"Riding a Super Cycle"... Why are LNG carrier prices falling despite higher sales?

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While factors such as detailed specifications (vessel size, engine, equipment), equipment configuration, and differences in KRW contract amounts due to exchange rates at the time of contract play a role, the shipbuilding industry views the trend of falling ship prices as becoming distinct. This is also evident in the newbuilding ship price calculated based on identical vessel specifications. According to Clarkson Research, a UK-based shipbuilding and shipping market analysis firm, the newbuilding price for a 174,000㎥ class LNG carrier was recorded at $246 million as of the 2nd. This is approximately 1.6% lower compared to about $250 million in October last year.
A shipbuilding industry official explained, "As global LNG development projects materialize, orders for LNG carriers are steadily increasing, and this trend is likely to continue for the time being. However, it is true that LNG carrier prices have entered a trend of slightly declining compared to last year."
The decline in ship prices will be reflected in earnings after 2029, but it is highly likely that shipbuilding stocks will see a price drop as this is being fully priced in.
It seems like
After failing to rise further due to supply and demand issues, only bad news is hitting the stock prices.