October has been an absolute "stand still" month in all shipping segments, with very few orders being reported. Rumors for cancellations and renegotiations are spreading in the market like a wild fire, however, very few are being confirmed by the yards/owners.
Depreciation of the won, expectations of falling steel and material prices, makes yard more competitive on newbuilding prices. Based on numbers we have seen from ongoing discussions, we have reduced prices by 15 percent compared to last month. Although these numbers have not been confirmed, the trend is clearly negative.