Builders still face crisis
April 26, 2010
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Builders still face crisis
It seems that small and medium-sized shipbuilders continue to go through crisis while newbuilding market signals gradual recovery.
The Export-Import Bank of Korea (Korea Eximbank) said in a small and medium-sized shipbuilding industry report recently that Korean small and medium-sized shipbuilders' orders intake in the first quarter recorded the highest since the financial crisis totalling 867,000CGT worth USD 1.71bn, which is only about 83% level of Q1 of 2008's, and concluded that the industry had not entered recovering stage yet.
Yang Jong-seo senior researcher of Korea Eximbank said, "Small and medium-sized shipbuilders took more newbuilding orders than expected given the current market condition, however, most of the orders were taken by medium and large-sized shipbuilding companies such as Sungdong Shipbuilding & Marine Engineering (SSME) and SPP Shipbuilding, and only four small and medium-sized shipbuilders received newbuilding orders."
"41 out of 45 total newbuilding orders taken by small and medium-sized shipbuilders in Q1 were bulkers whose market share is preponderantly occupied by China. Even taking recent appreciation of Chinese currency into calculation, it is highly likely that outdistancing China in terms of bulker newbuildings market share was a result of low-priced contracts," explained researcher Yang.
According to Korea Eximbank's independent research, total newbuilding orders intakes including shipbuilding giants' in Q1, 2010 was 2.05m CGT, which increased by about 3,300% year-on-year.
However, orders intakes of China decreased by 21.7% to 796,000CGT and Japan by 74% to 104,000CGT, according to Clarkson Research Services' data.
The huge hike of Korean shipbuilders' orders intake is mainly resulted from greatly increased newbuilding orders of strategic ship and hull types of fast deliveries by shipbuilding giants to fill in vacancies at docks caused by existing newbuilding contracts cancellations and postponement of deliveries.
On the other hand, small and medium-sized shipbuilders' orders intake looks like a result of subsistent orders intake by hugely lowering newbuilding prices to secure liquidity capitals and workloads.
An industry official said, "Korean shipbuilders' lowering newbuilding prices attracted more newbuilding orders from overseas shipping companies who prefer Korea yards. Considering statistics of total newbuilding orders intake as a whole, newbuilding market has not got out of slump yet."
It was also suggested that key to recovery of small and medium-sized shipbuilders under crisis is at financial institutions since Korean government, who does not want to be at dispute table issuing subsidy, failed to present specific shipbuilding industry support measures.
"Financial institutions need to use win-win policy in terms of securing long-term customers through continuous shipbuilding industry's growth rather than eyeing short-term profits. They have to make efforts for normal RG issuance and supporting liquidity crisis considering the scale of small and medium-sized shipbuilding industry and employment effect," urged researcher Yang.
Published : April 26, 2010
The Export-Import Bank of Korea (Korea Eximbank) said in a small and medium-sized shipbuilding industry report recently that Korean small and medium-sized shipbuilders' orders intake in the first quarter recorded the highest since the financial crisis totalling 867,000CGT worth USD 1.71bn, which is only about 83% level of Q1 of 2008's, and concluded that the industry had not entered recovering stage yet.
Yang Jong-seo senior researcher of Korea Eximbank said, "Small and medium-sized shipbuilders took more newbuilding orders than expected given the current market condition, however, most of the orders were taken by medium and large-sized shipbuilding companies such as Sungdong Shipbuilding & Marine Engineering (SSME) and SPP Shipbuilding, and only four small and medium-sized shipbuilders received newbuilding orders."
"41 out of 45 total newbuilding orders taken by small and medium-sized shipbuilders in Q1 were bulkers whose market share is preponderantly occupied by China. Even taking recent appreciation of Chinese currency into calculation, it is highly likely that outdistancing China in terms of bulker newbuildings market share was a result of low-priced contracts," explained researcher Yang.
According to Korea Eximbank's independent research, total newbuilding orders intakes including shipbuilding giants' in Q1, 2010 was 2.05m CGT, which increased by about 3,300% year-on-year.
However, orders intakes of China decreased by 21.7% to 796,000CGT and Japan by 74% to 104,000CGT, according to Clarkson Research Services' data.
The huge hike of Korean shipbuilders' orders intake is mainly resulted from greatly increased newbuilding orders of strategic ship and hull types of fast deliveries by shipbuilding giants to fill in vacancies at docks caused by existing newbuilding contracts cancellations and postponement of deliveries.
On the other hand, small and medium-sized shipbuilders' orders intake looks like a result of subsistent orders intake by hugely lowering newbuilding prices to secure liquidity capitals and workloads.
An industry official said, "Korean shipbuilders' lowering newbuilding prices attracted more newbuilding orders from overseas shipping companies who prefer Korea yards. Considering statistics of total newbuilding orders intake as a whole, newbuilding market has not got out of slump yet."
It was also suggested that key to recovery of small and medium-sized shipbuilders under crisis is at financial institutions since Korean government, who does not want to be at dispute table issuing subsidy, failed to present specific shipbuilding industry support measures.
"Financial institutions need to use win-win policy in terms of securing long-term customers through continuous shipbuilding industry's growth rather than eyeing short-term profits. They have to make efforts for normal RG issuance and supporting liquidity crisis considering the scale of small and medium-sized shipbuilding industry and employment effect," urged researcher Yang.
Published : April 26, 2010
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