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Great pressure on industry

Great pressure on industry
According to Mr Bao Zhangjing chief researcher from China Ship Marketing Research Center "Against the background of global economy recession, cancellation of new ships has already aroused serious attention from shipbuilding industry all over the world."

South Korean shipbuilders totally cancelled orders for 43 ships

According to Mr Bao Zhangjing chief researcher from China Ship Marketing Research Center "Against the background of global economy recession, cancellation of new ships has already aroused serious attention from shipbuilding industry all over the world.''

According to Clarkson Research Studies, global orders for 94 new ships were canceled during January to August. These orders were once mainly held by Asian shipbuilders. Among the total, South Korean shipbuilders, such as STX Ship building Co., HMD and Daewoo Shipbuilding, totally held those cancelled orders for 43 ships. And Chinese shipbuilders held those orders for 21. Therefore, shipbuilders in these two countries are confronted with comparatively great risks.

At the same time, global new orders in September slashed by 66.1% YoY. And transactions in ship market went down by nearly 40% MoM. From January to September, new orders in the world slid by 27.3% YoY. Among the total, China's new orders dropped by 34.2% YoY.

Though costs for new ships still linger on a high level, prices for oil tanker and bulk cargo ship have already declined by a slight margin.

www.TurkishMaritime.Com.tr

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