The dry bulk market continued falling on Monday as the business of shipping in Asia took a back seat to Chinese New Year, which began on Sunday and will carry on for a full week.

But the entire sector has been on a downward trend for the past month as the world celebrated holiday after holiday and China halted its struggling real estate sector, falling to levels not seen in 2.5 years.

The Baltic Exchange’s Capesize 5TC basket of average spot rates declined 6.7%