The approval of the Ballast Water Management Convention by the IMO (International Maritime Organization) has opened up to more business opportunity for Greece’s ship repair zone. The development reached headway last week when Finland signed the treaty by raising the share of the global convoy to 35 percent which specifies that it can be activated. The BWMS convention will come into effect on 8th September 2017.
It has been estimated by the Fearnley Securities that between 2017 and 2020 the owners of 70,000 ships will be given the option to decide to install ballast water management systems (BWMS) on their ships or to scrap their older ships. Auxiliary estimates would raise the total amount of necessary investments for development to around $100 billion.
The Greek ship repair units are trying to seek this form of expenditure since they have knowledge of how much competitiveness is present in this business. It has also been reported that shipping yards in and around Greece have already started promotional activities to attract ship repair contracts while other Greek businesses have already secured business cooperation with constructors of BWMS equipment or in the process of seeking certification for their systems.
This update is deemed positive for ship repair industry and for the Port Authority of Piraeus who has planned an active participation, but for companies which are facing high demand in the market, this news will be a dampener.
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