Shipowners are playing a long game when it comes to dry bulk. Rates were off drastically this month, and yet bulker prices remained firm, and sealed transactions were surprisingly high.

Month-on-month bulker S&P activity is up by around 60% this month, according to VesselsValue, with a total of 51 vessels sold, compared to 31 in April.

Panamax values have firmed this month as a result of recent transactions that have seen high achieved sale prices.

Ten-year-old panamaxes increas...