Geopolitical disruptions are reshaping global steel trade. Capesize freight earnings reached fifty thousand three hundred dollars per day in September. This represents a ninety-six percent increase year on year. Black Sea steel loadings fell seventy-nine percent in July and August. Ukrainian loadings dropped from seven point seven million metric tons in twenty twenty-one to zero point five million in twenty twenty-six. China accounts for forty-one point six percent of seaborne steel volumes. War-risk insurance can reach three to five percent of vessel value. Very low sulphur fuel oil prices rose sixty-two percent to eight hundred eighty-one dollars per metric ton.