Page 112: of Maritime Reporter Magazine (June 1998)

FAR EAST UPDATE

Turbulence Continues To Rule

Asian Markets

South Korean shipbuilders reported a 45 percent fall in new contracts in the first quarter of this year by Alan Thorpe, international editor

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South Korea 114

According to South Korea's Korea

Shipbuilding Association, ship- builders reported a 45 percent fall in new contracts in the first quarter of this year as the country's financial crisis took hold. Orders fell to 923,150 grt from 1.69 million grt in the same period during 1997. However, in terms of numbers of vessels the decline was significantly smaller, from 25 vessels to 21.

Samsung Heavy Industries (SHI) appears to have been the most suc- cessful South Korean yard in the newbuilding market during the first quarter of 1998. The company booked orders for 12 vessels with a value of $500 million in the period.

SHI is expecting second quarter con- tracts to reach a similar level.

One of SHI's largest recent orders is from Conoco Shipping which has ordered two Aframax tankers.

The pair of 105,000-dwt crude car- riers, which are due for delivery between the third quarter of 1999 and the opening quarter of 2000, will be the fifth and sixth vessels in the

Aframax category to have been ordered from the Koje Island ship- yard by the U.S. oil giant.

Other recent orders won by SHI include Greece's Angelicoussis, which has ordered three Panamax bulk carriers. Ordered through the group's Alpha Tankers affiliate, the gearless 73,000 bulkers are sched- uled for delivery in late 1999 and in 2000. The hull of the Laminaria, the world's largest floating production, storage and offloading (FPSO) vessel has been floated out 12 days ahead of schedule from SHI. Owner, Norway's

Kvaerner, said that the FPSO, which faced delays and increasing costs during 1997, was now back on sched- ule. The hull is now ready for the installation of production and process facilities in Singapore and

Perth, Australia.

Meanwhile, Daiichi Chuo Kisen and BHP Transport have jointly ordered a 185,000 dwt bulk carrier from SHI. The new vessel, in which both companies will have a 50 per- cent share, is intended to carry iron ore and coal and is scheduled for delivery in early 2000.

Daewoo Heavy Industries (DHI) has added a number of orders to the impressive business already booked this year, despite caution surround- ing South Korean yards.

Swiss-based Geogas has come to the yard for the first time to sign a letter of intent for a 78,000-cu.-m

LPG carrier, while OMI Corp. has committed itself to a Suezmax

Maritime Reporter/Engineering News