1.2 5.6 4.2 1.4 5.2 2.0 0.8 1.0 0.1 DOWN BY….. -88%Handymax 40-64,999 dwt 8.4 24.4 16.7 4.0 13.2 5.6 2.8 12.3 7.0 DOWN BY….. -43%Handysize 10-39,999 dwt 5.8 15.5 13.2 3.6 8.2 3.4 2.5 6.6 3.5 DOWN BY….. -47%Bulkers 10,000+ dwt 28.4 99.9 68.0 16.9 46.6 17.4 9.3 36.4 22.0 DOWN BY….. -40%

Combos 10,000+ dwt 0.5 1.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 #DIV/0! #DIV/0!Total Bulk Vessels 88.3 142.5 104.2 25.2 64.0 24.6 18.2 56.2 36.7 DOWN BY….. -35%

2006 2007 2008 2009 2010 2011 2012 2013 2014*

LNG Carriers 8.8 5.2 1.3 0.0 1.0 10.2 7.7 8.4 15.2 UP BY…. 81%LPG Carriers 4.7 2.3 2.4 0.5 1.5 0.9 2.3 5.3 6.9 UP BY…. 29%Containers 8,000+ teu 7.5 27.9 7.0 0.6 4.7 13.9 2.1 15.2 6.2 DOWN BY….. -59%Containers 3-7,999 teu 11.4 13.2 8.1 0.5 1.3 4.4 1.5 1.3 0.3 DOWN BY….. -79%Containers < 3,000 teu 7.4 5.8 2.9 0.1 0.9 1.6 0.5 2.2 1.7 DOWN BY….. -23%Offshore 22.0 37.1 34.2 13.6 26.1 41.4 47.3 33.6 18.3 DOWN BY….. -46%Cruise Vessels 6.0 10.5 1.7 0.7 5.0 4.8 6.7 3.8 9.8 UP BY…. 161%Passenger Ferries 1.7 2.5 3.2 0.3 2.3 0.2 0.3 0.3 1.0 UP BY…. 237%Other# 13.0 18.8 13.1 2.5 5.2 3.3 4.3 4.8 5.0 UP BY…. 5%Total Specialised Vessels 82.6 123.3 73.9 18.9 48.0 80.6 72.6 75.0 64.4 DOWN BY….. -14%

2006 2007 2008 2009 2010 2011 2012 2013 2014*

All Vessel Types 170.9 265.7 178.1 44.1 112.0 105.3 90.8 131.2 101.2 DOWN BY….. -23%


Specialised Vessel

Investment

Investment

2014 vs 2013

Value $ billion Investment Trends

2014 vs 2013

Investment by Vessel Type

Value $ billion Investment Trends Bulk Vessel

Investment by Vessel Type ($bn) Investment Summary

Jan-15

Investment Trends

2014 vs 2013 Investment

The methodology for calculating shipbuilding investment can be found in the notes page at the back of the Shipyard Orderbook Monitor. *Year to date at end of period.

Total Value $ billion

0

40

80

120

160

200

240

280

2006 2007 2008 2009 2010 2011 2012 2013 2014

OthersContainersGasBulkersTankers

� Whilst the total volume of newbuilding tonnage reported ordered in 2014 declined by 39% year-on-year in dwt terms, the total invested in newbuilding contracts declined by a slightly less dramatic 23%. The average level of investment in a newbuilding in 2014 was around $57m compared to $44m in 2013. A firming in the pricing environment helped support total investment figures and the newbuilding index moved from 133 at the end of 2013 to 140 by the middle of the year. However, newbuild pricing softened as contracting activity slowed in the second half of the year and the index finished down at 138 at the end of December. The effect of a greater proportion of ordering in the high value gas sector was significant to the overall investment story. Although VLGCs ended the year at a benchmark price almost $10m higher than at end 2013, the 38% rise in contracting in the VLGC sector also contributed. Overall, it has become clear that private equity firms which ‘plugged the finance gap’ over the testing years since the crash have now started reducing their exposure to the shipping sector. Meanwhile, whilst traditional lenders have slowly become more aggressive on deals coming to the market, they remain focused on supporting a relatively small number of ‘top tier’ owners.

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Investors 2010 2011 2012 2013 2014* 2010 2011 2012 2013 2014*

Greece 315 167 109 333 166 13.8 13.6 7.0 14.9 11.1 DOWN BY….. -26%Norway 122 90 134 187 104 6.4 9.2 17.9 13.0 6.8 DOWN BY….. -48%Italy 31 22 43 152 44 2.8 1.1 2.0 5.7 5.4 DOWN BY….. -6%Russia 33 42 23 21 22 1.0 1.2 1.1 0.4 4.6 UP BY…. 1159%United Kingdom 31 47 67 117 60 1.0 4.2 3.8 5.6 4.5 DOWN BY….. -20%Germany 69 51 38 143 121 2.8 3.7 1.8 4.6 3.4 DOWN BY….. -26%Denmark 19 39 14 37 35 0.5 6.9 0.2 1.2 1.3 UP BY…. 15%Netherlands 73 49 19 50 27 5.4 1.8 0.4 2.0 0.9 DOWN BY….. -52%France 83 52 12 19 9 3.4 2.0 0.5 5.3 0.8 DOWN BY….. -85%Belgium 18 7 6 18 8 0.8 0.3 0.4 0.7 0.4 DOWN BY….. -36%Sweden 11 3 11 13 8 0.4 0.1 0.3 0.5 0.4 DOWN BY….. -19%Turkey 69 40 15 25 12 2.3 1.0 0.5 0.9 0.3 DOWN BY….. -62%Other Europe 58 47 35 80 54 1.9 0.9 1.3 3.0 1.5 DOWN BY….. -50%TOTAL EUROPE 932 656 526 1,195 670 42.5 46.0 37.3 57.6 41.4 DOWN BY….. -28%China P.R. 679 282 139 324 241 19.3 7.6 5.9 13.8 11.1 DOWN BY….. -20%Japan 286 189 158 229 135 9.5 6.6 6.3 7.4 7.9 UP BY…. 8%Singapore 158 131 109 199 161 5.6 4.7 2.9 7.6 7.5 STEADY…. -1%Malaysia 61 67 48 61 15 2.2 2.8 2.5 3.2 2.1 DOWN BY….. -33%Hong Kong 58 42 13 72 38 1.7 2.2 0.3 2.2 1.6 DOWN BY….. -27%South Korea 112 66 41 121 35 4.9 2.9 1.9 4.8 1.3 DOWN BY….. -74%India 52 16 10 17 13 1.9 0.4 0.2 0.6 1.0 UP BY…. 70%Taiwan 75 36 39 53 29 3.9 1.7 1.1 1.6 0.9 DOWN BY….. -43%Other Asia 50 58 66 63 25 0.6 1.7 2.2 1.0 0.8 DOWN BY….. -27%TOTAL ASIA 1,531 887 623 1,139 692 49.6 30.5 23.4 42.2 34.2 DOWN BY….. -19%Kuwait 2 0 9 14 7 0.1 0.0 0.7 1.3 0.8 DOWN BY….. -37%Israel 9 11 3 9 2 0.3 0.6 0.2 0.4 0.1 DOWN BY….. -69%U.A.E. 33 14 42 60 6 1.1 0.5 0.8 1.5 0.1 DOWN BY….. -96%Other Mid. East 21 28 32 19 7 0.4 0.9 0.7 0.4 0.1 DOWN BY….. -85%TOTAL MID. EAST 65 53 86 102 22 1.9 2.0 2.4 3.7 1.1 DOWN BY….. -70%United States 86 100 113 107 89 7.9 17.1 14.4 10.8 11.4 UP BY…. 5%Canada 34 16 16 48 32 0.9 1.9 0.7 3.4 3.8 UP BY…. 11%Brazil 35 48 47 28 18 4.7 6.3 9.3 1.7 0.7 DOWN BY….. -57%Other 103 74 105 337 226 4.4 1.5 3.4 11.8 8.6 DOWN BY….. -27%TOTAL OTHER 258 238 281 520 365 18.0 26.8 27.7 27.8 24.5 DOWN BY….. -12%

GLOBAL TOTAL 2,786 1,834 1,516 2,956 1,749 112.0 105.3 90.8 131.2 101.2 DOWN BY….. -23%Country/Region is that of the contracting owner. *Year to date.


Investment by Region ($bn) Investor Summary

Investment by Owner Country/Region

Investment Trends

2014 vs 2013

Value $ billion

Jan-15

No. of Vessels

0

40

80

120

160

200

240

280

2006 2007 2008 2009 2010 2011 2012 2013 2014

OtherNorth AmericaMiddle EastEuropeAsia

� For the first time since 2011, US owners are reported to have invested the most of any owner nation with an estimated $11.4bn of new orders placed in 2014. This is an increase of 5% y-o-y and accounts for 11% of global investment. The offshore sector has typically taken the largest share of US investment in recent years but in 2014 the cruise sector accounted for 49% of orders placed by US owners in value terms ($5.6bn) compared to the offshore sector’s 24% share of investment ($2.7bn). This is the highest level of investment in the cruise sector by US owners since 2007 when $10bn was invested.

� European owners are reported to have ordered an estimated $41.4bn of newbuildings in 2014, a decline of 28% y-o-y and equivalent to 41% of global investment. An estimated $11.1bn is reported to have been invested by Greek owners in 2014, 27% of the region’s total. Whilst Greek investment levels are down 26% y-o-y, they are 6% higher than the average $10.5bn of orders placed p.a. by Greek owners 2009-2013. Tankers and bulkers account for 30% and 20% of orders placed by Greek owners last year in value terms respectively with Handymax bulkers accounting for half of the total Greek investment in bulkcarriers. Greek owners invested the third largest amount in the gas sector in 2014 ($2.8bn).

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Major

Investors 2010 2011 2012 2013 2014* 2011 2012 2013 2014* 2015 2016 2017 2018+

Norway 328 275 297 357 325 21.3 32.9 36.6 30.7 15.7 9.7 4.5 0.8Greece 835 625 442 563 523 36.6 28.5 29.9 29.1 13.2 10.7 4.5 0.8United Kingdom 107 109 134 202 210 7.7 9.6 13.5 14.5 5.4 5.9 1.3 1.8Italy 189 118 88 208 183 6.6 4.0 8.3 11.2 4.8 3.0 1.7 1.6Germany 739 460 217 248 281 22.9 12.3 11.2 9.5 4.7 3.6 1.1 0.1Netherlands 263 207 132 117 104 9.1 7.3 6.8 6.9 2.3 1.1 3.4 0.0France 159 154 134 104 66 4.9 4.4 7.8 6.5 1.8 4.7 0.0 0.0Russia 132 118 78 65 64 3.1 2.9 2.6 6.2 1.7 1.4 0.4 2.7Denmark 218 144 89 85 83 12.2 8.7 7.7 4.8 3.1 0.8 0.8 0.0Switzerland 38 35 32 47 42 1.7 2.1 3.1 2.9 1.5 1.4 0.0 0.0Turkey 258 192 111 74 54 6.4 3.3 2.4 1.9 1.3 0.5 0.1 0.0Belgium 59 38 23 34 25 2.3 1.2 1.4 1.1 0.4 0.6 0.2 0.0Other Europe 214 167 87 119 137 6.6 2.3 3.3 4.3 1.6 1.7 1.0 0.0TOTAL EUROPE 3,539 2,642 1,864 2,223 2,097 141.1 119.5 134.4 129.6 57.5 45.0 19.1 8.0China P.R. 1,448 1,178 704 666 618 40.5 24.5 27.5 27.9 13.1 11.0 2.6 1.2Japan 1,024 821 581 471 320 37.5 26.1 20.6 18.8 5.6 8.1 3.2 1.9Singapore 324 335 317 359 390 13.7 11.6 13.9 16.7 7.4 6.3 2.3 0.7Malaysia 121 137 128 123 84 5.2 6.3 7.2 7.1 2.9 1.8 1.6 0.8South Korea 333 231 146 187 127 12.0 7.7 8.1 5.4 2.5 2.0 0.9 0.0Hong Kong 152 133 94 120 127 5.5 4.2 3.9 4.4 2.2 1.3 0.9 0.0Taiwan 211 169 131 117 102 10.4 7.3 5.3 4.2 2.7 1.1 0.5 0.1Thailand 32 29 29 29 31 2.0 3.1 2.9 3.2 1.6 0.9 0.6 0.0Other Asia 312 272 222 176 120 6.7 4.2 3.5 3.1 1.3 1.5 0.3 0.0TOTAL ASIA 3,957 3,305 2,352 2,248 1,919 133.5 95.0 92.9 90.9 39.4 34.0 12.8 4.7Kuwait 20 10 9 23 19 1.5 0.7 2.0 2.0 1.3 0.7 0.0 0.0U.A.E. 106 52 72 88 56 2.9 2.5 2.2 1.4 1.2 0.1 0.0 0.0Israel 51 42 36 26 12 3.5 3.2 2.1 0.6 0.5 0.1 0.0 0.0Other Mid. East 106 86 71 47 24 4.9 2.9 1.3 0.8 0.5 0.0 0.4 0.0TOTAL MID. EAST 283 190 188 184 111 12.7 9.3 7.6 4.8 3.5 0.9 0.4 0.0United States 202 201 230 268 256 31.4 36.5 39.6 36.7 13.8 11.6 3.5 7.8Brazil 116 142 156 151 147 18.7 23.4 23.2 22.4 4.4 6.9 4.9 6.3Canada 73 67 56 83 83 4.0 3.3 5.7 7.4 2.2 1.8 0.7 2.7Other 353 287 286 508 632 13.6 12.4 18.5 24.5 13.5 6.5 2.9 1.5TOTAL OTHER 744 697 728 1,010 1,118 67.7 75.5 87.0 91.0 33.9 26.9 11.9 18.4

GLOBAL TOTAL 8,523 6,834 5,132 5,665 5,245 355.0 299.3 321.9 316.3 134.3 106.8 44.2 31.0


Orderbook by Owner Country/Region

Orderbook, Delivery in:Value $ billion

Jan-15

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.

Norway24%Greece

22%

United Kingdom

11%

Italy9%

Germany7%

Netherlands5% Other

Europe21%

European Owned Orderbook by Country ($bn)

Kuwait, 42%U.A.E., 29%

Israel, 12%

Azerbaijan, 8%

Qatar, 5%Saudi Arabia,

2%

Other , 2%

Middle Eastern Owned Orderbook by Country ($bn)

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China P.R. 43 19 24 4 120 210 237 531 257 30 44 72 156 456 226 2,429South Korea 39 34 44 22 208 81 10 - 1 110 118 99 19 49 34 868Japan 6 1 14 5 115 73 150 218 205 19 46 23 7 19 85 986Philippines 4 - - - - - 17 15 3 - 8 17 7 2 - 73Vietnam - - 1 - 18 - - 7 1 - - - - 25 13 65Taiwan - - - - 2 - - - - - - 9 19 4 1 35India - - - - - - - - - - - - - 28 - 28Singapore - - - - - - - - - - - - - 15 1 16Other Asia - - 4 - 3 - - - - - - - - 72 39 118TOTAL ASIA 92 54 87 31 466 364 414 771 467 159 216 220 208 670 399 4,618Romania - 4 13 - 2 5 - - - - - 4 - 2 - 30Germany - - - - - - - - - - - - - 5 14 19Italy - - - - 1 - - - - - - - - 1 18 20Norway - - - - - - - - - - - - - 52 3 55Netherlands - - - - - - - - - - 2 - - 53 21 76Turkey - - - - 5 - - - 1 - - - - 13 23 42Croatia - - - - 7 - - 1 4 - - - - 1 7 20Finland - - - - - - - - - - - - - 5 5 10Other Europe - - - - 2 - - - - - - - 1 30 44 77TOTAL EUROPE - 4 13 - 17 5 - 1 5 - 2 4 1 162 135 349Brazil - 10 8 12 10 - 1 - - - 8 - 3 106 4 162United States - - 1 - 14 - - - - - - - 4 72 9 100Others - - - - 3 - - - 2 - - - - 4 7 16TOTAL OTHERS - 10 9 12 27 - 1 - 2 - 8 - 7 182 20 278

GLOBAL TOTAL 92 68 109 43 510 369 415 772 474 159 226 224 216 1,014 554 5,245

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China P.R. 4.1 1.2 1.1 0.2 4.3 11.4 6.4 13.6 5.7 3.9 2.4 6.4 4.8 20.8 4.5 90.8 South Korea 3.7 2.3 2.2 1.0 7.9 4.3 0.3 - 0.0 24.0 7.7 11.6 0.6 35.3 1.9 102.7 Japan 0.6 0.1 0.7 0.2 3.4 3.8 4.6 5.9 4.5 3.8 1.8 2.5 0.1 1.9 3.1 37.1 Philippines 0.4 - - - - - 0.5 0.4 0.1 - 0.4 1.5 0.4 0.0 - 3.5 Vietnam - - 0.1 - 0.6 - - 0.2 0.0 - - - - 0.5 0.0 1.4 Taiwan - - - - 0.1 - - - - - - 1.0 0.7 0.2 0.0 2.0 India - - - - - - - - - - - - - 0.9 - 0.9 Singapore - - - - - - - - - - - - - 2.9 - 2.9 Other Asia - - 0.2 - 0.1 - - - - - - - - 1.9 0.1 2.3 TOTAL ASIA 8.7 3.5 4.3 1.4 16.3 19.5 11.8 20.1 10.4 31.7 12.2 22.9 6.6 64.5 9.6 243.6 Romania - 0.3 0.6 - 0.1 0.3 - - - - - 0.3 - 0.2 - 1.7 Germany - - - - - - - - - - - - - 0.8 8.1 8.9 Italy - - - - 0.0 - - - - - - - - 0.2 7.9 8.1 Norway - - - - - - - - - - - - - 4.6 - 4.6 Netherlands - - - - - - - - - - 0.1 - - 2.9 0.3 3.2 Turkey - - - - 0.2 - - - 0.0 - - - - 0.7 0.3 1.1 Croatia - - - - 0.2 - - 0.0 0.1 - - - - 0.1 0.4 0.8 Finland - - - - - - - - - - - - - 0.6 0.9 1.5 Other Europe - - - - 0.1 - - - - - - - 0.0 1.6 7.5 9.2 TOTAL EUROPE - 0.3 0.6 - 0.5 0.3 - 0.0 0.1 - 0.1 0.3 0.0 11.7 25.3 39.2 Brazil - 1.0 0.8 0.9 0.3 - 0.0 - - - 0.2 - 0.2 24.1 0.0 27.5 United States - - 0.2 - 0.7 - - - - - - - 0.6 3.0 0.4 4.8 Others - - - - 0.2 - - - 0.0 - - - - 1.0 0.1 1.2 TOTAL OTHERS - 1.0 1.1 0.9 1.2 - 0.0 - 0.0 - 0.2 - 0.8 28.1 0.5 33.5

GLOBAL TOTAL 8.7 4.7 6.0 2.2 18.0 19.8 11.8 20.1 10.5 31.7 12.5 23.2 7.3 104.3 35.3 316.3


Specialised Vessels

Value of Vessels on Order as of 1st Jan. 2015 ($bn)

Jan-15

Shipbuilding Country / Region

Tankers Bulkers

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Orderbook by Builder Country/Vessel Type

Bulkers Specialised VesselsShipbuilding

Country / Region

Tankers

Number of Vessels on Order as of 1st Jan. 2015

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China P.R. 13.6 3.0 2.7 0.3 4.4 43.3 19.1 32.3 9.3 1.6 1.3 8.4 5.3 2.4 2.7 149.7South Korea 11.9 5.3 5.0 1.6 9.6 15.0 0.8 - 0.0 9.6 5.0 15.1 0.4 2.7 0.6 82.7Japan 1.9 0.1 1.5 0.4 2.8 13.4 12.2 13.0 7.2 1.5 0.7 3.6 0.1 0.1 1.0 59.6Philippines 1.3 - - - - - 1.4 0.9 0.1 - 0.2 2.0 0.5 0.0 - 6.3Vietnam - - 0.1 - 0.8 - - 0.4 0.0 - - - - 0.0 0.1 1.4Taiwan - - - - 0.1 - - - - - - 1.2 0.6 0.3 0.0 2.2India - - - - - - - - - - - - - 0.1 - 0.1Singapore - - - - - - - - - - - - - 0.0 0.0 0.0Other Asia - - 0.5 - 0.1 - - - - - - - - 0.1 0.1 0.7TOTAL ASIA 28.6 8.4 9.8 2.3 17.8 71.7 33.6 46.5 16.6 12.7 7.2 30.3 6.9 5.6 4.5 302.7Romania - 0.7 1.5 - 0.1 0.9 - - - - - 0.5 - 0.0 - 3.6Germany - - - - - - - - - - - - - 0.0 0.1 0.2Italy - - - - 0.0 - - - - - - - - - 0.1 0.1Norway - - - - - - - - - - - - - 0.3 0.0 0.3Netherlands - - - - - - - - - - 0.0 - - 0.1 0.2 0.3Turkey - - - - 0.1 - - - 0.0 - - - - 0.0 0.1 0.3Croatia - - - - 0.3 - - 0.1 0.1 - - - - 0.0 0.1 0.6Finland - - - - - - - - - - - - - 0.0 0.0 0.0Other Europe - - - - 0.1 - - - - - - - 0.0 0.1 0.2 0.4TOTAL EUROPE - 0.7 1.5 - 0.6 0.9 - 0.1 0.2 - 0.0 0.5 0.0 0.6 0.9 5.8Brazil - 1.5 0.9 0.9 0.4 - 0.1 - - - 0.1 - 0.1 2.8 0.0 6.8United States - - 0.1 - 0.7 - - - - - - - 0.2 0.3 0.1 1.4Others - - - - 0.1 - - - 0.0 - - - - 0.0 0.0 0.2TOTAL OTHERS - 1.5 1.0 0.9 1.2 - 0.1 - 0.0 - 0.1 - 0.3 3.1 0.1 8.3

GLOBAL TOTAL 28.6 10.6 12.3 3.1 19.6 72.6 33.7 46.6 16.8 12.7 7.3 30.8 7.2 9.3 5.6 316.9

VLC

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China P.R. 6.8 1.6 1.5 0.2 2.8 22.3 10.5 18.9 5.8 1.9 1.1 8.0 4.7 2.4 3.3 91.7South Korea 6.0 2.8 2.7 0.9 5.8 7.7 0.5 - 0.0 11.6 4.3 14.4 0.3 3.5 1.6 62.1Japan 1.0 0.1 0.8 0.2 1.7 6.9 6.6 7.7 4.4 2.2 0.6 3.4 0.1 0.2 2.2 37.9Philippines 0.6 - - - - - 0.8 0.5 0.1 - 0.2 1.9 0.5 0.0 - 4.4Vietnam - - 0.1 - 0.5 - - 0.2 0.0 - - - - 0.0 0.1 0.9Taiwan - - - - 0.0 - - - - - - 1.2 0.5 0.2 0.0 1.9India - - - - - - - - - - - - - 0.1 - 0.1Singapore - - - - - - - - - - - - - 0.2 0.0 0.2Other Asia - - 0.2 - 0.0 - - - - - - - - 0.1 0.1 0.5TOTAL ASIA 14.5 4.4 5.4 1.3 10.9 36.8 18.3 27.3 10.3 15.7 6.1 28.8 5.9 6.8 7.2 199.7Romania - 0.3 0.8 - 0.1 0.5 - - - - - 0.4 - 0.0 - 2.1Germany - - - - - - - - - - - - - 0.0 1.4 1.4Italy - - - - 0.0 - - - - - - - - 0.0 1.4 1.4Norway - - - - - - - - - - - - - 0.3 0.0 0.3Netherlands - - - - - - - - - - 0.0 - - 0.3 0.1 0.4Turkey - - - - 0.0 - - - 0.0 - - - - 0.0 0.1 0.2Croatia - - - - 0.2 - - 0.0 0.1 - - - - 0.0 0.2 0.5Finland - - - - - - - - - - - - - 0.0 0.3 0.3Other Europe - - - - 0.0 - - - - - - - 0.0 0.1 1.1 1.3TOTAL EUROPE - 0.3 0.8 - 0.3 0.5 - 0.0 0.1 - 0.0 0.4 0.0 0.8 4.7 8.0Brazil - 0.8 0.5 0.6 0.2 - 0.0 - - - 0.1 - 0.1 2.6 0.0 4.9United States - - 0.1 - 0.4 - - - - - - - 0.2 0.2 0.1 1.0Others - - - - 0.1 - - - 0.0 - - - - 0.1 0.0 0.3TOTAL OTHERS - 0.8 0.5 0.6 0.8 - 0.0 - 0.0 - 0.1 - 0.3 3.0 0.2 6.2

GLOBAL TOTAL 14.5 5.5 6.7 1.8 12.0 37.3 18.4 27.4 10.4 15.7 6.2 29.2 6.2 10.6 12.0 213.9

Clarkson Research Services Jan-15

Bulkers Specialised VesselsShipbuilding

Country / Region

Tankers

Million GT on Order as of 1st Jan. 2015

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Orderbook by Builder Country/Vessel Type

Shipbuilding Country / Region

Tankers Bulkers Specialised Vessels

Million dwt on Order as of 1st Jan. 2015

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Shipbuilders 2013 Dec* 2013 Dec* 2011 2012 2013 2014* 2015 2016 2017 2018+

China P.R. 2,521 2,429 92.6 90.8 178.9 118.5 149.9 149.7 72.3 62.0 13.7 1.7South Korea 934 868 112.3 102.7 111.5 71.5 83.1 82.7 37.5 34.3 8.3 2.6Japan 1,002 986 35.0 37.1 71.9 56.2 61.9 59.6 28.7 19.3 9.6 2.0Philippines 104 73 4.6 3.5 11.9 5.6 7.8 6.3 3.1 2.6 0.6 0.0Vietnam 78 65 1.8 1.4 3.5 2.3 1.9 1.4 1.1 0.3 0.0 0.0Taiwan 37 35 2.3 2.0 2.7 1.8 2.4 2.2 0.9 1.0 0.3 0.0India 55 28 1.5 0.9 3.1 2.0 0.4 0.1 0.1 0.0 0.0 0.0Singapore 44 16 2.5 2.9 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0Other Asia 187 118 2.8 2.3 1.1 1.0 0.9 0.7 0.7 0.0 0.0 0.0TOTAL ASIA 4,962 4,618 255.5 243.6 384.9 259.2 308.5 302.7 144.3 119.6 32.5 6.3Romania 25 30 1.5 1.7 1.2 0.8 2.3 3.6 1.3 1.1 1.2 0.0Germany 23 19 7.7 8.9 0.3 0.3 0.2 0.2 0.0 0.1 0.0 0.0Italy 19 20 5.8 8.1 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.0Norway 56 55 5.1 4.6 0.3 0.3 0.3 0.3 0.1 0.1 0.0 0.0Netherlands 92 76 4.0 3.2 0.6 0.4 0.4 0.3 0.2 0.1 0.0 0.0Turkey 64 42 1.3 1.1 0.9 0.5 0.4 0.3 0.2 0.1 0.0 0.0Croatia 14 20 0.5 0.8 0.5 0.2 0.2 0.6 0.3 0.3 0.1 0.0Finland 7 10 1.4 1.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Other Europe 87 77 4.0 9.2 1.7 0.7 0.4 0.4 0.2 0.0 0.0 0.1TOTAL EUROPE 387 349 31.4 39.2 5.7 3.3 4.5 5.8 2.4 1.8 1.4 0.1Brazil 158 162 27.4 27.5 7.3 7.4 6.8 6.8 1.5 1.8 1.3 2.1USA 136 100 6.0 4.8 0.9 0.8 1.5 1.4 0.6 0.5 0.2 0.1Others 22 16 1.6 1.2 0.3 0.2 0.3 0.2 0.2 0.0 0.0 0.0TOTAL OTHERS 316 278 35.0 33.5 8.5 8.5 8.6 8.3 2.3 2.3 1.5 2.2

GLOBAL TOTAL 5,665 5,245 321.9 316.3 399.1 270.9 321.5 316.9 149.1 123.8 35.4 8.6


m. dwt, end:

Orderbook by Country/Region


Jan-15

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

P.R. China41%

South Korea29%

Japan17%

Other Asia4%

Europe6%

Others4%

Global Orderbook by CGT

China P.R.44%

South Korea32%

Japan19%

Other Asia5%

Asian Orderbook by CGT

Romania12%

Germany19%

Italy21%

Norway7% Netherlands

8%

Other Europe

33%

European Orderbook by CGT

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Major

Shipbuilders 2007 2008 2009 2010 2011 2012 2013 2014* 2015 2016 2017 2018+

China P.R. 58.8 68.7 62.4 63.5 52.5 37.1 46.4 45.6 23.7 17.2 4.0 0.7South Korea 65.4 66.8 53.3 44.2 38.3 30.9 35.1 33.3 15.4 11.6 3.6 2.6Japan 38.1 37.6 29.7 25.2 19.7 15.6 18.9 19.7 8.9 6.4 3.5 0.9Philippines 2.9 3.4 3.2 3.5 2.6 1.5 2.8 2.1 1.2 0.7 0.1 0.0Vietnam 2.1 2.6 2.3 2.2 1.5 1.1 1.0 0.7 0.5 0.2 0.0 0.0Taiwan 1.9 1.8 1.5 1.1 1.3 0.9 1.1 1.0 0.5 0.4 0.2 0.0India 2.0 2.0 2.0 1.9 1.5 1.0 0.4 0.2 0.1 0.0 0.0 0.0Singapore 0.9 0.7 0.6 0.6 0.4 0.4 0.3 0.2 0.1 0.1 0.0 0.0Other Asia 1.7 1.9 1.6 1.4 1.1 1.1 0.9 0.6 0.6 0.0 0.0 0.0TOTAL ASIA 173.8 185.6 156.6 143.5 118.9 89.5 106.8 103.4 51.0 36.7 11.6 4.2Romania 1.3 1.4 1.0 1.0 0.5 0.4 0.7 0.9 0.4 0.3 0.3 0.0Germany 3.7 3.1 2.1 1.4 1.3 1.2 1.3 1.4 0.4 0.3 0.3 0.3Italy 2.7 2.1 1.6 1.2 1.1 1.1 1.1 1.5 0.3 0.5 0.3 0.4Norway 1.8 1.4 0.8 0.7 0.6 0.7 0.6 0.5 0.3 0.2 0.0 0.0Netherlands 1.1 1.2 0.9 0.8 0.7 0.5 0.6 0.6 0.3 0.3 0.0 0.0Turkey 3.0 2.6 1.5 1.1 0.9 0.6 0.5 0.3 0.2 0.1 0.0 0.0Croatia 1.1 1.0 0.7 0.6 0.4 0.2 0.2 0.4 0.2 0.1 0.1 0.0Finland 0.7 0.5 0.3 0.2 0.3 0.3 0.3 0.4 0.1 0.2 0.1 0.0Other Europe 5.2 4.2 2.7 2.0 1.9 1.3 0.8 1.3 0.4 0.3 0.2 0.4TOTAL EUROPE 20.7 17.4 11.6 8.9 7.5 6.1 6.1 7.3 2.6 2.3 1.3 1.2Brazil 1.0 1.2 1.4 2.2 2.6 3.2 3.0 3.0 0.8 0.9 0.6 0.7USA 1.1 1.0 0.7 0.5 0.8 0.8 1.3 1.1 0.7 0.3 0.1 0.1Others 0.6 0.5 0.5 0.4 0.3 0.2 0.3 0.2 0.1 0.1 0.0 0.0TOTAL OTHERS 2.8 2.7 2.6 3.1 3.7 4.3 4.5 4.3 1.5 1.3 0.7 0.8

GLOBAL TOTAL 197.3 205.8 170.9 155.6 130.0 99.9 117.4 115.1 55.1 40.2 13.6 6.2

Major

Shipbuilders 2007 2008 2009 2010 2011 2012 2013 2014* # 2015 2016 2017 2018+

China P.R. 108.0 133.3 124.5 129.0 106.2 72.7 92.8 91.7 45.1 36.8 8.5 1.3South Korea 125.4 138.6 113.5 98.6 80.2 57.7 65.0 62.1 28.9 23.5 6.3 3.4Japan 79.2 79.0 63.4 54.5 42.3 33.2 37.9 37.9 17.4 12.1 6.8 1.7Philippines 6.1 7.9 7.8 8.9 6.6 3.4 5.5 4.4 2.4 1.7 0.3 0.0Vietnam 3.1 3.8 3.3 3.3 2.3 1.5 1.2 0.9 0.7 0.2 0.0 0.0Taiwan 3.1 3.0 2.7 2.1 2.4 1.7 2.2 1.9 0.8 0.9 0.2 0.0India 2.7 2.8 2.7 2.7 2.1 1.3 0.3 0.1 0.1 0.0 0.0 0.0Singapore 0.9 0.5 0.4 0.4 0.3 0.2 0.2 0.2 0.1 0.1 0.1 0.1Other Asia 1.4 1.5 1.4 1.2 0.8 0.7 0.6 0.5 0.5 0.0 0.0 0.0TOTAL ASIA 329.9 370.4 319.7 300.6 243.1 172.4 205.7 199.7 95.9 75.3 22.1 6.4Romania 2.1 2.3 1.7 1.5 0.8 0.7 1.5 2.1 0.8 0.6 0.6 0.0Germany 4.2 3.4 2.3 1.5 1.3 1.2 1.4 1.4 0.4 0.4 0.3 0.3Italy 2.4 1.8 1.4 1.1 1.0 1.0 1.0 1.4 0.3 0.4 0.3 0.4Norway 1.2 0.9 0.5 0.4 0.4 0.5 0.4 0.3 0.2 0.1 0.0 0.0Netherlands 0.8 0.9 0.7 0.5 0.5 0.3 0.4 0.4 0.2 0.2 0.0 0.0Turkey 2.7 2.6 1.1 0.8 0.6 0.4 0.3 0.2 0.1 0.1 0.0 0.0Croatia 1.6 1.3 0.9 0.8 0.4 0.2 0.2 0.5 0.2 0.2 0.1 0.0Finland 0.8 0.6 0.3 0.2 0.2 0.3 0.3 0.3 0.1 0.1 0.1 0.0Other Europe 6.9 5.1 2.9 1.9 1.7 1.0 0.7 1.3 0.3 0.3 0.2 0.5TOTAL EUROPE 22.7 19.0 11.8 8.6 6.9 5.5 6.2 8.0 2.6 2.4 1.8 1.2Brazil 2.0 2.2 2.8 4.1 4.5 5.2 4.9 4.9 1.0 1.5 1.1 1.4USA 0.9 0.8 0.6 0.4 0.6 0.6 1.1 1.0 0.5 0.3 0.1 0.1Others 0.5 0.4 0.4 0.3 0.3 0.2 0.3 0.3 0.1 0.1 0.0 0.0TOTAL OTHERS 3.4 3.4 3.7 4.9 5.5 6.1 6.3 6.2 1.7 1.9 1.2 1.5

GLOBAL TOTAL 356.0 392.8 335.2 314.1 255.4 184.0 218.2 213.9 100.1 79.6 25.0 9.1


Orderbook by Country/Region


Jan-15

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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Shipbuilders 2013 Dec* 2013 Dec* 2010 2011 2012 2013 2014*

China P.R. 1,353 801 44.4 30.3 77.7 37.5 22.2 84.7 51.0 DOWN BY….. -40%

South Korea 540 305 46.3 31.4 49.3 29.5 15.7 50.5 30.8 DOWN BY….. -39%

Japan 593 389 17.7 15.4 20.8 13.1 14.8 32.3 22.5 DOWN BY….. -30%

Philippines 75 11 3.2 0.7 5.5 0.4 0.8 5.3 1.8 DOWN BY….. -66%

Vietnam 34 24 0.8 0.5 1.0 0.7 0.3 1.0 0.1 DOWN BY….. -88%

Taiwan 19 8 0.9 0.3 0.5 1.2 0.1 1.1 0.4 DOWN BY….. -65%

India 12 3 0.2 0.2 0.2 0.0 0.0 0.0 0.0 DOWN BY….. -86%

Singapore 12 6 1.1 1.1 0.1 0.1 0.0 0.0 0.0 DOWN BY….. -73%

Other Asia 59 26 0.6 0.6 0.2 0.1 0.1 0.0 0.0 DOWN BY….. -62%

TOTAL ASIA 2,697 1,573 115.2 80.5 155.3 82.6 54.1 175.0 106.7 DOWN BY….. -39%Romania 18 12 1.0 0.8 0.5 0.6 0.2 1.9 1.6 DOWN BY….. -17%

Germany 5 7 2.9 3.6 0.1 0.1 0.1 0.0 0.1 UP BY…. 97%

Italy 5 7 1.2 4.0 0.0 0.0 0.0 0.0 0.1 UP BY…. 328%

Norway 26 36 2.4 2.3 0.2 0.1 0.2 0.2 0.1 DOWN BY….. -15%

Netherlands 57 22 2.4 0.6 0.2 0.1 0.0 0.2 0.1 DOWN BY….. -68%

Turkey 22 10 0.5 0.3 0.2 0.1 0.1 0.1 0.1 DOWN BY….. -62%

Croatia 9 12 0.3 0.4 0.4 0.0 0.0 0.2 0.4 UP BY…. 171%

Finland 3 7 0.0 0.7 0.0 0.0 0.0 0.0 0.0 UP BY…. 4445%

Other Europe 30 24 0.7 6.3 0.6 0.4 0.2 0.1 0.1 DOWN BY….. -9%

TOTAL EUROPE 175 137 11.3 19.1 2.1 1.5 0.8 2.7 2.5 DOWN BY….. -8%Brazil 17 22 1.7 0.9 2.3 0.6 0.6 0.1 0.4 UP BY…. 263%

USA 56 16 2.3 0.7 0.1 0.5 0.3 0.8 0.2 DOWN BY….. -77%

Others 11 1 0.7 0.0 0.0 0.1 0.0 0.0 0.0 DOWN BY….. -92%

TOTAL OTHERS 84 39 4.7 1.6 2.4 1.1 0.9 1.0 0.6 DOWN BY….. -43%

GLOBAL TOTAL 2,956 1,749 131.2 101.2 159.8 85.3 55.8 178.7 109.7 DOWN BY….. -39%*Year to date.


Trends This Year

vs. Last Year

No. end: $ billion

Contracting Summary

m. dwt, end:

Contracting by Country/Region

Bulker59%

Container17%

Gas10%

Tanker13%

Other4%

Japanese Contracts in 2014 (GT)

Tanker11%

Bulker70%

Container13%

Other6%

Chinese Contracts in 2014 (GT)

� Japan In 2014, 24 Japanese shipyards are reported to have taken 389 contracts of a cumulative 22.5m dwt and 7.8m CGT, 22% of the global total in numerical terms. This is a 34% and 30% decline year-on-year in numerical terms and dwt terms respectively. The bulkcarrier sector continued to account for the majority of orders reported at Japanese yards with 219 bulkcarriers of a combined 15.4m dwt ordered last year. This accounts for over a quarter of global bulker orders in 2014 in numerical terms. However, after strong bulker ordering in 2013, this represents a 41% fall year-on-year in the number of bulkcarriers ordered at Japanese yards.

� South Korea A total of 305 contracts of a combined 30.8m dwt were reported at South Korean shipyards in 2014. This is a decline of 44% and 39% year-on-year in numerical and dwt terms respectively. The gas carrier and tanker sectors each accounted for 38% of orders reported signed at South Korean yards last year. Whilst this is an increase of 24% in the share of orders accounted for by gas carriers, tankers accounted for almost half of contracts signed at South Korean shipyards in 2013. There was a record level of newbuilding interest in the gas sector in 2014 and South Korean yards accounted for two thirds of gas carriers contracted. In total, 116 tankers of a combined 14.2m dwt were reported ordered at South Korean shipbuilders in 2014, equivalent to 36% of global tanker contracts. Sungdong S.B. is reported to have won the largest number of these contracts, with 23 tankers ordered at the yard – half of which were contracted by Greek owners.

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Shipbuilders 2006 2007 2008 2009 2010 2011 2012 2013 2014*

China P.R. 20.8 33.5 20.6 9.3 22.5 12.6 8.7 25.2 15.3 DOWN BY….. -39%

South Korea 21.4 32.5 18.1 4.3 12.8 14.5 8.4 18.5 11.8 DOWN BY….. -36%

Japan 14.6 13.6 9.6 2.0 5.9 4.4 4.5 10.6 7.8 DOWN BY….. -26%

Philippines 1.1 1.6 0.9 0.2 1.1 0.2 0.4 2.0 0.3 DOWN BY….. -82%

Vietnam 0.8 0.9 0.7 0.1 0.4 0.3 0.2 0.5 0.1 DOWN BY….. -74%

Taiwan 0.5 0.8 0.3 0.1 0.1 0.6 0.0 0.5 0.2 DOWN BY….. -59%

India 0.4 1.3 0.4 0.1 0.3 0.0 0.1 0.0 0.0 DOWN BY….. -58%

Singapore 0.3 0.5 0.2 0.1 0.2 0.1 0.1 0.1 0.1 UP BY…. 40%

Other Asia 0.6 0.8 0.7 0.2 0.3 0.3 0.3 0.1 0.1 DOWN BY….. -36%

TOTAL ASIA 60.5 85.4 51.3 16.4 43.6 33.0 22.6 57.6 35.8 DOWN BY….. -38%Romania 0.3 0.6 0.4 0.0 0.2 0.3 0.1 0.5 0.4 DOWN BY….. -29%

Germany 1.2 1.1 0.6 0.1 0.5 0.3 0.4 0.5 0.5 STEADY…. 1%

Italy 0.6 0.9 0.2 0.1 0.3 0.3 0.4 0.2 0.8 UP BY…. 305%

Norway 1.1 0.7 0.1 0.0 0.4 0.2 0.5 0.3 0.3 UP BY…. 12%

Netherlands 0.6 0.4 0.5 0.1 0.2 0.2 0.1 0.4 0.1 DOWN BY….. -62%

Turkey 1.2 1.4 0.5 0.1 0.2 0.1 0.1 0.2 0.1 DOWN BY….. -38%

Croatia 0.2 0.2 0.3 0.0 0.2 0.0 0.0 0.1 0.2 UP BY…. 125%

Finland 0.0 0.4 0.1 0.0 0.1 0.1 0.1 0.0 0.3 UP BY…. 502%

Other Europe 1.5 1.6 0.8 0.2 0.7 0.6 0.5 0.2 0.8 UP BY…. 339%

TOTAL EUROPE 6.8 7.4 3.5 0.8 2.7 2.2 2.2 2.3 3.5 UP BY…. 49%Brazil 0.4 0.6 0.2 0.3 0.9 0.5 0.9 0.2 0.2 UP BY…. 38%

USA 0.6 0.4 0.1 0.1 0.2 0.4 0.4 0.6 0.1 DOWN BY….. -76%

Other 0.2 0.3 0.2 0.1 0.1 0.0 0.0 0.1 0.0 DOWN BY….. -93%

TOTAL OTHERS 1.1 1.4 0.6 0.6 1.1 1.0 1.3 0.9 0.4 DOWN BY….. -57%

GLOBAL TOTAL 68.5 94.2 55.4 17.8 47.4 36.3 26.2 60.8 39.7 DOWN BY….. -35%

Major

Shipbuilders 2006 2007 2008 2009 2010 2011 2012 2013 2014*

China P.R. 37.1 64.0 41.7 18.3 45.2 23.4 14.7 51.8 30.8 DOWN BY….. -41%

South Korea 40.3 65.4 41.7 10.2 29.5 26.0 13.3 35.9 22.4 DOWN BY….. -38%

Japan 30.7 27.6 19.1 3.7 12.5 8.2 8.9 20.3 14.6 DOWN BY….. -28%

Philippines 2.2 3.7 2.4 0.5 3.0 0.3 0.7 3.9 1.0 DOWN BY….. -74%

Vietnam 1.3 1.1 0.9 0.1 0.6 0.4 0.2 0.6 0.1 DOWN BY….. -85%

Taiwan 0.8 1.4 0.5 0.3 0.3 1.1 0.1 1.0 0.3 DOWN BY….. -71%

India 0.3 2.1 0.8 0.0 0.2 0.0 0.0 0.0 0.0 DOWN BY….. -40%

Singapore 0.3 0.4 0.2 0.0 0.1 0.1 0.0 0.1 0.1 UP BY…. 108%

Other Asia 0.3 0.7 0.4 0.1 0.2 0.1 0.1 0.0 0.0 DOWN BY….. -28%

TOTAL ASIA 113.2 166.5 107.5 33.3 91.6 59.7 38.1 113.6 69.4 DOWN BY….. -39%Romania 0.4 1.1 0.6 0.0 0.3 0.5 0.2 1.2 0.9 DOWN BY….. -24%

Germany 1.4 1.2 0.7 0.0 0.5 0.3 0.4 0.5 0.5 STEADY…. 2%

Italy 0.5 0.8 0.1 0.1 0.3 0.3 0.3 0.1 0.8 UP BY…. 424%

Norway 0.7 0.5 0.1 0.0 0.2 0.1 0.3 0.2 0.2 DOWN BY….. -8%

Netherlands 0.5 0.3 0.4 0.1 0.1 0.1 0.0 0.3 0.1 DOWN BY….. -67%

Turkey 0.9 1.4 0.6 0.1 0.1 0.1 0.0 0.1 0.1 DOWN BY….. -34%

Croatia 0.3 0.3 0.3 0.0 0.2 0.0 0.0 0.1 0.4 UP BY…. 239%

Finland 0.0 0.5 0.1 0.0 0.1 0.1 0.1 0.0 0.2 UP BY…. 522%

Other Europe 1.6 2.3 0.6 0.2 0.7 0.5 0.4 0.1 0.8 UP BY…. 693%

TOTAL EUROPE 6.2 8.4 3.5 0.5 2.6 2.0 1.9 2.6 3.9 UP BY…. 48%Brazil 0.6 1.3 0.2 0.6 1.4 0.5 1.0 0.1 0.2 UP BY…. 92%

USA 0.4 0.3 0.1 0.1 0.1 0.4 0.2 0.6 0.1 DOWN BY….. -79%

Others 0.1 0.2 0.1 0.1 0.1 0.0 0.0 0.1 0.0 DOWN BY….. -94%

TOTAL OTHERS 1.1 1.8 0.4 0.8 1.6 0.9 1.3 0.9 0.4 DOWN BY….. -57%

GLOBAL TOTAL 120.6 176.7 111.3 34.6 95.7 62.7 41.2 117.1 73.6 DOWN BY….. -37%*Year to date.


Trends This YearMillion CGT, end:

Million GT, end:

Contracting by Country/Region

Trends This Year

Jan-15

vs. Last Year

vs. Last Year

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2013 Dec* 2013 Dec* 2011 2012 2013 2014* 2015 2016

China P.R. 853 681 27.5 23.9 70.2 67.6 44.5 36.3 38.2 41.1 UP 5%

South Korea 379 313 35.4 36.4 54.5 48.4 33.3 25.9 30.6 35.8 UP 18%

Japan 388 380 14.6 12.2 32.2 29.5 24.7 22.6 24.1 20.4 UP 6%

Philippines 24 39 1.3 1.6 3.4 5.0 2.4 2.9 2.8 2.7 STEADY -3%

Vietnam 40 33 0.8 0.8 1.0 1.3 0.8 0.5 0.6 0.4 UP 20%

Taiwan 9 10 0.5 0.7 1.1 1.0 0.5 0.6 0.5 0.7 DOWN -17%

India 22 18 0.6 0.4 0.3 0.2 0.4 0.1 0.0 0.0 DOWN -91%

Singapore 38 33 0.7 0.7 0.1 0.1 0.0 0.1 0.0 0.0 DOWN -76%

Other Asia 97 83 1.4 0.9 0.1 0.1 0.2 0.1 0.2 0.1 UP 33%

TOTAL ASIA 1,850 1,590 82.9 77.7 162.8 153.2 106.8 89.1 97.0 101.2 UP 9%Romania 11 7 0.6 0.6 0.9 0.6 0.4 0.3 1.1 1.1 UP 302%

Germany 9 11 1.5 2.5 0.2 0.1 0.1 0.1 0.0 0.1 DOWN -66%

Italy 9 5 1.0 1.6 0.0 0.0 0.0 0.0 0.0 0.0 DOWN -65%

Norway 44 37 2.5 2.8 0.1 0.2 0.2 0.2 0.1 0.1 DOWN -21%

Netherlands 27 28 0.5 1.3 0.3 0.2 0.1 0.1 0.1 0.1 UP 26%

Turkey 21 17 0.3 0.2 0.4 0.2 0.2 0.1 0.1 0.1 DOWN -25%

Croatia 6 6 0.2 0.2 0.4 0.3 0.1 0.0 0.2 0.2 UP 908%

Finland 2 2 0.4 0.6 0.0 0.0 0.0 0.0 0.0 0.0 UP 63%

Other Europe 60 27 2.2 0.7 0.5 0.3 0.3 0.1 0.1 0.1 STEADY -4%

TOTAL EUROPE 189 140 9.3 10.4 2.9 1.9 1.4 1.0 1.9 1.8 UP 88%Brazil 19 16 0.7 0.6 0.2 0.4 0.2 0.4 0.2 0.3 DOWN -38%

USA 34 52 1.0 2.0 0.1 0.2 0.1 0.3 0.5 0.5 UP 59%

Others 8 6 0.2 0.3 0.1 0.0 0.0 0.0 0.0 0.0 DOWN -70%

TOTAL OTHERS 61 74 1.8 2.9 0.4 0.6 0.4 0.7 0.7 0.8 STEADY 2%

GLOBAL TOTAL 2,100 1,804 94.0 91.1 166.1 155.7 108.7 90.9 99.6 103.8 UP 10%


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

2015 vs 2014

Delivery Summary

0

10

20

30

40

50

60

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

m. CGTDelivery Trends to 2016

Output in CGT peaked in 2010

0%

10%

20%

30%

40%

50%

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

% CGT

S.KoreaChina

Japan

Europe

Others

Country/Regional Shares

Projected

� In full year 2014, a total of 389 shipyards globally are reported to have delivered a vessel compared to 453 yards in 2013 – 14% fewer shipyards year-on-year. The largest decline in the number of yards reported to have delivered a vessel was seen in China where 137 shipyards output a vessel in 2014 compared to 170 in 2013. Overall, 1,804 vessels of a combined 90.9m dwt and 34.7m CGT were output by shipbuilders in 2014. Whilst this is a decline of 16% on 2013 delivery levels in terms of dwt, output fell by 7% year-on-year in terms of CGT.

� South Korean shipbuilders are reported to have delivered 313 ships of 12.0m CGT in full year 2014, 4% more than their Chinese counterparts in terms of CGT (11.5m CGT). This is the first time since 2009 that South Korean shipbuilders account for largest share of output in terms of CGT (35%), regaining their lead in terms of global deliveries. In recent years, Chinese shipbuilders have accounted for the greatest share of global deliveries in terms of CGT due to a considerable increase in shipyard output over the delivery boom years with the average output of Chinese shipyards more than tripling from 4.9m CGT p.a. between 2004 and 2007 to an average of 16.3m CGT p.a. between 2008 and 2013. Prior to this ramp up in Chinese shipbuilding activity, South Korean shipyards typically delivered between double and quadruple the volume of CGT that Chinese shipbuilders delivered between 2002 and 2006. Whilst Chinese and Korean shipbuilders’ shares of total deliveries have fluctuated over the last decade, Japanese shipbuilders have accounted for a relatively consistent proportion of global deliveries (around a fifth) and in full year 2014, they delivered a reported 380 vessels of a cumulative 6.6m CGT, equivalent to 19% of global deliveries in terms of CGT.

Projected

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2007 2008 2009 2010 2011 2012 2013 2014* 2015 2016

China P.R. 7.1 9.8 13.5 19.7 20.8 20.2 13.5 11.5 12.7 12.7 UP 10%

South Korea 12.0 15.7 15.3 16.0 16.2 13.6 12.5 12.0 13.1 12.2 UP 9%

Japan 8.9 10.0 9.6 9.8 9.1 8.2 6.8 6.6 7.4 6.8 UP 12%Philippines 0.2 0.3 0.4 0.6 0.7 1.0 0.5 1.0 1.1 0.7 UP 9%Vietnam 0.2 0.2 0.2 0.5 0.5 0.5 0.3 0.3 0.3 0.2 UP 16%

Taiwan 0.4 0.4 0.3 0.4 0.4 0.4 0.3 0.3 0.3 0.3 DOWN -11%

India 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.1 0.0 0.0 DOWN -77%

Singapore 0.2 0.2 0.2 0.2 0.3 0.2 0.2 0.1 0.0 0.0 DOWN -70%

Other Asia 0.3 0.4 0.5 0.5 0.3 0.3 0.4 0.3 0.3 0.1 STEADY 0%

TOTAL ASIA 29.4 37.0 40.1 47.8 48.5 44.5 34.7 32.2 35.2 33.2 UP 9%Romania 0.3 0.3 0.4 0.2 0.3 0.2 0.2 0.2 0.3 0.3 UP 91%

Germany 0.0 1.2 0.7 0.8 0.4 0.5 0.3 0.5 0.4 0.4 DOWN -16%

Italy 0.7 0.7 0.6 0.7 0.4 0.4 0.2 0.3 0.2 0.5 DOWN -20%

Norway 0.4 0.5 0.6 0.5 0.3 0.3 0.4 0.4 0.3 0.2 DOWN -14%

Netherlands 0.4 0.4 0.3 0.3 0.3 0.2 0.1 0.2 0.2 0.2 UP 23%

Turkey 0.6 1.0 0.7 0.4 0.3 0.2 0.2 0.1 0.1 0.1 DOWN -13%

Croatia 0.5 0.4 0.3 0.2 0.3 0.2 0.1 0.0 0.1 0.1 UP 161%

Finland 0.3 0.3 0.3 0.2 0.0 0.1 0.1 0.1 0.1 0.1 UP 11%

Other Europe 1.5 1.4 1.0 1.1 0.5 0.5 0.6 0.2 0.2 0.3 UP 27%

TOTAL EUROPE 4.6 6.2 4.9 4.6 2.9 2.5 2.2 2.0 2.1 2.2 UP 7%Brazil 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.1 DOWN -28%

USA 0.3 0.3 0.4 0.3 0.1 0.2 0.2 0.3 0.4 0.3 UP 33%

Others 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.0 0.0 0.1 DOWN -70%

TOTAL OTHERS 0.5 0.6 0.7 0.5 0.4 0.5 0.4 0.5 0.6 0.5 UP 5%

GLOBAL TOTAL 34.5 43.7 45.7 53.0 51.8 47.5 37.3 34.7 37.9 35.9 UP 9%

2007 2008 2009 2010 2011 2012 2013 2014* 2015 2016

China P.R. 10.8 14.3 23.0 37.5 41.1 39.8 26.6 22.7 24.1 25.7 UP 6%

South Korea 20.6 26.4 28.9 32.4 35.8 31.4 24.7 21.9 24.5 24.6 UP 12%

Japan 17.4 18.8 19.0 20.1 19.3 17.4 14.5 13.4 14.6 12.9 UP 9%

Philippines 0.4 0.5 0.6 1.2 1.8 2.7 1.3 1.9 2.1 1.8 UP 14%

Vietnam 0.2 0.2 0.3 0.6 0.6 0.8 0.5 0.3 0.4 0.3 UP 11%

Taiwan 0.7 0.6 0.5 0.6 0.8 0.8 0.5 0.6 0.5 0.6 DOWN -15%

India 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.0 0.0 DOWN -87%

Singapore 0.1 0.2 0.1 0.1 0.2 0.1 0.1 0.1 0.0 0.0 DOWN -65%

Other Asia 0.2 0.2 0.2 0.3 0.2 0.1 0.2 0.1 0.1 0.1 UP 18%

TOTAL ASIA 50.6 61.3 72.5 92.7 99.9 93.3 68.6 61.0 66.3 66.0 UP 9%Romania 0.4 0.4 0.7 0.5 0.6 0.3 0.3 0.3 0.7 0.6 UP 132%

Germany 1.4 1.4 0.8 1.0 0.4 0.5 0.3 0.5 0.4 0.4 DOWN -21%

Italy 0.7 0.7 0.6 0.6 0.4 0.3 0.2 0.3 0.2 0.4 DOWN -30%

Norway 0.2 0.3 0.4 0.3 0.2 0.2 0.2 0.2 0.2 0.1 DOWN -21%

Netherlands 0.3 0.3 0.2 0.3 0.2 0.1 0.1 0.1 0.1 0.2 UP 12%

Turkey 0.5 0.7 0.5 0.3 0.3 0.1 0.1 0.1 0.1 0.1 DOWN -27%

Croatia 0.7 0.6 0.4 0.4 0.4 0.2 0.1 0.0 0.1 0.2 UP 250%

Finland 0.3 0.3 0.3 0.2 0.0 0.1 0.1 0.1 0.1 0.1 UP 11%

Other Europe 1.9 1.7 1.3 1.3 0.5 0.4 0.5 0.1 0.2 0.3 UP 36%

TOTAL EUROPE 6.4 6.4 5.0 4.8 3.0 2.3 1.9 1.8 2.2 2.4 UP 17%Brazil 0.0 0.0 0.1 0.0 0.1 0.2 0.1 0.2 0.2 0.2 DOWN -31%

USA 0.2 0.1 0.3 0.2 0.1 0.1 0.1 0.2 0.3 0.3 UP 67%

Others 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.1 DOWN -67%

TOTAL OTHERS 0.3 0.3 0.4 0.3 0.3 0.4 0.3 0.5 0.5 0.6 UP 10%

GLOBAL TOTAL 57.3 68.0 78.0 97.9 103.2 96.0 70.7 63.3 68.9 69.0 UP 9%


Million GT, end:

Deliveries by Country/Region

Jan-15

Major Shipbuilders

Major ShipbuildersMillion CGT, end:

2015 vs 2014

2015 vs 2014

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.

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Year No. dwt

2015 38 3,684,983

2016 31 3,164,519

2017+ 17 1,311,000

Total 86 8,160,502

Shipyard Data*

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

Daewoo Geoje South Korea 5 5 540 131 9,724 3,090 42 6,279 2,496 121 14,670 7,531 1Hyundai HI Ulsan South Korea 9 1 672 92 12,656 3,796 46 4,556 2,464 103 10,258 5,150 2Samsung HI Geoje South Korea 8 1 640 150 8,711 2,972 33 2,980 1,872 86 8,161 5,010 3Hyundai Mipo Ulsan South Korea 4 5 380 76 3,274 1,731 77 2,880 1,731 164 6,610 3,708 4Hyundai Samho HI Samho South Korea 3 2 594 104 5,880 1,745 30 3,752 1,308 83 11,608 3,682 5Hudong Zhonghua Shanghai China P.R. 1 - 360 92 2,083 646 10 952 327 53 4,473 2,524 6Shanghai Waigaoqiao Shanghai China P.R. 2 - 540 106 5,136 856 26 5,136 856 75 15,025 2,455 7Jiangsu New YZJ Taizhou China P.R. 2 2 1,000 31 2,574 700 25 1,445 599 98 8,615 2,382 8Sungdong SB Tongyoung South Korea 3 1 545 126 4,947 1,021 2 358 62 74 8,924 1,986 9STX SB (Jinhae) Jinhae South Korea 2 1 385 74 5,082 1,238 15 1,118 471 71 4,528 1,819 10Dalian Shipbuilding Dalian China P.R. 6 10 550 96 6,057 1,131 17 1,971 649 44 7,933 1,728 11New Times SB Jingjiang China P.R. 1 3 588 106 3,425 647 2 228 95 58 6,240 1,617 12Chengxi Shipyard Wuxi China P.R. 5 - 330 54 1,087 343 17 845 266 92 5,580 1,592 13HHIC-Phil. Inc. Subic Bay Philippines 2 2 550 135 2,995 582 19 1,230 582 36 3,962 1,427 14Oshima SB Co Oshima Japan 1 - 299 80 2,488 657 33 2,206 586 82 5,080 1,407 15Imabari Shipbuilding Imabari Japan 1 1 211 43 748 259 16 609 210 86 4,421 1,339 16CIC (Jiangsu) Yangzhou China P.R. 6 - 580 136 1,236 364 10 532 164 63 4,302 1,288 17Zhejiang Yangfan Zhoushan China P.R. 2 3 500 45 1,133 311 18 750 264 77 3,396 1,261 18Imabari Shipbuilding Hiroshima Japan 5 5 378 59 2,791 575 20 2,791 544 26 4,068 1,239 19Meyer Werft Papenburg Germany 2 - 504 125 71 372 2 23 297 8 119 1,214 20Hyundai HI (Gunsan) Gunsan South Korea 1 - 700 115 2,347 434 10 1,006 312 35 6,617 1,193 21Namura Shipbuilding Imari Japan 1 - 450 70 2,373 406 12 1,769 317 67 4,829 1,183 22Jinhai Heavy Ind Zhoushan China P.R. 5 4 512 120 2,956 555 6 1,006 177 34 4,981 1,176 23Sinopacific Dayang Yangzhou China P.R. 1 - 360 80 2,000 621 10 633 174 82 3,910 1,125 24CSC Jinling Shipyard Nanjing China P.R. 2 1 320 60 1,505 484 19 1,024 320 58 3,655 1,116 25Jiangsu Hantong HI Nantong China P.R. - 2 400 96 792 232 12 756 209 60 4,386 1,110 26Huangpu Wenchong Guangzhou China P.R. 5 - 360 96 1,029 475 22 638 333 69 2,129 1,104 27SPP Shipbuilding Sacheon South Korea 1 - 310 86 1,167 501 21 1,167 501 45 2,424 1,073 28Nantong COSCO KHI Nantong China P.R. 2 2 500 80 2,127 452 13 1,178 409 47 4,732 1,062 29Beihai Shipyard Qingdao China P.R. 5 1 530 133 1,441 284 5 981 165 30 6,450 1,039 30Guangzhou Longxue Guangzhou China P.R. 4 4 490 106 1,844 288 7 1,078 197 31 6,031 1,026 31Guangzhou SY Intl Guangzhou China P.R. 1 - 200 36 836 421 9 297 189 40 2,499 1,007 32Japan Marine United Tsu Japan 2 4 500 75 2,228 377 13 1,255 276 27 3,423 986 33


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, end

Number

Docks/

Shipyard Review (1)

Berths

Orderbook at Samsung HI, Geoje:

Orderbook by Scheduled Year of Delivery:

Max Output December 2014

RankNo.No.

2014

Shipyard Commentary

2,165,974

1,699,431

1,145,036

5,010,440

CGT

LNG47%

Post Panamax

29%

Misc.12% Handy Prod

2%

VLGC LPG3%

FPSO/FSO6%

Suezmax1%

� Samsung Heavy Industries, Geoje was founded in 1983 following the merger of Samsung Shipbuilding and Daesung Heavy Industries. As of 1st January 2015, Samsung HI’s orderbook totalled 86 ships of a combined 5.0m CGT, the third largest globally in terms of CGT. Samsung HI currently has the largest offshore orderbook of any South Korean shipyard with 19 units on order. This includes orders for 13 drillships, the largest number of drillships on order globally and 22% of the total drillship orderbook.

� In 2014, Samsung HI won contracts for a reported 28 vessels of a cumulative 1.3m CGT. This equates to a fall of 41% and 22% year-on-year in CGT and numerical terms respectively. These orders include a contract for 6 x 19,200 TEU containerships ordered by Scorpio Quantum. These vessels are amongst the largest containerships reported ordered globally on record and are due for delivery from the second half of 2016. Meanwhile, the shipyard delivered a reported 33 ships of a combined 3.0m dwt into the global fleet in 2014. This includes the delivery of two LNG/regasification carriers – only the third and fourth vessels of this type to be reported delivered globally (the previous two were also delivered by the shipyard in 2009 and 2010).

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Lgth Beam dwt CGT dwt CGT dwt CGT

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

Mitsubishi H.I. Nagasaki Japan 5 8 990 100 1,672 673 6 427 456 15 725 974 34Taizhou Sanfu Taizhou China P.R. - 1 600 78 644 233 3 164 49 64 2,348 968 35Japan Marine United Kumamoto Japan 2 1 620 85 2,695 392 5 1,103 175 27 5,916 938 36Japan Marine United Kure-Shi Japan 3 - 508 80 1,955 327 10 1,378 255 28 2,486 902 37Zhejiang Ouhua SB Zhoushan China P.R. 3 1 340 42 773 282 15 469 274 54 2,083 897 38Daewoo-Mangalia Mangalia Romania 3 3 360 60 911 273 4 273 158 26 3,483 812 39CSBC Kaohsiung Taiwan 2 - 950 92 1,145 330 6 533 249 18 1,764 806 40STX Dalian Dalian China P.R. 1 - 460 135 3,065 830 - - - 28 2,333 803 41Tsuneishi Zhoushan Zhoushan China P.R. - - - - 1,598 385 17 1,084 291 45 2,914 785 42Atlantico Sul Suape Brazil 1 2 400 73 314 60 2 314 60 24 2,809 756 43Daehan S.B. Haenam South Korea 1 - 345 75 1,735 307 2 225 53 24 4,125 733 44Sainty SB (Yangzhou) Yangzhou China P.R. 2 2 350 62 530 151 9 530 151 39 2,079 713 45Taizhou Kouan SB Taizhou China P.R. - - 200 36 516 233 8 138 119 45 2,177 713 46Est. Rio Grande Rio Grande Brazil 1 2 - - - - - - - 11 2,022 711 47Bohai Shipbld. Huludao China P.R. 4 - 480 107 2,232 415 6 1,369 221 25 3,775 705 48STX France St. Nazaire France - - - - 121 254 - - - 4 70 688 49Jiangsu Rongsheng Nantong China P.R. 4 - 580 140 3,649 616 11 2,057 356 27 3,114 678 50Kawasaki H.I. Sakaide Japan 3 - 450 75 1,410 453 2 113 45 10 723 660 51Shin Kurushima Onishi Japan 3 - 311 47 709 375 12 389 211 33 1,127 656 52Imabari Shipbuilding Saijo Japan 1 1 420 89 2,505 417 7 1,402 232 16 2,876 641 53Tsuneishi Cebu Cebu Philippines 2 - 450 60 1,961 413 20 1,631 386 35 2,364 626 54Tsuneishi Zosen Numakuma Japan 6 11 380 59 2,783 670 10 820 195 32 2,573 625 55Imabari Shipbuilding Marugame Japan 2 - 370 57 1,596 587 18 1,293 396 27 1,791 605 56Jiangnan Changxing Shanghai China P.R. 2 5 580 120 2,098 535 9 1,224 307 17 1,435 592 57Fincantieri Marghera Italy 1 2 334 54 21 219 1 10 132 5 54 578 58Fincantieri Monfalcone Italy 1 - 350 56 22 241 1 11 139 4 41 546 59Eisa Shipyard Rio De Janeiro Brazil - 3 280 46 80 41 - - - 37 1,345 546 60Sinopacific Offshore Nantong China P.R. - - - - 71 70 4 60 54 24 480 545 61Onomichi Dockyd Onomichi Japan 2 6 215 43 574 186 6 306 95 31 1,869 544 62Jiangnan SY Group Shanghai China P.R. 5 - 275 40 836 269 12 484 183 25 1,369 543 63Kitanihon Zosen Hachinohe Japan 1 - 163 27 238 154 11 101 104 37 735 532 64Hanjin H.I. Busan South Korea 3 4 302 50 1,184 622 - - - 19 2,754 523 65Japan Marine United Yokohama-Shi Japan 6 - 354 56 837 241 2 112 32 23 970 508 66Weihai Samjin SY Weihai China P.R. 1 3 320 160 438 175 - - - 36 1,410 495 67CSC Qingshan SY Wuhan China P.R. - - 780 45 794 254 10 370 136 31 1,595 492 68Hyundai Vinashin Nha Trang Vietnam 2 4 380 65 821 243 8 387 165 22 1,079 479 69Tianjin Xingang HI Tianjin China P.R. 5 - 520 110 719 220 11 719 187 19 1,237 454 70Yangzi Xinfu S.B. Taixing China P.R. - - - - 692 311 6 692 311 12 2,704 425 71COSCO Dalian Dalian China P.R. 3 11 350 100 1,072 296 4 299 75 25 871 416 72Xiamen Shipbuilding Xiamen China P.R. 1 2 245 40 397 251 15 144 123 27 197 415 73COSCO Zhoushan Zhoushan China P.R. 3 6 539 68 882 251 2 128 35 22 1,534 408 74Dalian COSCO KHI Dalian China P.R. 2 3 700 80 1,037 177 4 539 102 20 1,726 401 75STX SB (Goseong) Goseong South Korea - - - - 373 140 2 373 140 8 1,387 401 76Nantong Mingde Nantong China P.R. 2 1 350 98 405 219 5 241 93 25 793 401 77Sasebo H.I. Sasebo Japan 6 8 400 70 1,191 244 5 397 97 19 1,550 375 78Mitsui Shipbuilding Chiba Japan 3 7 400 72 1,889 437 7 408 117 21 1,388 373 79Shanghai Shipyard Shanghai China P.R. 5 4 262 46 1,142 344 15 800 339 19 743 362 80AVIC Weihai Shipyard Weihai China P.R. 2 - 389 50 462 168 4 113 60 26 1,175 362 81Zhejiang Zhenghe SB Zhoushan China P.R. - 2 210 36 759 210 1 46 16 20 1,189 355 82Shanhaiguan SB Qinghuangdao China P.R. 6 19 440 100 815 217 4 138 50 24 1,121 354 83Toyohashi SB Toyohashi Japan 1 2 380 66 545 363 8 499 136 16 701 340 84Taizhou Catic SB Taizhou China P.R. 1 1 350 55 651 151 5 304 86 10 1,768 329 85Meyer Turku Turku Finland 1 - 365 80 8 109 1 8 109 3 8 324 86Sanoyas S.B. Corp Osaka Japan 2 5 675 63 1,059 266 8 686 174 15 1,307 314 87Jurong Aracruz Brazil Brazil 1 1 - - - - - - - 8 194 305 88Sinopacific Zhejiang Ningbo China P.R. 1 1 120 72 493 268 33 171 239 34 537 300 89AVIC Dingheng SB Yangzhou China P.R. - - - - 37 46 2 7 17 21 423 297 90Fukuoka S.B. Nagasaki Japan - - 190 36 127 80 2 25 23 17 420 282 91Fujian Mawei SB Fuzhou China P.R. 1 1 26 35 207 147 12 48 80 38 158 278 92


* 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.

Shipyard Review (2)

Largest DockShipbuilder…..

Docks/ 2014 December 2014

Output in Orderbook, endShipyard Data*

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Lgth Beam dwt CGT dwt CGT dwt CGT

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

Hakodate Dock Hakodate Japan 3 1 330 58 288 109 6 194 73 22 742 271 93Nantong Hongqiang HI Nantong China P.R. - 4 850 95 54 38 5 54 38 24 682 270 94Fincantieri Castellammare Italy - 2 234 32 32 92 - - - 5 7 267 95Jinglu Shipyard Penglai China P.R. 2 1 369 102 683 179 - - - 14 1,004 263 96Fujian Southeast SY Fuzhou China P.R. - - 300 50 61 158 25 57 145 47 111 262 97Qingdao Yangfan Qingdao China P.R. 2 1 480 76 415 94 2 209 40 11 1,448 262 98Yangzhou Guoyu Yangzhou China P.R. 1 2 410 76 757 219 2 75 27 18 616 252 99Zhoushan Wuzhou Zhoushan China P.R. 1 2 214 33 377 113 2 52 23 14 415 248 100SCS Shipbuilding Shanghai China P.R. 2 4 520 106 2,962 461 6 1,070 183 5 550 246 101Iwagi Zosen Iwagi Japan 3 1 215 39 676 197 10 613 171 14 854 244 102Mitsui Shipbuilding Tamano Japan 3 2 216 78 945 296 7 434 121 14 876 243 103Gen. Dynamics NASSCO San Diego United States 2 2 305 53 386 72 - - - 10 478 242 104Kanda S.B. Co. Kawajiri Japan 3 - 181 33 332 127 6 145 63 20 595 241 105Minami Nippon Usuki Japan - 1 235 34 340 213 3 111 65 11 475 235 106CSBC Keelung Taiwan 3 - 275 45 263 154 4 114 54 16 383 232 107Aker Philadelphia Philadelphia United States 1 1 335 46 141 72 1 115 26 9 517 231 108Shandong Huanghai SB Weihai China P.R. - 1 200 30 395 275 4 95 64 13 110 228 109Sumitomo (Yokosuka) Oppama Japan 1 - 560 80 949 224 2 210 49 9 969 225 110Shimanami SB Hakata Japan - 1 200 34 307 112 7 264 94 17 637 224 111Shin Kasado Dock Kudamatsu Japan 2 1 227 37 567 154 8 491 137 13 761 220 112Jiangzhou Union SB Jiujiang China P.R. 1 1 300 37 161 131 - - - 25 271 214 113Dae Sun S.B. Busan South Korea 2 3 191 40 487 212 12 403 200 20 281 208 114COSCO Guangdong Guangzhou China P.R. 2 6 269 83 511 149 5 107 57 26 172 202 115Enseada do Paraguacu Brazil Brazil - 2 700 - - - - - - 6 - 198 116Wuchang SB Group Wuhan China P.R. 1 4 480 115 213 88 4 213 64 15 214 198 117Samsung Ningbo Ningbo China P.R. - - - - 18 21 - - - 8 400 196 118Jiangsu New Hantong Zhenjiang China P.R. 1 3 480 96 510 149 2 113 42 10 514 196 119SPP Shipbuilding Goseong South Korea 1 - 230 45 654 316 13 654 316 8 357 180 120Uljanik Brod. Pula Croatia - 2 235 60 215 163 5 6 34 8 224 178 121Saiki Hvy. Ind. Saiki Japan - 1 223 30 368 132 7 229 90 12 480 172 122Yichun Wujiazui S.B. Nanjing China P.R. 1 - 240 78 476 117 1 79 20 10 556 167 123Fukuoka S.B. Fukuoka Japan 1 1 186 34 120 87 5 40 39 12 218 162 124Usuki Zosensho Usuki Japan 3 2 139 24 120 87 4 31 34 12 201 160 125Shanghai Zhenhua Jiangyin China P.R. 1 1 220 60 84 70 - - - 11 118 158 126Damen Gorinchem Gorinchem Netherlands 2 1 94 34 47 52 6 2 17 27 53 153 127Jiangsu Eastern Taizhou China P.R. 1 1 420 142 904 229 3 209 55 10 514 142 128IHC O&M Krimpen Krimpen Netherlands 1 - 240 38 48 61 3 30 61 7 52 140 129Remontowa SB Gdansk Poland 3 1 84 30 38 68 4 22 33 15 47 139 130Japan Marine United Maizuru Japan 2 2 258 36 407 97 6 182 76 7 567 138 131Naikai Innoshima Innoshima Japan 2 - 283 59 306 109 3 52 40 10 380 134 132Kleven Verft Ulsteinvik Norway - 1 400 32 31 59 5 30 55 13 57 132 133Shitanoe Zosen Usuki Japan 1 - 165 30 85 73 8 18 35 12 140 127 134Huatai Hvy. Ind. Nantong China P.R. - 3 - - 151 47 1 37 13 9 347 127 135Shikoku Dock. Takamatsu Japan - - 168 30 218 95 4 145 51 10 353 126 136CSC Jiangdong SY Wuhu China P.R. 1 3 270 39 293 116 3 124 43 9 297 126 137Guangzhou Hangtong Guangzhou China P.R. - 2 465 60 45 80 11 30 66 20 47 124 138Shin Kurushima Hiroshima Japan - 2 165 28 119 82 4 31 25 10 173 124 139Jurong S.Y. Singapore Singapore 8 8 412 89 352 98 - - - 4 - 118 140Zhoushan Zengzhou Zhoushan China P.R. - 1 416 50 149 47 3 15 25 9 330 118 141Baltic Shipyd. St. Petersburg Russia - 1 900 36 49 69 - - - 6 45 117 142Eastern S.B. Panama City United States - 1 915 - 45 61 8 45 61 13 55 111 143Jiangmen Nanyang Jiangmen China P.R. 2 1 400 42 357 138 3 110 40 8 312 111 144Guangxin S.B. Guangzhou China P.R. 1 3 360 40 18 55 5 12 30 16 49 110 1453. Maj Brodogr Rijeka Croatia 3 5 214 31 235 128 - - - 7 263 109 146VT Halter (Pasca) Pascagoula United States - 1 243 61 31 38 5 31 38 8 104 108 147Kyokuyo S.Y. Shimonoseki Japan 2 - 155 23 75 79 5 41 44 11 99 108 148Sadra Shipyard Bandar Abbas Iran - 1 250 42 - 2 - - - 4 452 103 149Nanjing Dongze Nanjing China P.R. - - - - 141 52 - - - 7 263 96 150Others (290 shipyards) 544 4,520 3,943 969 7,932 7,631TOTAL (440 shipyards) 1,804 90,856 34,739 5,245 316,879 115,124


No.

Jan-15

* 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

…Location

Shipyard Review (3)

Largest DockShipbuilder…..

Docks/ 2014 December 2014

Orderbook, endOutput inShipyard Data*

Max Output

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Shipbuilder … 2014

No. '000 dwt '000 CGT No. '000 dwt '000 CGT Rank 2015 2016 2017 2018+

Hyundai HI 3 78 9,748 3,264 221 28,483 10,025 1 5,239 3,726 1,002 58

Daewoo 2 75 9,501 4,547 147 18,153 8,343 2 2,402 2,454 1,267 2,220

Samsung HI 2 28 2,547 1,341 94 8,561 5,206 3 2,264 1,797 830 315

Imabari Shipbuilding 8 87 7,058 1,851 203 15,519 4,557 4 2,247 983 998 330

Hyundai Mipo 2 35 1,061 703 186 7,689 4,188 5 2,498 1,289 401 0

STX Offshore & SB 4 26 1,365 990 111 8,317 3,711 6 2,083 1,036 248 344

Japan Marine Utd 6 44 4,702 1,670 122 13,399 3,546 7 1,420 993 871 263

Shanghai Waigaoqiao 2 29 5,670 976 92 16,459 3,047 8 1,449 1,283 315 0

Yangzijiang Holdings 2 35 4,745 1,070 110 11,319 2,808 9 1,354 1,241 213 0

Hudong Zhonghua 2 14 1,710 906 58 5,023 2,770 10 895 839 652 384

Tsuneishi Holdings 4 39 2,693 705 114 8,014 2,075 11 969 772 334 0

Guangzhou SY Intl 3 17 2,089 510 73 8,538 2,041 12 952 740 272 78

Sungdong SB 1 41 5,315 1,105 74 8,924 1,986 13 803 973 210 0

Sinopacific Group 3 38 1,499 686 140 4,927 1,970 14 1,032 875 63 0

HHIC 2 14 2,487 482 55 6,716 1,949 15 994 843 112 0

Namura Zosensho 3 47 2,988 783 108 7,121 1,829 16 771 630 393 35

Sinotrans & CSC 3 40 2,109 653 98 5,546 1,734 17 882 556 236 60

Dalian Shipbuilding 1 3 957 133 44 7,933 1,728 18 839 800 89 0

New Century S/Y 2 30 3,466 734 61 6,360 1,663 19 608 854 200 0

Chengxi Shipyard 1 27 1,732 478 92 5,580 1,592 20 607 721 265 0

Meyer Neptun 2 5 49 666 11 127 1,538 21 418 408 405 306

Yangfan Group 2 41 2,075 671 88 4,844 1,522 22 703 677 142 0

Fincantieri 7 7 66 795 19 120 1,517 23 260 510 299 449

Oshima SB Co 1 13 822 234 82 5,080 1,407 24 843 387 177 0

Jiangsu Hantong HI 2 28 2,419 589 70 4,899 1,306 25 523 555 158 69

China Shipping Group 1 25 2,022 569 63 4,302 1,288 26 630 658 0 0

SPP Shipbuilding 2 8 504 181 53 2,781 1,254 27 861 393 0 0

Shin Kurushima 5 31 988 513 73 2,225 1,236 28 505 566 166 0

HNA Group 1 3 90 56 34 4,981 1,176 29 838 338 0 0

Huangpu Wenchong 1 20 682 378 69 2,129 1,104 30 577 491 37 0

Other (323 groups) 821 26,586 11,460 2,480 82,808 35,007 18,662 11,793 3,280 1,271

TOTAL (353 groups) 1,749 109,745 39,699 5,245 316,879 115,124 55,126 40,180 13,636 6,181

Dec., 2014 Scheduled Delivery ('000 CGT):

* 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

0%

10%

20%

30%

40%

50%

60%

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100%

0 50 100 150 200 250 300 350

50% of Orderbookat Top 15 Groups.



Bottom 288 groups have just a 10% share.

� On 31st December 2014, the Chinese Ministry of Industry and Information Technology (MIIT) released the latest version of its ‘White List’ of domestic shipyards whose market capacity it wishes to support. Ten further yards have been added to the original list published in September 2014 and it now totals 60 yards with Jiangsu Eastern Shipyard, which was removed from the original list, included again. The current ‘White List’ includes 12 China State Shipbuilding Corporation (CSSC) facilities, 7 China Shipbuilding Industry Corporation (CSIC) shipyards and 41 other government backed or privately owned shipbuilders.

� It has been reported that Japanese shipbuilder Tsuneishi Shipbuilding is planning to build a new shipyard in Pinrang Indonesia in conjunction with Indonesian manufacturing firm Kalla Group. The shipyard is due to begin ship repair operations in 2016 before starting its shipbuilding operations in 2019. Tsuneishi S.B. has already successfully established Tsuneishi Heavy Industries Cebu in the Philippines as well its Chinese facility, Tsuneishi Zhoushan. Once construction of the new shipyard has been completed, it is reported that the yard will be the only Japanese-owned shipbuilder in Indonesia.

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Numbers, end: m. dwt, end: Forecast2010 2011 2012 2013 Dec* 2010 2011 2012 2013 Dec* 2015 2016

Orderbook (end period) 1,143 753 573 773 822 127.6 85.9 61.3 70.6 74.3New Orders 276 135 176 462 299 38.3 10.1 16.0 38.3 27.0Newbuildings Delivered 456 372 274 200 185 41.0 40.1 32.5 21.4 16.6 17.8 29.4Sold for Scrap 213 127 133 110 95 12.8 9.6 11.7 10.7 8.3 5.0 4.4Losses 2 5 0.0 0.1Miscellaneous AdditionsMiscellaneous Removals 65 35 15 13 7 12.1 4.6 1.5 2.1 1.2Total Tanker Fleet >10,000 dwt 5,429 5,637 5,758 5,835 5,918 448.0 473.8 492.9 501.6 508.6 521.4 546.5

% change 3.4% 3.8% 2.1% 1.3% 1.4% 3.7% 5.8% 4.0% 1.8% 1.4% 2.5% 4.8%of which:VLCC 200,000+ dwt 539 576 612 620 632 163.3 175.5 187.2 190.2 194.2 197.9 210.0

% change 1.1% 6.9% 6.3% 1.3% 1.9% 2.1% 7.5% 6.7% 1.6% 2.1% 1.9% 6.1%Suezmax 120-199,999 dwt 407 442 469 492 489 62.6 68.3 72.6 76.1 75.8 76.4 79.6

% change 4.9% 8.6% 6.1% 4.9% -0.6% 5.4% 9.0% 6.3% 4.9% -0.5% 0.9% 4.1%Aframax 80-119,999 dwt 879 910 913 904 894 93.0 96.8 97.7 97.0 96.3 98.8 101.3

% change 5.4% 3.5% 0.3% -1.0% -1.1% 6.2% 4.0% 0.9% -0.7% -0.7% 2.6% 2.5%Panamax 60-79,999 dwt 393 407 413 414 412 28.2 29.3 29.8 29.9 29.8 29.8 31.3

% change 2.3% 3.6% 1.5% 0.2% -0.5% 3.0% 3.9% 1.7% 0.4% -0.3% -0.1% 5.1%Handy 10-59,999 dwt 3,211 3,302 3,351 3,405 3,491 100.8 103.9 105.6 108.3 112.4 118.6 124.4

% change 3.2% 2.8% 1.5% 1.6% 2.5% 3.4% 3.1% 1.6% 2.6% 3.8% 5.4% 4.9%

Small Tankers <10,000 dwt 7,115 7,254 7,425 7,571 7,614 20.6 21.3 22.1 22.7 23.0 23.1 23.2% change 1.8% 2.0% 2.4% 2.0% 0.6% 3.1% 3.3% 3.6% 2.8% 1.1% 0.6% 0.3%

Numbers, end: m. dwt, end: Forecast

2010 2011 2012 2013 Dec* 2010 2011 2012 2013 Dec* 2015 2016

Orderbook (end period) 3,783 2,896 1,822 2,150 2,030 305.2 232.1 139.5 172.5 169.7New Orders 1,436 589 356 1,253 677 104.5 42.2 24.4 104.1 59.5Newbuildings Delivered 1,021 1,238 1,239 796 609 80.9 100.0 100.2 62.8 48.1 54.2 51.2Sold for Scrap 144 397 591 431 305 6.5 23.2 33.4 23.3 15.9 15.7 14.9Losses 5 12 4 9 2 0.4 0.5 0.1 0.4 0.1Miscellaneous Additions 35 24 1 1 4.8 5.3 0.0 0.1 0.1Miscellaneous Removals 10 49 37 2 0.4 1.2 1.1 0.0Total Bulkcarrier Fleet 8,247 9,051 9,659 10,014 10,316 539.1 619.4 685.0 724.1 756.2 794.8 831.1

% change 12.2% 9.7% 6.7% 3.7% 3.0% 17.0% 14.9% 10.6% 5.7% 4.4% 5.1% 4.6%of which:Capesize 100,000+ dwt 1,168 1,369 1,511 1,568 1,637 210.1 250.0 280.0 293.8 308.1 325.0 345.6

% change 21.7% 17.2% 10.4% 3.8% 4.4% 23.0% 19.0% 12.0% 4.9% 4.9% 5.5% 6.3%Panamax 65-99,999 dwt 1,787 1,975 2,174 2,347 2,446 134.7 151.6 169.8 184.9 193.6 201.2 205.9

% change 10.5% 10.5% 10.1% 8.0% 4.2% 12.0% 12.5% 12.0% 8.9% 4.7% 3.9% 2.3%Handymax 40-64,999 dwt 2,197 2,542 2,808 2,989 3,113 111.1 130.9 146.9 157.8 165.8 176.8 186.3

% change 17.1% 15.7% 10.5% 6.4% 4.1% 19.7% 17.8% 12.2% 7.4% 5.1% 6.6% 5.4%Handysize 10-39,999 dwt 3,095 3,165 3,166 3,110 3,120 83.2 86.9 88.3 87.6 88.7 91.9 93.4

% change 6.8% 2.3% 0.0% -1.8% 0.3% 8.1% 4.5% 1.5% -0.8% 1.3% 3.6% 1.6%

Numbers, end: m. dwt, end: Forecast

2010 2011 2012 2013 Dec* 2010 2011 2012 2013 Dec* 2015 2016

Combined Carriers 68 50 29 24 24 8.0 6.8 4.7 4.2 4.2 4.2 4.0% change 7.9% -26.5% -42.0% -17.2% 25.1% -14.9% -30.4% -10.1% -2.1% -2.6%

Numbers, end: m. TEU, end: Forecast

2010 2011 2012 2013 Dec* 2010 2011 2012 2013 Dec* 2015 2016

Orderbook (end period) 618 645 485 530 440 3.9 4.4 3.4 4.0 3.3New Orders 116 252 81 274 128 0.6 1.8 0.4 2.1 0.9Newbuildings Delivered 265 191 207 203 201 1.4 1.2 1.3 1.3 1.5 1.6 1.1Sold for Scrap 88 61 182 198 171 0.1 0.1 0.3 0.4 0.4 0.4 0.3Losses 3 3 4 4 1 1.6 5.9 4.7 9.9 0.0Miscellaneous Additions 1 2 2 0.6 1.2 2.2Miscellaneous Removals 9 16 20 3 14.4 9.9 8.9 1.0Total Containership Fleet 4,963 5,076 5,079 5,077 5,106 14.2 15.3 16.2 17.1 18.2 19.4 20.2

% change 3.5% 2.3% 0.1% 0.0% 0.6% 9.6% 7.9% 5.9% 5.4% 6.4% 6.5% 4.2%of which:Post-P' max 12,000+ teu 39 74 117 151 192 0.5 1.0 1.6 2.1 2.7 3.4 3.9

% change 178.6% 89.7% 58.1% 29.1% 27.2% 164.1% 85.1% 56.5% 30.5% 30.1% 26.6% 14.9%Post-P' max 8-11,999 teu 281 317 352 400 459 2.5 2.8 3.1 3.5 4.1 4.7 5.2

% change 15.6% 12.8% 11.0% 13.6% 14.8% 16.1% 13.5% 11.2% 13.5% 15.5% 15.2% 9.8%P'max/P' P'max 3-7,999 teu 1,446 1,501 1,528 1,529 1,521 6.9 7.2 7.4 7.4 7.4 7.3 7.2

% change 7.9% 3.8% 1.8% 0.1% -0.5% 8.4% 4.6% 2.5% 1.1% 0.0% -1.2% -2.2%Handy/Sub-P'max 1-2,999 teu 1,974 1,986 1,932 1,885 1,866 3.6 3.6 3.5 3.4 3.4 3.3 3.3

% change 0.9% 0.6% -2.7% -2.4% -1.0% 1.1% 0.5% -3.5% -2.4% -1.3% -1.2% 0.7%Feeders < 1,000 teu 1,223 1,198 1,150 1,112 1,068 0.7 0.7 0.7 0.7 0.7 0.6 0.6

% change -1.7% -2.0% -4.0% -3.3% -4.0% -0.8% -0.9% -3.3% -2.8% -3.9% -3.8% -3.8%


Fleet

Jan-15

Containership

Fleet

Combined

Carrier Fleet

Fleet Forecasts

Tanker

Fleet

Bulkcarrier

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Numbers, end: m. CBM, end: Forecast

2010 2011 2012 2013 Dec* 2010 2011 2012 2013 Dec* 2015 2016

Orderbook (end period) 23 60 92 120 159 2.9 9.3 14.6 18.8 24.3New Orders 6 53 39 46 74 0.8 8.2 6.3 6.7 11.0Newbuildings Delivered 27 16 3 18 33 4.4 1.8 0.3 2.5 5.3 5.0 6.2Sold for Scrap 2 3 4 5 3 0.1 0.2 0.3 0.4 0.3 0.5 0.3LossesMiscellaneous Additions 1 0.2Miscellaneous Removals 1 0.1Total LNG Fleet 360 372 371 385 415 51.5 53.0 53.1 55.2 60.3 64.8 70.7

% change 7.5% 3.3% -0.3% 3.8% 7.8% 9.1% 2.9% 0.1% 4.0% 9.1% 7.5% 9.1%

Numbers, end: m. CBM, end: Forecast

2010 2011 2012 2013 Dec* 2010 2011 2012 2013 Dec* 2015 2016

Orderbook (end period) 152 100 107 182 226 1.9 1.7 2.8 5.9 10.3New Orders 62 26 56 124 102 0.8 0.7 1.6 4.5 5.6Newbuildings Delivered 62 56 44 49 52 1.3 0.7 0.4 1.5 1.1 3.2 5.0Sold for Scrap 28 19 17 16 29 0.7 0.4 0.1 0.1 0.2 0.2 0.2Losses 1 0.0Miscellaneous Additions 2 0.0Miscellaneous Removals 2 14 13 2 1 0.0 0.0 0.0 0.0 0.0Total LPG Fleet 1,185 1,208 1,221 1,254 1,276 19.3 19.6 19.9 21.3 22.3 25.3 30.2% change 2.8% 1.9% 1.1% 2.7% 1.8% 3.4% 1.5% 1.6% 6.9% 4.5% 13.8% 19.2%of which:60,000+ cbm 142 142 144 157 165 11.4 11.4 11.5 12.6 13.3 15.8 19.8

% change 2.2% 1.4% 9.0% 5.1% 2.4% 0.0% 1.4% 9.3% 5.3% 18.9% 25.5%20-59,999 cbm 125 134 136 141 149 4.2 4.4 4.5 4.6 4.9 5.3 6.1

% change 8.7% 7.2% 1.5% 3.7% 5.7% 7.3% 4.5% 1.3% 3.5% 5.3% 8.1% 15.4%5-19,999 cbm 270 282 295 314 319 2.3 2.3 2.4 2.6 2.6 2.8 2.8

% change 1.9% 4.4% 4.6% 6.4% 1.6% 1.4% 2.8% 3.7% 6.2% 0.7% 6.4% 2.4%<5,000 cbm 648 650 646 642 643 1.5 1.5 1.5 1.5 1.5 1.5 1.5

% change 2.2% 0.3% -0.6% -0.6% 0.2% 3.4% 2.2% 1.0% -0.5% 1.2% -0.2% -3.1%

Numbers, end: 000 GT, end: Forecast

2010 2011 2012 2013 Dec* 2010 2011 2012 2013 Dec* 2015 2016

AHTS >2,500 GT 373 407 438 473 499 1,312.5 1,461.2 1,583.9 1,740.0 1,860.9 1,957.0 2,004.1AHTS <2,500 GT 2,147 2,285 2,348 2,404 2,451 2,567.7 2,793.3 2,923.3 3,023.5 3,108.3 3,209.4 3,249.3

% change 11.0% 6.8% 3.5% 3.3% 2.5% 16.3% 9.6% 5.9% 5.7% 4.3% 4.0% 1.7%PSV >2,500 GT 265 310 393 511 641 878.9 1,045.9 1,362.1 1,787.5 2,280.9 2,737.2 2,997.1PSV <2,500 GT 1,622 1,650 1,656 1,703 1,761 1,629.2 1,675.1 1,695.0 1,755.4 1,823.7 1,868.5 1,841.3

% change 5.5% 3.9% 4.5% 8.1% 8.5% 9.2% 8.5% 12.4% 15.9% 15.9% 12.2% 5.1%Other 5,266 5,392 5,540 5,693 5,890 38216.6 40599.2 41954.5 43410.3 45860.4 46,847.3 48,288.4Total Offshore Fleet 9,676 10,047 10,378 10,788 11,245 44,738.8 47,708.6 49,653 51,859 54,997 56,619.4 58,380.3

% change 5.7% 3.8% 3.3% 4.0% 4.2% 10.6% 6.6% 4.1% 4.4% 6.1% 2.9% 3.1%

Numbers, end: Units, end:** Forecast

2010 2011 2012 2013 Dec* 2010 2011 2012 2013 Dec* 2015 2016

General Cargo (m. dwt) 15,089 15,107 15,061 15,032 14,947 35.7 35.2 34.9 34.1 33.5 33.2 32.7% change 0.8% 0.1% -0.3% -0.2% -0.6% 2.8% -1.4% -0.8% -2.4% -1.8% -1.0% -1.4%

MPP (,000 Teu) 3,265 3,297 3,305 3,280 3,230 1,362.2 1,421.2 1,467.7 1,508.2 1,506.7 1,508.3 1,503.6% change 2.0% 1.0% 0.2% -0.8% -1.5% 4.8% 4.3% 3.3% 2.8% -0.1% 0.1% -0.3%

Ro-Ro (m. dwt) 1,310 1,308 1,287 1,266 1,252 9.0 8.8 8.6 8.2 8.0 7.9 7.7% change -1.6% -0.2% -1.6% -1.6% -1.1% -6.4% -1.8% -2.4% -4.4% -2.7% -0.9% -2.6%

PCC (m. dwt) 680 723 751 757 770 10.5 11.2 11.7 11.9 12.1 12.5 12.9% change 4.3% 6.3% 3.9% 0.8% 1.7% 5.0% 7.6% 4.5% 1.1% 1.9% 3.1% 3.3%

Reefer (m. ft3) 1,617 1,556 1,441 1,426 1,407 284.1 267.0 236.3 231.4 225.0 212.0 202.5% change -4.0% -3.8% -7.4% -1.0% -1.3% -4.7% -6.0% -11.5% -2.1% -2.8% -5.8% -4.5%

Cruise (,000 Berths) 353 359 358 360 361 425.5 439.7 450.7 461.4 476.6 494.5 522.0% change 3.2% 1.7% -0.3% 0.6% 0.3% 7.5% 3.3% 2.5% 2.4% 3.3% 3.8% 5.6%

Other (,000 GT) 22,965 23,654 24,371 24,872 25,316 27.5 27.5 27.8 27.9 28.2% change 3.4% 3.0% 3.0% 2.1% 1.8% 1.7% -0.1% 1.0% 0.4% 1.3%

Numbers, end: m. GT, end: Forecast

2010 2011 2012 2013 Dec* 2010 2011 2012 2013 Dec* 2015 2016

54,858 56,452 57,251 58,015 58,413 882.7 955.8 1,011.4 1,050.7 1,086.4 1,131.9 1,176.9% change 3.6% 2.9% 1.4% 2.0% 0.7% 9.2% 8.3% 5.8% 3.9% 3.4% 4.2% 4.0%GLOBAL TOTAL FLEET 82,553 84,895 86,671 88,139 89,464 960.3 1,036.5 1,093.8 1,133.9 1,175.1 1,223.7 1,274.4% change 2.7% 2.8% 2.1% 1.7% 1.5% 8.0% 7.9% 5.5% 3.7% 3.6% 4.1% 4.1%


Fleet Forecasts

LNG Carrier

Fleet

Other Vessel Types

LPG Carrier

Fleet

Offshore

Fleet

Jan-15

TOTAL CARGO FLEET

Total Fleet

* ** Units are dwt for Combos, PCC, Ro-Ros and General Cargo, TEU for MPP, cubic feet 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 rates and ytd cancellation trends. DELIVERY STATISTICS AND FLEET FORECASTS ON THESE PAGES ARE CALCULATED USING ASSUMPTIONS BASED ON YARD-BY-YARD ANALYSIS OF HISTORICAL AND EXPECTED FUTURE ORDERBOOK DELIVERY PERFORMANCE.

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Shipbuilding Focus

Whilst the firm pace of newbuilding activity seen in 2013 continued into early 2014, activity soon slowed and year-on-year around 40% fewer contracts were placed in full year 2014. Contracting interest weak-ened across the vessel sectors though there was heightened newbuilding activity in a number of inter-esting segments in 2014.

Counting Up The Contracts Following stronger than anticipated new-building activity in 2013, total contracting levels declined 41% y-o-y in 2014 with a total of 1,749 ships reported ordered. Despite a firm start to the year, with 44% of newbuilding orders placed in the first quarter of the year, the pace of ordering slowed significantly in the second half of 2014 with 521 ships ordered, down 60% on the first half of the year. Overall, or-dering levels declined across the majority of vessel segments in 2014 with only a handful of sectors seeing firmer y-o-y contracting activity. Losing The Bulk Weaker ordering in the bulkcarrier sector contributed to around half of the y-o-y decline in total contracting with 677 bulk-ers reported ordered in 2014, this com-pares to very strong activity in 2013 when 1,253 bulkers were contracted. Despite this, bulkers still accounted for the largest share of orders in 2014 (34%). In the boxship sector, the rejection of the ‘P3’ alliance contributed to lower ordering in the 8,000+ TEU sector and 64% fewer VLCSs were reported ordered y-o-y in 2014 (57 ships). Interest for the smaller sizes supported overall containership contracting and 274 units were ordered in 2014, down 53% y-o-y. In the tanker sec-tor, product tanker ordering fell 75% y-o-y in numerical terms following very strong newbuilding interest in 2013. Conversely, contracting in the crude and chemical tanker sectors rose 29% and 9% y-o-y respectively in 2014 with 84 crude tank-ers and 139 chemical tankers reported ordered. Demand for Suezmaxes buoyed crude contracting with 40 units ordered in

2014 compared to just 5 in 2013. The gas sector saw a record number of contracts placed in 2014 with 176 ships of a 16.6m cu.m. reported ordered. A record 74 LNG carriers and 5.6m cu.m. of LPG tonnage was ordered in 2014. VLGCs proved very popular and a record 54 units were or-dered in 2014. Steady Shares The share of contracts won by each of the ‘top 3’ builder nations in 2014 were relatively consistent y-o-y and they took a reported 1,495 orders. Chinese yards lost a little ground in CGT terms, taking 39% of the 39.7m CGT ordered in 2014 down

from a 42% share in 2013. However, this remains above South Korean yards’ 30% share of 2014 orders in terms of CGT. Meanwhile, Japanese yards won their largest share of contracts in CGT terms since 2006 (20%) in 2014 with a reported 389 orders of 7.8m CGT. So, 2014 saw a considerable y-o-y de-cline in ordering activity, particularly in the bulkcarrier sector. The global order-book is 7% smaller y-o-y at the start of 2015 at 5,245 ships. However, reviewing 2014 shows it wasn’t completely subdued with newbuidling orders up y-o-y in sever-al ship sectors. No doubt contracting this year will have some highlights of its own.

Graph of the Month Contracting In 2014: A Sector By Sector Review

The bars on the graph illustrate the number of orders reported by vessel type in 2014, broken down by builder country. The percent-ages show the y-o-y change in the number of contracts placed in each vessel sector in 2014. An-nual contracting since 2005, in numerical terms, is shown by the inset graph.

Source : Clarkson Research Services

Contracting: Bringing 2014 To Order

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Percentages show y-o-y change in ordering

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World Shipyard Monitor, January 2015 Published by: Clarkson Research Services Limited St. Magnus House, 3, Lower Thames Street, London EC3R 6HE, 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

Editorial Board: Managing Director Stephen Gordon Research Director Trevor Crowe Publisher Rob Benson Editor Samantha Barnwell Analyst Sarinka Parry-Jones Analyst James Milne Production A. Preen Data & Statistics P. English Clarkson Contacts: Newbuilding S. Nair Demolition D. Lepper

World Shipyard Monitor is published 12 times a year. It moni-tors changes in the supply of 37 different ship types. The centre sections contain listings of the orderbook by ship type and shipyard; the main pages contain “at a glance” tables, graphs and text analysing trends in the orderbook, ordering, deliveries, scrapping & losses, prices, shipbuilding market shares and capacity and fleet forecasts. It is available on subscription at a price of £770/£790 (within Europe/outside Europe) including postage. Whilst care has been taken in the production of this review, no liability can be accepted for any loss incurred in any way what-soever by any person who may seek to rely on the information contained herein. The information in this report may not be reproduced without the written permission of Clarkson Research Services Limited.

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