East of Suez Risk Jumps – The geopolitical risk premium identified in late July remains embedded in East of Suez tanker freight, but the disruption has evolved from a Hormuz centered issue into a broader Middle East routing risk spanning both the Gulf and Red Sea.

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.