Steady As She Goes – Realized volatility across the dry bulk sector has collapsed to at least seven-year lows as elevated baseline prices have severely compressed percentage fluctuations for the underlying indices, a trend further exacerbated by the typical August seasonal lull.

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.