On the other hand, ship owners are queueing up to place orders for series after series of vessels which shipbuilders love, as they can take advantage of economies of scale, as well as spending longer on the same ship design which is ultimately better for their bottom line.
With many berths now fully booked for years ahead it remains to be seen if the yards will hold their nerve and pause taking on more orders until steel plate prices drop. Supply and demand should rebalance after the pandemic, allowing steel plate prices to normalise, but it will be interesting to see what happens in the coming months.
