The Shipbuilding and Ship Recycling Industries From an Economic Perspective and an International/Global Point of View

The shipbuilding industry plays a crucial role in the world economy since the majority of the world trade (about 80%) is conducted by sea. In the 1990s, Europe was the leader in every aspect of the shipbuilding industry; however, currently China, Japan and South Korea are the dominant countries. Financial recession and the COVID-19 pandemic have led to a significant decrease in the overall activity of shipbuilding. On the other hand, new trends and challenges have arisen with the emergence of new technological achievements used by the industry to comply with the environmental regulations imposed by international organisations and governments. Similarly, the ship recycling industry has obtained considerable attention during the last decades mainly due to the adoption of a new international convention under the auspices of the International Maritime Organization. Greener shipbuilding and ship recycling procedures are necessary for a more efficient, safer and environmentally friendly ship industry. In this study, the characteristics, challenges and trends of the shipbuilding and ship recycling industries in Europe and worldwide are presented. Also, an overview of the regulations and directives are briefly presented for the ship recycling industry.