Fearnley Securities has bemoaned an "abysmal" year for capital activity in shipping, and it does not foresee any improvement in 2021.

The Norwegian investment bank blamed muted fundraising in 2020 on the Covid-19 pandemic.

Fearnley has tallied a total of $3.9bn raised last year, down 52% from already soft 2019 levels.

Crucially this excludes the cruiseship sector, where owners have desperately been adding to liquidity as fleets were idled.