The global economy faces various emerging risks, from China's economic slowdown and a stagnant European economy caused by Greece's reignited debt problems, to heightened geopolitical tensions stemming from the situation in Ukraine and the issue of refugees from Syria and other Middle Eastern countries, to plunging oil prices. Against this backdrop, the Japanese shipbuilding industry is seeing a rise in both order volume and global market share; this is in spite of historic lows for the dry bulk shipping market, caused by deteriorating balance between ship supply and demand, and a downward trend in global new ship orders. Factors contributing to this rise include: a correction in the yen's strength; the implementation of an IMO code establishing mandatory noise level limits on board ships (applicable to ships contracted for construction from July 2014), and of new harmonized common structural rules (H-CSR) for ships contracted for construction from July 2015; and a spike in orders prior to new international shipbuilding rules, such as Tier 3 nitrogen oxide (NOx) emission standards set to be implemented for new ships from January 2016.
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