Shipping companies are spending less on new vessels this year amid a gloomy long-term outlook for global trade, but they are revelling in soaring freight rates, according to industry insiders and analysts.
Last month, new ship orders as a percentage of the global fleet fell to 7.1 per cent, the lowest level since 1989, according to shipping consultancy Clarksons Research.
Orders have slumped across the board, including for tankers, containers and bulk carriers, showing weak confidence among shipping lines, which transport the bulk of international trade.
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