The European Commission (EC) is developing new policy measures to stimulate production within the EU, including the shipbuilding and marine equipment supply industries.
According to the EC, these policies will boost shipbuilding activities in Europe and prioritize EU-made equipment based on criteria "beyond price", such as sustainability factors and the origin of vessels or equipment.
This initiative could increase the number of smaller vessels built in Europe, such as ferries, tugboats, and research vessels, while also incentivizing regional equipment manufacturers.
Reuters reported that demand for EU-built vessels in the private sector could be encouraged by facilitating easier access to finance for shipowners, with the European Investment Bank (EIB) potentially playing a supportive role.
The EU's Blue Economy Report on maritime transport, published last year, indicated that the region's maritime sector employed approximately 316,000 workers and generated a gross value added of 19,9 billion euros in 2022, a 7% increase from 2021. Gross profit reached 5,2 billion euros, up 14% from the previous year, while revenue totaled 70,7 billion euros, a 5% rise.
According to this report, the European shipbuilding industry saw a strong recovery in 2023, with a total of 101 new orders placed at shipyards across the region.
Demand for dry cargo vessels surged, with 71 new orders, a 9% increase from 2022, accounting for most of the total orders. Additionally, 11 cruise ships were ordered during the past year.
Geopolitical instability related to the Russia-Ukraine conflict continues to create uncertainty for the industry, as regional transport routes are adjusted, leading to delays in many long-term investment decisions.
The EU report noted that the geopolitical situation prompted the European Commission to publish its joint White Paper, "European Defense – Ready by 2030", an initiative expected to positively impact the shipbuilding sector. Furthermore, the roadmap towards a green industry also influences new construction, vessel conversions, and ship recycling at the end of their operational lifecycles.
The Dan (according to Seatrade Maritime News)
