Shipowners and charterers are refusing to get carried away with talk of supercycles in commodities markets.

Speakers at TradeWinds' Shipowners Forum Singapore 2021 said that while bulker rates are strong, they are not yet in the rarefied territory that could justify categorisation as a sustained period of expansion.

Analysts have said iron ore is in a supercycle and Mark Williams, managing director of consultancy Shipping Strategy, said these supercharged commodity markets are driving bulker gains.