So far is this from the truth, that between September 1939 and 1943 the British-controlled dry-cargo fleet actually increased, from 18.7 million deadweight tons to 20 million tons.
(Source: Britain's War Machine; Weapons, Resources and Experts in the Second World War, by David Egerton (Allen Lane, 2011) - a mine of useful corrective data for some of the commonly-held myths about the British in WW2)
They had to increase shipments because most of it was sitting on the bottom of the Atlantic Ocean.
Edgerton.
And yes it is a superb book. One that should be taught in history classes and be the subject of a major documentary.