President of dry bulk shipping line John Wobensmith has stated that the shipping industry is set for waves of consolidation as new life is finally entering the beleaguered sector, according to CNBC.

As well as the growth witnessed in the container shipping sector, the Baltic Dry Index has shown a rise of 7% early in 2017, after hitting historic lows in 2016.

Wobensmith said: "Last year we probably saw the low and it was a 30-year low in terms of freight rates and asset values and now we're starting to see just the very beginning of a recovery.

"There were just too many ships that were built and delivered and we've seen a real slowdown in the number of ships that have been coming on to the water.

"What we really wanted to do was position this company [Genco] so it was in a position of strength to try and consolidate this industry and now that we've started to see the beginning of the recovery, we think it's the right time."