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 summary

00:00 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

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Iron ore drops and HSFO cracks at historical highs

Freight Up! Fuel oil, iron ore, steel and other commodity insights from Freight Investor Services