Shipbuilding to ride wave of offshore supply vessel orders

The Indian shipbuilding and repair market is estimated to double from its 2010 revenue of $1.6 billion in the next five years.

The primary driver of this growth will be increasing penetration of Indian shipbuilders and repairers in the offshore supply vessels (OSVs) segment. “Indian companies have established strong credentials in the building and repair of OSVs, resulting in a spike in orders for such vessels. The limited capacities in the OSV segment in leading shipbuilding nations such as Japan and South Korea are resulting in diversion of orders to India, driving up the fortunes of Indian shipbuilders,” a recent study by Frost & Sullivan says.
Source: Business Line