The global economy is involved in persistent worries such as business slowdowns in China and other newly emerging countries, unstable crude oil prices, Brexit, and the protectionist trade policies that the United States is advancing. Under the influence of these and other factors, the number of newbuilding contracts gotten by Japanese shipyards fell sharply in 2016, which had continued to increase favorably every year from 2011 to 2015. That of similar business agreements reached worldwide also fluctuated at low levels. Behind the sluggishness was the shipping market, which had been weak for a long time. Another possible reason was a backlash from the huge number of last-minute orders that were placed to avoid new international rules that could have impact on shipbuilding. They include the IMO's International Convention for the Safety of Life at Sea (SOLAS Convention), which was amended in July 2014 to require newbuildings to comply with its code on noise levels on board ships; the International Association of Classification Society (IACS)'s Harmonized Common Structural Rules (H-CSR), which is applied to shipbuilding deals that were sealed in and after July 2015; and the IMO's Tier-Ill requirements for NOx emissions, which govern newbuilding construction began in and after January 2016.
展开▼
