A new Menon Rapport shows that the crisis in the maritime industry will be long-lasting
The report confirms that the corona crisis year 2020 had a dramatic effect on the Norwegian maritime cluster, and that there are more turbulent waters ahead. But it also shows that great opportunities await a green future industry.
The Norwegian maritime industry entered 2020 with prospects for growth. The coronavirus and falling oil prices have turned this upside down. Based on Menon’s estimates, both turnover and value creation fell by just under 10 per cent for the industry as a whole in 2020.
There is little doubt that the maritime industry is facing new challenging years in the aftermath of the coronavirus. Cycles, on the other hand, are nothing new in the industry, and the fall in activity we estimate over the next few years is not uniquely large on a historical scale. The precarious thing for the Norwegian maritime industry, and especially the industry, is, however, that the fall comes so soon after the negative trend in the aftermath of the offshore crisis was reversed.
In the slightly longer term, however, all indications are that there will be plenty of jobs for the global maritime industry. Increased requirements for environmental and climate friendliness will create a lot of work in itself. In addition, the need for many new ships worldwide is approaching in a traditional fleet cycle with replacement of ships after 20 to 30 years.
Read the full article on Maritimt Forum’s website here (in Norwegian only)