Bulker owners association Intercargo has mounted a strong defence of the sector amid reports of a growing pullback from financiers in coal trades.

Reuters has reported that lenders are cleaning up their businesses as COP26 nations signed a watered-down deal to "phase down" not phase out the dirtiest fossil fuel.

Six European finance houses representing more than 5% of the estimated annual $16bn capital financing requirements of the bulker sector have said they are either reducing their exposure to coal-carrying vessels or were considering such a move.