Newbuilding orders may be 50% down on last year, but there is every reason to be cheerful for yards that can survive the crisis.
That is according to Stephen Gordon, the managing director at Clarksons Research.
Despite the depressing figures, Gordon said the shipbuilding industry is in a better condition to survive the downturn than in previous recessions.
After major consolidation, there are only one-third of yards actively working in shipbuilding compared to a decade ago.
