Korea Beats China in Tanker Orders

PRICE competition in tanker newbuildings is deepening as South Korean yards appear to have gained an upper hand against the Chinese in winning new orders.

News ID: 72851

Date: 07 March 2017 - 11:38

According to MANA, the trend was indicated by several new tonnage deals recently inked between Korean builders and European owners, especially on the very large crude carrier side.

Last month, Greek shipowner Enesel ordered two VLCCs at Hyundai Heavy Industries for about $80m apiece, with an option for two extra ships, according to broker reports.

For the first two months of this year, Korean builders won new tanker orders totalling 1.6m dwt, versus Chinese orders of 781,200 dwt according to Clarskons data.