The year 2012 saw the turn of the largest shipbuilding
cycle, in terms of GT, in recorded history. Between
2001 and 2011, year after year, new building
deliveries reached new historical highs. Even after
the economic downturn of 2008, the dead-weight
tonnage delivered annually continued to increase
for three more years due to orders that had largely
been placed prior to the crisis. Only in 2012, for the
first time since 2001, was the fleet that entered into
service during the year less than that delivered during
the previous 12 months.