As the Chinese market furrowed on, unperturbed by the holidays, fewer deals were done, perhaps due to a slowdown in the number of negotiable candidates as many owners were already in a holiday mode.

One deal was however concluded - direct from owners to yard with the panamax bulker LUYANG HONGKONG (11,540 LDT) fixed for USD 375/LT LDT.

Prices have improved of late - almost on a par once again with Indian sub-continent levels and it will be interesting to see how the market progresses going into the New Year and just before the onset of Chinese New Year.