Weekly detailed analysis of world shipping freight markets for all major routes for January 27-February 3, 2025.
Capesize (Atlantic and Pacific)
A lacklustre week for the Capesize market with the holidays in Far East. Although some players were active, activity was fairly limited, especially in Asia and rates declined. Nevertheless, the week closed on a positive note. In Pacific, BHP fixed the MV Anna (180922 dwt | 2016 built) and a TBN vessel to load its cargoes of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, both with laydays 16/18 February and both at $6.25/mt. FMG fixed two TBN vessels for its cargoes of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, both laydays 13/14 February at $6.15/mt. Earlier in the week, they fixed the MV Berge Kebnekaise (175589 dwt | 2012 built) and also another TBN vessel at freight rates around $5.90 and $5.85/mt, for laydays with 13 February onwards dates. In the Atlantic basin Trafigura fixed the MV Cape Pylos (169,332 dwt | 2009 built) to lift a stem of 180,000mt +/- 10% iron ore from Sudeste to Qingdao, with an ETA 25/26 February at a freight of $17.60/mt. Oldendorff fixed a Classic TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Tubarão + West Africa to Qingdao, laydays 20/27 February at $17.90/mt. Koch fixed a TBN vessel to load a cargo of 170,000mt +/- 10% bauxite from Kamsar to Qingdao, laydays 11/14 February at $18.25/mt. NYK fixed the MV Millie (180,311 dwt | 2009 built) to load a cargo of 160,000mt +/- 10% coal from Drummond to Iskenderun, laydays 21 February/2 March at $11.65/mt. ST Shipping fixed the RWE controlled MV Shandong De Rui (180,613 dwt | 2020 built) to lift a stem of 160,000mt +/- 10% coal from Puerto Bolivar to Zhoushan, laydays 2/11 February at $22.25/mt. Out of South Africa, Ore and Metal fixed a TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Saldanha Bay to Qingdao, laydays 20/24 February at $12.00/mt.
Panamax (Atlantic and Pacific)
The market got off to a very slow start with a huge tonnage list. However TA RV was only marginally lower while Fronthaul remained unchanged. From Wednesday some higher fixtures and an upturn on FFAs strongly impacted P6_82, which gained $1,150/d in 2 days. The first half of the week saw an 80k dwt built in 2021 fixed scrubber benefit to owner, retro Colombo 27/28 Jan tct via ECSA redely SporeJapan at $7,250/d, while during the end of the week an 82k dwt built in 2019 fixed retro Haldia 15 Jan tct via ECSA redely Spore/Japan at $9,250/d. If we compare those fixtures we can see the difference of the market. An 81,719 built with dely Cartagena 30 Jan was fixed for a tct via USG to Gib/Cont at $6,400/d, then a similar unit with dely NCSAm 5/15 Feb achieved $12,000/d to Spain and another similar unit with dely 26 Jan Gib got $7,000/d for a RV via US EC, discharge Croatia, redely Gib. On P2 a vintage, scrubbed Kamsarmax with dely aps NCSAm 30 Jan got $12,800/d + 280,000 gbb to Spore/Jpn, market remained unchanged on this route, a very flat and weak.
Panamax rates in Pacific were falling. Demand was low while the fleet list remained long. An 82,000 dwt vessel achieved $10,500/d for a NoPac from Japan. Australian RV remained in the mid/high $6,000s/d. A 2 years old Kamsarmax was fixed at $6,000/d for a trip via EC Australia and redely Japan. A 66,000/5 coal cargo from Kalama to N China was fixed at $23/mt.
Handy (Far East/Pacific)
Another poor week with the lack of activity that led rates to decrease further. The feeling is that the increasing amount of prompt tonnage and the imminent holidays will keep pressure on rates. A 56,000 dwt was fixed on an IndoChina trip at $3,000/d basis dely S China and a 61,000 dwt got $8,000/d for a NoPac basis dely Busan.
Handy (North Europe/Black Sea/Mediterranean)
Despite the index kept falling from the area, levels appear to pick up slightly compared to the previous week. Med destinations were largely avoided by owners who were attempting to deploy their vessels in more favourable areas. A really nice eco, ice class 39,000 dwt with great speed and consumption and able to load on deck open Brunsbüttel was fixed passing Skaw for a trip via Finland redely USG with timber at $12,000/d. Another nice 38,000 dwt built 2013 open Rotterdam was fixed dely Skaw via Baltic redely Egypt with timber at $9,750/d and a 37,000 dwt was fixed dely Continent to Adriatic Sea with scrap around $6,000s/d. Still on Handies a trip from Baltic to Morocco was reported in the $7,000s/d. Larger sizes were more stable with fronthauls in the $10/11,000/d and TAs in the $5/6,000/d.
The market remained stagnant, however the tonnage list thinned and slightly higher rates were recorded. The small, unexpected, breath of fresh air on some routes raised Owners’ hopes for a recovery after the holidays. 35,000 dwt vessels were fixed at $3,500/d level basis dely Canakkale or $5,000/d aps BSea for CrossMed and trips to Cont. Supramax rates were around $5,500/6,000/d aps. TransAtlantic trips on Handies increased to $5/5,500/d basis dely aps Med port for grains to USG. The trip to S America was probably still around $3,000/d. Supramax rates were at $5,000/d while Ultramaxes were seeing $5,500/d to USG. On Fronthaul, Handies were still at $7,000/d to China while Supramaxes were at $10,000/d and Ultramax around $11,000/d.
Handy (USA/N.Atlantic/Lakes/S.America)
Fresh cargoes were lacking and tonnage kept piling up daily putting massive pressure on rates. A trip with petcoke to India was fixed on a Supramax at $11,000/d while a trip to the Gulf of Thailand was done at $16,000/d on a same size. Grains to Spore/Japan range were fixed on Ultramax tonnage around $15,000/d. On TransAtlantic, a trip to Iskenderun with petcoke was covered at $14,500/d on an Ultramax while metcoke to Brazil was done at $11,500/d again on an Ultramax. On Handies a trip to Cont with woodpellets was fixed at $11,000/d on a 39,000 dwt and a trip to EC Mexico with grains was covered at $10,500/d on a 38,000 dwt.
Rates kept decreasing for all geared sizes, although activity slightly increased for Handies. A 36,000 built 2013 open VDC 4 Feb got $11,500/d for a TCT basis dely Recalada redely W Africa. A 35,000 built 2012 in ballast from W Africa was fixed at $12,000/d basis dely ECSAm redely Angola. A 33,000 built 2011 open N Brazil 3/4 Feb achieved $9,000/d basis dely Maceido redely W Med with sugar in bulk. A 30,000 bult 2012 open Matadi 27 Jan fxd a TCT dely basis Paranagua and redely Cont at $8,750/d. A 34,000 dwt with dely VDC achieved $11,000/d for a trip to Norway with alumina showing TAs did not change much. On Fronthaul from W Africa via ECSAm to China Supramax tonnage was assessed around $10,000/d.
Banchero Costa and Co Spa
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