Supramax and panamax earnings may be dented in the short term after Indonesia — a major source of seaborne coal — announced an export ban on the commodity on 1 January.

The government may reconsider the move as early as 5 January, Fearnleys said in a note to clients on Monday.

"While this is likely to be short-lived (and there are still plenty of uncertainties), our first take is that this should negatively impact supramax/panamax [rates] near-term," the brokerage said in its morning report.