However perilously low the Baltic Dry Index might be, there are opportunities to be had this year in the dry bulk sector, the chairman of quickly evolving Franbo Lines from Taiwan, China insisted.

Pang-Chuan Tsai, Franbo's chairman, reckons that ship scrapping will jump this year and freight rates are unlikely to dip further.

"It is still difficult to predict the shipping industry for the coming years," He says, "but the rebound opportunity is likely to be high this year."

Franbo listed last October and has been using the cash to build up its fleet. The firm's long-term plans are a fleet replacement programme that will take the fleet to 15 ships.

Founded in 1998, Franbo started out with small bulkers plying cross-strait trades. It has since then tapped partners in Japan to forge Southeast Asian routes and expanding further into global routes.