Contents
Looking beyond 2010 3
Order intake in 2009 is better than expected, while overcapacity is limited to the
mega segment. The order books could bridge the gap, while Brazil and Singapore
could spur demand beyond 2010.
Supply-side revisited 4
We add a caveat to potential overcapacity concerns in the dredging industry. The
capex spree of the Big 4 is focused on the mega segment. In all other segments,
capacity expansion is limited and should be easily absorbed.
Expansion geared to mega segment 4
Overall, demand still seems solid 7
Order intake for dredging has been relatively resilient, despite the halt of land
reclamation in Dubai. We believe that with the current order book and potential
additional orders from Brazil and Singapore, 2010 could be the trough year for the
dredging industry.
Trading statements were better than we expected 7
Singapore: The wildcard 9
Beyond 2010, demand could exceed supply again 10
Peer group outline 11
In this chapter, we provide brief profiles of non-listed companies Jan de Nul, Van
Oord and DEME. We have included separate notes on Boskalis, CFE and
Ackermans & Van Haaren later in this publication.
Jan de Nul 11
Van Oord 12
DEME 12
Company profiles 15
Boskalis Westminster 15
Ackermans & van Haaren 29
CFE 34