Berge Bulk chief executive officer James Marshall says his opinion about the recent rally in the dry bulk sector remains cautious and it may be a couple of years before the purchase of even second-hand tonnage could be justified.

Marshall, who took part on a dry-bulk panel at the Marine Money conference held in Singapore yesterday, described the recovery in the dry-bulk sector as having only just passed the starting line and said that while the market was looking positive in the short term, there were still dark clouds on the long-term horizon.