Barney Parsons News

The world shipbuilding industry is forecast to spend $5.3 billion on marine propulsion systems in 2004 and this is set to rise. Over the period 2004 to 2008, $27.2 billion is likely to be spent compared with $22.4 billion over the previous five year period – an increase of 21%. These are amongst the findings of the latest edition of The World Marine Propulsion Report 2004-2008, published by analysts Douglas-Westwood. In 2004 alone, engines are likely to be installed with a total power output of 18 GW.

Marine propulsion systems are expected to grow to become a $5 billion market by 2007. Over the next five years vessel tonnage delivered by yards is expected to increase by 4% while vessel numbers fall by 10%. However, total propulsion power should increase by 8% when compared to the 1997-2002 period. These are amongst the results of a new study, ‘The World Marine Propulsion Report’, to be published in November by analysts Douglas-Westwood. Addressing delegates to the annual Lloyd’s List Ship Propulsion Conference in London today, Douglas-Westwood managing director John Westwood said, “The overall picture is of fewer but larger vessels with bigger engines.