BULK carrier slippage levels rose to a record 42% in the first quarter of 2010 higher than experienced in 2009,according to fresh analysis by Worldyards.Some 192 bulk carriers of 14.6m dwt were either delayed at shipyards or deferred by owners in the first three months of the year, the Singapore based market analyst estimated.This compared to an expected delivery of 433 units of 35.3m dwt.

Worldyards classified a further 71 bulk carriers, or 16.4% of all tonnage scheduled to enter service, as confirmed deductions in the first quarter.This signalled contracts had been cancelled or removed from orderbooks,although construction might still continue on the yards accounts.Adding in these confirmed deductions,58.2% of the bulk carrier orderbook was not delivered in the first quarter of 2010, versus 31.6% for 2009.

Worldyards 2009 figures had originally concluded slippage rates for bulk carriers delayed, deferred or cancelled reached 49% in 2009. But this figure was cut back to 31.6%, once newly delivered ships that had not appeared in the orderbook were added to those known to be scheduled for delivery.Confirmed deductions in 2009 reached 21.3%.Based on the significantly higher slippage in first quarter 2010 compared to 2009,the main impact of the massive renegotiations are yet to be here with us, said Worldyards market comment.

Source:Llyods List,April 15,2010