It is evident that ship owners have scaled back their newbuilding orders, despite lower pricing from many shipyards, amid depressed shipping market and straining owners' balance sheets.
In its latest report, Clarkson Hellas noted that during January-February of 2012, only a total of 112 orders against 310 for the same period of last year have been placed, down by 64%. 
The report said however, "It is not necessarily total doom for yards and there shows signs of growth. In particular, with further reports of new business being concluded this week, there is a continual activity in the market"
It also mentions that shipbuilders' crisis comes from the continued tightening of the debt markets and an uncertain macro economic environment making huge capital investment decisions increasingly challenging.
2011 had provided for significant volumes of LNG and Offshore ordering, many of which South Korean builders had secured. As to whether 2012 will produce the same opportunities remains to be seen, although LNG and Offshore market would soon be saturated.
Meanwhile, the Japanese yards also keep remaining under pressure against a weakened demand for bulker. However with a focus on efficient designs and the Yen depreciating by over 6% against the Dollar over the past month, there is the potential for investment from the market.
Clarkson concluded, "With a number of inquiries still under discussion, newbuilding order in the second quarter of 2012 would be a key moment in defining how the landscape of the rest of the year will look."
Meanwhile, shipbroker Golden Destiny reported this week, "A fairly amount of newbuilding has been contracted this week with owners being attracted by low prices and eco-friendly designs. However, expectations remain gloomy for the shipbuilding market under the tight ship financing conditions and the recession of freight markets."
In the bulker segment, Oshima Shipbuilding of Japan has won an order for five fuel-efficient 82,000-dwt newbuildings by National Shipping Company of Saudi Arabia at a price of about $31.5m apiece with delivery in mid 2014.
Also, Greek London based Lomar Shipping has placed two 64,000-dwt bulkers under construction in Cosco Zhoushan of China in an eco-friendly design, including an option for additional four, to be delivered in March and June of 2014.
In the tanker segment, Hyundai Heavy Industries of South Korea has contracted for two LR2 106,000-dwt aframax tankers for delivery in August 2013 from Densa Shipping of Turkey.
While Guangzhou Wenzhou of China has inked an order for two 3,400-teu containerships with an option for two more from Nordic Hamburg Shipping of Germany.