The spot market for panamax bulk carriers is still awaiting its seasonal upturn, as a general lack of industrial activity continues to retard recovery and sit on sentiment.
China is on holiday this week for its Golden Week celebration, which has halted some demand and chartering activity since last week.
“The absence of many Chinese buyers during the celebrations will weigh on trading and cargo order volumes during the coming week,” ShipFix analyst Ulf Bergman said in a daily market report on Wednesday.
