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ULTRAMAX

A minimalist editorial image showing a vintage balance scale on a white surface. One side holds distinct piles of nickel ore, bauxite, soybeans, wheat and clinker, while the other supports an abstract metallic dry bulk vessel. The scale tilts slightly toward the vessel side. Soft natural light, clean background and Monocle-style composition

The dry bulk rally is no longer just about iron ore

Stronger freight earnings, diversified commodity demand and rising vessel utilisation have pushed dry bulk asset values sharply higher, reinforcing buyer confidence and supporting secondhand prices across virtually all vessel segments

Minimalist airport-style waiting area with four seats labelled Cape, Kamsarmax, Ultramax and Handy, a fallen Panamax plaque on the floor, large windows overlooking a darkening horizon, and a newspaper resting on a nearby table

Calm before the storm: dry bulk market holds its breath

During the week ending 19 June 2026, dry bulk freight markets remained largely stable as owners and charterers waited for greater clarity on the evolving Iran–U.S. agreement, with Panamaxes providing the market’s main source of volatility

A bulk carrier sails through open water under clear daylight, with enhanced colours, a green hull, and a broad wake curving across the sea

The great tonnage squeeze

Drawing on market data from the week ending 12 June 2026, the structural tightening driving Ultramax & Handysize freight markets higher is becoming increasingly visible as shrinking vessel availability and resilient cargo demand continue to strengthen owners’ negotiating power across key global trading basins