Weekly detailed analysis of world shipping freight markets for all major routes for February 24-March 3, 2025.
Capesize (Atlantic and Pacific)
The Capesize market kept and ended the week on a positive note. Strong cargo volumes out of Australia combined with steady cargoes from Brazilians brought the freight rates on the Brazil-Qingdao route to surpass the $20/mt. Rates were quickly running towards the $10/mt for W Aussie to China route. Expectations are that the market should continue this trend next week and most of market participants are expecting that this strong increase on Capes might soon drag Panamax rates as well.
Panamax (Atlantic and Pacific)
Activity slowed and a slightly softer trend was recorded. The market appears uncertain, also affected by the recent political developments. TransAtlantic Round Voyage recorded a decrease of around $1,000/d though the week. A 2024 built unit open Gib 22/24 Feb was fixed via US EC to Turkey redely Gib at $9,000/d. P2A_82 was down $800/d and a fancy Kamsarmax open Rotterdam 2 Mar was fixed via USG redely Spore/Jpn at $15,750/d with a big grainhouse. P6_82 recorded the most significant loss, around $1,300/d. A 2011 built Kamsarmax got $14,250/d + 425,000 gbb basis dely aps ECSAm to Spore/Japan while a 2020 built unit was fixed at $12,000/d basis dely retro Sunda Strait 10 Feb tct via ECSAm redely Spore/Japan. Only Friday the market showed some positivity, but the overall market remains very fragile.
A stable week in Pacific. There were fewer ships available which kept the fleet list short. Demand remained steady, with moderate offers, creating a balanced market. The best route was the TransPacific, which had higher demand and better rates, thanks to strong cargo flows and limited availability. However, according to the Baltic the Pacific RV lost around $1,000/d, from Monday to Friday. On Monday a non eco Kamsarmax was fixed at $17,000/d for an IndoIndia trip and at the end of the week a similar unit was reported at $8,000 /d. NoPac with redelivery Spore/Japan was reported around $11/12,000/d throughout the week. On Friday a very nice unit reached $15,000/d for a 5/7 months period with redelivery worldwide basis dely Yeosu. A TBN 80,000/10 coal form Newcastle to Boryeoing 30,000sc/19,000lt shinc was fixed at $12.50/mt.
Handy (Far East/Pacific)
On Supramax, the positive sentiment came to an end. The beginning of the week was still positive, then demand slowed considerably. A 56,000 dwt open Japan was fixed for a backhaul via the COGH at $14,000/d. A 64,000 dwt open Indonesia was fixed to China at $17,000/d. On Handies the market remained healthy with good demand, most of all for NoPac and SE Asia. A 38,000 dwt was fixed basis dely Japan redely Brazil at $10,500/d.
Handy (North Europe/Black Sea/Mediterranean)
Activity slightly slowed and tonnage started piling up again with most of the orders available for forward dates. Not many fixtures were reported on Handies with rates to ECSAm estimated in the $6/7,000/d and to USG in the $7/8,000/d. CrossCont was heard slightly higher with petcoke from ARAG to Denmark hear in the $9/10,000/d. On larger sizes a non eco 58,000 dwt was reported at $8,300/d dop Belfast for a trip via Cont to W Africa, not HRA, with grains and a very modern 63,000 dwt open Wismar fixed for trip via Baltic to Morocco at $12,000/d dop. Fronthaul on Supramax/Ultramax was estimated in the low/mid $10,000s/d and trips to USG were reported in the $7/8,000/d.
Activity slowed again, especially on TransAtlantic routes. The current situation essentially reflects the fluctuating trend of the consuming markets. The uncertainty brought by the Trump government certainly does not help the development of new business towards the US. 35,000 dwt vessels were still fixed at $6/6,500/d level basis Canakkale or $7,000/d aps BSea for CrossMed or trips to Continent. For Supramax tonnage around $7,500/d. On TransAtlantic routes: Handies were now at $7/7,500/d to USG and at $5,750/6,000/d to ECSAm. Supramaxes remained at $6,500/7,000/d, Ultramaxes at $7,500/8,000/d to USG. Fronthaul was negative with Handies at $9,000/d to China and Supramax/Ultramax tonnage at $11/12,000/d.
Handy (USA/N.Atlantic/Lakes/S.America)
Fairly busy activity with rates that remained flat till mid-week, then started falling. A trip to China with petcoke was done at $14,000/d on a Ultramax and a Supramax was fixed with grains to F East from US EC via ECSAm at $8,600/d. On TA the grains trade to Continent was covered on Ultramax at $14,500/d while to Morocco was done in the low teens on a Supramax. A trip to Nador with coal was fixed on Ultramax at $11,000/d ad clean cargo to Iraq was covered at $18,000/d on a same size vessel. On Handies the grains trade to Italy was done at $12,000/d on a 33,000 dwt while to WCCAm was fixed on a 35,000 dwt at $12,350/d.
Activity slowed slightly and the tonnage list increased putting some pressure on rates. A Trip from Recalada with redelivery MEG with grains was covered by a 61,000 dwt built 2012 at $12,500/d + $250,000 gbb, a TA with dely aps Vitoria to Rotterdam with pig iron was fixed at $13,500/d on a 39,000 dwt built 2014. A trip from Recalada to WCSAm was covered on a 39,000 dwt built 2014 at $17,000/d. On fronthaul from W Africa via ECSAm to China fixtures were around $12,000/d level for Supramax tonnage.
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