The shipbuilding industry situation is similar to the super-cycle period of 2003
2013-09-10 09:00
It is understood that for five years following the global financial crisis, the global shipbuilding industry continued a downward trend, but recently it has begun to rise.
According to Kim Hong-gyun, a researcher at Dongbu Securities in Korea, the current situation is similar to the beginning of the 2003 super-cycle. The difference is that back then, merchant ships were the main driver of the market, but recently it's ocean-going and merchant ships, so the technological competitiveness and negotiating power of Korean shipbuilders may be like "a sharp point in a bag".
He stated that the debate over whether the market had bottomed out has been answered, and the major shipyards that survived may have overcome their immediate difficulties, securing most of their backlog orders until 2015. Now, to improve profitability, they have begun to raise their bids by 5-10%.
He further projected that orders for drilling equipment will also increase in the third quarter, and orders for production equipment may recover starting in the fourth quarter. In the merchant ship sector, orders for LNG carriers and large container ships, as well as bulk carriers and LPG carriers, will continue to increase, and tanker orders will also continue to rise.
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