Feature 2 | FINLAND’S MARINE INDUSTRIES The year of consolidation
With Finnish shipowners collected under a single umbrella organisation, and the nation’s marine equipment suppliers rapidly internationalising, Finland’s shipyards were also subject to consolidation over the last 12 months, falling prey to an unexpected predator. A report by Henrik Segercrantz.
A
ccording to the second Finnish Maritime Cluster Report published last year, updating
information from a first study made in 2003, there are some 2900 companies in the Finnish maritime cluster, which directly employs 43,400 people, and up to 500,000 indirectly. The combined turnover of these companies, includes the marine industries, shipping and port operations in the private and public sectors, was €13.2 billion. The study was coordinated by Tekes, the Finnish Funding Agency for Technology and Innovation. While highlighting the significance
of the maritime sector to the national economy, the study also draws attention to the way Finnish maritime businesses have internationalised over the last five years, both through partnering and expanding operations abroad, but also through acquisitions.
In June last year, meanwhile, the
employer and trade organisations the Finnish Shipowners’ Association, the Aland Shipowners’ Association and the Cargo Ship Association merged to become a single group. The new association, which simply adopted the Finnish Shipowners´ Association as its combined identity, represents 27 shipping companies controlling 110 vessels operating under Finnish flag, with combined net sales of €2.5 billion and 7000 seafarers in employ. Te new association consolidates the
ability of shipowners to address economic policy, legislation and the labour market, and will bring a unified voice to international tasks within the EU, the IMO and other organisations. One aim of the new organisation is to promote actions by the Finnish Government that increase the competitiveness of Finnish vessels internationally.
Te share of Finnish flagged vessels in
the Baltic trade has decreased during the last years and, on the issue of renewing and expanding their fleets, Finnish shipping companies have for many years sought tonnage tax reform. Tey were rewarded at the end of August 2008, when the Finnish Government announced it would introduce a new tonnage tax scheme this year, and also support the shipping sector in Finland through some other means. Te Finnish Shipowners’ Association noted then that Finland will have one of the most competitive tonnage tax legislations in Europe, and said that it was very satisfied with the proposals. As of mid-January, the new tonnage tax
was yet to be implemented, but the aim is to introduce it within the first quarter of 2009, with final details now being discussed, according to Tero Jokilehto at the Finnish Shipowners´ Association.
Recession proof? Strong forward orderbooks have so far insulated Finnish suppliers of maritime equipment to the current global recession. For example, Wärtsilä Corp expects its current orderbook will result in continued improvement in its financial results for the full year 2009 (see pp64-65) although beyond that the picture is uncertain. Vacon, the Finnish AC drives manufacturer recently expanded its operations and production facilities, through capacity expansion in Finland completed in the autumn of 2008, and through the acquisition of the AC drives business of TB Wood a year ago, which brought production facilities in the United States, Italy and India. In
Oasis of the Seas was floated out from the drydock of STX Turku shipyard in November.
56 The Naval Architect February 2009
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