The end of the crisis may finally be in sight
IACS chairman & ClassNK head Noboru Ueda During his recent India visit, Noboru Ueda , chairman of International Association of Classification Societies (IACS) and head of ClassNK, talks to V Ayyappan on world shipping scenario. Excerpts from the interview.How healthy is global shipbuilding industry today?Much like the shipping industry, the shipbuilding industry is very cyclical, and in my more than 40 years in the maritime industry I have seen several market downturns like this one.With that said, while the current downturn presents a challenge for the industry, it does not compare to previous downturns such as occurred in the late 1970s and 1980s. While these are still not the best of times for shipbuilders, I am very optimistic about the future of the shipbuilding industry. What made the owners overbook which led to the present crisis? How long will the over capacity situation last?While it may be true that an oversupply of new vessels is one of the reasons behind the current slump in charter rates, I think we should not overlook the lingering effects of the economic crisis. The health of the shipping industry depends on the growth of world trade, and the slowed growth of the world's leading ...
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