Consultant: Marine propulsion spending to set new records

Spending on marine propulsion systems by the world's shipbuilding industry will reach $5.3 billion this year and continue to rise, according to a study covering 2004-08 by analysts at Douglas-Westwood, Canterbury, UK. The report, released in August, is based on vessel data from Lloyd's Register—Fairplay.The study further predicts that, over the period, shipbuilders are likely to spend $27.2 billion, compared with $22.4 billion over the previous 5-year period, an increase of 21%. In 2004 alone, engines are likely to be installed with a total power output of 18 Gw, the equivalent, says analyst Barney Parsons, of "the output of about 15 nuclear power stations." Shipbuilding boo...

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