do some research or STFU, thanks.
1) Yes, it is Chinese New Year and the index is always having a dip around this time of the year.
But this time it has plunged 50% lower than average and is still on a very steep decline. The bubble has popped in China.
Read this [link to www.chinalawblog.com] for example.

2) Yes, there is overcapacity of ships but it only grows at 1-2% per month. No way does this explain a 50% in just one month.

The end game has started, buckle up.