Weekly detailed analysis of world shipping freight markets for all major routes for February 16 - 23, 2026.
Capesize (Atlantic and Pacific)
The Capesize sector experienced a subdued start to the week amid Lunar New Year holidays in the Pacific, followed by a modest rebound on 20 February as sentiment recovered and freight derivative rates rose in late Asian trading. Trading activity remained limited throughout the period, with thin liquidity due to holiday observance in China and many charterers adopting a wait-and-see approach, particularly for Pacific cargoes with laycans concentrated in the second half of March. Cargo volumes stayed healthy in both basins, supported by abundant iron ore requirements from operators and traders. In the Pacific, fresh iron ore demand persisted, including requirements from Western Australia miners. Rates on the Western Australia-toQingdao route (170,000 mt ±10%) opened around USD 9.75/wmt but softened to mid-USD 9/wmt levels mid-week, with a major miner fixing seven vessels from Dampier at approximately USD 9.15/wmt for early-March laycans. By 20 February, activity picked up, with fixtures concluded at USD 9.30–9.35/wmt (Dampier/Port Hedland to Qingdao, March 7–10 laycans). The route closed the week at USD 9.35/wmt, up USD 0.20/wmt day-on-day and USD 0.20/wmt overall from 16 February levels. Atlantic activity was scant, particularly in the North, with few fresh requirements. South Atlantic fixtures remained rangebound, though a handful of Brazil-to-China deals were reported earlier in the week. Tubarao-to-Qingdao rates (170,000 mt ±10%) drifted lower mid-week before stabilising, assessed at USD 23.45/wmt on 20 February (up USD 0.25/wmt day-onday) after declining to USD 23.20/wmt on 19 February from USD 24.00/wmt on 16 February. Indicative bids showed contango into mid-March and April laycans. South Africa saw minimal fresh orders, with the Saldanha Bay-toQingdao route (170,000 mt ±10%) easing to USD 17.10/wmt on 19 February before recovering to USD 17.30/wmt on 20 February. Overall, the week reflected holidayinduced caution followed by a tentative recovery in sentiment and modest rate gains on key iron ore routes by week's end.
Panamax (Atlantic and Pacific)
During the week, fixture activity remained subdued owing to the Chinese New Year holidays, which resulted in a notably low number of reported deals. On Monday, a 2005-built Panamax was fixed APS at a hire rate of USD 25,000 per day for a trip via ECSA with redelivery Egypt. In the NCSA area, an 80,000-dwt 2010-built Kamsarmax was fixed at USD 17,000 per day with redelivery Alexandria/Cartagena. On Tuesday, only one Atlantic fixture was reported: a transatlantic run fixed at USD 25,000 per day. On Wednesday, a single fixture was recorded: an 81,000-dwt 2019-built Kamsarmax was fixed APS for a coal trip via Mobile with redelivery Hamburg at USD 18,500 per day plus a USD 500,000 ballast bonus. Towards the end of the week, fixture activity increased noticeably. A 2017- built Kamsarmax, opening in Karaikal, was fixed for a trip via ECSA to the Far East at USD 17,800 per day. Another Kamsarmax, built in 2025 and delivered Gibraltar, was fixed for a trip via NCSA with redelivery Skaw/Gibraltar at USD 18,250 per day. On Friday, the number of fixtures remained steady with slightly firmer freight levels. A 2025-built Kamsarmax was fixed on the P1 route for a trip via ECSA with redelivery Skaw/Gibraltar, carrying iron ore, at USD 23,000 per day. Additionally, a 2021-built Kamsarmax, opening in Ijmuiden, was fixed for a trip via USEC with redelivery India at USD 24,000 per day.
During the week of 16–20 February, Panamax freight rates in the AsiaPacific region exhibited a firming trend, supported by persistently tight tonnage availability in the Pacific basin, particularly for early March loading positions. Activity remained subdued early in the week amid Lunar New Year holidays across several Asian countries, with limited fresh enquiries and fixtures. Market sentiment stayed positive, however, as shipowners held firm on ideas amid restricted prompt supply. Rates strengthened notably by 19–20 February, driven by healthy mineral demand out of Australia and competition for available vessels. In the Australian market, a 75,000 mt (+/-10%) metallurgical coal cargo from Hay Point to Visakhapatnam was reportedly fixed at USD 20/mt (March 19–28 laycan), while indicative levels to Paradip reached around USD 18/mt. Towards China, rates to Qingdao climbed to USD 16.90/mt. In the Indonesian basin, fixing was limited but rates held firm, with levels to Guangzhou at USD 6.90/mt and to Indian ports showing modest gains (e.g., Banjarmasin– Krishnapatnam at USD 9.55/mt). South African coal to Paradip eased slightly to USD 15.05/mt. Overall, fundamentals favoured owners, with rates well-supported and an upward bias evident by week end.
Handy (North Europe/Black Sea/Mediterranean)
The Atlantic basin continued to strengthen, particularly for smaller units, with the Continent area following suit. On Handysize, repositioning cargoes to USG were now rated in the low teens, with owners asking low/mid to mid teens basis delivery ARAG. ECSA redelivery remained discounted relative to others, at around USD 9,000 basis delivery Continent. A premium was paid for Med redelivery; conversely, a Handysize vessel open in the Baltic was heard fixed for Turkey at low USD 20,000s APS. On larger units, activity slowed somewhat in the second half of the week, with owners reconsidering their willingness to ballast to USG/USEC/ECSA. Fronthaul was estimated in the high teens, Med destinations still commanded a premium, while transatlantic repositioning trips continued to discount in the low/mid teens(around USD 13,000).
The Mediterranean/Black Sea prompt market remains tight on geared tonnage, with Algeria and grains supporting the Handysize floor and keeping replacement costs elevated. Owners are holding firm for high USD 20,000s on 32ft Algeria cargoes, showing limited flexibility on prompt positions. The Supramax sector is underpinned by steady fertilisers/phosphates from Egypt/Morocco and a modest flow of long-haul FE/ECSA business, sufficient to prevent tonnage accumulation. Charterers remain active yet selective; absent fresh cargo influx, rates should hold steady in the near term — firm prompt, more balanced into March. Handysize intermediate levels around USD 9,000 basis Çanakkale.
Handy (USA/N.Atlantic/Lakes/S.America)
The USG market was highly volatile this week, particularly for Supramax and Ultramax, while Handysize rates remained firm. Early in the week, firm levels were achieved on fronthaul or transatlantic voyages. A standard modern 58,000-dwt shallow-draught vessel was reportedly fixed in the low/mid USD 30,000 per day APS/DOP for a petcoke run to the central Med on approximately 35 days WOG. A 55,000-dwt vessel on normal specs fixed at USD 31,000 per day for a petcoke run to India basis 55 days WOG. Ultramax levels heard around USD 30,000 per day for grains fronthaul with redelivery Spore-Jpn range on nice/shallow 63,000-dwt basis. Rates dropped later in the week, especially in the Atlantic: a 63,000-dwt fixed a 25-day pellets trip WOG at USD 24,000 per day APS SW Pass; a modern shallow 63,000-dwt fixed around USD 22,000 per day APS for petcoke trip 25/30 days basisredelivery Continent. Med destinations continued to be avoided by owners, particularly for dirty cargoes. A 56,000-dwt reportedly fixed USD 22,000 per day APS SW Pass for grains trip 40/45 days WOG redelivery EMED. On Handysize, a shallow modern 38,000-dwt fixed USD 31,000 per day for coal trip to Morocco basis quick 22 days WOG; a nice 40,000-dwt fixed for grains trip 50 days WOG redelivery Port Said. No fronthaul fixtures were heard, though uncommon on thisroute so far.
Handysize rates in ECSA were in a stable uptrend last week, while bigger units saw no significant movements since the prior week. On Handysize, transatlantic rates from ECSA to western Mediterranean were recorded in the very low USD 20,000s per day on standard vessels. Supramax transatlantic rates from West Africa via ECSA to Continent/Med hovered around USD 17,500 per day, while fronthaul rates from West Africa via ECSA to China stood at approximately USD 21,000 per day. Ultramax transatlantic rates from West Africa via ECSA to Continent/Med were around USD 18,000 per day, with fronthaul to China at approximately USD 22,000 per day. A 63,000-dwt vessel was fixed at USD 17,500 per day DOP Santos plus USD 750,000 ballast bonus for a fronthaul via Recalada to Chittagong.
Far East
In the Ultramax/Supramax sector, the week in the East concluded with limited fresh enquiry as the market awaited direction next week. Activity remained very slow throughout owing to the Lunar New Year holidays. The Handysize market also ended quietly, with rates trending downwards amid limited enquiry and a soft sentiment, again heavily influenced by the Lunar New Year holidays. One notable fixture saw a 41,000- dwt vessel fixed for a trip from Saganoseki to the Continent at USD 13,000 per day
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