Dry bulk recovery is a question of when, not if, owners say

Two US-listed Greek owners have expressed confidence about a meaningful recovery of dry bulk freight rates in 2021.

Polys Hajioannou of Safe Bulkers and Aristides Pittas of EuroDry, however, were not in the same mind as to when exactly this might occur.

Pittas was the more conservative of the two, estimating that recovery would arise in the second half of the year.

“We think that the first part of 2021 will not be a strong half, certainly the first quarter, because of the pandemic and the lockdowns that follow,” Pittas said in a conference call with analysts on Thursday.