Shipping Quarterly: Q4 2020 A Mixed Picture ; Dry Bulk- Despite seasonal weakness in 1Q21E, expect consecutive annual gains until at least 2023E; Oil Tankers- Short-lived gains in 4Q2020; LNG Carriers- Earnings to stay low amidst healthy fleet growth and limited demand growth until a potential super-cycle develops from 2024E; LPG Carrieers- VLGC share index -30% by 1Q21E, but +144% by year end 2022E- Cleaves Securities, October 14, 2020