Tugboat & Shipping Navigational Services in the US
The Tugboat and Shipping Navigational Services industry has been subject to steady growth on account of consistent increase in water transportation industries in the past five years. The industry has witnessed steady demand for navigational services over the five years to 2016. While benefiting from rebounding trade, the industry's profitability was affected by rising oil prices in 2011. Industry operators were forced to use surcharges to pass additional fuel costs to customers. These increases proved detrimental to industry competitiveness because, compared with air and ground transportation, cost savings had traditionally drawn business to waterborne freight. After seeing overall steady growth, the industry is continuing to enter open water as the economy accelerates over the five years to 2021. In light of projected growth in economic activity, trade is expected to increase and waterborne freight is likewise expected to grow.
Companies in this industry provide navigational services that ensure the safe passage of ships in and out of harbors. Such services mainly involve docking and piloting marine vessels. Marine salvage services, which involve the retrieval of cargo or vessels following marine accidents, are also included in this industry.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.