Dry bulk spot rates move closer to seasonal averages as summer begins – With the strongest first quarter for Capesizes in 14 years behind us, dry bulk rates have now moved closer to the typical rate for this time of the year, with the Baltic Dry Index sitting at roughly 15% above the 7-year average.

The VLCC Market Remains Well Supported as Attention Turns to Summer Demand – As the end of May approaches, the VLCC freight market has remained on a slight upward trajectory, with the benchmark rates from the Middle East Gulf to China up approximately 15% since the beginning of the month.