BDRY

50% Capesize/iron ore

40% Panamax/Panama Canal

10% Supramax

Major exports: NA(US gulf corn, soybean), SA(Brazil iron, Soybean, corn/ Columbia Coal), Oceania, Columbia, Indonesia, South Africa

Major imports: Asia(iron, coal), France

Risk

geopolitical issues and high volatility, Red Sea crisis (Houthi Rebel Activities), R-U, H-I

C: Atlantic market reduction/ High iron ore inventory in China/ Fleet scrapping(more VLOC, less Capesize)

P: Slow grain exports from the US/ rise in cargo splits

Potential
China's rebound

US geopolitical involvement (Iran, Saudi)