VLCC Market Holds Ground but Lacks Fuel into Yearend – In the lead-up to midDecember, the Arabian Gulf VLCC market exhibited restrained sentiment, as activity remained muted due to limited new inquiries and ample available tonnage.

The Battle of Seasonality Continues – With current Capesize spot rates in the $40,000 range and the January futures contract trading in the low $20,000s, the dry bulk market appears to be positioning for a significant correction in spot rates, one consistent with historical patterns.