Offshore orders the next
catalyst 4
Offshore orders rising in 2H09 4
Revival in shipping orders in last three months 5
Existing orderbook remains at risk of deferrals/cancellations5
Revise earnings estimates for ship/rig builders 6
Calmer waters on the horizon 9
New shipbuilding orders, finally! 9
Global orderbook 10
Bulk carrier market 11
Tanker market 12
Container carrier market 13
LNG carrier market 14
Chemical tanker market 15
Seaborne trade outlook 16
New-build/second-hand ship market 17
Ship charter rates 18
Vessel demolitions 19
Global industrial production 20
Company profiles 21
Samsung Heavy (010140) 23
Hyundai Heavy (009540) 27
COSCO Singapore (COS) 31
Yangzijiang Shipbuilding (YZJ) 34
Sembcorp Marine (SMM) 38
Disclosure appendix 43
Disclaimer 48