New ship contracts fell 12% in the first quarter from an already low base.
Data from Clarksons shows a total of 144 vessels were ordered to 31 March: 39 in January, 47 in February and 58 in March.
This compares to 89, 17 and 58 respectively in 2016, for a total of 164.
The pace of the decline in the shipping slump is slowing however.
