BY AYSEL YUCEL
Turkish shipyards, which have become world brands by blazing the trail in special-purpose shipbuilding, face the risk of losing their global leadership.
The leading shipyards in the industry have started to lose the tenders they join in Europe to their rivals due to ongoing guarantee letter problems, rising costs, and difficulties in access to financing.
“We still change our foreign currencies in dollars, which have appreciated by 30% since the beginning of 2023, while costs hiked by nearly 80%,” said Cem Seven, Chairman of the Turkish Ship, Yacht and Services Exporters’ Association (GYHIB).
“The 1-year rediscount credit interest rate hovers around 30%. But it rises to around 45% as the interest rate is charged when the loan is allocated,” Seven added.
Moreover, Turkey’s ship and yacht exports fell by 10% to 179,000 units in September, year-over-year, according to the Turkish Exporters Assembly (TIM).
