Several owners with abundant cash reserves are waiting for the price to get close to the bottom.
Owners are in no rush to place new order, however, expecting additional price decreases of high-value eco-friendly ships from Japan and South Korea, which follow China's low-price policy.
Meanwhile, Japanese yards are eager to maintain its price level due to strong yen and increase in shipbuilding expenses. They are waiting for the market to recover, expecting China's low-price contracts would not be long-lasting.