Shipbuilding News

Recent industry report about Shipbuilding company news, including latest market trends and industry updates in 2024. This sector news is compiled by Mordor Intelligence™ Shipbuilding Market industry experts.

Shipbuilding News

  • August 2023: The Canadian government announced that it would invest CAD 463 million (USD 345 million) in shipbuilding infrastructure to move forward with the Surface Combatant (CSC) program. It calls for the construction of 15 new warships that will be a key component of the future Royal Canadian Navy. The funds will be used to prepare the Irving Shipyard and adjacent facilities in Nova Scotia for construction, which is now slated to begin next year for the program.
  • May 2023: Vard Marine Inc., in collaboration with Team Vigilance partner firms Heddle Shipyards, Thales Canada, SH Defence, and Fincantieri, unveiled the Vigilance Offshore Patrol Vessel at CANSEC 2023. Team Vigilance partner firms collectively bring extensive and significant capabilities and expertise to bear in naval ship design, Canadian and worldwide construction, combat and offboard system integration, modular payload systems, and life-cycle solutions.
  • May 2023: Garden Reach Shipbuilders and Engineers Ltd established the GRSE Accelerated Innovation Nurturing Scheme to find and stimulate the creation of new solutions as part of the shipyard's technological development activities. GAINS intends to address current and emerging ship design and construction issues while simultaneously accomplishing the goals of Atmanirbhar Bharat.
  • March 2023: The Ministry of Ports, Shipping, and Waterways (MoPSW) in India launched the 'Green Tug Transition Programme' (GTTP) to make India a global hub for building green ships. The GTTP will convert all tugboats operating in the country into 'Green Hybrid Tugs' that run on non-fossil fuels such as Methanol, Ammonia, and Hydrogen.
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  • January 2024: Used cars originating from South Korea are now being redirected to Russia starting from January 2024 through routes passing through Kazakhstan and Kyrgyzstan. These vehicles typically undergo customs clearance procedures in Almaty and Bishkek, the main cities of Kazakhstan and Kyrgyzstan, respectively. Subsequently, they are transported into Russia, primarily via truck and potentially by rail in some instances, with Moscow and Saint Petersburg serving as the primary destinations.
  • October 2023: Japan imposed restrictions on the profitable trade of used cars with Russia, effectively eliminating Russia's primary source of pre-owned vehicles. Consequently, this has led to a decrease in prices for second-hand cars in Japan and has caused brokers to seek alternative markets, particularly those with right-hand drive systems, such as New Zealand, Southeast Asia, and Africa.
  • June 2023: Volta Trucks partnered with METRO Germany, a major international food wholesaler. The 16-tonne all-electric Volta Zero will be deployed for METRO in North Rhine-Westphalia. As more vehicles join the fleet, it will be expanded to Bavaria and Berlin. METRO Germany plans to expand its delivery fleet sustainably.
  • June 2023: Hyzon Motors Inc. and Performance Food Group Inc. (PFG), one of North America's largest food and foodservice distribution companies, announced an agreement for five fuel-cell electric vehicles (FCEV).
  • April 2023: Toyota Australia brought the FCV Express Diner, an innovative fuel cell food truck concept, to a national Hydrogen Showcase in Melbourne, demonstrating various potential applications for its hydrogen fuel cell technology. The HiAce-based FCV Express Diner concept, a Caetano 33-seat commercial bus, a Toyota forklift, an EODev stationary power generator, and the Toyota Mirai FCV sedan were among Toyota’s fuel cell vehicles on display.
  • February 2024: Panama ushered in a new era of public transportation with the arrival of the first monorail train from the Japanese company Hitachi.
  • December 2023: The Greater Cairo Monorail project, a significant infrastructure endeavor in Egypt, is nearing completion. Led by Egypt’s National Authority for Tunnels (NAT), the USD 4.5 billion project aims to enhance Cairo’s transportation network by linking the old city center with the New Administrative Capital.
  • November 2023: Riino, a company blending technology influences from various transportation systems, advanced its zero-emission material movement concept with the support of three mining company backers and the Canada Mining Innovation Council (CMIC).
  • In August 2023, a team of researchers led by Clemson University created a lightweight vehicle door that increases fuel efficiency while meeting federal safety regulations using carbon fiber, thermoplastic resin, and cutting-edge computer design techniques. The research team reduced the weight of a steel door by 32% before exposing it to a battery of tests to ensure it fulfilled FMVSS and Honda's safety guidelines, another project partner.
  • In March 2023, The LB744, Lamborghini's first HPEV (High-Performance Electrified Vehicle) hybrid supercar, received its first details. The vehicle is the world's first High-Performance Electrified Vehicle (HPEV): a plug-in hybrid super sports car with a lightweight high-power lithium-ion battery housed within the transmission tunnel in the center of the chassis. The new 6.5-liter L545 engine is Lamborghini's lightest and most powerful 12-cylinder engine to date. It weighs only 218 kilograms in total, 17 kilograms less than the Aventador model.
  • In September 2022, Atlis Motor Vehicles signed a collaboration agreement with ArcelorMittal, the world's leading producer of automotive steels, to help accelerate lightweight product development. S-in motion is a set of lightweight steel solutions developed by ArcelorMittal for automakers looking to create lighter, safer, and more environmentally friendly vehicles. Atlis will use ArcelorMittal's body in white CAD engineering information to reduce weight and cost while increasing the range of its XT.
  • August 2023: The Canadian government announced that it would invest CAD 463 million (USD 345 million) in shipbuilding infrastructure to move forward with the Surface Combatant (CSC) program. It calls for the construction of 15 new warships that will be a key component of the future Royal Canadian Navy. The funds will be used to prepare the Irving Shipyard and adjacent facilities in Nova Scotia for construction, which is now slated to begin next year for the program.
  • May 2023: Vard Marine Inc., in collaboration with Team Vigilance partner firms Heddle Shipyards, Thales Canada, SH Defence, and Fincantieri, unveiled the Vigilance Offshore Patrol Vessel at CANSEC 2023. Team Vigilance partner firms collectively bring extensive and significant capabilities and expertise to bear in naval ship design, Canadian and worldwide construction, combat and offboard system integration, modular payload systems, and life-cycle solutions.
  • May 2023: Garden Reach Shipbuilders and Engineers Ltd established the GRSE Accelerated Innovation Nurturing Scheme to find and stimulate the creation of new solutions as part of the shipyard's technological development activities. GAINS intends to address current and emerging ship design and construction issues while simultaneously accomplishing the goals of Atmanirbhar Bharat.
  • March 2023: The Ministry of Ports, Shipping, and Waterways (MoPSW) in India launched the 'Green Tug Transition Programme' (GTTP) to make India a global hub for building green ships. The GTTP will convert all tugboats operating in the country into 'Green Hybrid Tugs' that run on non-fossil fuels such as Methanol, Ammonia, and Hydrogen.
  • In March 2022, Dubai's Roads and Transport Authority (RTA) and Careem launched Phase II of their bike rental programme (bike-share), adding 950 pedal-assisted e-bikes and 95 stations, bringing the total number of bikes in Dubai to 1,750 at 175 stations. As a result, it is the world's first pedal-assisted docked bike-share scheme. The move is part of a multi-stage plan to place 3500 bikes at 350 docking stations throughout Dubai.
  • In September 2022, Little, a popular Kenyan app, has announced the release of its electric mobility items, which include electric bikes and scooters. After years of research on the design and efficiency of the bikes, the business announced its release intentions was earlier in March 2022.
  • January 2024: Used cars originating from South Korea are now being redirected to Russia starting from January 2024 through routes passing through Kazakhstan and Kyrgyzstan. These vehicles typically undergo customs clearance procedures in Almaty and Bishkek, the main cities of Kazakhstan and Kyrgyzstan, respectively. Subsequently, they are transported into Russia, primarily via truck and potentially by rail in some instances, with Moscow and Saint Petersburg serving as the primary destinations.
  • October 2023: Japan imposed restrictions on the profitable trade of used cars with Russia, effectively eliminating Russia's primary source of pre-owned vehicles. Consequently, this has led to a decrease in prices for second-hand cars in Japan and has caused brokers to seek alternative markets, particularly those with right-hand drive systems, such as New Zealand, Southeast Asia, and Africa.
  • In August 2024, UL Solutions, a provider of testing, inspection, and certification services for the clean energy sector, inaugurated its North America Advanced Battery Laboratory in Auburn Hills, Michigan. This facility will focus on testing batteries for electric and hybrid vehicles alongside industrial applications. The lab's testing repertoire encompasses thermal fire propagation, electrical, mechanical abuse, and environmental assessments, all compliant with standards set by UL, the International Electrotechnical Commission (IEC), the United Nations (UN), and the Society of Automotive Engineers (SAE).
  • In June 2024, SAE International, the foremost global authority in mobility standards development, announced the appointment of Pearson VUE division, a worldwide frontrunner in computer-based testing for critical certification and licensure exams, to launch its new Electric Vehicle Supply Equipment (EVSE) Technician Certification. This collaboration seeks to mitigate the shortage of skilled EV technicians, bolstering the expanding EV infrastructure in the United States and globally. 
  • In February 2024, Ford inaugurated its electric vehicle powertrain test laboratory in Essex, United Kingdom, with a significant investment of USD 31.2 million. The inaugural tests at the newly established Propulsion Development Laboratory focused on components for the E-Transit Courier, E-Transit Custom, and Ford Puma Gen-E. This laboratory aims to spearhead innovations in testing electric and hybrid vehicle powertrains. 
  • May 2024: BPI Tokyo Century Rental Corp. (BPITCR), a collaboration between Tokyo Century Corp. and Bank of the Philippine Islands (BPI), finalized its acquisition of Diamond IGB Inc., a local car rental company. This move is part of BPITCR's strategy to broaden its car leasing services in the Philippines.
  • July 2023: LXV Cars opened a new store at Greenbelt, a renowned luxury shopping destination in Manila. As the premier choice for luxury transportation, the company provides 12 units of the opulent Toyota Alphard to transport VIP guests.
  • June 2023: Volta Trucks partnered with METRO Germany, a major international food wholesaler. The 16-tonne all-electric Volta Zero will be deployed for METRO in North Rhine-Westphalia. As more vehicles join the fleet, it will be expanded to Bavaria and Berlin. METRO Germany plans to expand its delivery fleet sustainably.
  • June 2023: Hyzon Motors Inc. and Performance Food Group Inc. (PFG), one of North America's largest food and foodservice distribution companies, announced an agreement for five fuel-cell electric vehicles (FCEV).
  • April 2023: Toyota Australia brought the FCV Express Diner, an innovative fuel cell food truck concept, to a national Hydrogen Showcase in Melbourne, demonstrating various potential applications for its hydrogen fuel cell technology. The HiAce-based FCV Express Diner concept, a Caetano 33-seat commercial bus, a Toyota forklift, an EODev stationary power generator, and the Toyota Mirai FCV sedan were among Toyota’s fuel cell vehicles on display.

Shipbuilding Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)