Japan’s yards were unable to cash in on the rapid devaluation of the yen this year as the dry bulk market failed to deliver newbuilding orders.

The collapse of the yen — which fell to a 32-year low against the greenback — would traditionally have been a boost to shipyards, allowing them to earn more local currency from their US dollar-denominated newbuilding contracts.

In a bid to take advantage of the dramatic shift in the currency markets some domestic yards marketed ships on the basis of top-heavy payment schemes.