Page 46: of Maritime Reporter Magazine (December 1992)

The U.S. ship repair sector, a staple of many domestic shipyards, posted a recovery during the first half of 1992 after a slight drop off in 1991, due mostly to the Persian Gulf conflict.

Many ships postponed their regu- lar drydockings because they were busy in the Gulf sealift effort. The value of ship repair work in the U.S. has hovered around the $1.5 billion mark over the last few years.

Tanker Orders Up

Driven by the urgent need for replacement of older tonnage, the worldwide tanker order book climbed to a 15-year high.

According to Lloyd's Register of

Shipping, as of June 1992, there were 408 oil tankers and combined carriers under construction or on order, totaling 35.6 million dwt for delivery between this year and 1995 and beyond.

Japan led all nations with orders for 136 tankers and combined carri- ers totaling 15.08 million dwt, fol- lowed by South Korea, with 59 ships totaling 8.79 million dwt, and Italy, with 30 vessels totaling 793,700 dwt.

Based on deadweight tonnage, how- ever, Denmark ranked third in the world, with 12 tankers and combicarriers on order or under con- struction totaling 3.02 million dwt.

New IMO and OPA 90 tanker construction regulations have in- creased orders for double-skin ships.

There are currently 94 double-side, double-bottom and double-hull oil tankers on order for delivery from 1992-94.

Fifty-two were scheduled for de- livery this year totaling 5.3 million dwt. In 1993,32 such vessels aggre- gating 4.1 million dwt will be deliv- ered and overall 10 tankers totaling 1.9 million dwt will be delivered in 1994.

Currently, there are 41 double- hull tankers on order or under con- struction around the world to ABS

Class totaling over 5 million dwt.

Three VLCCs in the 280,000- 300,000-dwt range were under con- struction to Det norske Veritas (DnV) classification.

Ship Prices

Spurred by increased demand, ship prices have risen sharply since the mid-1980s.

And although ship prices have dipped somewhat in 1992 in response to a slowdown in ordering, low

Tonnage on Order Worldwide

Source: Lloyd's Register 3,000 2,500 2,000 1,500 1,000

Merchant Ships on Order Worldwide (as of Jan. 1 of each year) 1988 1989 1990 1991 1992

Source: Lloyd's Register

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