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JAPAN'S SHIPBUILDING ORDERS PLUNGED 45% TO 7-YEAR LOW IN FY08
TOKYO, Apr 22, 2009 (AsiaPulse via COMTEX) --
Orders for new ships tumbled
45.2 per cent to the equivalent of 6 .7 million compensated
gross tons in fiscal 2008, according to data released Tuesday
by the Shipbuilders' Association of Japan.
With shipping firms less willing to invest since the
downturn in the global economy last fall, orders fell to the
lowest since fiscal 2001, when the tally came to 5.42 million
compensated gross tons.
The market for new vessels had been brisk since 2003 due to
such factors as rising resource shipments to emerging
economies. As a result, domestic shipbuilders "have a
three-year backlog of construction orders," Masamoto Tazaki,
association chairman, told reporters.
But Tazaki cautioned that "over the coming one to two years,
we don't expect the high level of new orders enjoyed to
date."
Japanese shipbuilders are bracing for intense competition
from South Korea, China and other foreign rivals. In the wake
of the shipbuilding boom, South Korea and China have been
building new dockyards and making huge capital investments.
With overseas competitors offering extremely low order
prices, "This could lead to market turmoil," warned Tazaki, who
is also chairman of Kawasaki Heavy Industries Ltd.
(TSE:7012).
Leading domestic shipbuilders believe they must be
competitive in other areas apart from price, such as energy
conservation and green technology. They are focusing on
developing new models with reduced emissions of nitrogen oxides
as well as improving ship geometry to create highly
fuel-efficient vessels.
(Nikkei)
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