Tankers Today, there are around 130 VLCCs over 20 years old still trading, compared to fewer than 20 five years ago, according to data from Tankers International, which notes that around two-thirds of these vintage supertankers are engaged in moving sanctioned oil. Over the next four years, the number of vessels exceeding 20 years is forecast by Tankers International to double, representing 21% of the trading fleet. A very small orderbook points towards an ongoing deficit in terms of fleet replacement. Just one VLCC was delivered last year, and only five are scheduled for 2025. This supply tightness in terms of viable VLCCs able to trade worldwide has seen rates push up this month. “A shrinking list of available vessels is forcing charterers into swift action to avoid being left behind in this strengthening market,” noted a shipping report from SEB, a Swedish bank. “The gradual rate increases, unlike previous sharp spikes, are fuelling owner optimism for sustained higher rates, a sentiment supported by the tighter vessel supply,” SEB added. Dry Bulk In dry bulk shipping, seasonal cycles often play a significant role in shaping rate behaviour. The period between April and May, in particular, is frequently viewed as a transition phase—sandwiched between the northern hemisphere’s winter-driven energy demand and the agricultural and industrial uptick of summer. To assess whether this interval is consistently marked by weakness or stability, Xclusiv Shipbrokers analysed the Baltic Exchange time charter averages across the years 2017 to 2025, comparing the April–May figures with annual trends to determine whether this period tends to align with yearly lows, highs, or averages. The cape index, driven largely by iron ore and coal volumes, exhibited significant volatility throughout the examined period. In 2017, 2018, and 2024, April–May averages landed noticeably below the yearly mean, positioning near annual lows. This is consistent with seasonal slowdowns in Chinese iron ore imports following strong Q1 restocking campaigns. Panamax TCs, supported by grain, coal, and minor bulk trades, showed less volatility but still reflected a modest downturn in April–May compared to annual averages. Overall, the panamax segment reflects regional fragility in spring, particularly sensitive to agricultural flows and shifts in Atlantic demand. In both supra and handy segments, spring performance proved to be more consistent. The April–May periods in 2017, 2020, and 2022 tracked closely with the annual averages, suggesting more balanced, regionalised trade flows and less exposure to the dramatic swings seen in larger segments. The lack of deep seasonal troughs in these markets may reflect stronger resilience in coastal and intra-Asian trades, which operate on different cycles than longer-haul cape or panammax voyages. The data from 2017 to 2025 suggests that April and May are rarely the defining low points of the year, but they do often represent a moment of pause in the market’s momentum. Xclusiv Shipbrokers Containers With trade between the world’s two largest economies effectively coming to a halt thanks to US president Donald Trump’s tariff war with China, containerlines are blanking sailings on a greater scale than was witnessed at the onset of the covid pandemic five years ago. The global trade outlook – as witnessed by planned blank sailings on the transpacific in the weeks ahead – is dire. Looking at the carriers’ decisions to blank sailings is a good