Containership newbuilding prices are heading south fast.
They have fallen by 22% since September 2011 and hit their lowest since February 2003, according to Clarkson containership newbuilding price index.
The shipbroker said shipyards continued to cut prices in the hope of winning new orders.
Meanwhile, amid decreasing newbuilding orders this year, the global containership orderbook has shrunk to 500 ships, which is below “the psychological level of less than 10% of the existing numbers on the water.”
This compares with the peak of 60% of the existing fleet in 2008.