It does not happen every day that secondhand deals for LPG carriers exceed those for bulkers, both in terms of numbers and in value.

However, that rare occasion is now coming to pass.

LPG carrier transactions with a combined value of about $150m have been reported since 12 September, compared with deals worth just $60m for bulk carriers in the same period.

This is not just a testament to the fragile and disheartening shape in which the dry bulk markets are currently.