Economic Drivers Necessitate New Shipyard ConsiderationsBy Reuben K. Byrd

The current economic crisis continues to impact the shipyard industry in many countries. Even those companies that weathered earlier recessions or the Great Depression confront a massive reduction in global ship orders, with severe effects on their bottom lines. In addition, new competition from emerging nations with access to low-cost labor and cheap materials subsidized by their governments caused many longtime participants in the industry to streamline their business models.

Established companies face an undeniable shift in their operating paradigms that requires them to address the bids put forth by newer entrants into the market. An approved order promotes the bottom line for a shipbuilding company and its suppliers; by developing synergies with vendors that advance the profitability of all concerned parties, shipyard organizations position themselves to withstand the financial crisis and be prepared to accept new orders during the next economic boom.

About Reuben K. Byrd: A veteran of the shipyard business, Reuben K. Byrd serves as the Senior Vice President of Grand Bahama Shipyard Limited. In this capacity, he oversees many of the daily operations of the company and creates unified teams focused on its overall goals. Reuben K. Byrd specializes in such areas as project management, finance, planning, and quality control.