Crisis over for Norwegian shipbuilders

The crisis in the Norwegian shipbuilding industry is apparently over although some of the smaller yards still face grave problems. In 2004 Norwegian yards received orders worth altogether $1.9 billion. This follows a relatively lean four years where newbuilding orders were scarce and many yards faced hardship.

The main reasons for the improved times are a revival of the oil market, increasing world trade and increased activity in China. Norwegian yards are particularly experienced at building ships for the offshore industry, and most of the new orders are for offshore vessels. However, ferries, chemical tankers and fishing vessels are also on the list of orders.