And analyst Natasha Boyden is also casting concerned glances at a revival in capesize newbuilding activity led by John Fredriksen’s Frontline 2012.

Dry cargo rates climbed only modestly last week with falls in the capesize sector countered by improvements in smaller asset classes.

By contrast Boyden notes dry stocks are “on a tear” significantly outperforming the wider stock market.

Eagle shot up by just shy of one third last week, with Paragon Shipping and Star Bulk also showing strong progress.

“We