The dry bulk spot market may remain in the doldrums over the next few weeks, but bulker futures have been on the rise, pointing to a stronger rebound after the Chinese New Year.

On Tuesday, the Baltic Dry Index, a broad-based measure of the bulker spot market, fell to 946 for the first time in more than two years.

Spot rates for key bulker sectors have continued a steady decline from late December fell further as Asia shuts down manufacturing for the week-long holiday starting on 22 January.