South Korean shipbuilder warns of slump in oil carrier demand

South Korean shipbuilder Hanwha Ocean has said that business uncertainty is rising as demand for commercial vessels declines amid the impact of ongoing war-related disruptions, News.Az reports, citing Al Jazeera.

The company stated that demand for very large crude carriers (VLCCs) has been significantly affected by the conflict.

It noted that shipping rates have increased, while some crude carriers remain stranded in the Strait of Hormuz as the key waterway continues to face restrictions or closure.

Hanwha Ocean also warned that demand for container ships is expected to fall further. The company linked this outlook to growing concerns over inflation and slower global economic growth driven by the war.

Overall, the shipbuilder said the situation is creating increased uncertainty for the maritime industry, particularly in segments tied to global energy transport and trade flows.

News.Az 

By Nijat Babayev