Weekly detailed analysis of world shipping freight markets for all major routes for April 28 - May 5, 2026.
Capesize (Atlantic and Pacific)
Capesize freight rates posted a broadly positive trajectory over the week of 27 April to 1 May 2026, with gains recorded across all major load regions by the close of the assessment period, notwithstanding some early-week softness and a muted trading environment shaped by impending public holidays.
The Pacific opened on a cautious note on 27 April, with rates edging marginally lower amid a mismatch between forward cargo laycans — predominantly H2 May — and an increasing number of spot ships coming open, leaving charterers in no hurry to cover. Iron ore and coal requirements were nonetheless ample, and a duo of Western Australian mining majors were heard seeking tonnage. The Western Australia–Qingdao route was assessed at USD 13.00/wmt on 27 April. Market confidence recovered sharply on 28 April, driven by a significant surge in fresh coal orders, including Chinese and South Korean freight tenders, alongside firm iron ore inquiry. A mining major fixed from Stanley Point to Qingdao for May 13–15 laycan at around midUSD 13s/wmt, and a second fixed from Port Hedland to Qingdao for May 14–16 laycan at USD 13.10/wmt. The route was assessed at USD 13.10/wmt, up 10 cents/wmt on the day. Activity moderated on 29 April as charterers began covering prompt requirements ahead of the early May holiday period, with the route assessed at USD 13.00/wmt. By 30 April, sentiment had firmed, with mining majors actively seeking tonnage; the route was assessed at USD 13.25/wmt, up 25 cents/wmt day-on-day.
Atlantic activity was subdued for much of the week, partly attributed to a major industry conference in Geneva dampening participation. South Atlantic cargo volumes remained abundant, though exchanges were limited. On the Brazil–Qingdao route, the assessment rose steadily from USD 32.85/wmt on 27 April to USD 33.50/wmt by 30 April, with overnight fixtures on the Tubarao– Qingdao route concluded at USD 33.40/wmt for May 30–June 4 laycan. Out of South Africa, a mining major fixed from Saldanha Bay to Dangjin for May 20–24 laycan at USD 24.60/wmt on 29 April, whilst the Saldanha Bay–Qingdao route was assessed at USD 24.75/wmt on 30 April, up 35 cents/wmt on the day. Overall, the market closed the week on a constructive footing, underpinned by resilient mining major demand and a broadly supportive sentiment despite holiday-thinned liquidity.
Panamax (Atlantic and Pacific)
A quieter start to the week gradually gave way to more visible activity, with the majority of concluded business concentrated in the East Coast South America (ECSA) and North Coast South America (NCSA) fronthaul markets. Monday saw a balanced tone, with an 81,000-dwt Kamsarmax (2017- built, scrubber fitted) fixed from Karachi for an NCSA– Singapore/Japan grains run at USD 20,250/day. An 82,000-dwt Kamsarmax (2010- built) was similarly fixed from ECSA for a Singapore/Japan voyage at USD 20,250/day plus a ballast bonus of USD 1.025 million. Tuesday activity was selective. An 84,000-dwt unit (2010-built) was placed on period for 11–13 months at USD 17,250/day, whilst a modern 82,000-dwt Kamsarmax (2016-built) achieved USD 24,000/day for a US Gulf–China grains fronthaul. Wednesday was softer, with an 81,000-dwt Kamsarmax (2020-built) fixed from Cartagena via NCSA for a trip to Turkey, redelivery Gibraltar, at USD 16,750/day. Thursday saw a firmer tone. A 2014-built 82,000-dwt Kamsarmax opening Gibraltar was fixed for a fronthaul at USD 25,000/day. In ECSA, a 75,000-dwt Panamax (2006-built) was fixed for a Red Sea trip at USD 18,750/day plus USD 875,000 ballast bonus, whilst several Kamsarmax units (2012–2016-built) were concluded in the USD 19,250– 20,500/day range for ECSA– Singapore/Japan voyages. A softer fixture saw a 75,000-dwt unit (2016-built) done at USD 16,900/day for similar employment.
The Pacific market continued to display a firm and gradually improving tone, with rates trending higher across most loading regions, underpinned by steady cargo flow and a well-balanced tonnage list. Whilst some sub-market variation persisted, sentiment was clearly stronger week-on-week, with sustained fixing activity reinforcing underlying confidence. In Indonesia, demand remained firm, particularly for coal cargoes, driving a clear uplift in rates. Activity was largely centred on Indonesia–South China runs, with modern tonnage consistently fixing in the low-to-mid USD 20,000s per day. A 2021-built 84,574-dwt unit fixed at USD 23,500/day, whilst a scrubberfitted 2016-built 81,866-dwt unit secured USD 24,000/day for Indonesia–South China coal, marking the top of the range. Further fixtures included a 2017-built 81,704-dwt unit at USD 23,000/day and a 2005-built 75,776-dwt unit at USD 24,000/day. A 2012-built 75,509-dwt unit fixed at USD 20,000/day, whilst older tonnage traded at a clear discount, with a 1998-built 72,474-dwt unit fixing at USD 18,000/day. In the NOPAC region, grain activity remained the primary driver. Despite limited reported fixtures, rates held within the USD 19,000– 22,000/day range. A 2017-built 81,000-dwt vessel open Zhoushan fixed at USD 19,250/day for a NOPAC–Singapore/Japan run, whilst a 2020-built 84,000-dwt unit achieved around USD 22,000/day for coal on a similar routing.
Handy (North Europe/Black Sea/Mediterranean)
Market activity slowed in the region, with very few spot and prompt cargoes available. In the Handysize segment, Continent–ECSA rates remained at around USD 8,000/day, whilst trips from the Continent back to the US Gulf/US East Coast held at around USD 10,000/day. Continent–West Africa trips were assessed in the low-to-low mid USD 10,000s per day, with a premium still being paid; similar levels were observed for Mediterranean destinations, though the latter remained an unattractive direction for owners given the slow activity in that market. In the Supramax segment, rates held considerably firmer, supported by the broader rise in Atlantic levels. Fronthaul on larger units was estimated in the very low USD 20,000s per day, with trips to the Mediterranean at similar levels, whilst US Gulf repositioning voyages continued to trade at a discount.
The Black Sea and Mediterranean market remained largely stagnant this week, with a near-total absence of fresh cargo enquiry. Despite this, owners refrained from discounting significantly in order to secure the limited stems available. In the Handysize segment, interMediterranean trips eased to around USD 9,500/day basis delivery passing Çanakkale. Transatlantic rates held steady at USD 10,000/day to the US Gulf, whilst ECSA trips softened to USD 7,250–7,500/day. For Supramax and Ultramax tonnage, inter-Mediterranean rates were assessed at USD 11,000/day. US Gulf/US East Coast trips improved slightly to USD 11,000/day or marginally above. Eastbound voyages were stable to firmer, with Supramax units assessed at USD 16,500–17,000/day and Ultramax tonnage achieving USD 17,500–18,000/day.
Handy (USA/N.Atlantic/Lakes/S.America)
The US Gulf market maintained a firm tone over the week across both the Ultramax/Supramax and Handysize segments. In the Ultramax and Supramax sector, a modern 63,000-dwt vessel was fixed at around USD 28,000/day APS US Gulf for a grains fronthaul to Spain/Mediterranean. A modern shallow-draught 64,000- dwt unit was fixed at USD 24,500/day for a grains fronthaul of approximately 55 days, without guarantee. The disparity between fronthaul and transatlantic rates was notable, with transatlantic levels trading considerably higher, reflecting stronger demand for that employment. In the Handysize segment, rates also firmed, with a 35,000-dwt unit fixed at around USD 18,000/day for a single trip carrying bulk petcoke to the Central Mediterranean, for a duration of 30–35 days without guarantee. No fronthaul indications were reported for this segment.
Rates in East Coast South America eased modestly as fresh inquiry slowed across both Handysize and larger units, attributed to the long weekend holiday. In the Handysize segment, transatlantic rates from Argentina to Algeria were assessed in the high USD 10,000s per day APS Recalada. For Supramax tonnage, transatlantic rates from West Africa via ECSA to Continent/Mediterranean were assessed at around USD 17,000/day, whilst fronthaul rates from West Africa via ECSA to China were assessed at around USD 21,000/day. For Ultramax tonnage, transatlantic rates from West Africa via ECSA to Continent/Mediterranean were assessed at around USD 17,500/day, whilst fronthaul rates from West Africa via ECSA to China were assessed at around USD 21,500/day.
Far East
Trading slowed heavily in the Supramax/Ultramax segment approaching the long weekend, with limited activity surfacing from the Pacific and the market appearing to lose ground amid softening demand. A 64,000-dwt unit delivery North China fixed a time charter trip to Sri Lanka at USD 23,000/day, whilst a 63,000-dwt unit delivery Chittagong fixed a time charter trip Indonesia– India at USD 19,500/day. The 2010-built 56,625-dwt "Zalea Rising" delivery Campha prompt fixed a time charter trip with nickel ore to China at around USD 19,500/day. In the Handysize segment, the week concluded on a subdued note ahead of the long holiday weekend, with Pacific trading lacking detail and few reports emerging. Sentiment remained cautiously firm, though the outlook for regional market dynamics was highly uncertain. The 2023-built 42,686-dwt "Federal Pride" delivery Phu My 30 April fixed a time charter trip with salt, redelivery Far East, at USD 17,000/day to K-Line, whilst the 2012-built 37,405-dwt "An Hai Confidence" delivery Kijang 29 April fixed a time charter trip to China at USD 10,500/day.
Banchero Costa and Co Spa
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