Weaker ordering in the bulk carrier sector contributed to around half of the year-on-year (YoY) decline in total contracting activity in 2014, according to London-based research firm Clarkson.

677 bulkers have been ordered in 2014, which was cut by almost a half from very strong activity in 2013 when 1,253 bulkers were contracted.

Despite this, bulkers still accounted for the largest share of orders in 2014 (34 percent).

Total contracting levels declined 41 percent YoY in 2014 with a total of 1,749 ships reported ordered.

With 44 percent of newbuilding orders placed in the first quarter of the year, the pace of ordering slowed significantly in the second half of 2014 with 521 ships ordered, down 60 percent on the first half of the year. Overall, ordering levels declined across the majority of vessel segments in 2014 with only a handful of sectors seeing firmer YoY contracting activity.

The biggest piece of the contracting cake was assigned to top 3 building nations that received 1,495 orders, with Chinese yards still keeping the lead with 39 percent of the 39.7m CGT ordered in 2014. South Korean yards follow in the second place with 30 percent share of 2014 orders and Japanese yards in third place with the largest share of contracts in CGT terms since 2006 (20 percent).

In the boxship sector, the rejection of the 'P3' alliance contributed to lower ordering in the 8,000+ TEU sector and 64 percent fewer VLCSs were reported ordered YoY in 2014 (57 ships). Interest for the smaller sizes supported overall containership contracting and 274 units were ordered in 2014, down 53 percent YoY.

In the tanker sector, product tanker ordering fell 75 percent YoY in numerical terms following very strong newbuilding interest in 2013.

Conversely, contracting in the crude and chemical tanker sectors rose 29 percent and 9 percent YoY respectively in 2014 with 84 crude tankers and 139 chemical tankers reported ordered. Demand for Suezmaxes buoyed crude contracting with 40 units ordered in 2014 compared to just 5 in 2013.

VLGCs were on high demand, with gas sector posting a record number of contracts placed in 2014, 176 ships of a 16.6m cu.m.  A record 74 LNG carriers and 5.6m cu.m. of LPG tonnage was ordered in 2014.

The global orderbook at the start of 2015 is 7 percent smaller YoY standing at 5,245 ships.