Page 110: of Maritime Reporter Magazine (October 1998)

FAR EAST UPDATE

Economic turmoil continues to leave a lasting impression by Alan Thorpe, international editor

According to the Japanese

Maritime Research Institute (MRI) shipbuilding orders are expected to decline by almost a quarter this year, in contrast with 1997. Reflecting the current eco- nomic turmoil in Asia and exces- sive new shipbuilding orders placed last year, MRI predicts that orders for new ships are expected to decline by 23.3 percent to 28 million grt for the January to

December period this year.

According to Lloyd's Register's (LR) world shipbuilding statistics, the total number of orders report- ed in 1997 was 36.6 million grt.

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High-level discussions hav taken place between Japan ant the European Union (EU) on th future of the shipbuilding industr as concern grows that the U.S. wil fail to ratify the OECD agreemen to eliminate subsidies. With tim< running out in the present U.S

Congress, Japan's top shipbuilding official, Shiro Inoue, met senioi representatives of the EC in

Brussels. Mr. Inoue, who also visit- ed the OECD in Paris, had sepa- rate discussions with Salvatore

Salerno and Mogens Peter

Carl.

In early September, Japan's

Ministry of Transport sought an increased budget for shipbuilding loans from the governmental

Japan Development Bank in the financial year beginning April 1, 1999. The requested rise of Y1.4 billion to Y36.8 billion has been presented to Japan's Ministry of

Finance for approval. The total includes $100 million for the con- struction of four vessels (an LNG carrier, double-hull VLCC, iron- ore carrier, and coal carrier): Y23 billion for the five others (four

LNG carriers and one double-hull

VLCC) and Y1.9 billion for the improvement and expansion of maritime facilities.

Japan's shipbuilding industry is to construct its first major building dock in more than 20 years.

Imabari Shipbuilding expects to commission the 58,000-grt dock in

September 2000. The medium- sized shipbuilder is investing Y15 billion ($108 million) in the new facility, which will be capable of building 12 vessels a year on side- by-side construction of Panamax bulk carriers.

Kawasaki Kisen Kaisha (K Line) has embarked on a further round of investment in new tanker ton- nage, ordering a single 290,800- dwt double-hull VLCC at

Kawasaki Heavy Industries (KHI).

The vessel, which will be the fifth

VLCC for K Line, will be built at

Kawasaki's Sakaido shipyard in western Japan. Meanwhile, K Line has also placed a Y25 billion ($181 million) order with two Japanese yards for five containerships, each with a capacity of 5,000 TEU.

Taiwan's Formosa Plastics has implemented a further stage of its tanker newbuilding program by ordering a pair of VLCCs at

Ishikawajima-Harima Heavy

Industries (IHI) at a total cost o 0 0 __

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