A spike in the spot market helped Bocimar produce a third-quarter profit but the Belgian bulker owner’s parent believes it too early to determine whether the recovery will be sustainable.

Compagnie Maritime Belge (CMB) says a surge in scrapping and increased demand for dry commodities have helped counter the strong influx of newbuildings.

At this moment “the markets have fully absorbed new vessel capacity”, it said in Thursday's preliminary earnings report.

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