Newbuilding prices, which had plunged after global financial crisis at the end of 2008 and rebounded a bit in 2010, has dropped to the level from 2004 again due to sluggish new order by the end of 2011.
According to Clarksons, newbuilding price for VLCC, as of early 2012, declined to $99m, similar to that in September 2004. 
Also, capesize bulker and 3,500-teu boxship NB prices fell to the level of $48.5m from January 2004 and $49.5m from the same year July, respectively.
A market player said, "Downward trend in newbuilding prices is expected to continue this year, unfortunately, as Eurozone debt crisis puts pressure on ship financing and new order placement."
Discounting at Asian shipbuilders has pushed newbuilding values to fall to near 10-year low as Chinese and Japanese yards try to secure fresh business.
One owner said there is a 170,000-dwt capesize bulker for 2013 delivery being offered for sale by Imabari Shipbuilding at $45m, quite lower than that required for yards to earn money.
The pricing may not, however, be too wide of the mark with VesselsValue.com estimating recent Japanese-built capesize deliveries at just $46m.
And talk of bargain-basement offers from yards is not restricted to Japan. Brokers point out that Chinese yards are offering $47m for a standard capesize, some $1.5m lower than the estimated average.