Shipowners can now buy a Chinese-built bulk carrier for 20% less than a comparable vessel from South Korean or Japanese yards, RS Platou Markets says.
The widening disparity is linked to both the perceived build quality and the relative fuel performance, analysts from the Norwegian finance house say.
RS Platou Markets notes a panamax resale from Jinhai Heavy Industry is being circulated at $23.5m. This compares with between $30m and $31m being demanded for similar tonnage by Japanese yards.
“Recent sales indicate that the usual discount Chinese built vessels are sold for is widening to as much as 20% compared with Japanese or Korean built vessels,” RS Platou Markets said.
A typical panamax built in China uses around 35 tons on bunkers per day, up to 10 tons more than a modern Korean or Japanese vessel at design speed, the analysts suggest.