Mr. Alan Yu, General Manager of Hanson Holding Turkey, delivered a presentation titled “The Supermax Market.” He reviewed the market performance in 2025 and provided an outlook for 2026. He noted that the synchronized growth in cargo demand and freight rates in 2025 reflected an improved market sentiment in the dry bulk shipping sector, particularly for small and medium-sized vessels. For cargo owners, he emphasized the need to enhance logistics planning and contract risk management to cope with rising costs. For shipping companies, he suggested that the current period presented a window to secure long-term returns. However, he pointed out that growth drivers varied across different markets. Looking ahead to 2026, the evolution of the Russia-Ukraine conflict remains uncertain; China’s new steel export regulations may have a short-term negative impact on the market but are expected to be neutral in the medium term. Factors such as overcapacity, the potential resumption of Red Sea routes, and declining container freight rates could exert pressure on the bulk market. Nevertheless, expectations of further interest rate cuts by the Federal Reserve may provide some positive momentum. Therefore, Mr. James expressed cautious optimism for the Supermax market in 2026, noting that regional markets and seasonal factors could present opportunities.