Covid-19 and decarbonisation are driving a global industrial shake-up that is sending parts of the dry bulk shipping market into overdrive.

This is what Nicholas Snowden, head of bulk metals and bulk research at Goldman Sachs, calls the “revenge of the old economy”.

He is referring to the way investment has been sucked into Big Data in recent years and away from oil companies, miners and commodities.

Snowden estimates capital expenditure in this section of the old economy has slumped to a third of levels a decade ago, leaving supplies of iron ore and other key minerals short just as demand accelerates.