January tends to be a tough month rates-wise for many ship types. Shipping’s real year increasingly tends to get going after the Lunar New Year celebrations are out the way. A soft rate environment - bar the storming container scene - translated into a muted S&P month with the notable exception of gas.

“It's been a pretty dull start to the year. The Indonesia coal ban plus omicron plus Chinese New Year, they have all come together to dampen the S&P spirits,” one Asia-based broker tel...