Bright growth opportunities

Drewry Shipping Consultants said in a recent report that it believes there are bright growth opportunities for shipyards because of the burgeoning world trade, Exim News Service informed.
According to the report, global sea trade has grown by 4 per cent a year since 1990. Serving this trade are more than 49,500 vessels in the world’s cargo fleet, with 6,900 more ships on order.
Continued trade growth, an ageing fleet and other factors combine to enhance prospects for ship repair and shipbuilding, said Drewry.
The firm’s researchers also estimate that over 13,000 vessels are dry-docked for repair each year, leading to over 72,000 dry docking days a year for ship repair yards.
Shipyard order books are strong, with China accounting for an increasing market share.
In the last five years, vessels on order have more than doubled to 6,900, while prices have risen by more than 50 per cent, the report figures.

Source:Transportweekly