Credit: maritimesingapore.sg, PSA Marine
Ship building forecasted to pick up after 2017
“The main growth in ship building will come from the Asia Pacific countries to 2019. These countries are well positioned to supply ultra-large vessels, which shipping companies are increasingly demanding for their fuel efficiency and economies of scale.”
Mandhir Singh, Chief Operating Officer, Castrol (United Kingdom)
The growth for the global shipbuilding sector is forecast to reach about 3-5% annually, before picking up substantially after 2017. Growth will be driven largely by the Asia-Pacific region, which has four of the top five leading traders in ship parts.
Singapore sits at the crossroads of Asia Pacific despite; she dominates within the region when it comes to the construction of customised and specialised vessels, such as offshore support vessels, dredgers, research vessels. Advanced technology and innovation are being promoted as the critical survival tools, which are allowing these companies to compete more on advanced engineering capabilities rather than on deeply discounts.
“Many Asia Pacific nations have rapidly developing ports, with improving infrastructure, low cost communications and access to potential new customers via valuable shipping trading routes, which places them in a strong position for growth,” commented Singh.