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In this episode, we have our usual macro-outlook, starting with what happened in Davos, how trade is shaping the geopolitical environment and what this means for dry freight. We are then exploring the fascinating and fast-moving world of base metals. From copper that powers the clean energy transition to aluminium driving manufacturing innovation, these foundational commodities are at the heart of global industry and economic growth. Joining us is Andy Farida, Senior Analyst at Fastmarkets, bringing us his sharp insights and a clear pulse on the market, delving in the latest trends, challenges, and opportunities in the base metals space. Whether you’re an investor, an industry professional, or just curious about what’s moving these markets, Andy’s outlook will help you make sense of it all.

On the 3rd January 2026, the United States military launched Operation Absolute Resolve, an operation that led to the capture of Venezuelan President Nicolás Maduro and his wife in Caracas. President Trump stated that the US would “run Venezuela” and that American oil companies would step in to help “fix the badly broken infrastructure”. Venezuela’s strategic importance, however, extends well beyond oil. The country holds significant reserves of a wide range of commodities, raising important economic, market and geopolitical questions. In this first episode of Into the Futures, Richard Stephenson examines the implications of recent events, the changing US foreign policy, the outlook for Venezuelan commodities, and what this could mean for global financial markets.

Hedging, Monetary Policy, and Oil Swings: Insights from FIS’s Latest PodcastThis week on Freight Up, we set out to give listeners practical insights into the world of risk management across the commodity spectrum, from freight to metals to crude oil. If you’re looking to understand what’s really happening under the surface of today’s volatile markets, this episode features perspectives from professionals who operate right at that interface between price risk and real-world trade. We started with Samuel Basi, founder of Perfectly Hedged Consultancy and a former Trafigura metals trader, for a deep dive into the realities of commodity hedging in liquid and illiquid markets. From there, we heard from Carlo Boffa, a central bank watcher at Politico, on central bank decisions and how the evolving landscape of monetary policy is shaping the US dollar and, by extension, commodity prices. We wrap up with Archie Smith, oil broker, who broke down the extreme pricing swings in the oil market driven by macro shocks and geopolitical headlines, highlighting what’s front of mind for market participants right now. Some of the headline talking points this week include: the merits and pitfalls of one-to-one hedging in today’s market, with Sam exploring where hedging can reduce risk and where it might inadvertently add more. We tackled the specific challenges faced by traders and companies in less liquid markets, including practical ways to quantify risk and work with imperfect hedges—or get creative in the over-the-counter space to find coverage. Options came under the spotlight, especially with clients’ hesitancy to use them, and Sam gave practical context about why options sometimes get overlooked and when they can be a valuable part of a strategy. Companies mentioned in this episode: FIS Perfectly Hedged Consultancy Trafigura Politico LME CME SGX ICE Citadel GMI

This latest episode of Freight Up tracks the markets with a strong focus on capesize bulk carriers and the shifting opportunities in iron ore spreads. I’m Jess, and alongside Davide, I’ll be steering you through what’s been a dynamic couple of weeks across freight and commodity markets. This week, we dig into why the capesize segment has outperformed, the forces shaping paper and physical market moves, and how macroeconomic shifts in China and the West are starting to make their mark. We also welcome Ben Klang for a guided walk through the supply side changes impacting vessel values and orders, and bring in Hao Pei from Shanghai for a deep dive on iron ore and coking coal. To tie it all together, Archie Smith closes with an update on what’s shaping fuel oil and crude benchmarks, and why it’s been a sideways stretch for paper spreads. If you listen in, you’ll get a clear overview of how China’s latest manufacturing PMI numbers and consumer price dips are casting a shadow, putting a tighter squeeze on iron ore and freight rates. We cover the upturn in capes, with spot indices making their highest push yet this year, gains on FFAs, and a turnaround in Panamaxes driven by robust South American grain flows. Ben helps make sense of the slowdown in secondhand vessel sales, explaining why average vessel ages are climbing and why scrapping is nearly at a standstill, even as demand feels subdued. We break down the logic: owners are holding onto older tonnage, newbuild orders have fallen to historic lows, and low earnings are nudging many to wait for clearer regulatory and market signals before acting. This creates a backdrop of supply that’s hard to clear, explaining the persistent pressure on rates. From the commodities desk, Hao Pei explains what’s behind the compression in the MB65-P62 iron ore spread, pointing to an unusually loose supply of premium ore, increased concentrate shipments, and why investors see more upside than risk at these levels. The episode also unpacks a sharp rebound in coking coal, as policy rumours and production cuts meet sustained low demand—a situation that looks precarious but sets the stage for future price action. Finally, Archie brings the fuel oil discussion up to date: crude oil’s recent climb is reviewed alongside OPEC’s output strategies and why Singapore’s high-sulphur fuel oil spreads have cooled. There’s especial attention on arbitrage opportunities and the persistent strength of European very low sulfur fuels compared to their Asian counterparts. By the time you’ve finished listening, you’ll be able to identify the major factors currently moving the key freight indices for capes and panamaxes, understand how vessel age and supply trends are affecting rates, and spot where different market players are seeing opportunity or sitting back. You’ll come away with a clearer sense of the iron ore and coal market mechanics, and you’ll have better insight into the drivers behind recent fuel oil and crude benchmark performances. Whether you’re looking to inform a trade, better time a market entry, or just get a precise read on what’s shaping dry bulk and commodity shipping, this episode will give you the ground-level detail and wider context you need.

Iron ore has seen a sharp drop recently, and high sulphur fuel oil cracks have surged to levels not seen before—two standout moves that framed this episode of Freight Up. Hi I’m Jess, and alongside Davide and the team, we walk you through what’s really driving these changes in dry bulk freight and associated commodity markets. You'll get to listen in at how macroeconomic shifts, from British and Chinese output data to volatile US producer prices, ripple through to capesize, panamax, and supramax freight rates. We pull apart the data to give you a snapshot of who’s gaining, who’s losing, and crucially, why those shifts matter for your business or your market view. Ben Klang takes us through the past two weeks on the freight desk, describing how minor volatility in the cape market was quickly tempered as fixtures came through and macro tensions eased. If you’re watching iron ore, we cover the steep pullback, tied less to headlines and more to solid fundamentals: declining pig iron output in China, seasonal maintenance, and looming Indian monsoon slowdowns. Hao Pei shares why these are seasonal and not panic-worthy moves, even if some investors have visions of iron ore dropping into the low $70s. On oil and bunkers, Archie Smith delivers a concise summary: crude markets haven’t escaped their range, with all eyes on the upcoming OPEC meeting, while high sulphur fuel oil cracks—historically always negative—have broken into positive territory, even hitting plus $4 in Singapore. Timestamped summary00:00 China's Industrial Growth Slows 06:25 Capesize Market Challenges Persist 07:03 Capesize Cargo Volumes Rising 11:49 "Market Shifts Impact Iron Ore Demand" 14:59 OPEC Meeting and Crude Price Outlook 16:47 Record-High Crack Spread Highlights Trends Download the FIS Live app! - https://freightinvestorservices.com/

The main story across freight and commodities over the past fortnight has been the headline-making 90-day tariff reduction between the US and China. Hi, I’m Jess, and on this episode of Freight Up, myself and Davide unpack how this policy shift has tempered volatility and delivered a short-term lift to otherwise flat markets. Ben Klang joins us after a busy run of industry events, detailing the impact on dry freight—where Capesize contracts saw a fleeting rebound before losing ground, and smaller Panamax and Supramax rates remained lacklustre. We’ll investigate the cautious optimism on the macro front, following stubborn inflation and steady US employment numbers. We'll also take a closer look at iron ore and steel markets, with regional insights you won’t want to miss. From Shanghai, Hao Pei explores iron ore’s resilience—even as tariffs shift—and the mounting influence of port logistics in Peru and ongoing maintenance cycles in China. Timestamped summary00:00 Mixed Inflation and Market Stability 03:32 Cape Size Contract Fluctuations 08:06 Steel Tariffs Impact and Trade Dynamics 10:44 FOBCC Market Outlook Uncertain 13:24 US Steel Market Challenges 18:10 "Spot Price Drop Forecasted" Website Check out FIS Live - https://www.fis-live.com/

Markets this week have been shaped by a volley of global events, each leaving its mark on commodities and freight. We’ve seen flat performances across dry freight indexes, despite slight gains in Capesize and Panamax sectors, and a muted Supramax uptick offset by minor losses in Handys. Oil and equity markets? Responding to political developments, most notably in the US, as tariffs and policy uncertainty weigh on sentiment. If you’re following the impact of US and Canadian politics on trade, this episode provides a timely overview. Chris Hudson joins me, Davide, to break down the effects of Trump’s executive orders and tariffs on North America’s cross-border commodity trade, alongside the newly-elected Prime Minister Carney’s reaction in Canada. We flag the difficulties market participants are facing as they try to adapt to “wait and see” conditions, with S&P volatility, shifting border policy, and tariff unpredictability creating new risks. The episode also explores the knock-on effects for currencies and global commodity pricing, tracking the Fed’s interest rate stance and its implications for everything priced in dollars. You'll get a first-hand view on how global supply chains are being tested by changing political rhetoric, and what this means for iron ore, coking coal, and dry freight trends moving into May. Timestamps00:00 Market Volatility Amid News Overload 03:36 U.S. Politics: Executive Orders & Market Trends 08:24 Trump Era Politics & Economic Insights 09:54 Trump Criticises Powell on Rates 14:41 Uncertainty in Economic Forecasting 16:49 Decarbonisation Challenges and Economic Priorities 21:46 US Tariff Easing Boosts Markets 24:14 Australian Coking Coal Market Rebounds

This podcast episode delves into the pressing topic of the current state of the freight and commodity markets, particularly in the context of the influence of Donald Trump’s administration. The discussion initiates with an analysis of recent fluctuations in key commodity prices, including significant declines in dry freight markets and iron ore values. Subsequently, I engage in a comprehensive dialogue with Richard Stephenson, CEO of Freight Fix, who elucidates the evolving dynamics of global trade patterns and the ramifications of tariffs instituted under Trump’s economic policies. We critically assess the historical context leading to the present circumstances, identifying the long-term effects of financialization and the geopolitical shifts that have emerged in response to these policies. As we navigate through these complexities, we underscore the necessity for traders and stakeholders to adapt to an increasingly interconnected and shifting economic landscape. Takeaways: The podcast discussed the recent downturn in dry freight markets, indicating significant rate drops since mid-March. Richard Stephenson elaborated on Freight Fix's analytical approach to shipping and trade, emphasizing data-driven decision-making. The conversation highlighted the impact of Donald Trump's policies on global trade, particularly tariffs and their consequences. The hosts noted the historical context of U.S. trade dynamics, tracing back to the post-war era and economic shifts. A significant point raised was the transformation of trade patterns due to tariffs, affecting traditional routes and buyer-supplier relationships. The discussion concluded with reflections on the future of trade, emphasizing the increased importance of regional collaborations over traditional dependencies. Links referenced in this episode: freightfix.comfisglobal.com Companies mentioned in this episode: FIS Freightfix Donald Trump OPEC BYD Tesla JP Morgan Pershing Square

If you’re looking to gain an understanding of how the steel industry is transforming, then this episode of "Freight Up" is for you. Hello, we're Jess and Davide, and we welcome you back to another insightful episode of Freight Up – your go-to podcast for the latest in freight and commodity markets from Freight Investor Services or as some of us know us, FIS. In our latest episode, we're diving into the dynamic world of electric arc furnaces (EAFs) and their impact on the US steel market. As we're joined by Ali Oktay, a Senior Analyst at S&P Global Commodity Insights, alongside our other expert guests, we'll be dissecting how the shift to EAFs is adding new steel capacity in the US and reshaping the market landscape. EAFs have been pivotal in transitioning the US steel market, adding about 20 million tons of EAF sheet melting capacity since 2017, and they offer several economic and operational benefits, including quicker production adjustments and potential lower production costs. This episode is set to provide you with deep insights into how these developments are pushing pricing ceilings and influencing future trends across global markets. One key takeaway beyond the innovation of EAFs is how global market trends and trade policies are influencing demand and supply within the US steel market. Ali discusses how recurring themes, such as trade policy, play fundamental roles in reshaping competitive contexts for US steel.

In this episode, we explore significant price fluctuations in the iron ore market with Hao Pei decoding the impacts of China's crude steel restrictions and market rumours on iron ore prices. Hello, we're Jess and Davide, and we welcome you back to another insightful episode of Freight Up – your go-to podcast for the latest in freight and commodity markets from Freight Investor Services or as some of us know us, FIS. This episode we ask why coking coal prices are being corralled or which forces in the Middle East might unsettle the stabilizing oil market? Hao unravels these subjects and offers insights into potential market trends. Meanwhile, Archie Smith tackles fuel oil market intricacies, detailing price behaviours and geopolitical factors that traders must watch. As the world shifts closer to sustainable energy solutions, our captivating battery metals segment features Abex Commodity Futures Exchange’s Joe Raja and Sascha Lefschitz. They share with us the course of innovative futures contracts and how they're reshaping risk management, offering traders more robust tools for the evolving battery landscape. Timestamped summary00:00 China: Deflation, Growth, and Shipping Trends 03:30 Iron Ore Market Volatility 08:36 Ukraine War Truce and Oil Impact 13:33 Rare New Futures Exchange Launch 17:02 Launching Nickel and Lithium Contracts 20:25 Comprehensive Risk Management Tool 21:51 Subscribe for Biweekly Freight Podcast Links referenced in this episode: abex.comfislive.comfreightinvestorservices.comlinkedin.com

This is Freight Up, the place where we unpack the labyrinth that is the freight and commodity markets. I'm Jess, one of your guides on this voyage, alongside my co-host Davide. In this episode, we'll be diving headfirst into the current resurgence of the freight market with Ben Klang, while parsing through the intricacies of iron ore's recent pullback with Hao Pei. To wrap things up, Archie sheds light on the tumultuous happenings in the fuel oil market. First up, the freight market. If you’ve been watching, you’ll know the Capesize market is on an upswing after a spell of lukewarm rates. Ben Klang spills the details on what’s driving the surge and whether it's here to stay. As we transition from freight to raw materials with Hao Pei, we dissect the iron ore market, which has seen a significant dip. Hao highlights the high production levels in Australia and Brazil that have weighed on prices and draws out the influence of macroeconomic factors, such as the ongoing trade tensions. We finish up with Archie’s view on the fuel oil market as we explore how recent moves in crude prices and geopolitical factors, like OPEC's supply decisions and increasing tariffs, have stirred volatility. Timestamped summary00:00 Geopolitical Tensions and Economic Shifts 04:27 Cape Size Market Boosts Dry FFAs 08:52 Capesize Trading Surpasses Panamax 12:25 China's Economy: Potential Market Volatility 15:26 Iron Ore Market Strategy Awaited 16:30 Iron Ore Market Strategy 22:35 Fuel Oil Market Dynamics 23:47 Subscribe for Freight Updates

In this week's episode, we'll explore the recent movements in the dry bulk freight rates, where the cape size segment has notably hit a two-year low, and the factors influencing these changes. Hello, we're Jess and Davide, and we welcome you back to another insightful episode of Freight Up – your go-to podcast for the latest in freight and commodity markets from Freight Investor Services or as some of us know us, FIS. We'll also gain a valuable perspective from our guest Ben Klang, who provides an in-depth view of the current dynamics in iron ore and coking coal markets. Plus, you'll hear from our highly knowledgeable carbon emissions broker, William Addison, on the evolving situation in the European carbon markets.

In this episode of "Freight Up", we're discussing the impact of Russian sanctions on HSFO and Tarrifs on ferrous. We also look at the wider shifts in the freight and bulk commodity markets. Hi, I'm Jess from the Freight Investor Services podcast team and I’m here to guide you through a packed agenda featuring expert insights that promise to arm you with the knowledge you need to navigate these turbulent times. We're kicking things off with updates from Ben Klang as he breaks down market responses to new international tariffs and their implications for dry freight. Then, we'll turn to Hao Pei for a detailed look at the impact of recent cyclones on iron ore supply and the subtle tug-of-war playing out between US and Australia over coking coal markets. And then Archie Smith and Lewis Johns bring significant updates on how Russian sanctions are rippling through the high-sulphur fuel oil sector. Timestamped summary00:00 Freight Markets & Economic Updates 03:52 Hurricanes Impact Australia's Iron Ore Supply 09:49 China's Manufacturing Slowdown Signals Concerns 12:31 Crude Futures Under Pressure 15:18 U.S. Crude Fills Europe's Supply Gap 18:39 Shipping Market Optimism Amid Risks

Hello, Jess here from Freight Up! Welcome to our latest episode, "Navigating 2025 - Freight Market Trends, Tariff Turbulence, and Green Horizons." In this episode, we take a serious deep dive into the current dynamics reshaping the freight and bulk commodity markets as we enter 2025. You'll hear our discussions on the latest economic data from the US and China, key trends in the dry bulk market, and the impact of new greenhouse gas regulations. If you're looking to stay ahead of the curve in an ever-evolving market, this episode is packed with insights you'll want to hear. We kick things off with a detailed look at recent economic developments. In our discussion with Ben Klang, we tackle the supply-demand dynamics in the dry bulk market. Ben gives us a grim outlook: a sluggish Chinese economy, Trump's proposed tariffs, and the geopolitical landscape all suggest impact. 00:00 China's Growth, Inflation, and Trade Updates 04:06 2025 Dry Bulk Market Outlook 07:45 Capesize Stabilises, Panamax Falls 09:56 US Politics Drive Oil Price Fluctuations

Welcome to a special episode of Freight Up, our last for the year! As we head into the holiday season, today's episode is packed with everything you need to get up to speed with the latest happenings in the freight and commodity markets. Whether you're taking a break from the Christmas rush or wrapping up your year-end strategies, you won't want to miss this detailed analysis of market trends, economic indicators, and expert forecasts. First up, Davide kicks things off with an update on the key market movements over the past two weeks. We’ve seen some significant job growth in the US, with 227,000 jobs added in November, but this hasn't been enough to counter ongoing challenges in the freight markets. For instance, the Capesize index has plummeted. Our analysts Ed and Hao Pei dive deep into the technical and fundamental aspects of these trends, providing an illuminating discussion on what's driving the market's bearish outlook and what we might expect as we move into 2025. After listening, you'll walk away with a comprehensive understanding of the current state of the freight and bulk commodities markets. You'll learn about the impacts of Chinese industrial performance and US economic data on market movements, how the Panamax and Supramax segments are faring, and the projections for the iron ore market in the coming year. This knowledge will equip you with actionable insights to adjust your strategies accordingly, be it for short-term trading or long-term investment planning. So, sit back, put down your WSJ or Times newpaper, grab another cuppa, and let's make sense of the markets together on this festive edition of Freight Up. Links referenced in this episode: fis.live Companies mentioned in this episode: Boeing Freight Investor Services Capesize C3 C5 Panamax Supramax C3 C5 FIS Live China India EU