Will the third time be the charm? Spot rates continue to creep higher – Despite the strong iron ore export volumes for August, the dry bulk market remains stagnant and in the tight range that has prevailed over the past three months.

VLCCs plummet as OPEC cuts take a toll, but sentiment remains upbeat – Spot VLCC rates have now dropped back to their 2021 range and below $10/ton, as lower exports out of the Middle East due to the recent OPEC export cuts have reduced demand for tonnage.