Albany, NY -- (SBWIRE) -- 01/14/2015 -- The shipbuilding industry is involved in the construction and modification of ships and these operations are carried out in specialized facilities called shipyards. Shipbuilding process starts with inquiries from customers, followed by completion of various processes until the vessel is completed. Modern shipbuilding involves multiple participants to design, construct and maintain a ship. The shipbuilding value chain is comprised of three major phases: pre-production, production, and postproduction. In 2013, new ship building orders rose up to an incredible level from last year. Five years have passed since the commencement of the economic crisis which saw the downfall of many shipping companies and shipyards and a dramatic diminution in the number and the cost of newbuilding orders. However, 2013 marked a significant change with a strong revival in ship orders, which tripled compared to last year, and with an increased demand and the volume of the shipyards orderbooks.

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Shipbuilding industry is mostly dominated by Asian players, such as South Korea, China and Japan. In 2013, China led the market with the largest orderbook, while South Korea was leading in terms of contracting. The European shipbuilding industry recorded a remarkable growth in 2013, with new orders and increased orderbooks. The emerging nations such as India, Vietnam, Brazil, the Philippines, and Turkey recorded significant growth in shipbuilding industry.

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Rising global GDP is one of the key growth driver for the shipbuilding industry. Major challenges associated with shipbuilding are environmental regulations and rising fuel costs. Shipbuilding industry is undergoing various industrial developments like virtualization, robotics in shipyards and green shipbuilding.

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The shipbuilding companies function in an extremely competitive environment with productivity; development capabilities; and the skills and competence being the key aspects. The shipbuilding industry is chiefly dominated by players such as Hyundai Heavy Industries, Daewoo Shipbuilding, Mitsubishi Heavy Industries and Samsung Heavy Industries.

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The global dry bulk shipping industry is an essential part of the international shipping industry, with ocean-going vessels representing the most efficient, and often the only method of transporting large volumes of basic commodities and finished products. The dry bulk shipping is defined as the transportation of homogenous bulk cargoes by bulk vessels on an irregular scheduled line.

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Iron ore, coal and grain are the three main constituents of the dry bulk shipping industry followed by some minor bulk commodities. Iron ore constitutes for the major share in the industry followed by coal. Iron ore, coal and minor bulks have shown a tremendous growth in past years and expected to continue this growth in the coming years. The total dry bulk fleet, which comprises four types of vessels: Capesize, Panamax, Handymax, and Handysize; is showing a steady growth on the back of increased new orders and reduced scrapping of dry bulk vessels.

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A drillship is a merchant vessel designed for use in exploratory offshore drilling of new oil and gas wells or for scientific drilling purposes. In most recent years, the vessels are used in deepwater and ultra-deepwater applications, equipped with the latest and most advanced dynamic positioning systems. A drill ship is a particular type of mobile offshore drilling unit (MODU) that is composed of a ship with a drilling rig on its top deck. These ships can go right to the drill site.

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Deepwater exploration and drilling have shown a remarkable increase over the past few years. This is due in part to the development of new technologies which have reduced operational costs and risks, as well as the finding of reservoirs that will produce high production wells. Factors like growing oil demand due to rising population rates, increasing E&P expenditures, and improving worldwide economic conditions are boosting the growth in drillship market. Despite the existence of various growth drivers, there are certain challenges faced by the industry including environmental concerns, offshore accidents, and depletion of oil reserves which can potentially hinder the growth of the industry. The year 2013 witnessed slowdown in orders for drillships due to the uncertain outlook for oil prices and inventory of unchartered vessels from previous orders.

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