US investment bank Stifel today delivered a sober assessment of the dry cargo market upturn as it introduced higher earnings estimates that suggest a staggered return to profit for most listed companies during the next few years.
Analyst Ben Nolan said the market was struck between bull and bear cases and suggested only a modest recovery would unfold.
Nolan summarized the present bulker market as having seen a "strong uplift in optimism", alongside a "respectable" rise in asset values and a "modest recovery" in spot rates.
