Cruisers and LNG: The world’s fastest growing industries

Cruisers, LNG and petroleum exploration have all grown significantly in the last decade, with a combined annual economic output of US$1.3 trillion, according to the world’s largest shipping firm.

And cruisers are expected to surpass LNG as the world-leading industry by 2020, according a report published Wednesday by the U.K.-based research firm Euromonitor International.

“Cruising is the future of shipbuilding,” said Mark Ralston, chief executive of Euromonitors, which tracks shipping in the world.

The industry is worth US$13.5 trillion, a rise of nearly 9% in five years, he said.

Cruisers make up 12% of the global market for passenger ships, according the shipping consultancy Cargill, and about one-fifth of all new shipbuilding capacity.

The market is expected to grow by nearly 20% annually until 2020.

The pace of growth in passenger ships has slowed in recent years, but Ralstone believes demand is picking up.

“The challenge is not necessarily about demand but about supply,” he said in an interview.

“We have to have a lot more of the right kind of ship, and we need to be able to keep that ship running as long as we can.”

The number of ships operating in the U: ships, vessels, and boats ____________________________________________________________ ___________________________________________ __________________________________________________ _________________________________ _______________________________________ __________________________________ __________________ A chart of shipyard activity shows that while the U is a boomtown, the number of vessels is falling.

In 2014, there were 4,838 ships in service, down from 5,974 in 2007.

The number is forecast to fall by 10% to 4,897 by 2020. 

Cruise ships are also growing at a faster pace than their counterparts in the Gulf of Mexico.

The world is expected be home to 6,637 vessels, up from 4,746 in 2014.

Cruises have grown more than 40% since 2007, with the U accounting for nearly one-quarter of all such vessels, Euromoncer said.

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