Shipowners have splashed less than half of their record cash haul on newbuildings, Steve Gordon says

Flush shipowners have invested significantly less in newbuildings in the present boom cycle than in the previous stellar period before the financial crisis, despite piling up more cash this time around, according to Clarksons.

This restraint has come as the industry is experiencing the unusual pleasure of all core markets performing strongly at the same time, Steve Gordon, global managing director of Clarksons Research, explained.