Disruptions to coal trade flows mean that capesize spot rates will not see sudden spikes later this year but steady rises, according to John Michael Radziwill.

Meanwhile, the CEO of bulker manager C Transport Maritime (CTM) said it is “pretty difficult” to take a bearish outlook for dry bulk over the next 18 months.

GoodBulk, the public arm of CTM, has 100% exposure to the spot market.