Bharatbook.com : Global Shipbuilding Industry – Riding the economic wave
Report on Shipbuilding Industry Report ( http://www.bharatbook.com/Market-Research-Reports/Report-on-Shipbuilding-Industry.html ) says that The global shipbuilding industry has witnessed many crests & troughs in its growth story from the period spanning the 1960s. With the industry dominance shifting from the European to the Asian nations such as S. Korea, China and Japan, the industry has undergone massive changes in terms of construction technologies, new demand for various ship types etc.
The industry is primarily characterised by huge working-capital requirements, huge labour requirement etc. The demand for the ships may either be primary or for replacement purpose. Factors such as growth in sea-borne trade, increasing Exploration & Production (E&P) activities and other regulations contribute to the demand for ships. The ships can broadly be classified into four major types. This categorisation can further be broken up into several sub-parts depending upon the carrying capacity of the ship and other distinct features.
The period spanning 2000-2007 has been a ‘golden era’ for the global shipbuilders with the global order book position growing at a CAGR of 22.9%. The investments in the industry too have kept pace with the order book requirements. However the deliveries of the ships have not been able to keep pace with the growing order books and as such, the order books of the major shipbuilding nations are booked up to 2012. Even the composition of the global order books has witnessed a considerable change since 2000, with increased ordering in the Dry Bulk segment during the recent years. With an increase in E&P activities, the ordering in the Offshore Vessel segment too has surged significantly.
The industry remains highly consolidated with the Asian shipbuilders accounting for a major chunk of the global order books. Of the Asian nations, the Korean, the Chinese and the Japanese shipbuilders in particular dominate the global shipbuilding arena. The shipbuilding activity in the European nations has witnessed a downtrend owing to the unavailability of labour and the corresponding high labour costs. Even though Japan still remains one of the top global shipbuilding nations in terms of order book position, the country’s shipbuilding prospects appear bleak. Countries such as India, Vietnam etc., with an abundance of cheap labour have recently emerged to the fore in the global shipbuilding arena.
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Tags: 1960s, Troughs, Wave Report