Bulker markets are set to make a comeback later this year, ahead of an “extremely bullish” outlook from 2025 onwards, according to Fearnleys.

The Norway-headquartered shipbroking group said on Wednesday that it expects a “broad-based upcycle” in dry bulk markets will begin sometime between the final three months of this year and the second quarter of 2024.

“Consequently, I think it could be a good idea to position for this during the coming months and quarters,” analyst Bernhard Andres Baardson said while presenting the research at the Astrup Fearnley Shipping and Energy Conference in Oslo on Wednesday.