Just at a time when Europe discovers the vast growth opportunities linked to new technologies for the sustainable use of the oceans and seas, the key maritime sectors face their deepest slump ever. Driven by ill-informed speculation, massive overcapacities have built up in global shipping and shipbuilding. All three main markets for standard ships, containerships, bulk carriers and tankers, are substantially oversupplied. While shrinking cargo volumes cannot fill existing ships, the orders for new ships placed over the recent years trigger a global fleet growth of nearly 50% by 2012. Now buyers and their bankers challenge signed contracts and urging shipyards to accept delays and cancellations or face prolonged order draught.
