China newbuilding price index (CNPI), a composite index of tankers, bulk carriers, and containerships – three major ship types built in China – drifted to 886 points at the end of July, down 0.7% on a month ago.
All sub-indices of CNPI also fell. The dry bulker index dropped 0.9% on a month ago to 871 points, the oil tanker index dropped 0.5% to 981 points, and the box ship index dropped 0.4% to 895 points.
CNPI panellist Hartland pointed out that “the freight market for dry bulk carriers showed a rebound, which has helped to support prices for second-hand ships, but the benefits of this has not yet reached the newbuilding market.”
Another CNPI panellist, E&S, believes that the market is now is in an empty window period, so there are no actual changes or fixtures.
However, there is also some good news. According to a report from CNPI, Chinese shipyards have received orders for tankers and containerships during July.
“The market for container ships has been even more buoyant, because not only are there newbuilding orders, but the refurbishment of old ships is also under way in Chinese shipyards, indicating a structural changeover in the market,” CNPI head Liu Xunliang told IHS Maritime.