Weekly detailed analysis of world shipping freight markets for all major routes for April 14 - 20, 2026.
Capesize (Atlantic and Pacific)
Capesize freight rates posted net gains across all major iron-ore routes during the week, underpinned by persistent tonnage tightness in the Pacific and firming sentiment despite generally subdued trading volumes and thin fresh cargo lists. In the Pacific, shipowners maintained elevated offer levels for Western Australia cargoes with lateApril to early-May laycans. Freight rates on the Western Australia to Qingdao route advanced overall from USD12.40 per wmt on 13 April to USD13.50 per wmt on 17 April. Several fixtures were concluded by major miners from Port Hedland and Dampier at levels in the mid-USD13s per wmt, although charterers showed less urgency for early-May stems, resulting in sporadic activity on 16 April. Atlantic activity followed a similar pattern of modest daily fluctuations but closed higher. Rates on the Tubarao to Qingdao route strengthened from USD30.60 per wmt on 13 April to USD33.00 per wmt on 17 April, supported by improved South Atlantic cargo volumes and several fixtures concluded in the high-USD32s per wmt for mid-to-late May laycans. Trading was thinner post-Asian hours, yet indicative levels held firm. Out of South Africa, activity remained limited, yet rates on the Saldanha Bay to Qingdao route rose steadily from USD22.20 per wmt early in the period to USD24.00 per wmt on 17 April. Period interest was healthy, with a handful of fixtures reported overnight for six-month to threeyear durations at time-charter equivalents in the mid-USD30,000 per day to mid-USD33,000 per day range. Overall, the combination of tight Pacific tonnage, resilient owner offers and healthy freight derivative sentiment drove a broadly positive week for Capesize owners, even as cargo replenishment stayed limited and charterers exercised caution on prompt stems.
Panamax (Atlantic and Pacific)
The week opened on a firm note, underpinned by robust mineral demand. On Monday, a 74,000-dwt Panamax (2002-built) fixed from Conakry to East Coast India at around USD 45 per metric tonne, whilst a 75,000- dwt unit (2004-built) achieved just below USD 32,000 per day for a Baltic–East Coast India run. Tuesday saw activity broaden across both basins with a sharper focus on fronthaul business. Modern Kamsarmax units (2021– 2026-built) fixed East Coast South America runs at USD 20,750–22,000 per day for Singapore/Japan redelivery, whilst older tonnage (2012-built) achieved around USD 18,000 per day. Period remained subdued, with a 93,000-dwt unit (2011-built) fixing at USD 15,000 per day. Wednesday brought clear upward momentum. A 2026-built Kamsarmax fixed from Rouen at USD 25,500 per day for a North Coast South America– Singapore/Japan trip, whilst East Coast South America fronthaul fixtures were concluded at USD 20,250–23,500 per day. A standout fixture saw an 85,000-dwt vessel (2021-built) fixed from US East Coast to India at USD 31,000 per day on the back of strong coal demand. Thursday saw further upward pressure, with a 2020-built Kamsarmax fixing from Gibraltar at USD 28,000 per day for a North Coast South America–Singapore/Japan run. East Coast South America rates ranged between USD 18,750 and USD 22,800 per day, whilst an 82,000-dwt unit (2018-built) fixed delivery East Coast South America for a Skaw/Gibraltar trip at USD 30,500 per day. By Friday, strength was maintained. An 82,000-dwt Kamsarmax (2018- built) again fixed at USD 30,500 per day transatlantic, whilst 2011-built units achieved USD 24,000–27,000 per day from East Coast South America. North Coast South America fronthaul remained well supported at USD 25,300 per day, and Brazilian grain runs to North China were reported at around USD 52.00 FIO.
The Pacific market recorded healthy activity this week, with sentiment broadly balanced. A slight increase in prompt tonnage exerted some downward pressure on rates, widening the spread between modern and older units. In Indonesia, activity remained firm, underpinned by a steady flow of cargoes. Rates ranged from the low teens up to USD 20,000 per day, with modern well-positioned units (2013– 2014-built) achieving USD 19,500– 20,000 per day for Indonesia/South China runs, whilst older tonnage (2004–2006-built) fixed in the USD 12,500–16,500 per day range. In the North Pacific, activity was moderate, with grain cargoes sustaining demand. Modern units (2013–2020-built) commanded a clear premium, fixing in the USD 19,000–19,750 per day range for North Pacific/Singapore– Japan runs, whilst older tonnage (2009-built) achieved USD 16,250 per day. East Coast Australia recorded the strongest levels across the basin. Modern tonnage (2016–2023-built) fixed in the USD 21,000–22,000 per day range for Australia/South China and Australia/India runs, whilst older units traded in the high teens, with Australia/Vietnam business achieving USD 18,500 per day.
Handy (North Europe/Black Sea/Mediterranean)
It was a relatively quiet week in the area across both Handysize and Supramax/Ultramax segments. On Handysize tonnage, rates to East Coast South America were assessed in the USD 8,000–9,000/day range. Continent-to-Mediterranean trips were estimated in the low-to-low-mid teens, with a 35,000 DWT vessel seeking USD 14,000/day for a trip via North Spain to Italy, against charterers' ideas of USD 13,000/day. Continent-to-US East Coast/US Gulf trips were assessed in the USD 10,000– 11,000/day range. Some fronthaul enquiry was noted, with petroleum coke voyage cargoes estimated in the high-USD 60s per metric tonne. On Supramax/Ultramax tonnage, sentiment wassimilarly positional. Transatlantic trips from the Continent to the US Gulf were estimated at USD 10,000–11,000/day, with a 61,000 DWT vessel fixed delivery Spain for a trip to the US East Coast at USD 10,750/day. Fronthaul rates were assessed in the USD 18,000–19,000/day range.
The Black Sea and Mediterranean market improved modestly following the Easter holidays. Movement remained limited, though given the significant number of vessels in the area, this was nonetheless a positive indicator. On Handysize tonnage, interMediterranean trips were assessed at around USD 10,000/day, basis delivery passing Çanakkale. Transatlantic runs to the US Gulf were assessed at USD 10,000–10,500/day, while trips to East Coast South America were assessed at USD 8,000/day. On Supramax tonnage, interMediterranean trips were assessed at around USD 10,500/day, with runs to the US Gulf/US East Coast ranging between USD 9,500–10,000/day. Far East trips on Ultramax tonnage were assessed at USD 17,500/day, redelivery Singapore/Japan, with Supramax tonnage commanding approximately USD 1,000/day less.
Handy (USA/N.Atlantic/Lakes/S.America)
The US Gulf market improved modestly during the week across both Supramax/Ultramax and Handysize segments, with demand more pronounced on transatlantic runs. On Supramax/Ultramax tonnage, a 63,000 DWT vessel was reported fixed at around USD 25,000/day APS US Gulf for a trip to the Continent with dirty cargo. A stem of petroleum coke from the US Gulf to the Black Sea on a voyage basis was also heard fixed at the equivalent of USD 30,000 APS/DOP on a 61,000 DWT unit. Fronthaul activity waslimited. A 61,000 DWT vessel was reported fixed at USD 24,500 APS US Gulf for a time charter trip with petroleum coke to India, for a duration of 55 days, without guarantee. On Handysize tonnage, a 35,000 DWT vessel was reported fixed at around USD 12,000 APS for a time charter trip with clean cargo to the Continent, for a duration of 25/30 days, without guarantee.
Rates in East Coast South America continued their upward trend on Handysize tonnage, while larger vessel classes also showed signs of strength. On Handysize units, transatlantic rates from Argentina to Algeria were assessed in the high-teens to low-USD 20s per metric tonne, basis Arrival Pilot Station. On Supramax tonnage, transatlantic rates from West Africa via East Coast South America to the Continent/Mediterranean were assessed at around USD 17,500/day, while fronthaul rates from West Africa via East Coast South America to China were assessed at around USD 21,500/day. On Ultramax tonnage, transatlantic rates from West Africa via East Coast South America to the Continent/Mediterranean were assessed at around USD 18,000/day, while fronthaul rates to China were assessed at around USD 22,000/day.
Far East
It was a positive week for the Supramax and Ultramax sector, with Asia remaining healthy as fresh enquiry entered the market. A 60,000 DWT vessel delivered South East Asia was fixed via Australia to Japan at USD 19,000/day. The SSI Interceptor delivered Gresik 23/27 April was fixed on a trip to West Coast India at USD 27,000/day, with Transpower. The ZY Ningbo (2025- built, 63,789 DWT) delivery Fangcheng was fixed for 4–6 months at USD 19,750/day. The Yue Dian 52 (2010-built, 57,009 DWT), Talbot (2009-built, 56,823 DWT), and Bao Express (2005-built, 55,317 DWT) were all fixed via South East Asia to China at USD 18,000/day. The Hope Mann (2005-built, 53,474 DWT) was fixed via South East Asia at USD 13,000/day to South China and USD 14,000/day to North China, while the Vosco Sky (2001-built, 52,523 DWT) achieved USD 12,500/day on an Indonesia/South East Asia trip. The Yangtze Brightness (2010-built, 57,021 DWT) was fixed China/South Africa at USD 18,000/day. On Handysize tonnage, the market maintained a positive trend over the week, underpinned by a shorter tonnage list, increased demand, and firmer fixture levels. The Iron Maiden (2014-built, 36,372 DWT) delivery Panjin was fixed to East Coast India at USD 15,000/day, a 37,000 DWT vessel delivered West Australia was fixed on a time charter trip redelivery China in the USD 17,000s/day, and a 38,000 DWT vessel delivered South East Asia was fixed for a short period in the upper USD 8,000s/day.
Banchero Costa and Co Spa
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