US-listed dry bulk shares surged 61% in the first two months of this year, nearly doubling the 31% average gain for the 32 shipping stocks under coverage of investment bank Jefferies.

But for investors who want to take advantage of shipping’s exposure to an emerging global recovery from the Covid-19 pandemic, what can they do?

Has anyone who has not jumped on the dry bulk train already missed all the fun — and outsized profits? Is the surging sector still the place to be, or is it a smarter move to begin shifting bets into trades such as tankers, whose rates recovery is still months off in most estimates?

For Jefferies lead shipping analyst Randy Giveans, the dry bulk story is not over...