When the shipbuilding bubble burst after 2008 global financial crisis, many thought the massive orderbook would be reduced by cancellations, bankruptcies and slippage, etc.
On the other hand, according to Clarksons, the shipyards over the world delivered 77m gt in 2009, followed by 97m gt in 2010 and a record-high 101m gt in 2011.
Surprisingly, in 2010, shipowner invested in 90m gt of newbuildings, being attracted to lower newbuilding price, which caused heavier over-tonnage problem.
Meanwhile, along with surging deliveries, newbuilding funding demand have also doubled from $78bn in 2011 to $142.7bn in 2011. Around $60bn worth of ships were delivered to European owners, accounted for 42% of overall deliveries, followed by $43bn to Asian owners, $10bn to North American owners and $29bn to "others".
Although ship financing from traditional European banks has diminished, Asian banks' ship financing have grown and somehow owners come up with funding through their own cash reserves, raising funds on the public markets, etc., which result in historically massive newbuilding deliveries.