Looking at the half-year results published by the first five pace-setting dry bulk shipping companies, it becomes clear that it was exceedingly difficult to offset the consequences of the coronavirus outbreak and the lockdowns of ports and terminals it triggered.

Viewing the results as an indicator for the industry overall, results for the first six months of 2020 look set to pull capital out of the sector and will set large requirements for the companies' abilities in the second half of the year, which is now a month and half old.