The dry bulk market has made some gains over the past month as China reopened its manufacturing sector, but macroeconomic indicators paint a rather dreary outlook for the sector, an Oldendorff Carriers executive says.

The Baltic Exchange’s Capesize 5TC of spot-rate averages across five key routes has improved by nearly six-fold over the past six weeks to $15,611 per day on Friday, mostly based on the belief that China’s economy will pull off a glorious post-Covid 19 recovery.

After all, the world’s largest steel producer’s manufacturing sector has returned to production levels unseen in more than a decade and the country has completely lifted its ban on Australian coal.