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 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.

Tanker Market Report 09.05.25

Carbon Pricing

Undoubtedly, the most significant development at MEPC 83 was the establishment of the IMO Net Zero Framework, which introduced a GHG Fuel Intensity (GFI) standard and economic measures, such as a two-tier carbon trading system requiring higher emitters to offset their CO₂ emissions while rewarding ships that operate with low or zero emissions.

Tanker Market Report 02.05.25

Extreme Uncertainty

Every year since 2020, as analysts we have complained that the outlook for the market has never been so uncertain. And every year, the level of uncertainty “Trumps” the previous year. 2025 is no different, with so many different factors having the potential to pull the tanker markets in a plethora of different directions.

Tanker Market Report 25.04.25

Section 301 Saga

After weeks of speculation, the Office of the United States Trade Representative (USTR) finally published their much-anticipated action plan to address alleged Chinese maritime dominance. Most international shipping companies were relieved to see almost all measures were significantly watered down. Notably, the “fleet composition” requirement has been dropped, so if an owner has Chinese built vessels, it will not impact their non-Chinese built vessels. However, the latest plan still has considerable ramifications for tankers.

Tanker Market Report 11.04.25

Price Pressure

With all the turmoil in the global financial markets, oil prices have come under pressure not seen since the pandemic. Prices began their heavy slide last week and fell 18% to a four-year low, before recovering to $64/bbl, as Trump paused his reciprocal tariffs (except China) for 90 days. US trade policy was of course the primary driver, but perhaps most surprising of all, was the timing of OPEC+’s decision to accelerate production increases at a time when the demand outlook is turning increasingly bearish. Prices are likely to remain volatile as markets react to ever changing US trade policy, but for now remain significantly off where they began the year.

Tanker Market Report 04.04.25

Liberation Day

On Wednesday the 2nd of April, the much-anticipated Liberation Day came to pass. US President Donald Trump made true his threats and passed a 10% tariff on all imports from all trading partners from the 5th of April. Additionally, reciprocal tariffs coming into force on the 9th of April will be applied to specific trading partners designed to match tariffs those trading partners impose on US imports. For example, Trump announced a 20% fee on the European Union, 24% on Japan, 27% on India, and 34% on China. All these tariffs are on top of already existing tariffs implemented by the current administration. Crucially, the White House clarified that crude oil and refined products will not be subject to the additional 10% tariffs. Notable for tanker markets is also that tariffs on Canada and Mexico will continue as they are, with both Canadian and Mexican oil and products trading into the US tariff free, so little rerouting is expected to occur here yet. As with all announced tariffs, this may be subject to change.

Tanker Market Report 28.03.25

Power Shift

Global oil demand growth slowed markedly in 2024, rising by just 0.8% year-on-year – less than half the growth rate recorded in 2023, according to the IEA Global Energy Review. A significant factor behind this slowdown was the accelerating uptake of electric vehicles (EVs). In particular, road transport oil demand in China fell 1.8% year-on-year amid rapid expansion of EVs and natural gas-powered trucks.

Tanker Market Report 21.03.25

Opening the Floodgates

A few years ago, the VLCC market buzzed with talks of new offshore export terminals capable of fully loading VLCCs which would improve the export economics for US crude to Asia. Back in August 2023 we wrote a report on the topic, but since then interest in the matter has faded, whilst permitting has been plagued by bureaucracy and climate goals. In that report, we commented on several projects including Sea Port Oil Terminal (SPOT), Blue Water Texas, Texas GulfLink (TGL) and Blue Marlin. Given the permitting challenges and lack of regulatory support, some of these projects have stalled. However, with a new administration and a new approach, the odds of one of these terminals making it into service by the end of Trump’s term have increased significantly.

Tanker Market Report 14.03.25

Sailing the Sea of Sanctions

Just before the end of his presidency, the Biden administration gave a parting gift to the tanker markets as the Office of Foreign Assets Control (OFAC) sanctioned 155 mainly Russia affiliated tankers. In the same week, Shandong Port Group, home to refiners responsible for significant crude imports from countries under US embargo, banned sanctioned tankers from calling into its ports in eastern China. The following weeks saw some redirection of trade flows and rising freight rates especially for VLCCs, as buyers of Iranian and Russian crude attempted to diversify their import streams to safeguard supply.

Tanker Market Report 07.03.25

Navigating Nigeria’s Oil Trade

After countless setbacks, unexpected challenges and a pandemic to deal with, just last month, Reuters reported that the 650kbd Dangote refinery had reached 85% of its operational capacity and could achieve 100% within 30 days, citing company sources. The resumption of operations at the revamped 60kbd Port Harcourt refinery and the 125kbd Warri refinery was also reported by NNPC in late 2024. Undoubtedly, the addition of new capacity and the restart of old plants represent significant achievements for Nigeria, inevitably leading to structural shifts in the country’s product imports and crude exports. However, while changes in trade flows have been observed, they have so far been somewhat limited, considering the reported refining capabilities.

Tanker Market Report 28.02.25

Section 301

This week, many in the shipping industry likely heard about Section 301 of the US Trade Act for the first time. This provision allows the US to address unfair foreign trade practices affecting US commerce. Last year, the US Trade Representative (USTR) launched an investigation into Chinese shipbuilding and maritime practices, concluding in January 2025 that China engaged in unfair practices. As a result, the USTR has published a proposed action plan and is accepting public comments until March 24.

Tanker Market Report 21.02.25

Fielding FPSOs

Floating production storage and offloading platforms (FPSOs) are having somewhat of a renaissance. After a challenging covid period higher oil prices carried with it a larger orderbook for FPSOs, several of which are due to be delivered this year. FPSOs allow flexibility in deployment and give cost advantages over traditional production infrastructure, and notably, are currently mostly being deployed offshore, relying on tankers for further transport of oil.

Tanker Market Report 14.02.25

The Beginning of the End

Last week we titled our report “White House in the Spotlight… Again” and we could just as well use the same headline again this week, with the tanker market outlook very much influenced by decisions made in the US and Moscow. This week, Trump announced that he and President Putin had spoken at length, the first confirmed direct contact between a Russian and US president since 2022. The agenda was of course focused on ending the war in Ukraine. For the first time since the conflict began, it appears there will now be a push for peace. How long this might take, and what that might look like remains unclear, but given how impactful the war has been for the tanker market, it is arguably the most critical factor impacting the medium-term outlook.

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