Japan ship orders decline

Japanese export ship orders tumbled on a year-on-year basis for the fifth consecutive month in February as demand for new vessels flagged amid the deepening global economic slump. Japan received orders for export ships totalling 293,270 gt in February, 84% down from the same month of last year, according to figures released by the Japan Ship Exporters’ Association.

Japanese export ship orders suddenly started to plunge in October last year, when the global financial turmoil that had erupted the previous month began to take its toll on the real economy. The February decline in Japanese export ship orders followed drops of 83.9% in October, 79.7% in November, 91.1% in December and 75.9% in January.

Japanese shipbuilders received orders for five export ships in February. Of the five ships, four are bulk carriers totalling 132,970 gt and one is an oil tanker of 160,300 gt. The five ships total 109,945 compensated gross tons.