There comes a time when spot demand slows so much there are too many ships everywhere.  We have reached that point. The fact that more demand will be created next week after Chinese  New Year is without doubt. What we are not sure of is if it will be sufficient enough to turn the tide of falling Index numbers. It is not surprising that the freight market has collapsed for reasons outlined here before. Looking at the previous few weeks it has been the perfect storm mixture of slow demand with plenty of holidays and a large dollop of new buildings and ballasters added in. Owners have been forced  to fight to employ ships at uneconomic levels which are unsustainable unless tonnage is taken out of the marketplace either by renewed demand or layup. The former is more likely.