Jianbo Wu
When risk rises along the artery through which a significant share of the world’s energy flows, the first-order effects are familiar: insurance premiums climb, routes are reconsidered, and freight rates begin to move. But beneath these adjustments lies a quieter disruption — one that exposes a structural weakness in the global maritime system. The issue is not simply whether goods can move. It is whether the system can replace capacity fast enough when it is strained.
For decades, global shipbuilding has been organized around efficiency and scale. The world’s largest yards — clustered in China, South Korea, and, to a lesser extent, Japan — have steadily moved up the value chain, concentrating on technologically complex, capital-intensive vessels. China alone now accounts for more than half of global shipbuilding output, with order books stretching years into the future. Capacity has never been more advanced. It has also rarely been less flexible.
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