The trend is your friend is a phrase often said when you have no clue whatsoever about where the market is heading. You can clearly see that something is not rational, something is not business as usual, but you cannot nail it down.

Some of that is likely to be new market dynamics brought around be an unprecedented distortion of demand. After a dreadful first half, the tables have turned. China’s stocking up of almost every single dry bulk commodity, but coal, meant that normal short-hauls...