Engineering Equipment: BDI waves again Sea-work ships multiple empty mutual present

Investment points Craxon Freight index May 09 for 9786 USD/day, short-term show rebound trend. BDI short-term strength, but bdti is still at the bottom. Three big ship rental income, bulk cargo rebounded to 14651 U.S. dollars/day, the tanker fell to 10403 U.S. dollars/day, near the historical bottom, the container sailing rate May continued to decline to 35 U.S. dollars/teu, is a deep downturn.　　In combination, we think the rebound in BDI and bulk carriers is more like a blip.　　Global new ship prices are still slowly falling, the three main ship-type new orders are almost zero, three-ship-type delivery continues to decline, the future of the ship market is not clear.　　The new ship price index fell to 155 points in April 09, three big ship-type bulk carrier has stabilized, the tanker part of the ship type is flat, container ship is still in the downward.　　Shipments of the three-ship-type deliveries continued to decline in April, although the decline in bulk carriers slowed, but oil tankers and container ships accelerated their decline.　　Global April Bulk Cargo receipt continues to be zero, the new tanker orders 40,000 DWT, container ship has been 6 consecutive month orders for zero. Of the three largest shipbuilding countries in the world, only China received 80,000 dwt in April, all ocean engineering ships, Japanese orders remained zero, and South Korea began to show 0 orders.　　Global orders are only 130,000 dwt. The market economy of offshore drilling platform is declining, and the ocean engineering ship market is more and more empty. As of May 15, 09, the Global offshore rig utilization rate was 82%, flat from 82.1% last month.　　Viewing from the platform type, there is a downward trend in the platform, and the utilization of Brazilian platform is always at a high level from the use area. The rent indices for the four types of drilling rigs in April fell in three categories: the United States Gulf of Mexico since the lifting platform daily Rental index fell 223 point of the historical low, the northwest Europe from the lifting platform of the daily rental index of 585 points to the same as last month, the medium-depth platform rental index fell to 1049, the deep level of the table for 3 consecutive months decline,　　This month fell to 802 points. April 09 Global Ocean engineering Ship new orders 130,000 revision total ton, and March only 10,000 revision total ton. But ocean engineering ships have only 17,000 tonnes of deliveries, which may be an accidental factor.　　On the other hand, the three-use engineering ship and platform to supply the ship's daily rent rose and fell each other, the overall number of factors are interwoven.　　Brent spot crude oil prices continued to climb, May 1 for 51.97 U.S. dollars/barrel, May 21 to 57.99 U.S. dollars/barrel, although the global economic situation does not support the sharp rise in oil prices, but the oil prices from the 30-40-dollar low price region is conducive to the development of marine engineering equipment industry. Brief analysis of key companies in the industry. Zhenhua Port Machine: 2009 The company plans to complete the production value of 5 billion U.S. dollars, of which the marine products strive to complete the production value of 1.5 billion U.S. dollars, the company has changed its name to Zhenhua heavy industry, showing the company's comprehensive development of marine heavy equipment determination. We expect the company to achieve sales revenue of 30 billion yuan a year, in accordance with the closing price of May 22, 08, 09PE 14, 20 times times respectively, to maintain the "buy" investment rating. China ship: The first quarter of 09 to achieve the main business revenue year-on-year growth of 22.7%, this growth should be good, but whether the whole year can be maintained also depends on the impact of the global economic crisis on the shipbuilding industry, in general, we think the company's annual growth of 10% of the plan is robust.　　May 22 closing price of 61.32 yuan, corresponding to 09 PE12 times, we maintain a "hold" investment rating. In April 09, China's container export volume decreased by 25%, the decline narrowed, is still in the container stock digestion stage, the industry's recovery depends on the global economic transition. According to the May 22 closing price, the corresponding 09 PE is 23 times times, maintain the "hold" investment rating.