The global economic turmoil has dampened investment enthusiasm at shipping companies, resulting in an 80 per cent year-over-year plunge in October shipbuilding orders in Japan, according to industry data released Tuesday.
Speaking at a news conference, Shipbuilders’ Association of Japan Chairman Masamoto Tazaki said shipowners are growing cautious about ordering new vessels due to the financial turmoil gripping the globe.
Figures compiled by the Japan Ship Exporters’ Association show that October shipbuilding orders totaled 290,000 compensated gross tons, a steep drop from 1.61 million in October 2007.