Schifffahrt 2012

AFTER A REBOUND IN ACTIVITY IN 2010 - WHICH CONSTITUTED A PLEASANT SURPRISE FOR THE YARDS ANDWHICH WAS FUELLED BY THE GLOBAL ECONOMIC RECOVERY PLUS A SIMULTANEOUS 30%-45% FALL IN NEWBUILDINGPRICES FROM THE 2008 HIGHS - WORLD SHIPBUILDING HAS ENCOUNTERED NEW DIFFICULTIES IN 2011AND A COLLAPSE IN ORDERS OF ABOUT 40 %, RESULTING IN ESCALATING COMPETITION BETWEEN SHIPBUILDERSAND A FURTHER DECLINE IN NEWBUILDING PRICES.