In daily market report the brokerage told clients that 50 bulkers totaling 3.79 million dwt hit the water in February, which marks a steep decline when compared to figures reported months prior.

“This compared with 120 vessels of 10.1 million dwt in January and was the second lowest monthly total since December 2009,” it said.

“The largest decline in additions last month was in the panamax fleet where 14 ships [totaling] 1.17 million dwt were delivered."

Nevertheless, SSY continued, after allowing for scrapping, net growth of dry-bulk tonnage in the 65 to 99,999 dwt segment over the last two months of 2.4%