Japanese export ship orders tumbled on a year-on-year basis for the fifth consecutive month in February as demand for new vessels flagged.
Japanese export ship orders tumbled on a year-on-year basis for the fifth consecutive month in February as demand for new vessels flagged amid the deepening global economic slump. Japan, one of the world's top shipbuilding nations along with South Korea and China, received orders for export ships totaling 293,270 gross tons in February, down a whopping 84 percent from the same month of last year, according to figures released by the Japan Ship Exporters' Association on March 17.
Japanese export ship orders suddenly started to plunge in October last year, when the global financial turmoil that had erupted the previous month began to take its toll on the real economy.
The February decline in Japanese export ship orders followed drops of 83.9 percent in October, 79.7 percent in November, 91.1 percent in December and 75.9 percent in January.
Japanese shipbuilders received orders for five export ships in February. Of the five ships, four are bulk carriers totaling 132,970 gross tons and one is an oil tanker of 160,300 gross tons. The five ships total 109,945 compensated gross tons.
During the first 11 months of fiscal 2008, which started in April 2008, Japanese export ship orders totaled 14,013,310 gross tons, down 42.8 percent year on year. Japanese shipbuilders received orders for a total of 317 export vessels -- 269 bulkers, 33 oil tankers and 15 general cargo vessels -- between April 2008 and February this year. The 317 ships total 6,433,797 compensated gross tons.
In fiscal 2007, Japanese export ship orders grew 24.3 percent from fiscal 2006 to 27,396,208 gross tons. Japanese shipbuilders received orders for a total of 576 export vessels -- 468 bulkers, 71 oil tankers and 37 general cargo vessels -- in fiscal 2007. The 576 ships total 12,244,284 compensated gross tons.