The dry bulk market is getting its strength from other commodities besides iron ore shipped on capesizes, according to an industry expert.

The sector is being lifted mostly from corn and coal on the smaller ships, according to John Kartsonas, founder and managing partner of asset management advisory Breakwave Advisors.

Capesizes have caught up with smaller bulkers and could regain their hold in spot market
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"China is buying corn like there's no tomorrow," he said during a conference call hosted by BTIG analyst Greg Lewis.