Japanese export ship orders fell 8.5 percent in June from a year earlier, reveal figures by the Japan Ship Exporters’ Association (JSEA).
Japanese export ship orders fell 8.5 percent in June from a year earlier to 499,370 gross tons, according to figures released by the Japan Ship Exporters’ Association (JSEA).
The 8.5 percent decline in June was the third straight monthly drop year on year and was significantly slower than the 43.5 percent drop in April and 44.6 percent in May, reports 'Malaya Business Insight'.
Industry watchers attribute the decline to shrinking demand for new vessels from shipowners, coupled with growing competition from shipyards in South Korea and China.
The 8.5 percent decline in June was the third straight monthly drop year on year, but was significantly slower than the 43.5 percent drop in April and 44.6 percent in May.
The JSEA said local shipbuilders received orders for three bulk carriers and three tankers in June. The six export ships total 280,129 compensated gross tons (CGT).
Japanese export ship orders sank 31.1 percent in the first half from the same six-month period last year to about 3.488 million gross tons. In the January-June period, Japanese shipbuilders received orders for 67 export ships totalling 1.554 million CGT.
The association estimates orders this year may fall 20 to 30 per cent.