For all main vessel types,new orders are at historical lows,and the order book is rapidly. Unless large numbers of countercyclical investors place new orders in 2013 and 2014,by 2014 numerous shipyards will need to reduce employment.Reports from ship brokers suggest that in fact more such countercyclical invertors are emerging,expecting to benefit from the current low new building prices,and hoping for a revival of the shipping markets in coming years.Nevertheless,from the shipyards' perspective, the current capacity is almost certainly too high for even the most optimistic scenario.According to some estimates "shipyard capacity could be slashed by as 40 percent across the world and the industry would still be able to meet the demand for new ships for 2015