On day 35 of the invasion of Ukraine the fortunes of different ship types are still shifting into place as the world divides over its take of fuel from the world’s largest energy producer, Russia, while in dry bulk, the grain hole out of the Black Sea promises to alter the sector’s tonne-mile picture significantly.

In tankers, there are signs that the initial war bump aframaxes have enjoyed has started to fizzle out, while many analysts, looking longer term, warn VLCCs could be the overall l...