Newbuilding prices from shipyards in China and other places in Asia could plunge to 2002-levels as yards run out of orders. The development is in progress this year and will continue in 2014, writes Danish Ship Finance in its biannual analysis, Shipping Market Review.
"Small and medium-sized privately-owned Chinese yards appear to be at the epicentre of the capacity adjustment process. We estimate that by the end of 2014 global yard capacity could be back at the 2008 level…Given the current market situation, it is critical to consider whether the 2002 low represents the potential downside risk for current newbuilding prices: despite the gloomy outlook, we are inclined to believe that this will not be the case,” reveals the analysis from Danish Ship Finance.
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