In dry bulk it has been a quiet month for S&P. However, brokers argue this is a result of there being few sellers rather than lack of buying appetite, with many big names in the industry confident of a market about to turn and keen to get their hands on tonnage.

"There's an anticipation of a recovery in the coming months. We are already seeing rising interest in dry bulk tonnage and that’s supporting asset values," Burak Cetinok, head of research at Arrow Group, told Splash Extra.

It’...