Table of Contents
Executive summary ........................................................................... 4
Valuation and forecasts .................................................................... 6
Sector fundamentals to remain grim............................................. 13
Ship financing market in crisis ....................................................... 24
Demand/supply by segment .......................................................... 26
Deepwater offshore vessels – the only bright spot, but
expectations high ............................................................................ 29
Key risks to our view....................................................................... 32
Appendix A....................................................................................... 33
Appendix B....................................................................................... 35
Hyundai Heavy................................................................................. 38
Samsung Heavy ............................................................................... 52
DSME................................................................................................ 64
Hyundai Mipo................................................................................... 78
STX O&S........................................................................................... 88