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Dry bulk sentiment stayed uneven this week. The larger sizes showed some recovery midweek, but the geared segments and Panamax were more mixed, with momentum heavily dependent on basin balance and prompt positioning. In the background, operational risk and cost volatility remain front of mind. Bunker prices have been swinging sharply and the security picture around key transit corridors continues to inject uncertainty into voyage economics and scheduling.

Grain markets started the week with strength, briefly pushing wheat and soybeans to new multi-month highs before quickly reversing. Chicago wheat failed to hold above the key $6 level and sold off sharply as the dollar strengthened and U.S. equities recovered. The rapid turnaround highlighted the unstable environment, with volatility remaining the dominant feature as the Middle East conflict continues to shape broader market sentiment.

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