In this project Menon Economics has mapped the economic performance of the world leading business cluster GCE Blue Maritime. The report shows the historic development in the cluster and provides an outlook on economic performance in the coming years. The statistics and prognosis are based on a comprehensive collection of data from accounts, survey data collected in the project and internationally renowned maritime information databases.

The 2019 report shows that activity incraesed in 2018 after declining revenues from 2014 through 2017. Revenue is expected to grow further in 2019 and 2020 with an estimated increase in income of 20 per cent from 2018 to 2020. The increased activity comes as a result of continued growth in relatively new market segments.

The Møre yards have taken a strong position in the market for exploration cruises and are set to deliver 15 of the 40 cruise vessels under 50 000 GT currently on order with a delivery date before 2022. As a result, the equipment manufacturers are increasingly shifting their focus towards deliveries for cruise vessels as well.

Offshore shipping companies continue to struggle. Market conditions are still harsh, even though there looks to be some light on the horizon higher fleet utilisation. The Norwegian and Møre offshore shipping companies still, like last year, seem to be more indebted than their foreign counterparts, which makes it harder to compete against foreign competitor.

Read the report