Overall contracting of new vessels plunged in the three-month period from July to September to a mere 88 units, according to data provided by Clarkson Research.
When compared to the same period in 2015, the orders dropped by some 81 percent from 481 vessel orders.
Due to an oversupply in the shipping market, accompanied by low freight rates, the owners were not eager to invest in newbuildings during the third quarter.
In September, the shipbuilders received a total of 18 new orders, a 91 percent drop from the 220 ship orders placed in the same month a year earlier.
During August the owners ordered 45 new ships, down from 101 reported in the same month in 2015, while July numbers reached 25 new orders, compared to 160 placed a year before.
Clarksons earlier said that the shrinking orderbook has led the number of active yards, ones which have at least one vessel (1,000+ GT) on order, to decline since the financial crisis in 2009.
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of September 2016.
As of start September 2016 there were 402 active yards, down 57% on the 2009 peak, Clarkson Research said.
Alongside this drop in the number of active yards, newbuild output has fallen and this year is projected to stand 34% below its 2010 peak in CGT terms.
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