Ship orders world-wide have shrunk to the lowest level in 15 years as vessel owners struggle with excess capacity that has kept freight rates well below break-even levels. “The global order book has declined to its lowest level since the early stages of the shipbuilding boom,” George Warner of Clarksons Research said. Ship types like liquefied natural gas, or LNG, carriers now make up a bigger portion of orders. Cruise ship orders also make up a bigger part of the mix, comprising 12% of the global order book, compared with 2% a decade ago, according to Clarksons. LNG ship orders remained strong in the first quarter, with 13 new ships ordered, according to figures from DNB Markets.

Source: Wall Street Journal April 19, 2019 15:05 UTC