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S.KOREAN SHIPBUILDERS TO RECEIVE LARGE SHIP ORDERS NEXT YEAR.
SEOUL, Dec 1 Asia Pulse - South Korea, the world's largest shipbuilding nation, will continue to receive a large amount of ship orders next year, helped by strong global demand for oil tankers, industry sources said Wednesday.
However, shipbuilders may face increased costs owing to a rise in global steel prices and the strong won against the U.S. dollar.
The country will receive orders of nearly 45 million gross tons of ships next year, the sources predict. The figure is well over the annual average of 33 million gross tons between 1998 and 2002.
A large amount of orders for VLCCs (very large crude carriers) are expected following China's increased oil imports and orders for container ships are also expected to rise 10 percent to 1 million TEU (20-foot equivalent units).
Over 40 liquefied natural gas (LNG) carriers are also expected to be placed on order globally, as the number of LNG development projects are forecast to increase in regions such as the Middle East, Russia and Australia next year.
"Next year's ship orders will be as large as this year's," a source said. "Thus, shipbuilders' profitability will largely depend on the steel prices and the value of the local currency."
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- News wire article from: AsiaPulse News February 24, 2004 700+ words
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