Steady Demand and Shrinking Vessel Supply Pushes Spot Higher – During the second half of August, robust iron ore transportation demand in the Pacific, driven by all three mining majors, combined with localized storm disruptions that tightened vessel lineups led to elevated freight rates on the critical Australia-to-China route.

Late August Shift Leads to Surging Spot VLCC Rates – The East of Suez risk premium identified in late July remains embedded in the VLCC market.