Signs of life?

Ship financing in Asia is picking up after some very depressed years. World deliveries this year are expected to be 8 million compensated gross tonnage (CGT), versus 8.2 million CGT last year, which was spurred by great demand from India and Greece for 2nd-hand vessels. The Japanese have picked up the lion's share in Asia, but Korea, which last year knocked Japan out of the first spot, did better in price per ton. Japanese yards in the first quarter booked orders for 2.96 billion tons, worth $3.06 billion, while Korean yards took orders for 1.01 million tons, worth $1.2 million. China has a very old fleet, and its booming economy will allow ship purchases to grow along with it. Bolstered by economic growth in China, Hong Kong shipping lines are strong despite the overall slump in world freight rates and volumes.