Sailing over the edge 4
Delivery deferment & order cancellations to accelerate 4
Revise earnings estimates for shipbuilders 6
China introduces a stimulus package for its yards 8
No change to market conditions 8
Global order book 9
Dry bulk carrier market 10
Tanker market 11
Container carrier market 12
LNG carrier market 13
Chemical tanker market 14
New-build/second-hand ship market 15
Ship charter rates 16
Order flow and back log trends 17
Vessel demolitions 18
Global industrial production 19
Company profiles 20
Samsung Heavy (010140) 22
China State Shipbuilding (600150) 25
Hyundai Heavy (009540) 29
COSCO Singapore (COS) 33
Guangzhou Shipyard (317 / 600685) 36
Yangzijiang Shipbuilding (YZJ) 40
Sembcorp Marine (SMM SP) 42
Disclosure appendix 46
Disclaimer 49