Weekly detailed analysis of world shipping freight markets for all major routes for December 8 - 15, 2025.
Capesize (Atlantic and Pacific)
The Capesize sector experienced a predominantly bearish tone over the week, with rates softening across key iron ore routes amid subdued trading activity, building tonnage lists, and a dearth of fresh cargoes. Freight derivative rates mirrored the slide, exerting further downward pressure, though a modest Pacific rebound emerged on Friday. Pacific Basin Activity remained tepid out of Western Australia, driven by sporadic iron ore stems from mining majors, with scant coal replenishment. Initial offers hovered in the low $12/wmt for December laycans early in the week, but bids eroded progressively amid limited exchanges. Notable fixtures included multiple Dampier-Qingdao stems at $10.25/wmt (Dec 27–29 laycan) and Port Hedland-Qingdao at similar levels on Thursday. The benchmark Western AustraliaQingdao rate (170,000 mt, ±10%) closed at USD 10.45/wmt on Friday, up USD 0.25/wmt from Thursday's low of USD 10.20/wmt, following a USD 1.80/wmt weekly decline from USD 12/wmt on Monday. Indicative levels for late December stabilised around USD 10.50/wmt. Atlantic Basin South Atlantic volumes held decent but failed to stem rate erosion, with bids thinning on H1 January laycans. Brazil-Qingdao fixtures featured a Tubarao stem at USD 21.25/wmt (Jan 10–20 laycan) and an Itaguai Newcastlemax at mid-high USD 22/wmt (Jan 4–6). Fronthaul activity perked up midweek, with a Port Cartier-Kimitsu fixture at USD 35/wmt (Dec 28–Jan 3 laycan). The Tubarao-Qingdao benchmark fell to USD 21.35/wmt by Friday, down USD 3.50/wmt week-on-week from USD 24.85/wmt. Out of South Africa, Saldanha BayRotterdam fixed at USD 9.85/wmt (Jan 5–14 laycan), but Qingdaobound rates slipped to USD 16.85/wmt, a USD 2.15/wmt drop. West Africa saw sporadic replenishment, yet sentiment soured. Overall, the week's lull reflects December front-loading exhaustion, with tonnage overhang capping upside. Forward H1 January bids linger in the low-mid USD 20s/wmt for BrazilQingdao, signalling cautious stability absent fresh demand.
Panamax (Atlantic and Pacific)
The market opened the week on a subdued note, with sentiment continuing to soften amid limited Atlantic fixtures and mounting charterer resistance, which exerted downward pressure on both transatlantic and fronthaul rates. Charterers persistently probed lower levels, whilst owners laboured to uphold prior rate levels. Midweek, the North Atlantic experienced a brief uptick, buoyed by tighter prompt tonnage availability and firmer December coal enquiries from the US East Coast, underpinned by fresh discussions of Capesize parcels being subdivided into Panamax stems. Nevertheless, this uplift was fleeting, and by Friday sentiment eased once more, enabling charterers to reassert their position. The South Atlantic remained predominantly dormant. On the chartering front, a major grain trader secured the Geneva Star (75,843 dwt, built 2009) from the US Gulf for Skaw–Gibraltar redelivery at USD 15,000/day plus a USD 500,000 ballast bonus. The Iris Bliss (82,198 dwt, built 2016), open Bilbao, was fixed for a US Gulf round voyage to China at USD 22,750/day. The Antiparos (81,640 dwt, built 2013) achieved USD 18,000/day for a US Gulf trip via Skaw–Gib redelivery, whilst the Cymona Pride (78,056 dwt, built 2014) was taken for a US Gulf– China run at USD 23,500/day. The Yu Zhu Feng (75,519 dwt, built 2011) was fixed APS ECSA to Southeast Asia at USD 15,500/day plus a USD 550,000 ballast bonus.
Over the course of the week, the Pacific market recorded an overall limited number of fixtures, with activity mainly concentrated in the second half of the week, particularly in the Australian region. Fixtures concluded remained largely steady and in line with previous levels, averaging around USD 15,000 per day. The NOPAC market remained very quiet from Monday to Wednesday, with few fixtures in the early part of the week. A Kamsarmax 82,000 dwt built in 2019, open in Rizhao, was fixed at USD 14,500 for a trip via NOPAC to China, whilst a 82,000 dwt vessel open in Busan built in 2007 was fixed at USD 15,000 for a round voyage trip. Activity picked up slightly towards Thursday and Friday, although without any real recovery in rates. Freight levels generally hovered around USD 15,000 per day, with the exception of one fixture on Friday: one Panamax built 2007 opening in China, loading in NOPAC with redelivery Singapore/Japan, was fixed at USD 11,750 per day. The Australian market showed a more dynamic trend. The number of fixtures on Monday and Tuesday remained steady, with a rate peak recorded on Tuesday when a Kamsarmax built in 2024 opening in Kashima for a trip via East Australia with redelivery China was fixed at USD 18,900 per day, approximately USD 3,000 above the weekly average. On Wednesday, fixtures nearly tripled compared to the previous two days. On Friday, a fixture was recorded at USD 13,400 per day for a 75,000 dwt built in 2010 which made a trip via East Coast Australia with redelivery in China. The Indonesian market was the weakest in the Pacific region. The number of fixtures remained limited throughout the week, during the first three days. By the end of the week, one Kamsarmax built in 2016 was fixed at USD 16,500 per day for a trip via Indo to Japan, and on Friday a 76,000 dwt vessel built in 2005 opening in Haimen with redelivery in South China was fixed at USD 11,000 per day.
Handy (North Europe/Black Sea/Mediterranean)
Numerous fixtures were reported in the area. The Atlantic market appeared to slow somewhat, with Continent/Baltic trades beginning to experience this influence as well. On Handysize tonnage, a very modern 40,000 dwt vessel, open Netherlands prompt, was fixed delivery as per ship Rouen for one time charter trip with redelivery Morocco at USD 17,000/day, whilst a non-eco 28,000 dwt vessel was fixed delivery discharge on passage Ireland for one time charter trip with scrap and redelivery Morocco at USD 13,500. A different route wasfixed on a modern 40,000 dwt vessel, open Continent, with delivery as per ship ARA for one time charter trip to West Coast South America at USD 18,500, demonstrating a premium for this direction despite the long duration. To conclude on smaller units, a vintage 36,000 dwt vessel was fixed for one time charter trip with grain via Germany and redelivery Tunisia at USD 13,750/day. On larger tonnage, trips to the Mediterranean were estimated in the mid-USD 20,000s for Ultramaxes, with an eco 61,500 dwt vessel, open Le Havre prompt, fixing delivery as per ship ARA for one time charter trip with scrap and redelivery East Med at USD 25,000, and another eco 60,000 dwt vessel fixed delivery passing Gibraltar prompt for one time charter trip via Antwerp with scrap and redelivery East Med at USD 23,500/day. Additionally, in the same direction with scrap, another Ultramax vessel was heard to have been fixed at USD 22,000 with delivery Continent.
Another very quiet week for the Black Sea and Mediterranean markets, with many owners remaining on spot with their tonnage, which of course contributes to the negativity in the market. Handysize 38,000 dwt rates for intermediate trades continued their downward trajectory and today stand around USD 9,000 basis Canakkale. Trips via the Mediterranean to the East Coast of South America and to the US Gulf also eased to USD 12,500/12,750/day to the US Gulf and around USD 10,250/10,500 to the East Coast of South America. The 58,000 dwt Supramaxes for intermediate trades are today at USD 10,000/10,500. The trip to the US Gulf on Supramaxes slowed to USD 12,000 and to USD 12,750/12,500 for the Ultramaxes. For the route going East, the Supramaxes declined and breached the USD 19,000 mark, whilst the Ultramaxes remain close to USD 20,000. The Handies are generally asking USD 13,000 for the trip via Goa, but some headowners were heard to have fixed around USD 10,000/11,000 levels for the trip via the Black Sea and Gulf of Aden to China.
Handy (USA/N.Atlantic/Lakes/S.America)
The market in the region remained firm for both Handysize and Supramax tonnage, albeit with some signs of weakness relative to the previous week. One 63,000 dwt modern and high-spec vessel was fixed at USD 27,500 APS USEC for one trip with pellets to UK/Continent, basis same ship for a duration of 25 days without guarantee. Another 61,000 dwt vessel was instead fixed at USD 30,000 basis same ship delivery APS USG for one trip with petcoke to Japan for a duration of 50 days without guarantee. In the latter part of the week, it was heard that one operator fixed at USD 28,000 basis same ship APS SW Pass for a petcoke trip to India from an Ultramax ballasting from the WCCA, which represented a fairly competitive rate compared to the previous fixtures concluded. Not a great deal was reported on Handysize. It was mentioned that one charterer evaluated a 39,000 dwt modern and high-spec type at USD 22,000 APS SW Pass for one grain trip of 35 days without guarantee to the Mediterranean. Instead, one 35,000 dwt vessel was close to fixing around USD 25,000/26,000 APS USEC for one trip with coal to Morocco, basis same ship for a duration of 20 days without guarantee.
Handysize rates in East Coast South America experienced a slight decline last week on transatlantic routes, whilst on bigger units the trend was very similar to Handysize. On Handysize transatlantic rates from Brazil to Turkey were fixed in the low USD 20,000s levels, whilst trips to West Med were fixed in the low/mid USD 20,000s. Supramax rates on transatlantic from West Africa via ECSAm to Continent/Med were around USD 17,500/day level for Supramax tonnage, whilst on fronthaul from West Africa via ECSAm to China were around USD 21,000/day level. On Ultramax rates, a transatlantic from West Africa via ECSAm to Continent/Med were around USD 18,000/day level for Ultramax tonnage, whilst on fronthaul from West Africa via ECSAm to China were around USD 21,500/day level.
Far East
General sentiment in the Ultramax/Supramax sector remained weak, and it proved a negative week in Asia too, with rates falling on most routes. A 52,000 dwt vessel, delivered Singapore, was fixed for a trip Indonesia/Cambodia in the low USD 13,000s. The Moksha (built 2011, 57,000 dwt), Ho Chi Minh 15/20 December, was fixed for a trip Indonesia/Bangladesh at USD 17,000. The Eva Richmond (built 2024, 63,610 dwt), Dafeng prompt, was fixed for a trip to Bangladesh at USD 16,000. The Vosco Sky (built 2001, 52,523 dwt), passing Singapore 19/20 December, was fixed for a trip Indonesia/Cambodia at USD 13,150 – WL International. The Alrayan (built 2011, 57,000 dwt), ex-drydock CJK prompt, was fixed for a trip Indonesia/Southeast Asia at USD 8,500. In the Handysize Pacific market, conditions continued to soften with persistent weak sentiment. A 42,000 dwt vessel, open Singapore, was fixed for a trip Australia/Japan with salt at USD 12,000. The Kanavu Benefit (built 2021, 37,292 dwt), Onsan 13/15 December, was fixed for a trip with cement pipes to Southeast Asia at USD 10,500 – Golden Bricks. The Sakura Dream (built 2013, 38,213 dwt), Shanghai 14/15 December, was fixed for a trip Australia/China at USD 10,000 – HMM. The NY Sunrise (built 2023, 40,281 dwt), Maceio prompt, was fixed for a trip with sugar to Continent at USD 21,000.
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