Turkey; where east meets west, where ancient meets modern, but also where maritime recovery meets continued struggle for the countries shipyard industry.
Shipping is a global industry. Turkish shipowners are benefitting from the gradual improvement in some (but definitely not all!) main shipping sectors but the shipbuilding industry is still lagging behind.
Turkey is among the top-ten shipbuilding nations. The Turkish shipbuilding industry is strategically important for Turkey because of the contribution it makes to the national economy. In addition, as one of the country’s core industries, it has a positive effect on deficit reduction efforts by bringing foreign currency into the country and driving employment. The government wants to boost the national export and import volumes to 500 billion USD each by the year 2023.
But the financial crisis that started 10 years ago had a major negative impact on the Turkish shipbuilding industry. And the sector is recovering only very slowly. To overcome the negative consequences of the global economic crisis, the Turkish shipbuilding industry is trying to take measures to tackle the overcapacity problem. In particular, it has begun to economise and merge shipyards. Furthermore, Turkey is leaving the commodity markets and has focus to build specialised types of vessels rather than the standard ship types in response to market demand and trends.
Because, much like other shipbuilding nations, Turkey is lagging behind China, South Korea and Japan in terms of output, especially so with larger ship types such as bulk carriers, tankers and containerships. Turkish shipyards will focus on the construction of smaller-tonnage chemical and oil tankers. In the mega yacht segment, Turkish yards produce an annual volume worth 300 million euros, taking third place globally.