Weekly detailed analysis of world shipping freight markets for all major routes for August 18 - 25, 2025.
Capesize (Atlantic and Pacific)
The Capesize freight market experienced a consistent decline from 18-21 August 2025, with rates softening across key routes due to subdued activity and limited cargo demand. Despite a slight uptick in Pacific tonnage demand by 21 August, bearish sentiment driven by falling freight derivative (FFA) rates kept pressure on the market.
Pacific Market
In the Pacific, freight rates for a 170,000 mt (+/- 10%) iron ore cargo from Western Australia to Qingdao fell from USD 9.75/wmt on 18 August to USD 8.70/wmt by 21 August, a drop of USD 1.05/wmt. Early in the week, thin cargo volumes and forward laycans led to sluggish trading, with indicative offers starting at high USD 9/wmt but softening to USD 8.70-8.75/wmt by 21 August. Rio Tinto fixed vessels from Dampier to Qingdao for 6-8 September laycans at USD 8.70- 8.75/wmt, while BHP secured a ship from Port Hedland for 7-9 September at USD 8.70/wmt. Increased iron ore and coal volumes from Western Australia, driven by miners like BHP and Rio Tinto, provided some support, but charterers’ reluctance to meet shipowners’ offers delayed fixtures. Freight tenders from East Asian steel mills offered marginal demand boosts.
Atlantic Market
The Atlantic basin saw muted activity, with limited fixtures and dwindling cargo volumes. The freight rate for a 170,000 mt (+/- 10%) iron ore cargo from Tubarao to Qingdao dropped from USD 24.40/wmt on 18 August to USD 23.20/wmt by 21 August, down USD 1.20/wmt. Brazil’s cargo demand remained weak, with operators like Koch, COSCO, and SwissMarine seeking tonnage for September laycans, but bids were low, ranging from USD 22- 23/wmt. Notable fixtures included Koch at USD 25.25/wmt for a 13-15 September laycan and CSN at USD 24/wmt for a 28-30 September laycan. North Atlantic routes showed some activity, with POSCO fixing a vessel from Port Cartier to Pohang at USD 31/wmt for late September. Transatlantic demand included Oldendorff seeking a ship from Puerto Bolivar to Rotterdam.
Market Outlook
The market remained under pressure due to limited cargo availability and forward laycans, with shipowners struggling against charterers’ lower bids. While Pacific activity showed signs of stabilisation, the lack of fresh Atlantic cargoes suggests continued softness unless demand rebounds.
Panamax (Atlantic and Pacific)
The market has been more active this week with activity observed across all trans-Atlantic routes. Numerous fixtures were reported from the USEC to India, mostly on eco Kamsarmaxes and newbuildings, with rates hovering around the midto-high USD 20,000s per day The P6-82 route was also very active, gaining almost USD 1,500 per day over the week and closing at USD 15,800 per day basis BKI. There were many fixtures out of ECSA, with rates varying significantly depending on vessel positions and arrival windows A vessel with ETA ECSA 8 to 9 September was fixed retroactive Singapore at USD 12,600 per day, redelivery Spore/Japan range, equivalent to approximately USD 15,000 per day BKI A Kamsarmax built in 2019 with ETA ECSA 17 to 20 September was fixed retro Hazira at USD 17,500 per day, equivalent to around USD 16,000 per day BKI. From ECSA, some trans-Atlantic fixtures were also reported. An 80,000 DWT vessel built in 2011 was fixed APS ECSA 1 to 3 September for a TCT with redelivery Skaw-Gib at USD 21,000 per day with a major grain house.
The Pacific market held firm and positive through last week, with only a brief dip mid-week before regaining strength by the weekend and into the start of this week. This stability is supported by steady cargo movements within the Pacific. In addition, the firming ECSA market has further boosted sentiment, with more vessels opening in Southeast Asia now ballasting directly towards ECSA. Reported Fixtures: ETG Aquarius (81,976 dwt, 2022) – CJK 27 Aug, TCT via Australia, redelivery Spore/Japan – $15,650, CNR Nicosia Pegasus (81,512 dwt, 2012) – Shanwei 26 Aug, TCT via Australia, redelivery S. China – $13,250, CNR Jin Ning 17 (72,893 dwt, 1999) – Guangzhou 25/26 Aug, TCT via Indonesia, redelivery China – $12,000, Cambrian Yangze 10 (93,217 dwt, 2010) – Davao 25 Aug, TCT via Indonesia, redelivery Spore/Japan – $14,250, CNR.
Handy (North Europe/Black Sea/Mediterranean)
Market pushing hard in the last two weeks from USG brought up Continent / Baltic market as well with quite a big jump due to option to ballast from there becoming more and more concrete especially on bigger sizes. In this sense a modern 63,000 dwt ballasting from Rotterdam to US Gulf was fixed $30,000 aps SW Pass back to Cont grains. Supras / Ultras were rating in the high 10's dop for Wafrica / Eafrica redeliveries with a nice 55,000 dwt rating 17,000/d to Wafrica (non HRA) vs chrsrating here in the 16,000/d. Slightly lower rates were seen for Mediterranean redely due to market started to push also from there - Supras were indeed rated from in the 13/14,000/d with continent dely and med redely with scrap. Not many infos were reported for fh and ta trips. On handies on the other hand market seemed still to be comparably lower (even if still higher than previous weeks), with forward trips with grains being rated in the low 10's passing skaw with wmed redeliveries and in the very low 10'sfor emed.
The market in Mediterranean and Black sea this week climbed up dragged from Supramaxes. All the routes improved eveyday during the week. The handysize vessel for intermed are fixing around the 11.000 usd bss canakkale delivery but for intermed heard also fixtures done on small handies at usd 13.000 from west mediterranean to East Mediterranean ports. The trip to East Coast south america and to Us Gulf improved to usd 9.500 /10.500 for trip to Us Gulf and around usd 7500/8500 for trip to East Coast South America, the improvement is not big in these cases since the USG and ECSA market are very strong. The tess 58 Supramaxes for intermed are at 16.000 at least, heard a small supra fixed 16.000 from Marmara sea to Uk. For the transatlantic route to Us Gulf for the Ultramaxes are now at usd 13500/14000 pd The route to Far East is also moving up at usd 18.000 for the ultramaxes and usd 17.000 for the supramaxes.
Handy (USA/N.Atlantic/Lakes/S.America)
Market at Usg last week was firm both on Handies and Smx-Umxes. On the Handies it was mentioned that one 34000dwt greek handy was fixed for grains to italy on voy bss at equivalent of usd 16000 apsswpass. On the bigger size t/a on umx has been done arnd usd 28/29000aps for trip emed with coal or grains while trip to continent with woodpellets has been fixed at usd 32/33000 aps. On the Fhaul, no fixtures has been reported so far as major activity was done on t/a.
Handies rates in EcsAm were still on a strong uptrend from last weeks on Ta route, on bigger units the rates had the same trend of handieslast weeks. On Handies TA rates from Ecsam to Cont were ard $20,500/d, while routes to Med were ard $22,000/d, a 39k dwt built 23 fixed a trip from Fazedinha to Morocco at $22,000/d. Smx rates on TA from W Africa via ECSAm to Cont were around $19,500 level for Supramax tonnage, while on fronthaul from W Africa via ECSAm to China were around $16,250/d level. On Umx rates a Ta from W Africa via ECSAm to Cont were around $17,000/d level for Ultramax tonnage, while on fronthaul from W Africa via ECSAm to China were around $20,000/d level.
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