Here is how today’s weird S&P market works according to one Asia-based broker. Rates go up, nobody thinks the rise will last, but the markets continue to edge up leading banks to agree to lend. People then purchase vessels, rates plummet and yet owners continue to buy ships as their loan facilities are in place and then the S&P market drops. Welcome to shipping in 2021.

In dry bulk cape volatility led the headlines in October. After reaching a peak spot rate of $86,953 per day at the...