VLCC Gulf Strength Persists as Atlantic Softens – The month of May marked a turning point for the VLCC market. Geopolitical risk in the Middle East continued to drive extraordinary earnings in the Arabian Gulf, while the Atlantic Basin increasingly reflected softer freight fundamentals.

Calm Spot Market Hovering at 15-Year Seasonal Highs – The dry bulk shipping market continues to demonstrate notable stability and resilience, remaining insulated from the acute volatility impacting other major commodity sectors.