The global shipping industry should start to bounce back from an extremely difficult 2013.

A study by consultancy firm Drewry suggested cargo volumes will begin to pick up towards the end of this year, leading to the recovery of the sector's market share through 2015 and 2016. In addition, the report stated global steel production is projected to rise at an average rate of five per cent over the next 24 months.

In terms of multipurpose shipping, the survey found demand should increase by around five per cent over the coming years. The outlook for project cargo, however, was more mixed. Expectation levels for 2014 remain subdued, though the study expected the sector to begin to recover market share through 2015 and 2016. 

Susan Oatway, senior consultant at Drewry, stated: "The forecast does provide some room for optimism for owners. Demand is expected to continue to grow and has the potential to deliver significantly increased volumes."

According to the report, 2013 was a worse year for the shipping industry than even the recession-hit 2009. This was because market share dropped to only eight per cent of dry cargo, despite the fact tonnage was actually higher.