One of the oldest shipbuilder in Japan to end its activity, turns to offshore wind
In a further demonstration of the stiff competition in shipbuilding and the declining position of the Japanese industry, Sumitomo Heavy Industries Marine & Engineering Company (SHI-ME) reports its board adopted a resolution to withdraw from building commercial vessels
A Sumitomo shipyard
Tokyo – In a further demonstration of the stiff competition in shipbuilding and the declining position of the Japanese industry, Sumitomo Heavy Industries Marine & Engineering Company (SHI-ME) reports its board adopted a resolution to withdraw from building new general commercial vessels.
One of the oldest shipbuilders in Japan, the company will continue its ship repair business while it also looks to transition to realize opportunities in offshore wind power generation: “Anticipating the necessity to address the rising prices of steel and other materials and equipment, along with significant fluctuations in vessel prices, and persisting intense competition with overseas companies due to an increasing supply-demand gap, we have extensively deliberated on the future of the shipbuilding business together with SHI-ME,” the company wrote in its statement.
The shipbuilder was spun off in 2003 into an independent company that sought to create its competitive position as a top player in the mid-size tanker market, and specifically focusing on Aframax tankers.
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