The turning point in the shipbuilding cycle is further
evidenced in figure 2.3, which illustrates the age
structure of the existing fleet. There was more tonnage
built in 2011 (that is, 2 years old in figure 2.3) than
tonnage built in 2012. Such a large weakening has not
been seen since the mid-1990s. The turning point is
also visible in figure 2.10, which shows that the order
book had already started to regress in 2009.