Black Swans Everywhere as VLCCs Surge – The most severe conflict in the Middle East in decades has introduced considerable instability into the oil markets, which in turn has impacted tanker shipping operations.

Physical Leads the Way as Traders Remain Cautious – A resurgence in activity across all asset classes has propelled dry bulk spot rates to multi-month highs, with Capesize rates reaching their best levels of the year and Panamax spot rates surpassing $10,000 once again.