Recession is nothing new for an industry used to riding out the occasional economic typhoon, but the duration and intensity of the downturn was one-of-a-kind this time, said Clayton.
“The issue approximately delivery is that you order to assume an upturn,” he stated, adding it may take up to 5 years to take shipping of a vessel after ordering it.
“We saw a upward thrust in orders in 2010 and 2012 but there was no (financial) upturn,” he stated.
“China’s economy is down, and too many ships were introduced. This has brought about competition in the enterprise, which drives costs down.”
Finance stable blog 