It was quite a week for Jefferies’ veteran equity analyst, Doug Mavrinac.

First, Mavrinac unveiled what may be the most bullish outlook on the dry bulk sector by an equity analyst to date. Next, he dropped coverage on two of the world’s most famous shipowners.

When the dust settled, Mavrinac had sketched out a case for a prolonged rally in dry bulk rates starting this quarter and extending “until at least 2016...