Thursday, November 1, 2012

[Ship Building] Eco Ship Boost

Eco Ship Boost

Replacement demand for eco-ship is expected to boost by the first half of next year.

Park Mu-Hyun, analyst in E*Trade Securities of Korea, emphasized that "Saving one ton of fuel consumption has never been so much valuable until now" and explained that bunker-c oil prices have increased over five times higher than 10 years ago, on the other hand, freight and charterage have almost cut in half.

He said that secondhand market has been already moved by fuel efficiency, while charterer are looking for ships with lower fuel consumption and ship finance institutions also use EEDI as an important standard in evaluating shipping portfolio and ship financing.

And added that demolition of existing older vessels will increase rapidly, as fuel efficiency of newbuildings should be improved as much as 30%, according to application of EEDI.

Meanwhile, Park said Hyundai Mipo Dockyard has started off first to deliver eco-friendly newbuildings since July of this year, which were ordered by Scorpio Tankers.

And said deliveries of eco-design newbuildings from Korean shipyards will go up from H1 2013.

Published : October 31, 2012

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