12-05-2017

Korean Shipbuilders Clinched More New Orders than Any Others Last Month

shipbuilders

According to Clarkson Research UK, the global total amount of new shipbuilding orders reached 750,000 CGT last month and 340,000 CGT and 260,000 CGT went to South Korean and Chinese shipbuilders, respectively. Japanese shipbuilders obtained none at all.

The South Korean companies’ outperformance is because they took the largest portion of very large crude oil carrier (VLCC) orders placed in quantity early last month.

“It seems that international shipowners opted for South Korean shipbuilders for a higher quality at the same price with the prices of VLCCs at the bottom and little room left for more discount,” said an industry source.

Last month, international ship prices showed some positive signs. For example, oil tanker prices, which continued to fall by US$0.5 million to US$2 million each month between late last year and March this year, stopped falling in the following month. Bulk carrier prices even showed some rebound. Specifically, the average price of cape size bulk carriers rose by US$0.5 million in April, showing an increase for the first time in seven months. The average price had gone up from US$41.75 million to US$42 million in September last year.

Source: Business Korea

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