After several years of recession, shipbuilding worldwide was driven in 2013 by new orders for larger and more efficient vessels. Signs of recovery are therefore being seen on the shipbuilding market market worldwide, the world order book is growing after 5 years in decline, and the recession seems to have bottomed out.
The European maritime industry is technological and is known worldwide for its quality, innovative design and its efficiency. The industry is facing problems arising from the lack of financing from the banks, which constrains the contract opportunities to build new vessels in Europe, while there are increasingly greater facilities and great governmental financing support abroad, which is growing the maritime industry outside Europe.
The recovery of world demand for new ships opens up new opportunities for the Basque shipbuilding industry in the offshore vessel segment, both for the Oil & Gas sector and for the offshore wind power sector. There are great expectations in that segment, even though competition from shipyards in other countries emerged during the commercial standstill due to the Tax Lease.
With the new Tax Lease operation in place, new contracts have started to be signed pinpoint that change in trend and there is the feeling that the market is bottoming out after five years out of the market due to the Tax Lease and which is now beginning to recover. In 2013 Galician and Basque shipyards, signed important contracts and new contracts seem to be on the horizon for the coming years with a gradual upturn in business, which will led to more jobs and a greater turnover in the sector.