The Japanese government has approved ¥213.1 billion in total support for major shipbuilders, including Imabari Shipbuilding. The support will be provided over 10 years and allocated to automation investment and research and development as the first tranche of the ¥350 billion Shipbuilding Industry Revitalization Fund.
The Japanese government has approved ¥213.1 billion in total support to revive the shipbuilding industry, primarily for 3 major shipbuilders led by Imabari Shipbuilding. The support is planned to run for 10 years and will be used for investment in automation, research and development, and other areas.
The recipients are Imabari Shipbuilding and its group company Tadotsu Shipbuilding, industry runner-up Japan Marine United, Namura Shipbuilding and Hakodate Dock, 5 companies in total. Combined public- and private-sector investment is expected to reach approximately ¥600 billion.
The Japanese government aims to double shipbuilding capacity from current levels to 18 million tonnes by 2035. As part of this initiative, it has indicated plans to establish the Shipbuilding Industry Revitalization Fund and invest ¥1 trillion in total.
In the global market, China and South Korea remain the leaders, with market shares of approximately 63% and 21%, respectively, while Japan's market share remains in the single digits.