Jefferies has reduced its estimates on seven New York-listed dry bulk shipping companies under its coverage, despite the sector showing some signs of life after a prolonged downturn.

The US investment bank lowered price targets and earnings per share (EPS) forecasts up until 2021 on Diana Shipping, Eagle Bulk Shipping, Genco Shipping & Trading, Navios Maritime Partners, Safe Bulkers, Scorpio Bulkers and Star Bulk Carriers.

"We are reducing estimates for all dry bulk companies due to a confluence of short-term events, including the impact of coronavirus, which have driven rates well below normal seasonal lows," analyst Randy Giveans wrote in a note on Thursday.