New ship orders greatly reduced China, Japan and South Korea in different situations
The number of orders for the new shipbuilding market in the first three quarters of 2015 has been significantly reduced, while the Chinese shipyards have been hit hardest.
Clarkson said in a recent report that the first three quarters of this year, the global shipyard received a total of 857 new ship orders, down 45% year on year. The first three quarters of the new ship orders totaled about 24.39 million CGT, and 2014 new ship orders for the 43.9 million CGT.
Nevertheless, the situation of China, Japan and South Korea's three major shipbuilding countries are different. China's shipyard suffered the most serious blow, the first three quarters of the Chinese shipyard received new ship orders (according to CGT) compared to the same period last year fell 49%. Japan shipyard received a new ship orders fell by 14%. South Korean shipyard new ship orders fell the smallest, only 7%.
Clarkson believes that there are many reasons for the differences in performance between China, Japan and South Korea, but the most important factor is the product structure, that is, shipyard orders received shipments ratio.
Clarkson data show that as of now, this year the global bulk carrier (shipyard shipments) new ship orders for 152, 2.6 million CGT, compared to the same period last year decreased by 77%. At the same time, this year the proportion of bulk cargo ships in the global new ship orders from nearly 5 years 39% to 11%. At the same time, China's shipyard in 2014 received bulk shipments of 9.2 million CGT, and this year as of now the ship orders only 50 million CGT. China Shipyard has received a total of 6.3 million CGTs this year, of which 8% are bulk carriers, and 57% of China's shipyard orders over the past five years.
In contrast, as of now, container ships (shipyard shipments) and oil tankers (shipyard shipments) in the new ship orders in the proportion of 61%. The Korean shipyard has been a leader in the two ship-type markets. From 2010 to 2014, container ships and oil tankers accounted for 23% and 28% of new ship orders received by Korean shipyards. The relatively strong market for container ships and oil tankers relieved pressure from Korean shipyards, and the main shipyards in Korea were more focused on container ships, while South Korean marshals turned to tanker markets. Year-to-date, the Korean shipyard received a total of 8.8 million CGT for container ships and oil tankers, accounting for 71% of the total orders.
At the same time, the Japanese shipyard also by virtue of product structure changes to reduce the market downturn brought about by the blow. Japan's shipyard has been highly dependent on the bulk carrier market, from 2010 to 2014 bulk carriers in the Japanese shipyard received a new ship orders accounted for up to 64%. Since 2015, the proportion of bulk carriers has dropped to 29%, oil tankers and container ships accounted for a gradual increase, respectively, 23%, 29%. Thanks to the change in product structure and support for domestic orders, the Japanese shipyard has received a total of 6 million CGTs for new shipments.
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