News / Orders for new ships dry up as demand plunges and yards go into lockdown

© Khunaspix Dreamstime.

Ocean carrier fleet expansion is on hold as the liner industry fights for survival amid Covid-19 lockdowns around the world.

According to BIMCO chief shipping analyst Peter Sand, orders to shipyards have fallen significantly across all shipping sectors and comes on top of an already soft market environment.

“Uncertainty about future environmental regulations, as well as lower demand growth outlook in the coming years had many thinking twice before ordering a new ship. The very sharp decrease in market sentiment and global ...