By Aasa Christine Stoltz

OSLO (Reuters) - At least one-third of orders to build dry-bulk ships may be cancelled and many others delayed due to the global financial crisis and tight lending conditions, industry insiders and analysts said.

Demand for ocean transport has plummeted due to falling demand for commodities and to fears of recession. Freight rates have tumbled and financing of projects has proved tougher in the industry as lending conditions stay tight.

The massive fleet orderbook, built up over five years of booming growth, is expected to see large cuts, with many already announced. Many industry sources now say that the cut in orders could be even bigger than expected.

"We think that one-third of the bulk order book will be cancelled and that the remaining orders will see quite a few delays," Erik Andersen, head of shipping brokerage Platou, told Reuters, adding that this was mainly for 2010 and 2011.

Andersen said that as a result, the order book would grow by about 7-8 percent per year over the next few years, down from 12-15 percent in the peak years.

This week U.S.-based Genco Shipping & Trading Ltd (GNK.N: Quote, Profile, Research) cancelled a deal to buy six drybulk vessels. Britannia Bulk Holdings Inc DWT.N said in late October it may file for bankruptcy protection due to the financial squeeze.

The Baltic Exchange's dry sea freight index .BADI, a gauge of global demand for dry commodities, sank to a 9-year low this week, as fears of global recession and tight lines of credit suffocated trade.

The London-based index which tracks prices for raw materials, excluding oil, on top export routes, has fallen more than 90 percent from its peak in May this year.