In their weekly report brokers EA Gibsons noted that 86% of all tanker order over 25,000 dwt in the last 16 months have been for product tankers. Of these product tanker orders Korean yards took 69% of all orders, and if overseas yards controlled by Korean shipbuilder were including this figure increased to 83%.
By contrast Chinese yards took just 10% of the product tanker newbuilding orders, and just three product tankers were ordered at Japanese yards.
“While Chinese yards clamour for fresh orders for all types of vessel, clearly owners have a preference to build coated tankers at yards with a strong track record in this area; a claim most Chinese yards do not yet have,” the report said.
The one Chinese yard seen as bucking the trend was Guangzhou Shipyard International (GSI) which is building 28 MR and LR2 tankers.
“Based on our market expectations, fresh orders will continue, as more owners take to securing more efficient tonnage at relatively low prices. The cost of building an MR today is somewhere around $33m, about 60% lower than the peak in September 2008,” EA Gibsons said.
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