Japan- Demand for new ships weakens due to the fallout from the global financial crisis.
Japan received orders for export ships totaling 571,810 gross tons in October, down 83.9 percent from the same month a year ago, according to figures released by the Japan Ship Exporters" Association. The sharp decline in export orders received by Japan, one of the world"s top shipbuilding nations along with South Korea and China, comes as demand for new ships weakens due to the fallout from the global financial crisis.
Japanese shipbuilders received orders for 11 ships in October -- seven bulk carriers, three oil tankers, and one general cargo vessel.
Japanese shipbuilders received orders for a total of 288 ships -- 244 bulk carriers, 29 oil tankers and 15 general cargo vessels -- between April and October, the first seven months of fiscal 2008.
The 288 ships totaled 12.6 million gross tons, down 19.6 percent from the previous-year period.
In fiscal 2007 ending in March this year, Japan received orders for a total of 576 ships -- 468 bulk carriers, 71 oil tankers and 37 general cargo vessels totaling 2.5 million gross tons. Combined gross tonnage in fiscal 2007 was 27.4 million tons, up 24.3 percent from fiscal 2006.