Breakwave Weekend Read

Welcome to Breakwave Advisors Weekend Read

As the week comes to a close, take a moment to review the key insights from the past few days. Missed something? We've gathered all the top insights for you to catch up at your convenience.

Breakwave Shipping Report 

Stability Persists Albeit Nervousness Amongst Market Participants – Since early April, the dry bulk market has seen limited activity, with spot indices remaining within a broad range and freight futures gradually declining toward spot rates.

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Whilst many global markets are still trying to quantify and reassess their footing in the wake of the trade war truce, the dry bulk sector has remained firmly anchored to the realities of spot market cargo flows.


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Doric Weekly Market Insights


VLCC Tonne Days

At the end of the third week of May, we are analysing the AG growth in tonne days within the dirty segment for VLCC tankers..


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Signal Ocean Tanker Weekly Market Monitor



Unexpected Revocation - A Guinea Tale

Back in March, port congestion in Guinea drove a rally in Capesize freight rates as around 50 units were waiting to load at anchorages in Guinea, compared with just 25 vessels one year earlier.


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BRS Weekly Dry Bulk Newsletter



Bauxite: A critical raw material

Guinea's military government recent decision to revoke 51 mining licenses, for bauxite, gold, diamond, graphite, and iron due to noncompliance issues underscores a growing wave of "resource nationalism" across sub-Saharan Africa.

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Intermodal Weekly Market Report



Increased Congestion at Newcastle Dry Port

This week’s Market Monitor focuses on Australian dry bulk port congestion, following last week’s news of debris disrupting operations at Newcastle, the country’s largest thermal coal port.


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Signal Ocean Dry Weekly Market Monitor







Global Steel Production Ex-China Remains In Contraction

We continue to see considerable economic weakness (unrelated to tariffs) outside of China. 

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From Commodore's Weekly Dry Bulk Reports




Tariffs halted?

The US Court of International Trade deemed the tariffs illegal under the International Emergency Economic Powers Act.


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Forvis Mazars Weekly Note



Coal Power Expansion — China in Global Context

As the world grapples with intensifying climate and energy challenges, the future of coal remains a critical issue.


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Allied Weekly Report


Copper gains amid signs of stronger demand

A weaker USD helped boost investor appetite in commodities. However, uncertainty over US trade policies kept the gains limited.


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Commodities Wrap


Dirty Oil Flows Shift


Europe witnessed a 10% increase in crude oil imports in May 2025, likely due to refineries completing maintenance ahead of schedule, boosting crude demand.


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Signal Ocean Tanker Weekly Market Monitor