Finnish maritime industry grows, but labour shortages constrain firms

Finland’s maritime industry is seeing rising order books and stronger growth expectations, although labour shortages are holding back some companies, Yle reports, citing a new survey by Finnish Industry Investment.

Some 84 per cent of surveyed companies are seeking growth, up from 67 per cent in 2023. The typical company expects its revenue to rise by 10 per cent this year.

More than half of the respondents sell products or services to one of Finland’s three largest shipyards in Turku, Rauma or Helsinki. Sata Shipbuilding, based in Mäntyluoto in Pori, is part of the Davie company alongside the Helsinki shipyard. Growing order books at large shipyards and the longer-term outlook they provide are supporting the wider industry, said Henri Hakamo, strategy and research director at Finnish Industry Investment.

The industry is concentrated geographically, with most companies located near the major shipyards on Finland’s southern and western coasts. Forty-five per cent of respondents operate in international markets, and most of those companies consider themselves internationally competitive.

More than a quarter of the surveyed companies reported labour shortages, particularly in hands-on roles. A lack of available skilled workers was also the most commonly cited obstacle to research and development.

The survey covered 201 companies, or 21 per cent of identified maritime industry firms, and included businesses of all sizes.