Total spending on newbuildings and secondhand tonnage combined stands at an estimated $147bn so far in 2021, according to data from Clarksons.

This compares with just $74bn recorded in the whole of last year when activity was severely disrupted by the initial impacts of Covid-19, the shipbroker said.

Clarksons said spending this year was 46% above the average annual spend of $100bn seen across the prior three years.