Shipbuilders target new vessel orders after slump

The global tanker market, which has significantly slumped due to the global financial meltdown, is expected to recover in the second half of the year. A new report indicates that orders to shipbuilders would resume immediately  the financial difficulties eases some time this year. As reported in the Tankerworld magazine, shipbuilders like South Korea’s STX Group, which runs the world’s No. 4 shipbuilder and No. 5 dry bulk carrier, is optimistic and aiming to boost new orders for offshore vessels and plants by 80 per cent this year to $1.8 billion.
The report comes barely three weeks after Shipbuilding Market Report from Lloyd’s Register indicated that the downturn could continue even up to next year.