Uncertainty Remains – The VLCC market is increasingly shaped by geopolitical risk and regional access constraints rather than underlying freight fundamentals, with what initially appeared to be a temporary reaction to Middle East disruption now evolving into a more entrenched divergence between the Arabian Gulf and the Atlantic basin.

Dry Bulk Spot Rates Approaching Seasonal All-Time Highs – The dry bulk market remains exceptionally resilient, with robust global iron ore and bauxite volumes driving spot rates to near-record seasonal highs despite a rather uneventful coal market.