The last month was not the gentle tail-off to Christmas that we are used to in most years. Perhaps with fewer parties people are using their clearer heads to bid on ships. The Clarkson secondhand price index (pictured) enjoyed a merry yuletide jump to boot.

A steady stream of Japanese tonnage inviting offers has kept brokers on their toes and there’s no shortage of buyers, with healthy competition on each ship.

In terms of S&P, the bulker market is still playing catch up with previo...