Out of this total, US$7.1 billion worth, for 97 vessels, were ordered in 2023, far surpassing the company's own target of US$3 billion.
Citing Clarkson, KGI sees growth in demand for container vessels and tankers to continue this year, with total container shipping capacity up by 7% and 5% in 2024 and 2025 respectively.
Also, citing shipbroker Xclusiv, KGI says that the tankers market is expected to grow in 2024, mainly driven by the Asian oil demand.
Overall, the ongoing Red Sea attacks will be keeping demand for ships elevated, as the vessels are being compelled to take longer routes via the Cape of Good Hope, resulting in longer turn around time.
See also: UOBKH raises TP on SIA to $6.22, FY2026 earnings to see lift on fuel cost savings
Yangzijiang Shipbuilding shares changed hands at $1.89 as at 4.31pm, down 0.53% for the day.
