Confidence in the shipping industry has fallen to an average of 5.6 on a 1-10 scale compared to 6.8 in May 2008, with overtonnage and excess shipbuilding cited as the main reasons for the decline, according to the Moore Stephens survey.

"The outlook remains volatile, but exciting," said Moore Stephens partner Richard Greiner, who noted that in the "containership market one has to go back to October 2008 to find a lower figure".

Expectations of improved rates over the next 12 months were also down.

Elsewhere in the survey, participants' likelihood of making a major investment or significant development over the next year declined from 5.3 to 5.2. Forty-seven per cent of them expected finance costs to increase over the next year, down a percentage point from the previous survey, reported Vancouver's Ship & Bunker.

As for factors most likely to influence performance over the next 12 months, respondents cited demand trends, competition, and port congestion as the top three.

Mr Greiner added that global unrest in general "does nothing to help confidence in industries such as shipping".