"Almost 90 percent of China’s shipyards received no orders this year and about 28 percent have secured none since the end of 2009, Clarkson Plc (CKN), the world’s largest shipbroker, said May 16. "
"Owners are refraining from new orders after rates plunged and the
combined capacity of oil tankers, container ships and commodity carriers
reached a record. Earnings from the industry averaged the lowest since
1999 so far this year, according to the ClarkSea Index"