Weekly detailed analysis of world shipping freight markets for all major routes for April 28 - May 5, 2025.
Capesize (Atlantic and Pacific)
A very quiet week affected by the holidays, the BCI TC Avrg. closed at $17,241/d with an increase of $300/d. The C5 remained quiet with the index at $8.00/mt. On Brazil and W Africa to China, route C3 was fixed around $19.00/mt. The Atlantic market showed more strength with Rio Tinto fixing a NewCatlemax for 190,000/10 iron ore from Seven Islands to Qingdao at $25.95/mt.
Panamax (Atlantic and Pacific)
The market was on a generally weak tone, impacted by holidays and political uncertainty. The Baltic Panamax Index recorded only minor fluctuations, closing the week at $12,555/d, with no clear direction. Activity was sparse, with only a few notable fixtures. An eco Kamsarmax 81,500 dwt was fixed aps NCSAm for a trip to Skaw/Gib at $23,000/d. An eco Kamsarmax was fixed dop Itaguaí for a trip via ECSAm to Spore/Jpn range at $17,000/d + 700,000 gbb. A very modern 82,000 dwt was reported on subs from Jorf Lasfar for a TA RV at $14,000/d. Overall, market sentiment remained soft with market players waiting for a return to full activity to assess whether a potential shift in direction is on the horizon.
The market was weak, and freight rates went down compared to the previous week due to low demand and too many ships available. Despite congestion was increasing, especially in China, the tonnage list was increasingly long allowing charterers to push rates down. NoPac RV lost some $1,500/d in a week, from low $12,000s/d to mid- $10,000s/d; an eco Kamsarmax was fixed at $11,000/d for a NoPac trip with redely Spore/Jpn. The same rate was achieved by a very modern unit was fixed at $11,000/d basis dely S Korea for a trip via Indonesia to India. Indo RV was under pressure too with fixtures around mid/high $10,000s/d basis dely S China. A vintage Panamax open E China Sea was fixed at low $7,000s/d for a trip to S China via EC Australia. An 82,000 dwt built 2010 was reported at $10,500/d from Zhoushan to SE Asia via EC Australia.
Handy (Far East/Pacific)
Poor sentiment in F East especially due to slower demand from Indonesia. A 57,000 dwt was fixed dely Indonesia for a trip to China at $9,250/d. A 63,000 dwt was fixed dely WC Canada to ECI/Bangladesh at $13,250/d + 370,000 bb. Handies were facing downward pressure as well. The Asian market remained subdued, with the tonnage list increasing both in SE Asia and NoPac. A 38,000 dwt was fixed via E Australia for Townsville to Japan with clean cargo at $14,700/d.
Handy (North Europe/Black Sea/Mediterranean)
The area showed mixed sentiment. Rates to ECSAm remained weak, assessed around $6,000/d. A TA was reported on an eco-36,000 dwt open Immingham who fixed a trip to US EC at $12,000/d dop. On the grain side, a vintage 39,000 dwt fixed 30/10% wheat from Rouen to Valencia at $15/mt, and a 28,000 dwt vessel was reportedly fixed aps Rouen to Ortona around $9,000/day TCE. Handy rates to Turkey held at $14,000/d, a trip to W Africa was reported around $11,000/d and a 36,000 dwt open N Spain was fixed delivery Safi trip redely Dakar/Tema with gypsum at $9,000/d. On larger units not many fixtures were reported, trips from Cont to F East were estimated in the $11/12,000/d.
The market remained under pressure due to the lack of demand. Most of the cargoes booked from operators in the market for spot dates are fixed quickly within 1 or 2 days and the premium for forward cargoes remained around $2/3,000/d. Handies were fixing around $5/5,500/d CrossMed, the same rate for trips to Cont. A 35,000 dwt was reported at $6,500/d basis Canakkale via Kavkaz redely E Med with iron ore: rate is very poor considering Russian loading. TA trips remained flat: the trip to ECSAm was paying $6,500/d from Med, while the trip to USG was around $9,000/d. Supramaxes CrossMed were fixing around $7,000/d. TAs to USG were at the same Handy rate i.e. $9,000/d for Ultramax and $8,000/d for Supramax. The route to F East was $12,000/d on Ultramax and $11,000/d on Supramax tonnage.
Handy (USA/N.Atlantic/Lakes/S.America)
The market in Us Gulf continued its downward trend, but at the end of the week some fresh stems became available. A trip to Spore-japan with grains was rated at $14,000/d on Ultramax while petcoke to India was evaluated at $15,000/d on a same size vessel. On TransAtlantic a trip t Baltic with coal was covered on Ultramax at $12,500/d and a trip to Wcca was fixed on a same size vessel at $16,000/d. On Handies a trip to Genoa with petcoke was done at $11,000/d on a 39,000 dwt while grains to Wmed were covered on a 33,000 dwt at $11,000/d.
Rates remained on an uptrend with tonnage quickly fixing and leaving the area and activity increasing. On Handies, TA rates from N Brazil to Morocco were around $13,000/d. On TransAtlantic, trips from Argentina to Algeria were around $19,000/d. An eco 35,000 dwt open Paranagua was fixed for a tct with dely Recalada to Algeria with grains at $17,000/d DOP Paranagua, which was in line with the market while a 33,000 dwt built 2009 was fixed on a tct with dely aps Recalada to Puerto Cabello with agris at $17,500/d. On Supramax, rates were slightly lower than last week. TAs from W Africa via ECSAm to Cont were around $10,500/d level, while fronthaul from W Africa via ECSAm to China was around $13,500/d level. On Ultramax, a TA from W Africa via ECSAm to Cont was done around $11,000/d level, while fronthaul from W Africa via ECSAm to China was around $14,000/d level. A fancy 63,000 dwt open Suape spot was fixed for a tct with dely Recalada to SE Asia with agris at $13,750/d + $375,000 bb. Same levels were registered on a 63,000 dwt built 2015.
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