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
Freight
Freight Recap:
18/12/25
Dec 18, 2025
The dry bulk market saw a softer overall tone, with Handysize holding largely flat, Supramax weakening across both basins, and Panamax continuing its decline despite some localized Atlantic support. Activity levels remained muted in many regions, with owners increasingly seeking cover ahead of the holiday period. The Atlantic showed mixed signals across segments, while the Pacific faced longer tonnage lists and weaker demand, keeping pressure on rates.
Commodities
Agri- Commodities:
08-12/12/25 Agri
Dec 15, 2025
CBOT markets finished lower ahead of Tuesday’s WASDE, which was widely expected to lack bullish surprises. MATIF wheat was the exception, posting small gains. Russian 12.5% protein wheat FOB for January delivery edged up by $0.5 w/w to $227.5/t, according to IKAR. Geopolitical headlines remained in focus after Ukrainian President Volodymyr Zelenskiy said US-brokered peace talks remain stalled over security guarantees and control of eastern Ukraine, particularly the Donbas.
Freight
Freight Recap:
11/12/25
Dec 11, 2025
The dry bulk market saw a softer overall tone, with Handysize holding largely flat, Supramax weakening across both basins, and Panamax continuing its decline despite some localized Atlantic support. Activity levels remained muted in many regions, with owners increasingly seeking cover ahead of the holiday period. The Atlantic showed mixed signals across segments, while the Pacific faced longer tonnage lists and weaker demand, keeping pressure on rates.
Commodities
Agri- Commodities:
01-05/12/25 Agri
Dec 08, 2025
USDA announced no new flash sales, disappointing soybean markets. Weekly export sales remain delayed and have not yet reached the period covering the US–China trade deal, leaving the true pace of buying uncertain. CBOT corn and wheat eased, while March MATIF wheat posted small gains after finding support at intraday contract lows. ABARES raised Australia’s 2025/26 wheat, barley, and canola output, though the increases were broadly in line with expectations. Algeria’s OAIC issued a soft wheat tender for February shipment, and Russian wheat prices slipped again, with 12.5% FOB for January at $227/t.
