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The recycling market has increased its pace over the past week, with prices rising across the board. In its latest weekly report, shipbroker Clarkson Platou Hellas said that “market levels continue to firm without any significant sales to report in lieu of the oncoming Lunar holidays in the Far East.

The newbuilding ordering activity has remained quite subdued during the course of the past week, as holidays in China and Asia and an overall negative market sentiment, dampened investment appetite

Korea’s antitrust regulator said Tuesday it is imposing a combined fine of 96.2 billion won $80.7 million) on 23 Korean and foreign shippers for 15 years of collusion to fix freight rates.

The tanker market didn’t receive any positive news from yesterday’s OPEC decision to stick with its planned output increase of 400,000 b/d for March, despite rising market uncertainties stemming from the latest geopolitical tensions.