일반산업
Risk Analysis for Major Domestic Small-to-mid Size Shipping Firms
2009-10-08LEE, Eun-Chang
목차
요약
Trends in Marine Transport
Bulk carrier trends
The major small-to-mid size bulk carrier firms have vessels smaller than the Handymax class.
Handymax bulk carrier volumes are expected to grow steadily, but outbound volumes has not yet recovered and the recovery in the bulk carrier market driven by China’s economic stimulus is mainly benefiting large firms. As a result, conditions for small-to-mid size bulk carrier firms is remain negative.
Liner trends
The major small-to-mid size liner firms have container ships with capacity below 2,000 TEU, and half have only small ships with capacity below 500 TEU.
Domestic container volumes have declined sharply due to the large contraction in volumes destined for developed countries, but Southeast Asia-bound volumes are recovering. However, although each company may differ, shipping rates are expected to remain weak in general due to expanded capacity at major liner firms.
Risk Analysis for Major Domestic Small-to-mid Size Shipping Firms
Risk Analysis for Small-to-mid Size Shipping Firms
Analysis of financial condition and fleets of small-to-mid size bulk carrier firms
Daewoo Logistics, Samsun Logix, TPC Korea, and Parkroad have been in bankruptcy protection from 2008 until now. Their credit ratings are very low or deteriorating: under the Korea Ratings standard, their ratings would be B, B, BB, and B respectively.
In addition, these four firms have a high portion of charter vessels in comparison to the fleet, and as a result they were heavily affected by the charter vessel chain.
Small firms, such as Taiyoung Shipping, that have no contracted new vessels or charters are likely to be stable.
Analysis of financial condition and fleets of small-to-mid size liner firms
The financial condition of Namsung Shipping, KMTC, Sinokor, and Heung-a Shipping were examined
Bulk carrier trends
The major small-to-mid size bulk carrier firms have vessels smaller than the Handymax class.
Handymax bulk carrier volumes are expected to grow steadily, but outbound volumes has not yet recovered and the recovery in the bulk carrier market driven by China’s economic stimulus is mainly benefiting large firms. As a result, conditions for small-to-mid size bulk carrier firms is remain negative.
Liner trends
The major small-to-mid size liner firms have container ships with capacity below 2,000 TEU, and half have only small ships with capacity below 500 TEU.
Domestic container volumes have declined sharply due to the large contraction in volumes destined for developed countries, but Southeast Asia-bound volumes are recovering. However, although each company may differ, shipping rates are expected to remain weak in general due to expanded capacity at major liner firms.
Risk Analysis for Major Domestic Small-to-mid Size Shipping Firms
Risk Analysis for Small-to-mid Size Shipping Firms
Analysis of financial condition and fleets of small-to-mid size bulk carrier firms
Daewoo Logistics, Samsun Logix, TPC Korea, and Parkroad have been in bankruptcy protection from 2008 until now. Their credit ratings are very low or deteriorating: under the Korea Ratings standard, their ratings would be B, B, BB, and B respectively.
In addition, these four firms have a high portion of charter vessels in comparison to the fleet, and as a result they were heavily affected by the charter vessel chain.
Small firms, such as Taiyoung Shipping, that have no contracted new vessels or charters are likely to be stable.
Analysis of financial condition and fleets of small-to-mid size liner firms
The financial condition of Namsung Shipping, KMTC, Sinokor, and Heung-a Shipping were examined