Weekly detailed analysis of world shipping freight markets for all major routes for February 2 - 9, 2026.
Capesize (Atlantic and Pacific)
The Capesize freight market displayed a mixed performance during the week ending 6 February 2026, characterised by tepid activity, rangebound rates in the Pacific, and softening levels in the Atlantic. Trading remained subdued overall, with participants adopting a cautious stance amid uncertain weather prospects in Western Australia and temporary port closures in northern China due to inclement conditions. In the Pacific, iron ore demand stayed limited, with only sporadic requirements from Western Australian miners. Initial indicative offers on the Western Australia to Qingdao route hovered in the high USD 8/wmt early in the week but gradually softened amid reluctance from charterers to lift bids. Shipowners showed resistance to aggressive rate reductions. Notable fixtures included a vessel fixed from Port Hedland to Qingdao at around USD 8.45/wmt for late-February laycan, with other trades concluded near USD 8.35/wmt. The assessed rate for 170,000 mt (plus/minus 10%) iron ore from Western Australia to Qingdao settled at USD 8.40/wmt on 6 February, up modestly from earlier levels but reflecting a downward drift from the week's high of USD 8.50/wmt. The Atlantic basin saw even quieter activity, with scant fresh iron ore orders from Brazil and a lengthy ballaster list for March loadings exerting pressure. Bid-offer spreads widened on the Tubarao to Qingdao route, with bids in the low to high USD 22/wmt and offers above mid-USD 23/wmt for March laycans. A Newcastlemax fixture from Itaguai to Qingdao was reported at mid-high USD 23/wmt for mid-March laycan. The assessed rate for Tubarao to Qingdao fell to USD 22.95/wmt on 6 February, down 50 cents/wmt dayon-day. Out of South Africa, cargo volumes improved with fresh coal and iron ore enquiries, including a requirement from Saldanha Bay to Qingdao for early March laycan. However, the assessed rate for Saldanha Bay to Qingdao eased to USD 16.95/wmt on 6 February, down 30 cents/wmt. Overall, the week highlighted persistent weak fundamentals, with limited fresh cargoes across basins and weather-related uncertainties curbing momentum. Market sentiment remained cautious, with participants awaiting clearer directional cues ahead of the Lunar New Year period.
Panamax (Atlantic and Pacific)
During the week, the Atlantic Panamax market experienced an uneven flow of fixtures, with activity peaking on Thursday, although overall volumes remained below those of the previous week. On Monday, only one fixture was reported: an 82,000-dwt vessel (built 2018) opening in Rotterdam was fixed for a trip via the US East Coast with redelivery India at a hire rate of USD 22,500 per day. Fixture activity increased slightly on Tuesday. A 2009-built Panamax was fixed retro-Singapore at USD 14,000 per day for a grain trip via ECSA with redelivery Singapore/Japan range. Additionally, a vessel was reported fixed from the US Gulf to Turkey for iron ore, delivered Gibraltar at USD 16,000 per day. On Wednesday, a 79,000-dwt vessel (built 2011) was fixed APS ECSA at USD 22,500 per day for a trip with redelivery Skaw/Gibraltar. On the same route, a modern 82,000-dwt Kamsarmax (built 2023) achieved a higher rate of USD 24,000 per day. Thursday saw the highest activity. A 2013-built Kamsarmax opening in Krishna was fixed for a grain trip via ECSA with redelivery Skaw/Gibraltar at USD 24,000 per day. A 93,000-dwt vessel (built 2010) was reported fixed APS ECSA at USD 21,000 per day for a similar redelivery range. Separately, a 2019-built Kamsarmax open New Fujairah was fixed via ECSA with redelivery Singapore/Japan at USD 18,650 per day. No fixtures were reported in the Atlantic market on Friday.
The Pacific market showed signs of recovery this week, with a modest increase in the number of reported fixtures. Hire levels remained relatively stable across the Indonesia, Australia, and NOPAC routes, indicating that the sharp upward momentum observed in the ECSA market eased somewhat during the period. The Indonesian market recorded more fixtures than in previous weeks, predominantly involving Panamax vessels on Indonesia–China redelivery business. Rates generally held in the USD 7,500–8,500 range, with the exception of one Indonesia–Japan redelivery on a Kamsarmax fixed at USD 14,500. A 74,000-dwt vessel (built 2007) open in Dung Quat was fixed for a trip via Indonesia to south China at USD 8,000 per day. An older Panamax (built 1999) open in Yuhuan achieved USD 7,000 per day for the same business, while another 2001-built Panamax secured USD 8,500 per day with an option for north China at USD 9,000 per day. The east coast Australia market showed little change from the prior week, with rates settling around the USD 15,000 level. The week started softer, including one fixture reported in the mid-USD 14,000 range. The west coast Australia market remained quiet, with only one fixture reported to China at USD 17,000 per day. A 2021-built Kamsarmax open Tianjin was fixed via east coast Australia to south China with coal at USD 14,500 per day. A 2025-built Kamsarmax open Busan achieved USD 15,300 per day on a similar east coast Australia to south China run, while a newbuilding 82,000- dwt Kamsarmax open Zhoushan was fixed on east coast Australia/China business at USD 15,750 per day. NOPAC hires opened the week around USD 14,000 per day, gradually climbed to the mid-USD 16,000 range by midweek, before softening and stabilising in the mid-USD 15,000 range. Fixtures included a 2013-built Kamsarmax open Nagoya fixed at USD 14,000 per day for a NOPAC trip with redelivery Far East, a 2017-built Kamsarmax open Kunsan at USD 15,500 per day with redelivery Singapore/Japan range, and another 2017-built Kamsarmax open Mizushima at USD 15,500 per day for a NOPAC round voyage with redelivery Japan intention grains.
Handy (North Europe/Black Sea/Mediterranean)
Quite an active week from the Continent, with strong demand in the Atlantic pushing up rates for both smaller and larger units. Standard 38,000-dwt Handies from ARA / North France to West Africa (non-HRA) were discussing USD 13,000 per day APS Rouen, against owners asking USD 15,000 per day for the same. Similar rate levels were indicated for trips with scrap to the Mediterranean from UK/Continent. The ballast option strengthened considerably and increased its attractiveness to USG / USEC and ECSA, all of which were seeing rising rates and thereby drawing even more vessels, particularly those opening in Spain and Portugal. In this context, Handies were now achieving close to USD 13,000–14,000 per day DOP for trips back to the Mediterranean via ECSA, while charterers with laden trips to ECSA were seeking owners willing to discount for premium repositioning, quoting vessels in the USD 6,000–7,000 per day range against owners holding firm at USD 8,000–9,000 per day due to numerous alternative options available. Comparable levels were seen for DOP deliveries with trips via USG, in the USD 14,000–15,000 per day range. On larger units, the same trend was evident for ballasters, with USG in particular showing a clear rise and pushing rates higher. Trips from the Continent to the Mediterranean were now estimated at USD 16,000–17,000 per day delivery Continent on Ultramax, with Russian loading still commanding some premium. To conclude on Supramax / Ultramax, front-haul rates saw a significant jump and were now estimated in the USD 18,000–19,000 per day range, depending on specifications.
This week, the Handy and Supramax markets remained largely flat, albeit with a slightly more positive sentiment compared with the previous week. The routes showed a modest upward movement—not substantial, but at least exhibiting a small sign of recovery. For Handysize vessels, the level for a trip to Intermed was around USD 7,000–7,500 basis Çanakkale. Transatlantic trips to USG and East Coast South America improved to USD 7,250–7,500 per day. Trips via the Mediterranean or Black Sea to West Africa were at USD 11,750–12,000 per day. The trend for Supramax vessels was similar to that of the Handysize segment, with Intermed levels around USD 8,000 per day. Rates to USG gained approximately USD 1,000, reaching around USD 11,000 per day. Supramax fronthaul rates displayed the most positive trend, improving to USD 15,000 per day for Supramax tonnage and to USD 16,000 per day for Ultramax tonnage.
Handy (USA/N.Atlantic/Lakes/S.America)
The US Gulf market exhibited an upward trend during the week, particularly for Supramax and Ultramax tonnage. It was rumoured that a 56,000-dwt vessel had been fixed at around USD 24,000–25,000 per day APS Texas for one trip with bulk petroleum coke to the central Mediterranean for a duration of 35 days WOG. On the fronthaul, another 56,000-dwt future-type vessel was fixed for grains to the Singapore–Japan range at USD 25,000 per day APS for a duration of 55 days WOG. It was mentioned that a 61,000-dwt vessel was fixed at around USD 21,500 per day APS SW Pass for a grains trip to the North Coast South America for a duration of 25/30 days WOG. The Handysize market showed somewhat different levels, especially when compared with the Supramax and Ultramax segments. One 39,000-dwt vessel was fixed at USD 19,000 per day APS SW Pass on a time charter trip with coal to Morocco for a duration of 25 days WOG. One 37,000-dwt vessel was fixed at USD 19,000 per day APS USG for 35 days WOG duration to Turkey. A 37,000-dwt vessel was fixed at USD 17,000 per day APS DOP on a time charter trip to UK–Continent.
Market rates in ECSAm were on an uptrend last week. This was due to a significant improvement in activity in the area and many vessels leaving the region. On Handies, trans-Atlantic rates from South Brazil to West Coast Central America were around mid-USD 20,000 levels for standard Handies. TransAtlantic rates were evaluated around USD 16,000–17,000 per day. Supramax rates on trans-Atlantic from West Africa via ECSAm to Continent/Mediterranean were around the mid-teens level. On fronthaul from West Africa via ECSAm to China, Supramax rates were around the highteens level.On Ultramax, trans-Atlantic rates from West Africa via ECSAm to Continent/Mediterranean were around the mid- to high-teenslevel. On fronthaul from West Africa via ECSAm to China, Ultramax rates were around the very low USD 20,000s. Fixtures reported included a 61,000- dwt vessel (built year unspecified) fixed delivery Santos for a trip to China at USD 14,500 per day plus USD 450,000 ballast bonus. Another fixture was a 63,000-dwt vessel (built 2015) fixed delivery Recalada for a trip to Iraq at USD 16,000 per day plus USD 600,000 ballast bonus.
Far East
Ultramax/Supramax: In Asia, demand had eased for both backhaul and NoPac cargoes and the general feeling was far from optimistic. The Southern Pacific was also showing signs of easing. More fresh enquiries will be required next week if there is to be any turnaround in the market. A 56,000-dwt vessel was fixed delivery China, redelivery South East Asia, at USD 8,000. Period cover remained slow. A 63,000-dwt vessel open in South China was fixed for 13-15 months at USD 15,900. Handysize: The Asian market continued to be the quietest region. In the Pacific, very little was concluded. A 38,000-dwt vessel, open Sitra 8–13 February, was fixed for a trip to Western Australia at USD 7,000. On the period side, activity remained limited. A 40,000-dwt newbuilding was reported fixed for three years at 120.5% of the BHSI.
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