According to figures from Japanese classification society Class NK, as of April, over 1,000 newbuild orders around the world were cancelled.
Class NK said it expected the number of cancellations to rise as the year progressed. It said that cancellations now extended to vessels that were tentatively reserved at shipyards and letters of intent for vessels to be built.
According to Class NK, the majority of cancellations were bulkers, followed by general cargo vessels, oil tankers, containers and chemical tankers.