Prospects for dry bulk shipping remain uncertain as questions loom over what China will do with its zero-Covid policy.

Analysts including Goldman Sachs believe China may loosen the all-or-nothing approach to pandemic restrictions as its economy continues to falter and protests pop up across the country, Bloomberg reported. But they said there is also a chance it may stick to its guns as the virus continues to spread.

China will probably relax the policy in the spring, causing the market to improve during the second quarter of next year, said John Kartsonas, founder of Breakwave Advisors, an asset management firm that runs a dry bulk ETF trading platform.