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Despite the forecasts, 2014 was not the year of the recovery for the shipbuilding industry. Without a strong world economy, the fleet utilization rate remained steady although considerable differences amongst the various market segments came to light: a favourable trend for LPG and tankers while bulk carriers recorded a drop. The volatility of freight rates, as characterized last year, arose from endogenous industrial factors due to American shale oil production, which provoked an increase in the LPG shipments and, as a consequence, a drop in the oil price, although the extraction levels remained constant. In the bulk segment, the swing in the Chinese energetic policy led to a reduction in coal consumption while the ban for Indonesia to export bauxite and nickel contributed to the drop of freight rates.
Despite the forecasts, 2014 was not the year of the recovery for the shipbuilding industry. Without a strong world economy, the fleet utilization rate remained steady although considerable differences amongst the various market segments came to light: a favourable trend for LPG and tankers while bulk carriers recorded a drop. The volatility of freight rates, as characterized last year, arose from endogenous industrial factors due to American shale oil production, which provoked an increase in the LPG shipments and, as a consequence, a drop in the oil price, although the extraction levels remained constant. In the bulk segment, the swing in the Chinese energetic policy led to a reduction in coal consumption while the ban for Indonesia to export bauxite and nickel contributed to the drop of freight rates.
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