Shanghai-listed COSCO Shipping (COSCOL) predicted that operations of its semi-submersible carrier fleet would be pressured in the short term due to the slump in crude oil prices since the second half of 2014.
The delays in deliveries of offshore equipment orders, along with capital expenditure cutbacks by global petroleum producers, will have a lagging impact on the operations of semi-submersible carriers, Wu Liangming, deputy general manager of COSCOL, told IHS Maritime on 11 May.
In the long term, however, international oil prices would not remain in the current low levels due to growing demand, Wu added.
For the first quarter of 2015, the volume of COSCOL’s semi-submersible carrier fleet fell 41% year on year (y/y) to 92,818 tonnes.
Revenue generated by the fleet posted growth from a year ago in the period, despite the fall in volume, the company said. The volume cannot reflect the operations of the fleet because the sector’s revenue also includes instalment income.
Also, COSCOL’s overall volume rose 29% y/y to 4.4 million tonnes in the first quarter on jumps in volume of general cargo vessel fleet.
The volume of general cargo vessels surged 260% y/y to 1.9 million tonnes during the period as COSCOL increased its chartered-in tonnage on growth in project cargoes.