| The global shipping market has plummeted since 2008 financial crisis. Due to the pull of the China factor, the shipping market rebound in 2010 for short time, then a double-dip recession arised in 2011. Since 2012, the global shipping market continues to weaken. Freight, new ship orders and prices of new ship are in a historical low position. The overall shipping market is in an oversupply situation, most shipowners face operating difficulties, some companies are unsustainable and bankrupt, some companies are struggling to survive. Therefore shipping prices will be in a relatively low level at this weak global market for a few years.DH Company has provided ship financing lease business to domestic ship owners since 2003. After more than 10 years of development, DH Company has reached considerable scale, covered more than 2000 customers, provided financing for the customers around 300 ships and established remarkable influence in in the domestic shipping industry. With a focus on the shipping capacity, goods sourcing and capital pools, DH Company has integrated multiple business modes such as RMB & foreign currency financing, investment and has developed all links of the industry chain to solve any problem that clients may encounter. DH company make a deep investigation of present global shipping market, considers that the shipping market is really at the bottom and it is good time to make the shipping investment. DH Company plans to make new shipbuilding order of handymax bulk carrier at the world premium shipyard. The company will keep a certain extent development, build up the strength. Once the global shipping market recovers, the company will be able to respond quickly, speed up the development and obtain a bigger market share.Under such background, this paper focuses on the research and the feasibility analysis of 64000 DWT new shipbuilding construction project. First, the project is introduced in general then the shipping market segment of handymax is analyzed by some basic indicators of the subject vessel, including ship price, charter rating, new shipbuilding order and demand. In Chapter 4, According to end date of time charter, ship investment will be evaluated by two solutions with 5 years and 7.5 years respectively. The benefit analysis of the project is conducted with the net present value, payback period method. In Chapter 5, sensitivity analysis to the investment benefit is performed considering the charter rating, ship price, operating expense and interest rate. Investment risk of this shipping investment project is identified, and the countermeasures are given by the company. In the part of conclusion, the result of comprehensive evaluation is that the investment of DH 64000DWT new shipbuilding project is feasible. With further development of investment project, the shipping fund will be set up by DH Company in the near future. This will expand the financial service provided by the company, and reinforce the company’s influence on the domestic shipping market. |
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