Mads Frank Markussen explored the impact of Trump’s tariffs, sanctions
Feb 12, 2025
Recently, our colleague Mads Frank Markussen, Head of Freight Research & FFA, joined Felipe, Neil, and Michael on a special bonus episode of Sparta Market Outlook to dive into all things freight.
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 potential US-Europe tariff conflicts and why Russian sanctions have had a limited effect on dry bulk markets.
The conversation covered key differences between tanker and dry bulk markets and the growing influence of emissions regulations on voyage costs across the industry.
A must-listen for anyone in freight and commodities—check it out!
Listen to the full podcast here: https://www.spartacommodities.com/insights/freight-special-with-mads-frank-markussen-head-of-freight-research-ffa-at-cm-navigator/
Weekly Recaps
Commodities
Agri- Commodities:
23-27/03/26 AGRI
Mar 30, 2026
Grains started the week under pressure as a Trump headline triggered a sharp drop in oil and lifted broader financial markets. Wheat and corn followed lower but managed to recover from intraday lows as uncertainty around the announcement grew. Market direction remained tied to whether the situation signals a real de-escalation or only a temporary pause.
Freight
Freight Recap:
27/03/2026
Mar 27, 2026
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.
Commodities
Agri- Commodities:
16-20/03/26 AGRI
Mar 23, 2026
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.
Freight
Freight Recap:
19/03/2026
Mar 19, 2026
The dry bulk market showed a more fragmented picture this week. Larger sizes regained some strength on Atlantic-driven demand, while the geared segments continued to soften and Panamax moved into a more constructive but still uneven phase. A key theme now cutting across all segments is macro-driven volatility. Escalating geopolitical tension in the Middle East is pushing energy costs higher, influencing bunker pricing, routing decisions, and overall risk appetite. At the same time, commodity flows are beginning to shift at the margins, adding another layer of complexity to positioning.
