Weekly detailed analysis of world shipping freight markets for all major routes for April 7 - April 14, 2025.
Capesize (Atlantic and Pacific)
Rates moved sideways most of the week, then towards the weekend some positive sentiment brought the index to $15,000/d. In Atlantic Nyk was linked with a ballaster with Lisco for a cargo of 160,000 iron ore from Point Ubu to Misurata 05/15 May at an improved $10.95/mt with d/a Misurata for Charterers account. In Pacific activity was limited with just one miner fixing, but there were little signs on improvements.
Panamax (Atlantic and Pacific)
The market remained subdued with limited activity and rates under pressure. Charterers retained a firm upper hand, supported by soft fundamentals and muted FFA market. From ECSAm, fronthaul activity lacked volumes to support broader momentum. 2 very modern Kamsarmax vessels, one 2025 built scrubber fitted were on subject basis dely aps ECSAm redelivery Spore/Jpn at $15,250/d + $525,000 gbb. In N Atlantic, an 84,000 dwt built in 2022 was fixed basis dely aps Almeria for a trip to Canada at close to $16,000/d, showing a slightly firmer tone for TA business than the index suggested; this proved more the exception than the rule. Later in the week, a 75,000 dwt built 2011 was fixed basis dely Gibraltar for a trip via NCSAm, redely Spore/Jpn at $15,000/d and an 81,000 dwt built in 2012 achieved $10,000/d basis dely retro Spore 7 April via ECSAm. The overall sentiment was fragile. Interests from NCSAm offered some support, but this failed to translate into some sort of momentum. Owners continued to face wide bid/offer gaps.
Little activity in Pacific with not many fixtures reported and overall lower rates recorded. Surely the face-off between China and USA has to do with the slowdown reported on NoPac, that pushed rates higher from Australia. A 2021 built Kamsarmax open Nansha was fixed at $11,000/d for a trip to China via EC Australia. As said NoPac was extremely slow, in any case a 2012 built Kamsarmax was fixed at $11,250/d basis dely Ningate redely Spore/Jpn via NoPac. Indo to S Chian was also quiet with lower rates. An 86,000 dwt built 2007 open Kaohsiung was fixed to Taiwan at $9,000/d.
Handy (Far East/Pacific)
Activity was very slow. Supramax demand was particularly weak from Indonesia. Handysize rates couldn’t keep the levels of the previous dones and the tonnage count was overwhelmingly larger than demand.
Handy (North Europe/Black Sea/Mediterranean)
The market showed signs of softening, particularly in the Handysize segment, where activity remained limited and rates dipped slightly compared to previous levels. The recent upward momentum seems to have stalled as a more cautious sentiment settled in. On Handies, fewer fixtures were reported with rates reflecting the current slowdown. Trips ContECSAm were discussed around $6/7,000/d while TA trips to USG held at $9/10,000/d, although with reduced fresh demand. On Supramax, signs of a downtrend also emerged. The Cont-F East routes were assessed in the very low $10,000s/d, down from the mid-teens seen just a couple of weeks ago. Trips to USG were fixing around $9/10,000/d, indicating a steady, but fragile, balance. A notable fixture was a vintage 55,000 dwt fixing aps Riga for a scrap trip to the E Med at $13,000/d, confirming continued support from scrap cargoes, though levels appear to be cooling.
Very quiet activity in Med with rates on a negative trend. 35,000 dwt Handysize vessels were fixing CrossMed around $6/6,500/d. The trip to Cont was lower around $5,5/6,000/d. TA trades remained at $9,500/d to USG and softened to $5,5/6,000/d to ECSAm. Supramax CrossMed were fixing around $6,500/d approaching the weekend. Trips from W Med to W Africa were still discussed at $8/8,500/d level. Trips to F East were at $12,000/d on Ultramax tonnage, $11,000/d on Supramax and probably around $8,000/d on Handies.
Handy (USA/N.Atlantic/Lakes/S.America)
The market was on a freefall due the chaotic situation. Rates on Handies remained pretty stable while on bigger units the downtrend was heavy. On Handies, a 39,000 dwt built 2019 was fixed for a TA with dely aps USG redely W Med at $12,500/d while a 42,000 dwt fixed a trip with dely USG redely WCCAm at $13,000/d. On Supramaxes, TA rates to Cont were around $14,000/d while on Fronthaul trips to China were around $14,500/d. Ultramax tonnage was at a $500/d premium over Supramax.
Handy rates were on a downtrend both for Handies and larger units. On Handies, TA rates from Brazil to Morocco were around $13,000/d. A coastal trip from Argentina to Ecuador was fixed around $14,500/d. On Supramax, rates were a little lower than last week, TAs from W Africa via ECSAm to Cont were around $9,750/d level for Supramax tonnage. A 55,000 dwt built 2010 open Takoradi 11/14 Apr was fixed aps for a Recalada to E Med around $15,500/d level, while on fronthaul from W Africa via ECSAm to China fixtures were around $12,750/d level. On Ultramax a TA from W Africa via ECSAm to Cont was done around $10,250/d level, while fronthaul from W Africa via ECSAm to China was around $13,250/d level. A fancy 66,000 dwt built 2021 was fixed aps Santos for a trip to China at $14,650/d + 465,000 gbb.
Banchero Costa and Co Spa
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