Crude tanker rates surge on war premiums; dry bulk improves, container segment faces risks

Crude tanker rates have sharply increased, reflecting real war premiums and ongoing structural tightness, but new orders may close this opportunity by 2028. Dry bulk shipping fundamentals are improving, especially for Capesize vessels, supporting strong buy recommendations for Seanergy and Star Bulk. However, the container shipping segment faces challenges due to a record order book despite reopening demand, leading to hold ratings on Global Ship Lease, Euroseas, and MPC Container Ships. Key risks include a lasting US-Iran settlement, China's steel demand, and sudden peace developments that could quickly alter market dynamics.