Feature 4 | Norway’s maritime iNdustries
Recession holds an icy blast for Norway
in 2011
Norwegian shipyards and owners are under no illusions, they know the
recession will impact them further, the question now is how will the industry
look when the upturn finally comes?
T
wo thousand and nine was a Kroner is still strong, but it is against a With the economic turnaround being
fairly good year for Norwegian weak US dollar which does not help,” adds anyone’s guess at this current time, The
shipyards despite the economic Mr Forsmo. Norwegian Shipowners’ Association
impact, in so much as the shipyards still In 2009 there was NOK90 billion still believe that there is time in 2010 for
have vessels to build. With previously (US$15.5 billion) worth of vessels delivered shipyards to get orders in. How many
agreed orders either being cancelled from Norwegian shipyards, the number of orders there will be in 2011 was another
or delayed and virtually no new orders vessels being delivered in 2010 will only question altogether, but one thing is clear
coming through this year, the impact of equate to NOK22 billion (US$3.8 billion) - the yards will struggle.
this failure to win new business will not with a further huge slump in 2011 of The impact will hit Norwegian workers
be seen until 2011. expected deliveries to NOK9 billion (US hard as the shipbuilding industry in
“It’s a dire situation for Norway. The $1.5 billion). Norway is located in small clusters based
orderbook in 2010 will be more or less With the current economic climate in rural areas. Mr Forsmo points out that:
drained and at the moment we see no we are seeing more ship owners trying “What will be the effect to workers and
activity for 2011,” says Tore Forsmo, to get out of contracts, says Mr Forsmo. clusters in the regions, should the work
director - Maritime Competence and The financial crisis has seen more lay-ups start dying out? It is not just the workers,
Recruiting, The Norwegian Shipowners mainly in the car carrier sector, but also in but all the skills that we will lose”
Association. the offshore sector, numbers are starting Looking to Asia and how it has been
The market trend for vessel construction to rise. affected by the economic crisis, with
has seen highlighted activity in the “Six per cent of global platform service Singapore laying off a number of vessels
offshore support and specialist vessels vessels are in lay-up due to lack of activity of recent, sends out a stark reality of what
sector. However, it is expected that the from the oil companies. At the moment is happening in the industry. “Norwegian
offshore sector will also feel the bite in everyone is playing the waiting game. Even yards are generally speaking, in a different
2010 because of the financial situation when the oil price does hold a sustainable market than most Asian yards. We are
across the whole industry. level the companies will still wait, as they manufacturing high technology, high value,
“Owners will still need to sustain orders will want to see if there are any further tailor made vessels, mostly for the offshore
for newbuildings and they will need to be fluctuations in the market.” commented oil and gas service sector and where clients
financed. At the moment the Norwegian Mr Forsmo. are mostly Norwegian or Norwegian-
the current economic climate is starting to take its toll on the Norwegian maritime industry.
64 The Naval Architect January 2010
NA Jan 10 - p64+66+
67.indd 64 12/01/2010 10:08:02
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