Greek shipowner Aristides Pittas expressed confidence in the prospects of the dry bulk market as his US-listed company EuroDry reported a robust set of earnings.

Despite their steep drop since October, spot earnings are still high compared with long-term averages, Pittas said in a results release late on Wednesday.

A recovery in one-year charter rates since December suggests that declining spot earnings are “only temporary”, in line with “a cyclically common effect during the first couple of months every year”, he added.