© Khunaspix Dreamstime.

For those worried about stable freight rates, this is a headline to cheer about. Whether it is shipping lines or financial owners placing the orders, the world doesn’t need as many ships as it’s got. However, this year’s decline isn’t a reaction to the overcapacity of 2011, but a reflection on the absence of orders placed earlier, when the world was deep in recession. And next year Daewoo begins delivering Maersk’s 18,000teu Triple-E class vessels.