Shipbuilding orders fell heavily as the pandemic spread early last year, but yard bosses now believe the impact has been minimal as the orderbook has bounced back.

Global newbuilding contracts fell by one-quarter to 22.6m cgt in 2020 and their value declined by 39% from 2019 to $48.7bn, according to Clarksons Research, as companies scaled back orders because of the initial disruption to supply chains.

But prospects for the shipbuilding industry have dramatically improved this year, with several yards already exceeding their 2021 order targets.