Japan’s Sumitomo Heavy Industries Marine & Engineering has decided to quit commercial shipbuilding.
As one of Japan’s oldest and best-known shipbuilders, the surprise move will be taken as further evidence of the Japanese shipbuilding industry’s decline amid fierce competition from South Korea and China.
Sumitomo said it will no longer take orders from this year but is committed to completing its orderbook of six 115,000-dwt aframax tankers, including one vessel for Alberta Shipmanagement.
