Shares in the major listed dry bulker operators will come under pressure this year as investors price in a negative revision of earnings estimates, says Fearnley Securities.

The investment bank said barring sudden changes in China or the short-term macroeconomic outlook, it believes consensus estimates will trend downwards, especially in the coming three quarters

“We see downside pressure on the equities in the near term, largely driven by our expectations of quite substantial negative estimate revisions for the second half of 2022 and 2023,” analysts Oystein Vaagen, Erik Gabriel Hovi and Ulrik Mannhart said.