We're still in that mode of having a vast oversupply of ships in the industry with post panamax and supramax leading the way in new tonnage. The orderbook is diminishing but the ship supply is still getting hit with the huge number of orders from a couple of years ago. That oversupply has hammered rates and driven down profitability and, for that reason, Star Bulk's market cap is as cheap as it's ever been as it's currently sitting around $40 million.
...in new tonnage on a percentage basis, that should have read.
The article also gives a breakdown of the supply, from Intermodal, "According to Intermodal, “looking into deliveries of specific bulker size segments in 2012, we have recorded 49 VLOC’s, 91 Capes, 73 Post Panamax, 168 Panamax, 226 Supramax, 13 Handymax and 189 Handysize being delivered. In 2013 the world bulker fleet will have a capacity of about 750mil tons and this is a reality that we all have to face…!” the report stated."