It’s rare that Splash Extra has to reach for a dictionary following a conversation with a shipbroker. Extremely rare. Nevertheless we learned a new word this week for the act of stretching oneself and yawning, especially upon waking.

“The S&P market is pandiculating,” said one broker, with Splash Extra feigning like we knew what he meant.

“It’s snoozily limbering up for a few more sales before it can clock off for the year,” he added.

It has been overall a muted month for comple...