European shipbuilding 'not dead yet', shipping market 'normalising': DNV GL

Speaking at a conference organised by Hamburg Messe at the Blohm & Voss shipyard, Svensen argued that with reductions in fleet growth and improved charter rates, “We see that things are starting to normalise again.”

“It will take a few years more to recover but it’s a possible trend that there will be more capital going into the industry, more investors, and it seems to be that we are moving towards a more healthy balance.”

Svensen said that owners of container vessels, tankers,  and particularly MR Tankers, could look forward to “a more positive outlook economically,” adding that “bulk has been growing very rapidly, particularly because of imports of raw materials to China.”

Svensen argued that European markets still represented major investment opportunities despite the migration of shipbuilding activities to Asia. “It’s true that 90% of ships are built in Asia, but 70% of the world fleet is controlled from Europe. 

“European equipment manufacturers dominate the market, there’s a huge European content of specialised vessels. We have some very strong clusters in Norway, the Netherlands, Greece, and Germany. Europe is not dead yet.”