Spot volatility increases but follow-through fails on muted fundamentals – The third week of March dealt a harsh blow to VLCC owners, as their hopes for a surge in cargo demand were dashed, leaving market dynamics working against them.

Booming dry bulk market defies red flag warnings emerging from the steel complex – Once again, the Capesize sector is leading the dry bulk rally although Panamax rates have also experienced a very strong performance with spot rates now hovering close to the 20,000-mark for the first time since December.