Newbuilding dry bulk deliveries dropped in the first month of this year, which may unburden oversupplied bulker fleet.

In January, around 8m dwt newbuilding bulkers joined the fleet, while 12m dwt were delivered on the same month of last year.

Global Hunter Securities said "This could be indicative of easing pressures on the supply side as the orderbook is worked down."

Drewry said in its latest report that bulker shipping market has no choice but to depend on growth in commodity trade for at least a couple of years to come, since tonnage supply keeps increasing.