Japan has approved up to ¥213.1bn ($1.36bn) for shipyard expansion projects led by Imabari Shipbuilding, Japan Marine United and Namura Shipbuilding, marking the first project approvals under the country’s new shipbuilding revival fund.
The Ministry of Land, Infrastructure, Transport and Tourism approved the three groups’ investment plans covering fiscal years 2026 through 2034. The projects include dock expansion, cranes, automation and labour-saving equipment.
A group led by Imabari Shipbuilding, together with Tadotsu Shipyard and Steel Hub, is eligible for up to ¥113.8bn ($727 million).
Japan Marine United, JMU Amtec and Ariake Steel Center can receive up to ¥49.4bn ($316 million), while Namura Shipbuilding and Hakodate Dock have been allocated up to ¥49.9bn ($319 million).
Transport minister Yasushi Kaneko said the three programmes are expected to mobilise around ¥600bn ($3.84bn) in public and private investment over the coming decade. Their combined construction capacity is expected to rise by roughly 50%. Further applications are under consideration.
Japan aims to increase annual shipbuilding capacity from around 9 million gt to 18 million gt by 2035. The country has placed shipbuilding at the centre of its economic security and industrial policy after decades of lost market share to China and South Korea.
According to a report by Splash last month, Namura Shipbuilding is preparing a major new shipbuilding dock in Japan. It would be the first such facility since Imabari Shipbuilding completed its 610 m Marugame facility in 2017.
The funding approvals also follow consolidation in Japan’s shipbuilding sector. Imabari Shipbuilding increased its stake in Japan Marine United to 60% at the start of this year, creating Japan’s largest shipbuilding group and the world’s fourth largest by tonnage.
Japanese shipyards have around three-and-a-half years of work in hand, with almost no slots available through 2029. Bulk carriers account for close to three-quarters of the country’s orderbook.