Shipowners in Greece, the biggest ship-operating nation, spent US$2.3 billion on new vessels in May, 28 per cent less than in the previous month, because they were unable to secure yard-building slots, broker George Moundreas & Co said.
The drop from a record US$3.2 billion in April reflects the longer time before ships can be delivered rather than waning investment interest, Moundreas said yesterday in a report.
Greek shipowners have placed an estimated US$12.4 billion of orders this year, compared with a record US$14.3 billion in 2006, Moundreas said.
Almost two-thirds of May's spending was on vessels that can carry commodities such as iron ore and coal, it said. Commodity freight rates have more than doubled in the past year on demand for raw materials from emerging nations, especially China.
There were 41 ships ordered in May, including 34 dry-bulk carriers. Fourteen of those were for capesize vessels.
The drop from a record US$3.2 billion in April reflects the longer time before ships can be delivered rather than waning investment interest, Moundreas said yesterday in a report.
Greek shipowners have placed an estimated US$12.4 billion of orders this year, compared with a record US$14.3 billion in 2006, Moundreas said.
Almost two-thirds of May's spending was on vessels that can carry commodities such as iron ore and coal, it said. Commodity freight rates have more than doubled in the past year on demand for raw materials from emerging nations, especially China.
There were 41 ships ordered in May, including 34 dry-bulk carriers. Fourteen of those were for capesize vessels.