The global shipping newbuild vessel orderbook-to-fleet ratio has fallen back to 10%, its lowest level since the end of the 20th century, according to data from Singapore transport analysts, Crucial Perspective.
Cruiseships, LNG carriers and drillships have the highest newbuild vessel order backlogs relative to their existing fleets.
There are nearly 95,000 existing vessels in the world today plus another 3,500 on order, amounting to 10% of the global existing shipping capacity. This ratio has not been seen since 1999-2000 in the aftermath of the Asian financial crisis.
Crucial Perspective was founded by Corrine Png who was head of Asia Pacific transportation research at JP Morgan from 2008 to 2016.