Bulker shares surged in New York on Friday as broader stock markets gained and investors took a liking to signs that China lockdown pains are poised to ease. The Breakwave Dry Bulk Shipping Exchange Traded Fund jumped 4.7% during the day to reach $7.72, according to data from Yahoo Finance. But the measure of bulker stock strength seesawed over a week in which it also touched its lowest level of the year, and its latest close was only a penny higher than the reading on the prior Friday. The ETF has lost 73.8% so far this year.

Friday saw at least five New York-listed bulker stocks post gains of more than 5%. Stifel analyst Benjamin Nolan tied the gains to some optimism over parts of China coming out of lockdown, where a zero-Covid-19 policy has hurt dry bulk markets. On Wednesday, Breakwave Advisors, the asset management firm that runs the dry bulk ETF, said on Twitter that relaxation of China’s zero-Covid policy was leading to positive sentiment in the iron ore sector. And the shares did spike, with the fund surging to nearly $8, before slumping again as stocks across New York markets were punished by news over interest rates.

But on Friday, Golden Ocean Shipping, the John Fredriksen-backed bulker owner, led the pack in the upward swing. Its US-listed shares added nearly 9.8% to close the session at $9.45. Right behind it was Greece’s Star Bulk Carriers, which saw its share price rocket 9.2% to $19.44. Eagle Bulk Shipping saw its shares jump 5.6% to $51.84, even after the Connecticut company reported lower-than-expected third-quarter earnings. “Eagle’s third quarter results came in at a $4.01 EPS [earnings per share], which was lower sequentially, but still reflective of a remarkably strong market,” Nolan wrote in a note to clients.

The stocks no doubt had some help from a spot market that took a modest rebound on Friday. The Baltic Dry Index, a cross-segment measure of bulker market strength, edged up 33 points to 1,323, ending a decline that had been unbroken since 18 October. But broader stock market gains also likely provided some lift, with the Dow Jones Industrial Average gaining 1.3%, although that was a 1.4% decline for the week.