Japanese shipbuilders' order intake continues to grow, with June order intake again exceeding 1 million GT to hit an eight-and-a-half year high.
On 10th July, Japan Ship Exporters Association (JSEA) released the latest data of June 2024 order intake of Japanese ship enterprises. Last month, Japanese shipbuilders received orders for a total of 54 vessels of 2.148 million GT, an increase of 74.3% compared with the same period in 2023 of 21 vessels of 1.081 million GT, showing growth for five consecutive months, the highest since December 2015 (2.26 million GT).
Categorised by vessel type, the 54 newbuilding orders received by Japanese shipbuilders in June this year included 1 general cargo vessel 9,990 GT, 48 bulk carriers (10 Handysize, 19 Handysize, 11 Panamax, 3 Super Panamax, 4 Cape of Good Hope, and 1 Cement Carrier) totalling 2,043,000 GT, and 5 liquid cargo carriers (4 LPG carriers and 1 chemical tanker) totalling 133,900 GT.
In the first half of this year, Japanese ship enterprises received orders for a total of 171 ships 7,374,500 GT, an increase of 36.7% year-on-year, the order type includes 9 cargo ships 139,999,000 GT, 140 bulk carriers 6,204,233,000 GT, as well as 22 liquid freighters 1,030,290,000 GT.
The Japanese media pointed out that the main reason for the large increase in new ship orders in June was due to the impact of new regulations. With the increasing digitisation of ships, the International Association of Classification Societies (IACS) issued unified rules on cyber security of ships in 2022, i.e. Ship Cyber Toughness (UR E26) and Cyber Toughness of Shipboard Systems and Equipment (UR E27). The new rules will be mandatory on newbuild ships with construction contracts signed after 1 July 2024, and this may incur additional costs for shipowners.
Sources in the Japanese shipbuilding industry have pointed out that there may have been a rush by shipowners to sign contracts in June due to uncertainty about how much they would have to pay.
As of the end of June, Japanese shipbuilders' handheld orders totalled 659 vessels of 30.25 million GT, a further increase and breakthrough of 30 million GT compared to 28.88 million GT at the end of May, a seven-and-a-half-year high since the end of December 2016 (30.66 million GT), with current handheld orders equivalent to roughly 3.4 years' worth of construction.
https://www.cnss.com.cn/html/sdbd/20240716/354076.html
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