Dry bulk rates for 2016 will be, on average, lower than last year, according to forecasts by Drewry, despite the recent run-up in rates.

The UK-based shipping consultancy says the medium-to-long term fundamentals for dry bulk shipping will “remain challenging”.

“The dry bulk sector has seen a period of recovery in recent months based on higher iron ore, coal and grain trade,” said Drewry.

“The