Shipyards around the world have managed to fill only half of their available capacity in 2011, RS Platou says.
It counts new contracts for 25 million compensated gross tons last year, down by 30% on the previous 12 months.
Jorn Bakkelund of RS Platou Economic Research, explains the tally compares with the 50 million cgt yards are capable of meeting.
He says the drop in fresh orders led to a shortening of delivery times and a 10% decline in overall newbuilding prices.
According to Bakkelund average newbuilding tags are now 40% below their high point set in the middle of 2008.
He says around $50bn was invested in new vessels in 2011, down by one third from 2010.
In a nod to recent trends, he says a demand for more economical vessels could spur ordering interest, while a shutdown of some capacity could also help balance the market.