Capesize Rates Drop to One-Month lows as Fixing Frenzy Stalls – Following an exceptionally strong performance in May, during which Capesize spot rates reached a 15-year seasonal high, the market has begun to soften, with spot rates subsequently dropping to one-month lows.

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.