The ongoing trade war between the US and China may benefit the drybulk sector as long as it does not hamper the global economy, a Jefferies analyst says.

The world's most populous nation receives more than 85% of its soybean products from the US, Brazil and Argentina, Randy Giveans points out in a note to clients.

"An uptiick in demand for South American soybeans would increase tonne-mile demand for drybulk carriers as the voyage is longer from Brazil/Argentina to China that from the US to China," he wrote.