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Companies in this industry build and repair barges, cargo ships, naval vessels, and passenger ships, as well as platforms used for oil and gas drilling and production. Major companies include Huntington Ingalls and the shipbuilding division of General Dynamics (both based in the US), along with Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries (all of South Korea); China Shipbuilding Industry Corporation (CSIC); China State Shipbuilding Corporation; and Mitsubishi Heavy Industries (Japan).
Asian countries dominate the global shipbuilding industry, with South Korea, China, and Japan producing the vast majority of vessels. Shipbuilders in a given country typically specialize in certain types of vessels. South Korean companies, for example, tend to focus on containerships and tankers. China produces large numbers of dry bulk containers, and Japan builds large numbers of oil tankers. Military vessels are a major product of the US shipbuilding industry.
The US shipbuilding and repair industry includes about 600 companies with combined annual revenue of about $28 billion.
Demand for military shipbuilding is largely determined by military budgets. Commercial shipbuilding demand is determined by international and domestic trade, the health of the global economy, and rate of fleet replacement due to age or obsolescence. Small companies usually specialize in building and repair of small commercial vessels. Large companies tend to offer a wide range of building and repair services for both commercial and military ...
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