Page 23: of Maritime Reporter Magazine (April 1997)

related) and fears over the future of Lloyd's. Shipowners caught the backlash, and premiums soared between 1990 and 1992, while the levels of deductibles pushed onto owners' accounts also took a sharply upward hike. Since then, costs have dropped dramatically.

Currently, according to Drewry, excess capacity is apparent in the hull market with competition for business still forcing premium lev- els down. The likelihood, however, is that this sector has hit, or is close to, its lowest point. The con- sensus looks to be moving toward higher hull premiums within six to 18 months.

The P&I sector of the insurance market looks scarcely more promising, and Drewry expects that cost levels will increase here, too. The reasonfng cahb^umm up in one word — liamlimes^'^ie insured risks respect to claims-involving third parties. These claims tend to

M/T Stolt Innovation,

Stolt Parcel Tankers Inc.

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Circle 247 on Reader Service Card become increasingly litigious, while awards are likely to become higher.

Some (financial) solace can be fact that neVbuilding

Kir, despite a

Lewbui|/&ing |eftor. 0n top of _ f£wbanks and financial institutions looking to lend money to the shipping indus- try has again risen, suggesting finance shall remain competitive.

For more information on receiving

Drewry's new report

Circle 1 on Reader Service Card

World Orderbook Drops By 3.2 M GT

The world ship orderbook has fallen by 3.2 million gt, according to Lloyd's\Register (LR). J The orderbook to date stands at 45.3 million gt (as W the quarter ended

Dec. 31, 1996)>. compared to 48.5 million gt at the, end ofj-December 1995. The statistics, published in

LR's quarterly/ World

Shipbuilding Statistics, indicate that Japan remain® the world's top shipbuilding nation, with an orderbook of 13.7 fnillidjr gt, repre- senting roughly ,.30 percent of the market. Japarf is closely followed by Korea, which claims 13.2 mil- lion gt, or 29 percent of the mar- ket. The remaining 41 percent is split between Western Europe (8.3 million gt); Eastern Europe (4.8 million gt); and the "rest of the world" (5.3 million gt).

New Maritime Company

Listed On Oslo Exchange

Bergen-based Seateam

Technology ASA is to be listed on the Oslo Stock Exchange (OSE), specifically on the SMB list (for small and.medium-sized business- es). The company hals wide inter- ests, including the ownership and operation of offshoip vessels, ship- ping activities^, geo-technical research and survey services.

The company has, been formed by a merger between DSND

Survey K/S, a deepsea drilling

Arcade Offshore B.V., a&offshore survey company. Seateam

Technology ASA's main area of operation is the North Sea,\jrith other activities in West Afraca,

Brazil, Asia and Russia. The list- ing of Seateam Technology brings the number of companies listed in the OSE's special shipping and off- shore sector to 47. -technical specialist and

April, 1997 23