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Greenfield blamed for delays

Greenfield blamed for delays
South Korea?s SLS Shipbuilding?s financial problems, as well as delivery delays at 11 other shipyards, meant the overall slippage rate for medium range product tankers was running at 35% in the first quarter of this year.

Greenfield shipyards blamed for delivery delays

South Korea"s SLS Shipbuilding"s financial problems, as well as delivery delays at 11 other shipyards, meant the overall slippage rate for medium range product tankers was running at 35% in the first quarter of this year, with 29 tankers as yet undelivered compared with 81 scheduled deliveries.

The global slippage rate for very large crude carriers was 22% in the first quarter with four of the expected 18 deliveries being delayed. Slippage came from the Bohai, Dalian and Guangzhou Longxue shipyards.

Aframax slippage was around 13% in the first quarter with three tanker delivery delays, two in New Century shipyard in China and one in the Sungdong yard in South Korea.

First quarter suezmax slippage was running at around 44% as China"s Jiangsu Rongsheng was struggling to complete tankers it was supposed to have delivered last year. This meant 13 of the expected 29 suezmax deliveries were delayed to the second quarter or beyond.

Tanker major Frontline said it had negotiated a compensation payment for delayed delivery of two suezmax tankers that it received from Jiangsu Rongsheng. It still has another two tankers on order at the yard.

Braemar Seascope analyst David Bull said the Chinese shipyard had technical issues with the first few ships it was building that had ?set its whole orderbook back six months?.

Last year Jiangsu Rongsheng delivered only 14 suezmax tankers out of 26, according to Jerry Lichtblau, research director at US-based broker MJLF.

He said delivery delays for suezmax tankers averaged eight to nine months at the shipyard. It still has 16 suezmaxes scheduled for delivery this year, of which four were delivered in the first quarter, a tough order for any shipyard let alone one that is trying to play catch-up.

Meanwhile, SLS shipyard has 37 medium range oil and chemical tankers on its orderbook scheduled for delivery this year, according to Clarksons data, but unless it can regain a reasonable financial position it is unlikely to meet any of these targets.

Its drop into bankruptcy protection led to a host of its clients including Glenda International Shipping, Stolt-Nielsen and Eletson cancelling orders for medium range tankers. This week, Danish shipping group Dannebrog cancelled its orders for two 45,000 dwt tankers.


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