2021 was the best year since 2008 in the bulk carrier market as demand soared following economic stimuli around the world, themselves a political choice to help restore econonmic growth after the pandemic. But bulk carrier freight rates have been sliding since October last year: is this the end of the lockdown party? We think there are good reasons why not, including macro economic recovery from the pandemic, variations in Chinese fiscal policy, and especially a small orderbook this year. We also show how demand in volume terms turns into faster growth in ship activity. On top of that, seasonal patterns are changing in bulkers which explains the market tumble since October. Download the full report fo find out more.