Weekly detailed analysis of world shipping freight markets for all major routes for February 23 - March 2, 2026.
Capesize (Atlantic and Pacific)
The Capesize freight market exhibited volatility during the week, commencing with robust gains on 23 February amid buoyant sentiment and strong Pacific cargo demand, before softening mid-week and staging a minor rebound by 27 February. Overall, rates on key routes fluctuated, reflecting intermittent trading activity, abundant iron ore volumes, and varying tonnage supply dynamics across basins. In the Pacific, sentiment started bullish on 23 February, supported by a surge in iron ore requirements from operators, traders, and Western Australian miners, alongside limited tonnage availability. Freight rates for 170,000 mt iron ore from Western Australia to Qingdao rose to USD10.10/wmt, up 75 cents/wmt day-on-day. Gains extended modestly to USD10.20/wmt on 24 February despite lacklustre trading pace and charterer reluctance to lift bids. However, momentum waned on 25 February with sluggish activity, pushing rates down to USD10/wmt, and further to USD9.90/wmt on 26 February amid subdued exchanges and ample cargoes failing to spur fixtures. A rebound emerged on 27 February, with rates recovering to USD10.20/wmt, bolstered by firm tonnage demand, fresh iron ore and coal orders, and shipowner resistance to lower offers. Key fixtures included a Port HedlandQingdao stem at USD10.10/wmt for early March laycan on 23 February, and Dampier-Qingdao at USD10.15/wmt on 24 February. Atlantic activity remained muted overall, with South American volumes steady but trading subdued due to bid-offer gaps and forward laycans. Brazil-China rates for Tubarao to Qingdao climbed to USD24.05/wmt on 23 February and USD24.50/wmt on 24 February, showing contango between late March and April dates, before easing to USD23.90/wmt on 25–26 February and edging up to USD24/wmt on 27 February. Notable fixtures included TubaraoQingdao at USD23.80/wmt for midMarch on 19 February (pre-week) and around USD25/wmt for April on 26 February. South Africa saw scant activity; Saldanha Bay-Qingdao rates rose to USD17.50/wmt on 23 February, peaked at USD17.85/wmt on 24 February, then declined to USD17.50/wmt by week-end, unchanged on 27 February. Period chartering interest stayed firm, with fixtures reported at around USD31,500/day for 11–13 months. Freight derivatives traded mixed, influencing spot negotiations. Market participants anticipate sustained cargo flows to support rates, though ballaster build-up in the Atlantic may pressure near-term sentiment.
Panamax (Atlantic and Pacific)
The week following Chinese New Year proved, as anticipated, to be a recovery period, marked by a noticeable rise in concluded fixtures compared with the prior week. On Monday, an 81,000 dwt Kamsarmax (2016-built) was fixed APS from ECSA with redelivery Singapore/Japan at USD 17,000 per day plus a USD 700,000 ballast bonus. Additionally, a 78,000 dwt unit (2016-built), opening Tuticorin, was fixed for a trip via ECSA with grains and redelivery Singapore/Japan at USD 18,000 per day. Tuesday saw a modest dip in reported activity, with only an 81,000 dwt Kamsarmax (2019-built), opening Gibraltar, fixed for a trip via NCSA with redelivery Singapore/Japan at USD 26,000 per day. Wednesday brought a sharp uptick in Atlantic fixing and a modest improvement in freight levels. Two 82,000 dwt Kamsarmax vessels (both 2024-built) were fixed for trips via ECSA with redelivery Singapore/Japan at USD 19,500 and USD 19,300 per day respectively. Activity accelerated significantly towards week-end. An 82,000 dwt Kamsarmax (2012-built), opening Tuticorin, was fixed for a trip via ECSA with redelivery Singapore/Japan at USD 18,500 per day. A 2019-built Kamsarmax was fixed APS from NCSA with redelivery Singapore/Japan at USD 19,000 per day plus a USD 900,000 ballast bonus. On Friday, volumes and rates rose further. From Mundra, a 2013-built Panamax was fixed for a trip via ECSA with redelivery Singapore/Japan at USD 17,500 per day. Meanwhile, a 2008-built Panamax passing Aden achieved USD 18,500 per day for a similar ECSA trip with redelivery Singapore/Japan.
The Pacific market continues to exhibit tighter tonnage availability, with an increasing volume of cargoes entering the market. This improved supply-demand balance has stabilised rates across the basin, delivering a modest overall upward bias despite persistent downward pressure from the ECSA market. Fundamentals remain firmly in owners’ favour. Limited prompt tonnage and steady enquiry continue to provide robust support, with a firmer tone emerging towards the end of the week. The Indonesia market has shown clear signs of recovery since last week, with higher fixture volumes and improved rate levels. By weekend, rates were stabilising around USD 12,000 daily. Notable fixtures included a 74,000 dwt (2004-built) open South China fixed at USD 10,500 for a trip via Indonesia redelivery South China; a similar 76,000 dwt (2004-built) unit at USD 12,500; a 2012-built Panamax at USD 20,000 for Indonesia/Philippines business; and a 76,000 dwt (2005- built) open Kemen fixed at USD 13,900 for a trip via Indonesia to South Korea. The NOPAC sector commenced the week strongly in the high USD 20,000s, softened slightly mid-week, but recovered late in the week to just above USD 22,000. Despite fewer reported fixtures, daily hire rates held firm. Key fixtures included a 2019-built Kamsarmax at USD 20,750 (option North China USD 21,250) for a NOPAC trip redelivery South China; a 2007-built Panamax open Nagoya at USD 19,500 for a NOPAC round voyage with grains; an 81,000 dwt (2009-built) open Shibushi at USD 20,000 for a NOPAC round voyage redelivery South/Japan range with grains; and a 2025-built Kamsarmax open Batangas at USD 22,500 for a NOPAC round voyage redelivery Japan with grains.
Handy (North Europe/Black Sea/Mediterranean)
The market remained decidedly firm in the region. For Handysize vessels, a very modern 37,000 dwt unit with excellent specifications was fixed dop Rotterdam 27 February on a time-charter trip with scrap, redelivery Eastern Mediterranean, at USD 22,000 per day, reflecting a notable premium for the Mediterranean direction despite her specifications likely commanding around USD 2,000–3,000 above competing tonnage. In the same direction, a non-eco 37,000 dwt vessel open Lisbon was fixed at USD 15,250 per day dop for a trip via Hamburg with redelivery Tunisia. To West Africa, an eco 34,000 dwt vessel open Belfast 27 February/1 March was heard fixed at USD 18,000 dop, again indicating premiums for this route. ECSA continued to show significant discounting, with rates consistently estimated in the USD 8,000–9,000 per day range. On larger units, firm USG rates sustained elevated levels for Continent tonnage, with numerous fixtures reported to the Mediterranean. Notably, a very modern 63,000 dwt vessel was fixed via UK with scrap for redelivery Eastern Mediterranean at USD 21,000 per day, while an eco 63,000 dwt unit achieved USD 22,000 per day for a scrap voyage via ARA to Egypt.
This week, a pronounced vessel shortage prevailed in the Mediterranean and Black Sea. With continental markets, the US Gulf, and South America exhibiting very strong conditions and absorbing most available tonnage in the Western Mediterranean, freight rates were inevitably pushed higher. Additionally, owners continue to strongly avoid Ukraine and Russia amid the delicate political situation, further supporting the rate improvement. For Handysize vessels, intermediate (intermed) levels today stand at USD 10,000/10,500 basis Çanakkale. Transatlantic voyages improved to USD 10,500 to USG and USD 9,000/9,500 to ECSAm. Supramaxes are tracking this trend, with intermed levels asked at USD 11,500/12,000 and USD 12,000/12,500 to USG. Supramax fronthaul rates have also risen, reaching USD 18,000 for Ultramaxes and USD 17,000 for Supramaxes.
Handy (USA/N.Atlantic/Lakes/S.America)
The US Gulf market currently appears highly speculative, yet particularly firm for Handysize vessels. A modern/shallow-draught 63,000 dwt vessel was reportedly fixed at USD 26,500 aps USG for a petcoke trip of 55 days wog to India. The most recent time-charter equivalent rumour involved a similar 63,000 dwt shallow-draught vessel fixed at USD 30,000 for a one-trip petcoke voyage of 35 days wog. The significant discrepancy between these levels largely reflects owners’ reluctance to fix towards the Mediterranean. On the Handysize segment, a modern/shallow 37,000 dwt vessel achieved USD 27,500 aps USG for a one-trip pellets voyage to the Continent, while around USD 27,000 aps was seen for a petcoke trip to the central Mediterranean, underscoring strong demand for larger Handysize tonnage.
Handysize rates in ECSAm maintained their positive trend, with the market remaining optimistic and supported by strong levels. Transatlantic rates from ECSAm to Skaw/Passero were evaluated in the low to mid-USD 20s per day for a standard Handysize unit. For Supramax tonnage, transatlantic rates from West Africa via ECSAm to Continent/Mediterranean hovered around USD 18,000 per day, while fronthaul voyages from West Africa via ECSAm to China achieved around USD 21,500 per day. For Ultramax tonnage, transatlantic rates from West Africa via ECSAm to Continent/Mediterranean stood at approximately USD 18,500 per day, with fronthaul rates from West Africa via ECSAm to China reaching around USD 22,000 per day.
Far East
The Supramax market in the Pacific concluded on a firmer note with rates advancing. Key fixtures included HSL Kensington (2023-built, 64,452 dwt) at USD 22,000 daily for a Bangladesh round voyage, Yasa Neptune (2023-built, 64,090 dwt) at USD 19,000 for Indonesia/Pakistan, and others ranging from USD 17,000 to USD 12,000. Handysize trading also ended positively amid active fixing and tighter tonnage, with fixtures such as Ocean Draco at around USD 13,750 daily for a Singapore–Japan round voyage, Pintail at USD 13,000 for Continent, and Deana at around USD 14,500 for one year.
Banchero Costa and Co Spa
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