Industry Analysis & Industry Trends
Following very strong industry revenue growth from 2005 to 2008, the Ship Repairing and Conversion industry encountered a 5.6% drop in industry revenue in 2009. Despite the 2009 decline, industry revenue has been increasing at an annualized rate of 7.5% in the five years through 2012 to $12.1 billion.
Ship conversion contracts decreased significantly in 2009 due to the negative impact of the global recession and companies looked to reduce expenses. Demand for ship repairing services also declined with weaker international trade activities and a slump in international shipping industries.... purchase to read more
Industry Report - Industry Products Chapter
Ship repairing
Ship repairing is the largest business segment in this industry, generating over half of the industry's revenue. However, the importance of ship repairing in this industry has decreased in recent years with the rapid development of the industry's ship conversion services. An exception to this trend occurred in 2008 when the number of ship repairing contracts increased significantly; clients that had planned to purchase new ships or convert old ships chose to extend the life of their existing ships through repairing services due to the global economic turndown.
Ship conversion
The share of ship conversion in total industry revenue has increased in recent years due to improving conversion technology and design capabilities in China... purchase to read more