European Shipbuilders Eye Cruise, Ferry Sectors

During the Posidonia 2006 international shipping exhibition, which opened Monday in Athens, the future of Europe's shipbuilding industry lies in the cruise and ferry sector, as the Far East has established a stronghold in the standard vessel market, European shipbuilders said Wednesday. The five-day exhibition, held every two years in Athens, is the world's biggest shipping trade event. Aker Yards is the name behind the world's two biggest cruise ships, the QM2 and Freedom Of The Seas. It currently is building Liberty of the Seas. Europe is unable to compete with Asia at a cost-structure level in the repair and conversion segment of the industry, said industry executives