While the outlook for the global shipbuilding industry is clouded, massive yard capacity seems unavoidable to go through restructuring with new orders getting reduced.
While the global yard capacity has just passed its peak, which still remains high, the global newbuilding order backlog has plummeted by 46% below the peak in 2008 and is expected to be almost halved within a year, exclusive of any potential new orders in the remainder of 2012, reported Danish Ship Finance. 
The report forecast that lower yard utilization would push down newbuilding prices for commercial ship further by 15-20%.
Although shipping industry is facing escalating fleet overcapacity issue and low freight rates, it seems that owners would place orders for new, quality, fuel efficient vessels in quite competitive prices. Therefore, newbuilding placement is likely to continue in a small scale.
Meanwhile, 74m cgt was scheduled for delivery in 2011 with actual deliveries totalling 50m cgt. 21m cgt of 24m cgt not delivered turned out to be re-scheduled to a later delivery date. 3m cgt was modified vessel type and the remainder of 2m was cancelled.
Bulkers were re-contracted the most last year. Of 32m-cgt bulker orders scheduled delivery in 2011, 22.5m cgt was actually delivered, 8m cgt having been postponed for later delivery and the remainder of 1.5m cgt been cancelled.
A total of 19m cgt was scheduled for delivery in the tanker sector in 2011. 11.5m cgt was delivered, while 4.5m cgt was re-scheduled for later delivery and 3.5m cgt was cancelled.
Meanwhile, of a cumulative 67m cgt scheduled delivery in 2012, a total of 48m cgt is estimated to be actually delivered, applying the same 2011 scenario.
The massive postponement would increase 2013 deliveries to 43m cgt, up by about 10m from the current schedule.
The report said, global orderbooks would get much thinner after 2013, newbuilding placement seems difficult to fill up super-large capacity, which would cause restructuring in the end.