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.

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.