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| Korea Report - March 2021 |
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| Author : Hwang & Co
Date : 21-04-07 15:45
Hit : 41735
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|
 Korea Report - March 2021.pdf (412.0K), Down : 9, 2021-04-07 15:45:48 |
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F : +82-31-783-6132
KOREA REPORT - MARCH, 2021.
Nine
major global IBs, including Barclays, BoA-Merrill Lynch and Citi, forecast
SKorea's 2021 economic to grow 3.6% this year,
according to Korea Center for International Finance on 9th. UBS offered highest
growth projection of 4.1%, followed by JP Morgan with 4% and Goldman Sachs with
3.8%. International Monetary Fund on
26th sharply raised its growth outlook for SKorea this year from 3.1% in
Jan to 3.6%, citing robust exports and the country's fiscal policy support amid
the pandemic.
SKorea
recorded trade surplus of $4.17 bil in March, up
16.6% on-year, on the back of solid demand for chips and autos. Exports rose
18.3% on-year to $53.8 bil and imports rose 18.8% on-year to $49.6 bil. Exports
of chips increased 8.6% to reach $9.51 bil, the highest reading in 28 month. It
marked 11th consecutive month of trade surplus.
For
the first quarter this year, Korean Big3 have taken firm grip on incoming new
order rally. They are showing strong recovery from the order draught in recent
years. Especially, should note their strong presence in high value-added ship
sector such as gas carriers and VLCCs. As more and more regulations are coming
to effect, demand for high-specification ships will increase, which will give
the ‘Big 3’ even stronger market share. Korean shipbuilding industry has continuingly
seen an increase in its new order intakes since the end of 2020 mainly in line
with rising newbuilding price. According to industrial source, the price of
174K cbm LNG carrier has recently reached $188 mil level, up by $1.5 mil
compared to a record posted in Feb. In addition, prices of VLCC and Suezmax
tanker have seen $1.5 mil upturn each, while Aframax tanker price increased
about $500,000. In containership sector, the price of vessel has reportedly
risen by $1 mil.
As global newbuilding orders are increasing, the builders
are in a position to increase price of the ships. Last Dec, a reputable local
yard (hungry for new orders) gave its long standing clients chance to take
their unsold berths with attractive terms to build feeder vessels. Only one
owner decided to take the bargaining chance in time to build one ship, others
decided to wait and see. Early this year, remaining owners jumped in for
securing the berths, but only to find the price sharply increased (11%).
Even with the increased price, owners are eventually placing orders, believing
that the price will move up higher.
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ATTACHMENT: Korea Report - March 2021 (PDF FILE)
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