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The dry bulk market softened this week across all segments. Geared vessels remained under pressure, while Panamax lost the momentum seen earlier in March and moved back into line with the broader market. The key shift came from bunkers, which eased materially. This removed one of the few recent supports for freight, particularly in weaker basins where owners had relied on fuel costs to defend levels. At the same time, Atlantic grain regions remain oversupplied with prompt tonnage, keeping pressure on rates.

Grains started the week under pressure, led by soybeans, which moved sharply lower alongside easing oil prices. Wheat and corn followed the weaker tone, while broader financial markets pointed to improving risk appetite, with equities higher and volatility declining. FX markets remained active ahead of central bank decisions, as the euro recovered and the Russian ruble weakened further.

Mads and the Sparta team explored the impact of Trump’s tariffs, sanctions, and market inefficiencies on oil and freight trading, as well as how tariffs on Mexico, Canada, and China could reshape trade flows—discussed

Will Latin American countries continue to increase import of Russian wheat? Our colleague Indrek Aigro shared valuable insights at the Abitrigo Conference on shifting import and export trends in Latin America