Spot focused companies with capesize exposure are the best way for investors to play the recovering dry cargo market, said Axia Capital as it took up coverage of five bulker owners today.

Analyst Clinton Webb branded the recovery real, noting high level of time charter and sale-and-purchase activity during the early months of 2017.

He counted bulkers of 10.8 million deadweight locked away on charters of one-year or more in the first quarter and 15.5 million deadweight changing hands on the sale-and-purchase market during the period.