Japan is the one major shipowning nation that has not seen a significant increase in spending on newbuildings by its shipowners, latest figures show.

The nation's shipowners have spent $7.4bn on new ships so far this year — $200m down on 2020, according to figures from Clarksons.

This is in stark contrast to countries such as France and Taiwan, where spending on new tonnage has increased by over 12-fold year on year.