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Emergence Of Export Oriented Shipbuilding Industry In Bangladesh: Current Position & Future Prospects

2514 words - 11 pages

The export basket of Bangladesh is very limited where ready-made garments alone account for nearly 80 percent of
its total exports. The extreme dependence of export earnings on the ready-made garments may pose serious threats
in the near future. Thus, product diversification is necessary in that case shipbuilding could be a new horizon. The
giant ship building nations such as Korea, Japan, China, and Vietnam have been booked with large orders for the
next ten years. Some countries have already announced that they will not go for building ships less than 25,000
DWT (Dead Weight Tonnage). This opens up an opportunity for Bangladesh. If Bangladesh could nurture this
opportunity with a ...view middle of the document...

It
could be the golden opportunity for Bangladesh if the
opportunity can be exploited with a robust helping
hand from the government and other stakeholders.
At present, Bangladesh is looking for the market for
small ocean-faring vessels less than 25,000 DWT.
The global market for the small ocean-faring vessels
is now estimated to be $ 400 billion annually
although some estimates place this figure at only $
200 billion. Major shipyards of the world can meet
75% of the total demand. If Bangladesh could
achieve 4% market share of the surplus demand,
which is $100 billion (25% of $ 400 billion), it could
earn $4 billion annually.
This paper describes the present situation of
shipbuilding. It explores the benefits that can be
derived from it; with government support such
benefits could be maximized. This paper examines
the problems faced by the shipbuilding industry and
suggests ways to overcome them.
Research Methodology
The research was begun by conducting a literature
review, mostly through information available on the
internet. After acquiring the background material
and a basic understanding of the industry, separate
questionnaires were drafted for the Bangladesh
Shipbuilders’ Association and for the two main
export-oriented shipbuilders to elicit the necessary
data.
In addition, interviews were conducted with relevant
parties. Interview with the managing director of
Western Marine Shipyard Ltd. was conducted at
BFTI premise. Earlier, Shipyard of Western Marine
Ltd. in Chittagong was visited. The Shipyard of
Ananda Group was also visited and interview with its
chairman was held at the organization’s head office.
Mr. Omar Faruq, Director of Export Promotion
Bureau of Bangladesh, responsible for shipping
matters, was also interviewed.
Responses were received from Western Marine and
Ananda Group and were analyzed along with
information obtained during the interviews to
determine the medium and long-term potential of the
industry.
Global Scenario of Shipbuilding
Major Shipbuilding Countries of the World
At present, the shipbuilding industry is dominated by
Japanese and Korean shipyards which together
36
Figure 1: Major Shipbuilding Countries of the World
Source: KOSHIPA, http://www.equitymaster.com/detail.asp?date=2/15/2007&story=1.
Figure 2: Global Shipbuilding Order Book and Deliveries (in million DWT)
0
50
100
150
200
250
300
350
400
450
500
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
Source: Clarkson’s data, KPMG Analysis
accounted for 73% of the total world output in 2005.
China has gained 13.5% of the world market share,
with the European Union at 7%.1 Bangladesh
currently has a market share of less than 0.1%.2
Figure 1 shows that Korea is occupying 1st position
while Japan and China are occupying 2nd and 3rd
place in shipbuilding at present (2005). In 1985,
Japan was No. 1 in building ships, but over time the
industry has moved from high labor cost countries to
...

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