Paris-based broker Barry Rogliano Salles (BRS) is predicting that up to 40 million dwt of newbuildings could be cancelled this year in response to the dry market freight-rate collapse.

That would be the highest level since 2009 and 2010 when the post-Lehman Brothers shipping recession prompted 36.3 million dwt and 38.7 million dwt of cancellations, respectively.

In its annual shipping report, BRS said: “In view of the disastrous dry bulk freight market we predict that many shipowners will not be able to take delivery of newbuildings in 2016.