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Bimco’s analysis

Orders for new ships plummeting

by Port News Editorial Staff

In the first quarter new shipbuilding orders have fallen by 55% compared to 2019, with 6.6 million DWT ordered in the main business segments, down from 14.7 million DWT last year.

The market analysis company BIMCO provided this data. It pointed out, however, that, due to the poor market conditions, demolitions rose by 62% to 6.1 million DWT during the same period.

“Uncertainty about the new environmental regulations had already lowered the prospects for growth in demand, prompting shipowners to think twice before ordering a new ship,” commented analyst Peter Sand, “what happened next, with the collapse of global shipping, only produced a further drop in negotiations”

Translation by Giles Foster

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