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Thursday, 27 September 2012 16:37

Demand for “Green Ship” grows, replacing all older tonnages Featured

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>> Global: Despite a forecast that world shipping freight rate would decrease, demand for newbuilding commercial ship is growing instead. Fuel-efficient eco-friendly vessel is an optimal choice during recent days with high oil price and existing older tonnages will be replaced.

Analyst Park Mu-Hyun of E*Trade Securities of Korea said "Shipowners aim to invest in fuel-efficient eco-friendly vessels" and prospected that medium-size vessel will be the most popular size in all segments.

He further said that high oil price has an effect on commercial ship market as well as offshore drilling/production segment and added "demand for fuel-efficient ship has started to grow."

"Amid weak shipping market and high oil prices, global leading shipping companies have started to develop an optimized new design and place orders at Korean shipyards, since 2011", he said.

Also, he expected that in case of large sizes, many owners will aggressively make investment in Mega containership, in order to compete with Maersk, which has already begun investment in eco-friendly vessels (ultra-large boxships) since ten years ago.

Moreover, according to him, after the second half of 2013, there will be more newbuilding investment in VLCC, which is structurally more difficult to improve fuel efficiency.

Park said that Eco ships, optimized for recent days with high oil prices, will replace all of existing tonnages in the end and Korean shipbuilding industries will gain the largest benefits. Park forecasted "In general, high oil prices will be locked up for a while. Therefore, Eco ships will eventually replace all older tonnages."

(Source: Asiasis)

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