A second wave of Covid-19 will depress investment returns on secondhand tonnage and drag down newbuilding prices further, according to Maritime Strategies International (MSI).

With renewed Covid-19 outbreaks in China, the US and some other countries, the London-based consultancy has been modelling the performances of shipping ­markets in what it describes as a “low-case scenario”.

A resurgence in Covid-19 in the second half of the year in major economies would “have a significant impact on demand, trade flows, supply, earnings and prices”, managing director Adam Kent told TradeWinds.