Popular opinion seems to be that the second half of 2022 will be better for capesize earnings, which is not difficult to imagine, given that average spot earnings were around $17,300 per day on Tuesday.

But the threat of a recession in major economies or a slowdown in global economic activity looms large.

On Tuesday, the Bank of England said the global economic outlook has “deteriorated materially” because rising commodity prices have pushed up inflation around the world.