Dry Bulk Rate Volatility Collapses as Spot Rates Remain High – The dry bulk market continues to trade at historically elevated levels with no immediate signs of a correction, while freight rate volatility has collapsed to multi-year lows.

Geopolitical Risk Premium Broadens – As July comes to an end, the VLCC market has reverted to pricing geopolitical risk as the dominant driver of freight formation, reversing the gradual stabilization that followed the June ceasefire.