Rallying cries have been doing the rounds on social media, urging capesize owners to band together and force rates upwards.

Spoiler alert: it’s been tried before and it didn’t work — and it is even less likely to work today, shipbrokers and market analysts told TradeWinds.

In a scheme that has become the stuff of legend, shipowners Bocimar and Zodiac Maritime worked with shipbrokers more than 20 years ago to try to push up spot rates, but were ultimately unsuccessful.