In its report released recently, marine data provider Clarksons PLC has said that ship orders worldwide have shrunk to the lowest level in 15 years as vessel owners struggle with excess capacity that has kept freight rates down.
There were 3,200 vessels of a combined 81 million gross tons ordered globally in the first quarter, the lowest figure since 2004. “The global order book has declined to its lowest level since the early stages of the shipbuilding boom,” said Mr George Warner of Clarksons Research, as per a release.
Orders for crude tankers and bulkers have reduced from their highs of a decade ago while demand for LNG carriers has increased, the report said.