Weekly detailed analysis of world shipping freight markets for all major routes for April 21 - 27, 2026.
Capesize (Atlantic and Pacific)
The Capesize market opened the week on a firm note, with Pacific tonnage tightness underpinning sentiment and iron ore miners exhibiting increased urgency to secure tonnage for early May loading dates. A trio of Western Australian iron ore miners was heard seeking prompt tonnage on Monday, and multiple fixtures were concluded at relatively elevated levels. On the Western Australia China route, assessed freight rates stood at USD 13.60/wmt on 20 April, edging up USD 0.10/wmt from the prior Friday. Rates subsequently came under pressure mid-week, with assessed levels on the Western Australia Qingdao route declining to USD 13.10/wmt on 22 April and USD 12.90/wmt on 23 April, as forward freight agreement (FFA) markets weakened and bid-offer spreads widened amid subdued exchanges. Iron ore and coal cargo volumes from Pacific operators and traders remained healthy throughout, though charterers and shipowners were slow to refresh rate ideas, stifling fixture activity. By 24 April, assessed rates recovered modestly to USD 13.05/wmt, with owners reportedly staying on the sidelines and a notable lack of offers contributing to thin but firmer conditions.
Atlantic activity was generally restrained across the week. On the Brazil–China route, assessed rates on the Tubarao–Qingdao route opened the week at USD 33.50/wmt on 20 April, before softening progressively to USD 32.80/wmt by 23 April, as South Atlantic tonnage supply tightened yet rate levels trended lower. By 24 April, assessed rates recovered to USD 32.95/wmt. Notably, Capesize tonnage was reported to command a widening premium over Newcastlemax vessels on the Tubarao–Qingdao route for second-half May laycans. A Brazilian mining major was heard to have fixed a Capesize vessel from Porto Sudeste to Qingdao for a mid-May laycan at around mid-USD 32/wmt on 23 April. On the Saldanha Bay–Qingdao route, assessed rates declined from USD 24.40/wmt on 20 April to USD 24.00/wmt on 23 April, before recovering sharply to USD 24.75/wmt on 24 April, supported by a reported fixture of a 190,000 mt iron ore cargo at around high-USD 24/wmt.
Overall, the Capesize market endured a volatile week, with FFA weakness, sluggish chartering activity and thin exchanges pressuring rates mid-week, before a partial recovery on 24 April. Cargo availability remained broadly supportive across both basins throughout.
Panamax (Atlantic and Pacific)
The market opened the week on a firm footing, with charterers focusing on East Coast South America (ECSA) fronthaul business. A modern 83,000-dwt Kamsarmax (built 2025) fixed from Sohar via ECSA with redelivery Singapore/Japan at USD 23,250/day, whilst an 82,000-dwt unit (built 2020) fixed from Nansha for an ECSA run with Far East redelivery at USD 21,500/day. Activity eased on Tuesday, though sentiment remained supported. A 76,000-dwt Panamax (built 2012) fixed basis ECSA delivery at USD 14,000/day, equivalent to approximately USD 20,000/day on a P6 basis, whilst an 82,000-dwt Kamsarmax (built 2022) fixed from Tanjung Bin for an ECSA/Singapore Japan voyage at USD 20,750/day. Wednesday saw rates firm across both North Coast South America (NCSA) and ECSA routes. An 82,000 dwt Kamsarmax (built 2013) fixed from Cartagena for an NCSA/Singapore-Japan grains trip at USD 25,500/day, whilst a 75,000-dwt unit (built 2008) achieved USD 23,800/day on a similar routing. A 83,000-dwt vessel (built 2008) fixed on a North Pacific round at USD 17,000/day, whilst a 75,000-dwt unit (built 2001) was reported on subjects at around mid-USD 23,000s for a Baltic fronthaul coal voyage. Thursday brought further Atlantic fronthaul support. An 82,000-dwt Kamsarmax (built 2016) fixed from the US Gulf for a Singapore/Japan grains trip at USD 24,000/day plus USD 825,000 ballast bonus, whilst an 81,000-dwt vessel (built 2011) fixed from Lisbon for a US Gulf/NCSA to Singapore/Japan run at USD 23,750/day. Santos/Far East grain business was reported at USD 45 freight in/out. Friday remained steady, with an 82,000-dwt Kamsarmax (built 2019) fixing from Gadani for an ECSA/Singapore-Japan voyage at USD 22,000/day, a newly built 82,000-dwt unit (2025) at USD 21,000/day for similar employment, and a 77,000 dwt Panamax (built 2014) fixing from ECSA for a Red Sea grains trip at USD 19,500/day plus USD 950,000 ballast bonus.
The Pacific market displayed resilience during the week, with rates edging higher across select regions amid steady demand and a broadly balanced tonnage list, though performance remained uneven across individual routes. The overall tone firmed, with improved fixing activity and selectively higher rate levels pointing to a gradually strengthening market. In Indonesia, activity remained firm, underpinned by a steady flow of coal cargoes. Modern units performed well, with fixtures clustering in the low-to-mid USD 20,000s/day — a slight improvement on the prior week, particularly on Indonesia/India runs. An 81,000-dwt unit (built 2016) open Mariveles fixed Indonesia/India at USD 21,000/day, whilst a sub-10 year-old Kamsarmax open Hon Gai achieved USD 24,000/day on the same routing, representing the week's highest fixture. A comparable modern unit open Tanjung Bin fixed Indonesia/Japan at USD 21,000/day. In the North Pacific, grain-driven activity remained steady. A modern 82,000-dwt unit (built 2024) open CJK fixed via North Pacific for redelivery Singapore/Japan at USD 20,500/day, whilst a similar unit achieved USD 21,500/day. Older tonnage traded at a discount, with a 76,000-dwt unit (built 2007) open Japan fixing at USD 19,750/day and a 75,000-dwt vessel (built 2015) open Bayuquan at USD 17,750/day. On East Coast Australia, demand remained robust, with rates broadly holding above USD 20,000/day. An 84,000-dwt unit (built 2022) open Fangcheng fixed Australia/Japan at USD 22,000/day, whilst a scrubber fitted 87,000-dwt vessel (built 2021) open Nagoya achieved USD 24,000/day for Australia/Singapore Japan. An 81,000-dwt unit open Kwangyang fixed Australia/China at USD 19,500/day, whilst two further units secured USD 20,000/day for East Coast Australia/Singapore-Japan employment.
Handy (North Europe/Black Sea/Mediterranean)
The market held steady for smaller units during the week, whilst larger vessels saw improved rates. On Handysize tonnage, Continent/Morocco to West Africa rates were assessed in the mid-USD 10,000s/day, with a 31,000-dwt vessel fixing delivery Poland at USD 16,500/day for a sulphur cargo, whilst a non-eco 36,000-dwt unit achieved USD 15,500/day for a scrap cargo to Türkiye. Transatlantic runs to the US Gulf/US East Coast edged higher amid a slightly tighter Handysize market in the US Gulf, with a 39,000-dwt unit open Bilbao fixing at USD 13,750/day arrival pilot station basis Agioi Theodoroi to East Coast Mexico. Larger units outperformed, driven by firmer US Gulf rates. A modern scrubber-fitted 63,000-dwt Ultramax open Ireland fixed via US East Coast to the Continent at around USD 16,000/day dropping outward pilot, whilst similar units were being offered at USD 19,000/day for period business against charterers' ideas of USD 16,000–17,000/day. Continent/Mediterranean trips were assessed in the high-USD 10,000s/day, with a modern 63,000-dwt unit open Agioi Theodoroi fixing scrap to Türkiye at USD 19,500/day. Fronthaul rates were assessed in the low-USD 20,000s/day.
The Black Sea and Mediterranean market remained largely stagnant during the week, with rate movements driven primarily by fluctuations at discharge ports. On Handysize tonnage, inter Mediterranean trips were assessed at around USD 10,000/day basis delivery passing Çanakkale. Transatlantic rates softened, with US Gulf runs assessed at USD 10,000/day and East Coast South America trips at USD 7,500–8,000/day, as owners competed to reposition tonnage out of the Mediterranean. Supramax and Ultramax tonnage fared somewhat better, supported by a tighter tonnage list. Inter Mediterranean rates were assessed at USD 11,000/day, whilst US Gulf/US East Coast trips improved marginally to USD 10,000–11,000/day. Fronthaul rates eased, with Supramax trips to the Far East assessed at USD 16,000–16,500/day and Ultramax equivalents at around USD 17,500/day.
Handy (USA/N.Atlantic/Lakes/S.America)
Supramax and Ultramax tonnage firmed during the week, with transatlantic business outperforming fronthaul employment. On voyage business, a 50,000-mt petroleum coke cargo was fixed from the US Gulf to the Black Sea at around USD 48/mt, equating to approximately USD 26,000/day arrival pilot station basis on a 56,000-dwt vessel. A modern shallow-draught 63,000-dwt Ultramax fixed a time-charter trip to the East Mediterranean/Black Sea at USD 28,000/day dropping inward outward pilot, a level considered appropriate for a 40-day duration cargo. No fronthaul fixtures were reported, though equivalent levels were estimated at around USD 23,000 24,000/day for a Singapore/Japan trip on Ultramax tonnage. The Handysize sector also firmed during the week, with limited fixtures reported. Transatlantic rates on 35,000-dwt tonnage improved from mid-USD 10,000s/day at the start of the week to close to USD 20,000/day by the week's end.
The East Coast South America market continued to improve over the week, though Handysize tonnage experienced a brief pause towards the week's end, with larger vessel classes broadly following the upward trend. On Handysize tonnage, transatlantic rates from Argentina to the Mediterranean were assessed in the high-USD 10,000s to low-USD 20,000s per day on an arrival pilot station basis. On Supramax tonnage, transatlantic rates from West Africa via East Coast South America Continent/Mediterranean to the were assessed at around USD 18,000/day, whilst fronthaul rates to China were assessed at around USD 22,000/day. On Ultramax tonnage, equivalent transatlantic rates were assessed at around USD 18,500/day, whilst fronthaul rates to China were assessed at around USD 22,500/day.
Far East
Both Atlantic and Pacific basins maintained a broadly positive sentiment, with the Asian arena closing the week on a firm note amid healthy fresh enquiry. On time charter trips, the 63,896-dwt SSI Interceptor (2023) fixed Indonesia/West Coast India-Pakistan at USD 27,500/day; the 63,519-dwt Xi Hu (2019) fixed Qinzhou/Bangladesh with clinker at USD 30,000/day; the 56,774-dwt Mandarin River (2011) fixed Ningbo/West Africa at around USD 17,250/day; and the 53,299-dwt JC Peace (2005) fixed Caofeidian/Red Sea at around USD 20,000/day. Period fixtures included the 61,413 dwt African Kite at USD 21,500/day for four-to-six months redelivery Singapore/Japan; WW Nadia, Pac Agena, and IVS Isogo all at USD 18,500/day for worldwide redelivery; and the 64,481-dwt Lowlands Freedom at USD 17,250/day for 19 21 months worldwide to Dreyfus. In the Handysize sector, the 38,046-dwt Locomotion fixed voyage basis Inchon/South-East Asia and the 35,947-dwt TSL Lusaha fixed Hong Kong/Australia, both at USD 16,000/day.
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