印度造船產業

Abstract

The global shipbuilding industry has witnessed many crests & troughs in its growth story from the period spanning the 1960s. With the industry dominance shifting from the European to the Asian nations such as S. Korea, China and Japan, the industry has undergone massive changes in terms of construction technologies, new demand for various ship types etc.

The industry is primarily characterised by huge working-capital requirements, huge labour requirement etc. The demand for the ships may either be primary or for replacement purpose. Factors such as growth in sea-borne trade, increasing Exploration & Production (E&P) activities and other regulations contribute to the demand for ships. The ships can broadly be classified into four major types. This categorisation can further be broken up into several sub-parts depending upon the carrying capacity of the ship and other distinct features.

The period spanning 2000-2007 has been a ‘golden era' for the global shipbuilders with the global order book position growing at a CAGR of 22.9%. The investments in the industry too have kept pace with the order book requirements. However the deliveries of the ships have not been able to keep pace with the growing order books and as such, the order books of the major shipbuilding nations are booked up to 2012. Even the composition of the global order books has witnessed a considerable change since 2000, with increased ordering in the Dry Bulk segment during the recent years. With an increase in E&P activities, the ordering in the Offshore Vessel segment too has surged significantly.

The industry remains highly consolidated with the Asian shipbuilders accounting for a major chunk of the global order books. Of the Asian nations, the Korean, the Chinese and the Japanese shipbuilders in particular dominate the global shipbuilding arena. The shipbuilding activity in the European nations has witnessed a downtrend owing to the unavailability of labour and the corresponding high labour costs. Even though Japan still remains one of the top global shipbuilding nations in terms of order book position, the country' s shipbuilding prospects appear bleak. Countries such as India, Vietnam etc., with an abundance of cheap labour have recently emerged to the fore in the global shipbuilding arena.

The Ship Repair industry can be characterised as an ‘Evergreen industry' . With a massive growth in world fleet in recent times and more vessels to be set afloat by 2012, the revenues from ship repair may well witness an upward trend. With the major shipbuilding nations concentrating primarily on the shipbuilding activities, nations such as Singapore, Dubai, Bahrain, Colombo etc. have emerged as major ship repair centres. However with a view to mitigate the risks of downtrends in shipbuilding, the shipbuilders in Eastern Europe, Russia and India prefer to equip their shipyards with both shipbuilding as well as ship repair facilities. The Indian ship repair industry is highly regulated through the licensing policy of DG Shipping. Through the Xth Plan, the Government of India (GoI) emphasised on developing India' s ship repair capacity to match the international standards but with the limited interest evinced by the Indian private players in this sector, most of the targets remained unaccomplished. Keeping in mind the cyclicality of the shipbuilding sector and the unearthed potentialities in the ship repair sector, the GoI, through the XIth Plan has set afresh new targets and recommended a few measures for achieving the desired results in the ship repair sector.

Table of Contents

Executive Summary

Section - I The Shipbuilding Industry

Chapter 1: Industry Evolution

Chapter 2: Industry Characteristics

• 2.1 Global Presence
• 2.2 Industry Structure
• 2.3 Cyclic Industry
• 2.4 Sell first, Construct later
• 2.5 Standardized Pricing
• 2.6 Huge Investment outlay
• 2.7 Working Capital Intensive
• 2.8 Labour Intensive
• 2.9 Constant technological enhancements
• 2.10 Long Gestation Period
• 2.11 Subsidized Industry
• 2.12 Regulatory Structure

Chapter 3: Demand Drivers

• 3.1 Incremental Demand Drivers
• 3.1.1 Growth in sea borne trade
• 3.1.2 Increasing exploration & production activities
• 3.1.3 Freight Rates
• 3.1.4 Governmental thrust
• 3.1.5 Specialization in Ship making
• 3.2 Replacement Demand Driver
• 3.2.1 Age profile of fleet 34
• 3.2.2 Scrapping of Tonnage
• 3.2.3 Regulations- Phasing out of Single - hull tankers

Chapter 4: The Making of Shipyards

• 4.1 Shipyards Construction-Area of Focus
• 4.2 Development of Shipyards -
• A step-by-step approach
• 4.3 Flow chart for shipyard construction - From conception to implementation
• 4.4 Shipyard Construction - Cost Breakdown

Chapter 5: Shipbuilding - Production to pricing

• 5.1 The shipbuilding Process
• 5.2 Types of Ship
• 5.3 Elements of Price Determination
• 5.3.1 Availability of Capacity
• 5.3.2 Shipyard' s cost of Production
• 5.3.3 National Policy
• 5.3.4 Currency Fluctuation
• 5.3.5 Competitive forces

Chapter 6: Market Trends

• 6.1 Wet Bulk Carriers
• 6.1.1 Orderbook Position
• 6.1.2 New orders & Deliveries
• 6.1.3 Investments & Price trends
• 6.2 Dry Bulk Carriers
• 6.2.1 Orderbook Position
• 6.2.2 New orders & Deliveries
• 6.2.3 Investments & Price Trends
• 6.3 Containerships
• 6.3.1 Orderbook Position
• 6.3.2 New orders & Deliveries
• 6.3.3 Investments & Price Trends
• 6.4 Specialized Vessels
• 6.4.1 LPG, LNG & Chemical carrier
• 6.4.1.1 Orderbook Position
• 6.4.1.2 New orders & Deliveries
• 6.4.1.3 Investments & Price Trends
• 6.4.2 Offshore vessels
• 6.4.2.1 Orderbook Position
• 6.4.2.2 New orders & Deliveries
• 6.4.2.3 Investments

Chapter 7: The Global Expanse

• 7.1 South Korea
• 7.1.1 Orderbook Position
• 7.1.2 New orders & Deliveries
• 7.1.3 Major Players at a glance
• 7.2 China
• 7.2.1 Orderbook Position
• 7.2.2 New orders & Deliveries
• 7.3 Japan
• 7.3.1 Orderbook Position
• 7.3.2 New orders & Deliveries
• 7.4 Europe
• 7.4.1 Orderbook Position
• 7.4.2 New orders & Deliveries
• 7.5 Vietnam - The Dark Horse
• 7.6 The Indian Scenario 76

Chapter 8: Cost Analysis - Indian Shipbuilders

• 8.1 Raw Material Expenses
• 8.2 Labour Expenses
• 8.3 Financing Expenses
• 8.4 Profit Margins

Chapter 9: Analytical Models & Industry Outlook

• 9.1 Analytical Models
• 9.1.1 SWOT Analysis
• 9.1.2 Porter' s Five Force Model
• 9.2 Outlook
• 9.2.1 Slow down in Economic Growth
• 9.2.2 New ordering to Slow Down
• 9.2.3 Supply side over - capacities
• 9.2.4 Cancellation of new orders
• 9.2.5 Changing competitive scenario

Section - II THE SHIP REPAIR INDUSTRY

Chapter 10: Ship Repair

• I. The global Ship repair Industry
• II. The Indian Ship repair Industry
• II. A The Xth Plan (2002 - 2007)
• II. B The XIth Plan Targets (2007 -2012)
• III. Ship repair - Costs & other Considerations

Section - III REVIEW OF INDIAN PLAYERS

Chapter 11: Company Profile

• I. ABG Shipyard
• II. Bharati Shipyard
• III. Cochin Shipyard
• IV. Hindustan Shipyard
• V. New entrants in Indian Shipbuilding
• Annexure 1. The Indian Shipbuilding Subsidysaga
• Annexure 2. List of Public & Private sector shipyards
• Annexure 3. Profile of various ship types
• Annexure 4. Time-table for phasing out of single - hull tankers
• Annexure 5. Dockyard facilities of Top 3 Korean shipbuilders
• Annexure 6. Dockyard facilities of Top 3 Japanese shipbuilders
• Shipbuilding Terminologies & Abbreviations

List of Figures

• Fig. 1.1 Evolution of Global shipbuilding Industry
• Fig. 2.1 Global Order Book 2008* - CGT in %
• Fig. 2.2 Asian Order Book 2008* - CGT in %
• Fig. 2.3 Break-down of World fleet orderbook by ownership 2008* - US$ billion in %
• Fig. 2.4 Break-down of Asian fleet orderbook by ownership 2008* - US$ billion in %
• Fig. 2.5 Break-down of World fleet ownership 2007* - dwt in %
• Fig. 2.6 Break-down of Asian fleet ownership 2007* - dwt in %
• Fig. 2.7 Shipbuilding investment & order book y-o-y % change
• Fig. 2.8 Investments by new entrants in Indian shipbuilding
• Fig. 2.9 Comparative study of labour cost as a % of total production cost
• Fig. 2.10 Order Book position of Indian shipbuilders as on January- 2008
• Fig. 3.1 Seaborne trade of various commodities
• Fig. 3.2 Global production & consumption of oil
• Fig. 3.3 Movement of spot crude prices
• Fig. 3.4 Movement of Baltic Dry Index
• Fig. 3.5 Average* Age Profile of Ships of Indian Shipping companies as on October 1, 2007
• Fig. 3.6 Age Profile of Indian Offshore Vessels (as on October 1, 2007)
• Fig. 3.7 World Tonnage Scrapped
• Fig. 4.1 Shipyard construction - cost- structure break down
• Fig. 5.1 A modular representation of the Shipbuilding process
• Fig. 5.2 Various types of ships
• Fig. 5.3 Indexation of Exchange rates w.r.t. USD- (base year 2000)
• Fig. 6.1 World - Orderbook, New orders & Deliveries - May, 2008
• Fig. 6.2 Global Order book composition in 2000 - % GT
• Fig. 6.3 Global Order book composition in 2007 - % GT
• Fig. 6.4 Wet Bulk vessel segment - Order book position
• Fig. 6.5 New Order & Deliveries
• Fig. 6.6 Investments & Price Trends
• Fig. 6.7 Dry Bulk vessel segment - Order book position
• Fig. 6.8 New Order & Deliveries
• Fig. 6.9 Investments & Price Trends
• Fig. 6.10 Containerships segment - Order book position
• Fig. 6.11 New Order & Deliveries
• Fig. 6.12 Investments & Price Trends
• Fig. 6.13 LPG carrier, LNG Carrier & Chemical Tanker - Order book position
• Fig. 6.14 New Order & Deliveries
• Fig. 6.15 Investments & Price Trends
• Fig. 6.16 OSVs - Order book position
• Fig. 6.17 New Order & Deliveries
• Fig. 6.18 Investments
• Fig. 7.1 S. Korea - Orderbook, New orders & Deliveries
• Fig. 7.2 Korean Order books as a % of Asian & Global Order books
• Fig. 7.3 Order book categorization by vessel type - % GT
• Fig. 7.4 Deliverables for Year 2008- 11+ - in % CGT
• Fig. 7.5 China- Orderbook, New orders & Deliveries
• Fig. 7.6 Chinese Order book as a % of Asian & Global Order books
• Fig. 7.7 Order book categorization by vessel type - % GT
• Fig. 7.8 Deliverables for Year 2008- 11+ in % CGT
• Fig. 7.9 Japan - Orderbook, New orders & Deliveries
• Fig. 7.10 Japanese Order book as a % of Asian & Global Order books
• Fig. 7.11 Order book categorization by vessel type - % GT
• Fig. 7.12 Deliverables for Year 2008- 11+ in % CGT
• Fig. 7.13 Europe - Orderbook, New orders & Deliveries
• Fig. 7.14 European Order book as a % of Asian & Global Order books
• Fig. 7.15 Order book categorization by vessel type - % GT
• Fig. 7.16 Deliverables for Year 2008- 11+ in % CGT
• Fig. 7.17 Vietnam - Order book categorization by vessel type - % dwt
• Fig. 7.18 Vietnam -Deliverables for the Year 2008- 11+ -% dwt
• Fig. 7.19 India- Order books & New orders
• Fig. 7.20 India- Exports
• Fig. 7.21 Order book categorization by vessel type - % dwt
• Fig. 7.22 Deliverables for the Year 2008- 11+ -% dwt
• Fig. 8.1 Average Price trend of steel production in India
• Fig. 8.2 Indian Shipbuilder' s Comparative cost Analysis
  • A) ABG Shipyard
  • B) Bharati Shipyard
  • C) Cochin Shipyard
  • D) Hindustan Shipyard
• Fig. 9.1 World' s estimate for GDP growth & Trade growth - in %
• Fig. 9.2 All vessels - Deliverables from 2008- 2011+ - % GT
• Fig. 9.3 Wet Bulk - Deliverables from 2008- 2011+ - % GT
• Fig. 9.4 Dry Bulk - Deliverables from 2008- 2011+ - % GT
• Fig. 9.5 Containerships - Deliverables from 2008- 2011+ - % GT
• Fig. 10.1 Growth of the World Fleet - in million dwt
• Fig. 10.2 Growth of Indian Fleet - in million GT
• Fig. 11.1 ABG Shipyard - Order Books
• Fig. 11.2 Capacity enhancement in ABG' s yards
• Fig. 11.3 Order books for OSVs - Market share (%)
• Fig. 11.4 Bharati Shipyard - Order Books
• Fig. 11.5 Cochin Shipyard -Shipbuilding output - in million dwt
• Fig. 11.6 Cochin Shipyard - Ship repair income- in Rs. crore
• Fig. 11.7 Hindustan Shipyard -Shipbuilding output - in million dwt
• Fig. 11.8 Hindustan Shipyard -Dry Dock Occupancy Days

List of Tables

• Table 2.1 Comparative study of the Top 10 shipbuilding companies
• Table 2.2 Net Working Capital requirements
• Table 2.3 Employee cost as a % of Total cost - Indian Shipbuilders
• Table 2.4 Employee cost as a % of Total cost - Korean Shipbuilders
• Table 2.5 Shipbuilding Technology - From Past to Present
• Table 2.6 Share of subsidies in Net sales & PBT
• Table 3.1 Some Major Government Initiatives
• Table 3.2 Age Profile of World Fleet - January- 2007
• Table 3.3 Age Profile of Indian Fleet - January- 2007
• Table 5.1 Top 10 Shipyards of the World - Based on Order book in CGT
• Table 5.2 Movement of the Exchange Rates (USD - base currency)
• Table 7.1 Global Orderbook Position as on December - 2007
• Table 7.2 Korean Order book position & New orders in US$ millions
• Table 7.3 Order books & Capacities of Top 3 Korean shipbuilders
• Table 7.4 Organizational classification of major Chinese shipyards 68
• Table 7.5 Order Books & Capacities of Top 3 Chinese shipbuilders
• Table 7.6 Expansion plans of Chinese shipbuilders
• Table 7.7 Order Books & Capacities of Top 3 Japanese shipbuilders
• Table 7.8 Order Books & Capacities of Top 3 European shipbuilders
• Table 7.9 Order Books & Capacities of Top 3 Vietnamese shipbuilders
• Table 8.1 Raw material expenses as a % of total expenditure
• Table 8.2 Labour expenses as a % of total expenditure
• Table 8.3 Interest expenses as a % of total expenditure
• Table 8.4 Profit margins
• Table 9.1 World Fleet size projections- All segments
• Table 10.1 The Xth Plan - Targets & Achievements
• Table 10.2 Ship repairs turnover in the Xth plan period
• Table 10.3 Turnover targets for the XIth Plan period
• Table 11.1 ABG Shipyard - Existing capacities
• Table 11.2 ABG Shipyard - Capex Projects
• Table 11.3 ABG Shipyard - Company' s Acquisitions
• Table 11.4 Bharati Shipyard- Capex Projects
• Table 11.5 Bharati Shipyard-Company' s Acquisitions
• Table 11.6 Cochin Shipyard- Existing capacities
• Table 11.7 Hindustan Shipyard- Shipyard' s Capacity