Overcapacity could put the shipping sector's fragile recovery in jeopardy. 

This is according to Reuters, which has published results of a survey by law firm Norton Rose Fulbright. It found that companies placed the most orders for new vessels last year since the economic collapse.

Analysts warned that firms were still believing the purchase of additional ships is the best source of investment for their business. They added there was a huge gulf between these companies and others that were worried about overcapacity.

In the dry bulk sector, firms placed orders for 176 capesizes last year, the biggest spike since 2009. Additionally, 233 mid-range tankers were purchased, again the largest increase for four years. 

Harry Theochari, global head of transport at Norton Rose Fulbright, commented: "While optimism is growing in the shipping sector, a further imbalance in supply and demand risks throwing the current fragile recovery off course."

The survey is viewed as one of the transport sector's leading indicators of market conditions and surveyed 850 participants from a range of organisations.