Dry Cargo

An experienced team specialising in the Capesize market, our dry cargo brokers operate from key hubs in London, Dubai, Singapore, and Hong Kong. We extend our services to smaller deadweight markets based on our clients’ needs. Backed by robust research capabilities, our goal is to offer informed advice and assistance, guiding clients through the intricacies of the challenging and highly volatile freight markets.

Our goal is to offer more than just brokerage services; we aim to provide informed advice and assistance that guides clients through the intricacies of today’s challenging and highly volatile freight markets.

Dry Cargo in numbers

1590+

Capesize and Newcastlemax bulk carriers in operation

1b

Tonnes Chinese Iron Ore imports in 2022

Dry Cargo Team

Adelene Low

Dry Cargo Operator

Department: Dry Cargo Capesize Ops

Location: Singapore

Bernard Zhang

Trainee Broker

Department: Dry Cargo

Location: Hong Kong

Carl Palmer

Broker

Department: Dry Cargo Capesize

Location: Australia

Edward Calbom

Broker

Department: Dry Cargo Capesize

Location: Dubai

James Stewart

Sectional Director

Department: Dry Cargo Capesize

Location: Singapore

Jeremy Abbott

Research / Broker

Department: Dry Cargo Capesize

Location: London

Nicholas Ward

Director

Department: Dry Cargo Capesize

Location: Singapore

Samuel Tay

Broker

Department: Dry Cargo Capesize

Location: Singapore

Shengming Zhang

Broker

Department: Dry Cargo Capesize

Location: Hong Kong

Stuart Mitchley

Broker

Department: Dry Cargo Capesize

Location: London

Propelling maritime trade through excellence in shipping services.

With over 130 years of experience and a global network of industry connections, we are your trusted partner in shipbroking and advisory services.

From crude oil to refined products we facilitate the chartering and brokerage of tankers.

LPG, Ammonia & Petrochemical Gases

Leveraging expertise, we ensure seamless transportation of liquefied gases.

Sale & Purchase

Facilitating the acquisition, divestiture and value optimisation of shipping vessels.

Specialised & Chemical Tankers

Offering specialised solutions, we manage the chartering and brokerage of chemical tankers.

Projects & Time Charter

Catering for the specific needs of clients in project and time charter requirements.

Consultancy & Research

Providing valuable insights and strategic advice to empower our clients with market intelligence and analysis.

Facilitating chartering solutions to ensure the efficient and secure transportation of LNG.

Managing and actioning the chartering and brokerage of dry bulk commodities.

Discover more weekly reports

Tanker Market Report 08.08.25

What’s Steering Aframax Demand?

The fortunes of the Aframax market in recent years have been largely driven by a surge in crude tonne-mile demand following the onset of the Russia-Ukraine war. The rapid expansion of the dark fleet servicing Russian trade has further supported the market. Looking ahead, increasingly stringent Western sanctions, combined with broader geopolitical tensions will remain key forces shaping the sector’s outlook. However, reconciling the many fast-moving developments, including tanker sanctions, the EU’s 18th sanctions package, Trump’s punitive tariffs on India for purchasing Russian crude, secondary sanctions on other countries, and The President’s latest comments on progress in talks with Moscow, remains a significant challenge.

Tanker Market Report 01.08.25

Choosing a side

Throughout the war in Ukraine, key buyers of Russian commodities such as India, China, Turkey and Brazil have managed to walk a tightrope between the US, EU and Russia. These countries have benefitted from discounted Russian energy and undisrupted trade to the US and EU over the past three years. However, now that dynamic is changing. The EU recently finalised its 18th sanctions package, which subject to final details, will bar the import of refined products made from Russian oil from 2026 onwards and now President Trump is also upping the pressure.

Tanker Market Report 25.07.25

Tankers learn to Tango

Argentina has turned into one of the biggest growth stories in oil production globally. Home to the world’s fourth largest shale oil reserves, the country has long struggled to properly exploit its resources. In recent years, rapid economic and fiscal reforms have enabled investment and production to take off. We covered this progress in our report last year, at which point shale oil production stood at around 300 kbd. This year has seen production rise to 450 kbd, revealing the rapid pace of development taking place.

Tanker Market Report 18.07.25

The Tiger Cubs Roar

In the past decade, oil demand has been defined by rapid growth in the Chinese economy, with the country responsible for 60% of global growth. However, with the outlook for Chinese oil demand changing, the structure of global oil trade is also shifting. A combination of factors is contributing to plateauing Chinese demand, but the biggest factor is the significant penetration and widespread adoption of electric vehicles. In addition, there is an increasing uptake of LNG powered and electric trucks.

Tanker Market Report 11.07.25

Orderbooks, Old Ships, and Sanctions

Tanker ordering activity for vessels above 25,000 dwt has dropped sharply this year, with total orders around 110 units. This decline reflects a mix of regulatory and market uncertainties, along with persistently high newbuilding prices. Current prices remain just below the multiyear peaks seen last year, while shipyards face little pressure to offer significant discounts. 2025 orders are well below the nearly 850 tankers contracted in 2023 and 2024, and broadly in line with the limited ordering activity seen between 2016 and 2022. The only segment where fresh contracting has remained relatively robust is Suezmaxes, with 36 tankers ordered so far this year.

Tanker Market Report 04.07.25

All about US

Almost every year since 2020 has been a rollercoaster ride, and the first six months of 2025 were no different with a wide range of factors influencing the tanker markets. The return of President Trump has undoubtedly been the catalyst for much, but not all the volatility and uncertainty. Changes are awash from geopolitics, international relations, trade, conflict, regulation, and decarbonisation among others, with the outlook arguably as uncertain as it has been at any point in the past 5 years. In this report we recap on some of the key topics and developments so far this year.

Tanker Market Report 27.06.25

A Longer View

Earlier this month, the International Energy Agency (IEA) released their annual report detailing a medium-term outlook for oil markets. Oil 2025 has reiterated last year’s assertion that global oil demand will peak in 2029, only slightly changing the forecast for 2030 from 105.4 mbd to 105.5 mbd, with the trend gradually slowing and reaching contraction in 2030. Most of this growth is anticipated to take place in the Asia Pacific, specifically in India, which is projected to grow by 1 mbd between 2024 and 2030, and Southeast Asia, with Indonesia leading the pack at 470 kbd. This growth is primarily made up of demand increases in petrochemical feedstocks and jet fuel. Elsewhere, the IEA sees demand growing in South and Central America and Africa by 600 and 800 kbd, respectively. Relative growth rates in Africa are projected to be the strongest globally, largely following population and GDP growth patterns. This year, global oil demand is seen at 103.8 mbd, an 800 kbd increase from 2024.

Tanker Market Report 20.06.25

The 18th Blow

While the international community remains fixated on the intensifying conflict between Israel and Iran, the European Union is progressing its 18th package of sanctions on Russia, with the implementation expected to be decided upon next week. Although less immediately dramatic, several of the proposed measures could have significant implications for the tanker market. Chief among them are expanded measures against the shadow fleet, a ban on imports of refined products made from Russian crude, and a proposed reduction in the oil price cap from $60 to $45 per barrel.

Tanker Market Report 13.06.25

Tense Times

Tensions between Israel and Iran are nothing new, but they came to a head overnight. The situation remains fluid and at this point in time could turn in a number of different directions. Israel has been clear that further attacks are planned. The United States, claimed not to be involved in supporting the attacks, but has warned that more intense strikes are planned, unless Iran agrees to a nuclear deal. Talks with Iran are/were planned for this coming weekend, but only time will tell if those talks do indeed proceed. So, with all that in mind, how might the tanker markets be impacted?

Tanker Market Report 06.06.25

Refinery developments

Total global refining capacity has been in an upwards trend for a long time, and years with declines are rare, barring those caused by overarching events such as the COVID pandemic. It is possible that this trend will soon change. Refinery closures are accelerating in the Atlantic Basin, driven by lower margins largely caused by structural demand developments. In recent months, global refining margins have been surprisingly strong, though maintenance activity and the closure of refineries are partly responsible. East of Suez, refining capacity is still growing, though at a slower pace than in previous years, whilst some capacity rationalisation is also prevalent in China.

Tanker Market Report 30.05.25

Mixed Signals

The crude tanker market experienced a disappointingly weak first quarter, with the anticipated strong winter market failing to materialize. However, the market showed signs of a rebound in Q2, though this seems to be faltering. This raises the question, was this merely a temporary blip, or did fundamental shifts drive this improvement?

Tanker Market Report 23.05.25

Deal or no Deal?

Since April the US and Iran have been engaging in “direct” negotiations over curbs to Iran’s nuclear programme in exchange for sanctions relief. So far 4 rounds of talks have been held, with a 5th round scheduled for today. Talks between Iran and the European Union also took place last week in Turkey. So, with both sides still talking, can a deal be done?

Tanker Market Report 16.05.25

Aging Fleet

The tanker fleet is aging. The last couple of years have seen few deliveries and little scrapping as a strong market and a growing dark fleet has kept many vessels from being beached. Second-hand asset values surged in the years following Russia’s invasion of Ukraine, as especially older vessels have found ready buyers in the dark fleet and sanctioned markets with prices far exceeding scrap values. With 51% of the total tanker fleet of 25,000 dwt and above aged 15 years and older and 22% above the age of 20, it begs the question of how aging has impacted fleet utilisation. Part of the answer lies in dark and sanctioned fleet activity, with 93% of the dark fleet aged 15 and over, and 64% aged 20 years and older.

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