Weekly detailed analysis of world shipping freight markets for all major routes for August 4 - 11, 2025.
Capesize (Atlantic and Pacific)
The Capesize freight market showed a dynamic trajectory during the week of 04-08 August 2025, with rates fluctuating due to varying cargo demand and tonnage availability across key routes. In the Pacific, freight rates for a 170,000 mt (plus/minus 10%) iron ore cargo from Western Australia to Qingdao started at USD 9.95/wmt on 04 August, down USD 0.70/wmt from 01 August, reflecting a sluggish start with limited fresh inquiries from Rio Tinto and BHP. Rates further declined to USD 9.60/wmt on 05 August, down USD 0.35/wmt, as tonnage demand weakened despite upward freight derivative movements. A recovery began on 06 August, with rates rising to USD 10.35/wmt, up USD 0.75/wmt, driven by robust iron ore demand and fixtures by BHP and Rio Tinto at USD 10.25/wmt to USD 10.40/wmt. On 07 August, rates softened to USD 10.00/wmt, down USD 0.35/wmt, amid sufficient tonnage supply, with fixtures at USD 9.90/wmt by Rio Tinto. By 08 August, rates rebounded to USD 10.50/wmt, up USD 0.50/wmt, with all three major miners (Rio Tinto, BHP, FMG) fixing vessels at USD 10.40/wmt to USD 10.60/wmt. In the South Atlantic, the Tubarao to Qingdao route saw rates slightly decline to USD 23.95/wmt on 04 August, down USD 0.05/wmt, with stable cargo volumes but limited fresh inquiries. Rates further dipped to USD 23.70/wmt on 05 August, down USD 0.25/wmt, reflecting softer sentiment and wide bid-offer spreads. On 06 August, rates rose to USD 24.05/wmt, up USD 0.35/wmt, supported by positive sentiment despite scarce fixtures. Rates held at USD 24.00/wmt on 07 August, down USD 0.05/wmt, with static activity. By 08 August, rates climbed to USD 25.00/wmt, up USD 1.00/wmt, with SwissMarine fixing a vessel at USD 24.65/wmt, bolstered by strong demand for Capesize vessels. The North Atlantic market remained quiet, with limited fixtures. Notable activity included Rio Tinto fixing a cargo from Sept-Îles to ElDekheila at mid-USD 14/wmt and ArcelorMittal securing a vessel from Port Cartier to East Asia at USD 36/wmt, indicating firm fronthaul demand. In South Africa, the Saldanha Bay to Qingdao route saw rates steady at USD 17.85/wmt on 04 August, unchanged from 01 August. Rates dropped to USD 17.30/wmt on 05 August, down USD 0.55/wmt, but recovered to USD 17.75/wmt on 06 August and USD 18.40/wmt on 07 August, up USD 0.65/wmt. By 08 August, rates reached USD 19.00/wmt, up USD 0.60/wmt, despite muted coal inquiries. Overall, the Capesize market experienced early softness in the Pacific, followed by a strong recovery driven by iron ore demand, while the South Atlantic showed resilience with steady cargo interest.
Panamax (Atlantic and Pacific)
Last week the Atlantic mkt levels were arnd mid teens fr ecsa routes, and arnd low 20's on pure transatlantic biz with some peaks registered by the end of the week. A 2024 blt kmx was fxd aps ecsa fr a trip to s/j rge at 17500+750k, a 81k dwt built in 2017 fwas fxd at 16500 retro tuticorin with redely s/j with grains via ecsa. A kmx built in 2013 was reported fxd aps ecsa with redel skaw-gib at 25000 by the end of the week. A 81k dwt built in 2019 (scrubber) open in stade was fxd at 21k fr a trip via narvik and redel in cont. A kmx blt in 2014 open in ciprian was fxd fr a trip via puerto drummond with redel in taiwasnb at 22k A 81k dwt '11 blt was fxd at 23k retro brake fr a trip via usec and redel in india
The week began slowly, but the Pacific region has shown positive momentum since last week, with the P3 index rising by $80 today. A slight decrease in tonnage demand from ECSA has had some impact on the Pacific-India voyages, as owners with vessels currently positioned in the Pacific prefer to secure repositioning business first rather than heading directly to ECSA. This has softened the South Pacific market somewhat. However, increased cargo availability in the Pacific has helped keep the overall market steady. Below are a few of the recently reported fixtures: Zheng Heng (81,948 2012) Luoyuan 8/12 Aug tct via N.China redel Med $9,000 first 60days thereafter 11,000 - Glinting Ocean (8/8 fixture) TBN 75,000/10 coal HPCT-DBCTAPCT/Vizag 5/14 Sep 35000sc/ 20000sx $17.10 fio - Sail
Handy (North Europe/Black Sea/Mediterranean)
The area remained stable with some fresh injection of forward cargoes on which owners were asking for premiums despite chrs bidding on spot levels. Ows were asking around mid teens tce bss Skaw dely for voyages from Baltic to Adriatic Italy while chrs were rating in the very low teens, similar rates were seen for Baltic / wmed voyages. In general owners always seemed not keen to Mediterranean repositioning because of low rates from there preferring other redeliveries such as WAfrica, USG and F.east. In this sense a very nice eco 38k dwt open Leixoes o/a 8th August was fxd to Wafrica in the high $12,000/d, while another handy was cfd with dely Germany and redely USEC in the $11,000/d. Even if this was the general trend, some ows seemed still willing to discount to med with a 32,000 dwt reported fxd a trip via France redelivery Turkey with scrap at $9,500/d, not on the very high side compared to premium asked from others. On supra / ultras with USG pushing again both on fh and TA, ows seemed to have positive sentiment and could consider now again ballasting there if not happy with rates given nearby. Fh was estimated to be at around 16/17k, while TA trips to the Gulf seemed now to discount again.
The market in Mediterranean and Black sea this week remained pretty flat. The handysize vessel for intermed are fixing around the 9/10.000 usd mark bss canakkale delivery, The trip to East Coast south america and to Us Gulf are now at usd 9/10.000 for trip to Us Gulf and around usd 7.000/75000 for trip to East Coast South America. The Supramaxes for intermed are at 10.000 For the transatlantic route to Us Gulf for the Ultramaxes are now at usd 12.500/13.000. The route to Far Eas is stable at usd 16.500 for the ultramaxes and usd 16.000 for the supramaxes.
Handy (USA/N.Atlantic/Lakes/S.America)
Improved demand has narrowed the transatlantic/fronthaul spread, with Handysize vessels fixing to the TA in the mid-to-upper teens, while fronthaul on Ultramaxes is reported in the mid-to-high $20,000s for grain cargoesto the Far East. The Atlantic showed slightly stronger momentum, with the Handymax segment following later in the week. Tonnage began clearing out, helping rates remain firm despite many operators, charterers, and owners being away on holiday. Owners remain cautiously optimistic, supported by a balanced supply/demand dynamic. No clear floor has been established yet.
Handies rates in EcsAm seen a little growth from last week on Ta route, on bigger units the rates were on a different trend compared to Handies and were on an encouraging uptrend on Supramax tonnage since last week, while on Ultramax were going down. On Handies TA rates from Ecsam to Cont were ard $16,000/d and 38,000dwt built 2012 fixed a trip dely aps Santos redel Continent around $15,500. Smx rates on TA from W Africa via ECSAm to Cont were around $18,500 level for Supramax tonnage, while on fronthaul from W Africa via ECSAm to China were around $15,750/d level. On Umx rates a Ta from W Africa via ECSAm to Cont were around $19,000/d level for Ultramax tonnage, while on fronthaul from W Africa via ECSAm to China were around $16,000/d level and a 63,000 built 2014 Fxd ppt aps Recalada tct Chittagong grains $14,000+$400,000bb.
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