The global orderbook stood at 4,729 vessels of a combined 267.9m dwt and 94.3m cgt as of the end of October, which represents the smallest in number since January 2005 with 4,195 vessels, Clarkson data shows.
The orderbook has declined by 25% in cgt terms against earlier this 2012 and by 54% since the end of 2008.
The size of the orderbook marked its peak in September 2008 and it has fallen by 56% to now stand at 94.3m cgt. The Japanese backlog, during this period, has dropped by 60%, with the Chinese and Korean orderbook declining by 49% and 57% each.
This massive reduction in a short period has been influenced by reduced newbuilding contract activity as well as continued record high delivery from 2010.
Newbuilding deliveries in 2010 increased by 17% year-on-year to 52.1m cgt and reached an annual record. Also, in 2011, 5,02m cgt were delivered with a further 50.2m cgt predicted to hit the water this year.
On the contrary, total amount of new order since 2009 fell by 57% from those contracted during the previous four years.
Published : November 27, 2012
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