The Shipbuilders' Association of Japan (SAJ) announced that Japanese yards secure about 4.29m-cgt newbuildings in 2011, down by 14% year-on-year, on February 21st. 
Meanwhile, South Korean shipbuilders contracted 11.63m cgt, having a competitive edge by weak won, which is about 2.7 times larger than those from Japanese.
Chairman Kazuaki Kama (President of IHI Corporation) said that the market itself had been deeply in trouble, as demand for bulker, which once was on recovery, also started to slow down.
He forecast, "Japanese builders would keep facing difficulties, by delayed recovery in demand and strong yen."
Regarding steel price negotiation henceforth, "We are still negotiating with steel makers, however, the price should go down, if considering the price of iron ore or coal and strong yen, accordingly."