Korean shipbuilders have ruled out significant delays of newbuilding deliveries due to problems in securing bank guarantees by new yards. Such guarantees are pre-requisites for owners and concerns have been mounting over whether greenfield shipyards in South Korea and China will be able to obtain them."It is taking time, but the guarantees will be obtained," sources have indicated. Last year, a large number of orders from a greenfield builder were contracted out to Chinese yards. And over the last three years, about a dozen new yards have sprung up in Korea to grab a slice of any overflow from the larger ones. A greenfield boom of 28 sites has also been predicted for China, accordina to Clarkson's.
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