According to the statistics published by the Japan Ship Exporters’ Association, Japanese export ship market is facing rough times as the European debt crisis is taking a greater grasp on ship-owners, causing the reduction in demand for new vessels.

Japan, which is competing shoulder to shoulder with its South Korean and Chinese rivals, has recorded an 8.5 percent order fall in June when compared to the previous year, scoring a total of 499,370 gross tons. This is the third straight monthly drop on a year-over-year basis, still, the positive side is that the speed of the decline is weakening.

In June, Japanese shipbuilders won six orders for export ship construction, namely three bulk carriers and three tankers, with the overall scope of 280,129 gross tons.

Viewing the retrospect of the last six months, Japanese shipbuilders received orders for 67 export ships, which total in about 1.554 million compensated gross tons, a 31.1 percent fall when compared to the previous year.

The situation is further aggravated by the fact that the yen has seen steep appreciation, which is influencing the price-shaping of Japanese products on international markets, making them more expensive.