Insights on global trade,
capital and commodities

Default rates in trade finance are among the lowest of any asset class in banking. So why does a $2.5 trillion gap persist? Public data increasingly points to the cost of verification, not the accuracy of risk pricing.

Freight rates are spiking in mid-2026 even as a record shipbuilding orderbook looms — a collision between Red Sea rerouting, Panama's reversal, and slowing trade growth, with direct consequences for commodity traders and trade finance.

Family offices and private banks are approaching commodities differently. Data from J.P. Morgan, Altss and others points to where sophisticated capital is moving, and why.