Chart of the Day: Singapore shipyards bask in 89% jump in newbuild deals

Is the worst finally over?

According to DBS, while it is too early to call for a full sector turnaround, they believe the worst is over.

With oversupply still an issue for both shipping and shipyards, the brighter spot is now in demand, where DBS sees early signs of recovery, in line with a brighter macro backdrop in the US and Europe.

Here's more from DBS:

While we expect the recovery path to be a long and bumpy one, we observed early signs of recovery, led by contract awards.

Industry orders for vessels surged 89% y-o-y to 73m dwt in 8M13, and looks set to surpass 2011’s 84m dwt.

Enquiry levels at the yards are strong, and we could expect more orders to flow through in the coming months as the financially sound shipping companies take advantage of the low newbuild prices, incentivized by recent spike in BDI.

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