Core Viewpoint - HNA Technology indicates that despite the traditional shipping off-season in January and February, the dry bulk market is expected to show an overall increase from late 2025 to early 2026, with a "not-so-slow" off-season trend [1] Demand Side - Iron ore shipments from Brazil, Australia, and South Africa are active, while bauxite shipments from West Africa continue to increase [1] - South American grain cargoes are abundant, and pre-Spring Festival stocking demand in China has led to a year-on-year increase in sea imports of iron ore, coal, and bauxite [1] Supply Side - There is a tight supply of vessels, particularly a temporary shortage of available capacity for Cape-sized ships [1] - New environmental regulations and an aging fleet are forcing some vessels to reduce their sailing speed [1]