According to figures presented in its World Shipyard Monitor publication, in the year to the end of November, 1,625 ships were ordered amounting to 102 million dwt.

Spending also fell, reaching only $90.1bn this year, down 24% on the previous year.

But around 47% of total ordering was crammed into the first quarter of the year, highlighting the dearth of new contracting in the second half.

Lower