Weekly detailed analysis of world shipping freight markets for all major routes for July 21 - July 28, 2025.
Capesize (Atlantic and Pacific)
The Capesize freight market exhibited mixed trends during the week of 21-25 July 2025, with rates fluctuating across key routes amid varying cargo demand and tonnage availability. In the Pacific, freight rates for a 170,000 mt (plus/minus 10%) iron ore cargo from Western Australia to Qingdao started the week at USD 9.50/wmt on 21 July, down USD 0.05/wmt from 18 July, reflecting a sluggish start with limited activity from major miners like Rio Tinto and BHP. By 22 July, rates edged up to USD 9.55/wmt as demand for August laycans grew. On 23 July, rates rose to USD 10.00/wmt, driven by robust iron ore demand and multiple fixtures at USD 10/wmt by Rio Tinto and BHP. The upward trend continued on 24 July, reaching USD 10.50/wmt, supported by a stronger Atlantic market and active Pacific fixtures. However, rates softened on 25 July to USD 10.25/wmt, down USD 0.25/wmt, as activity slowed with only Rio Tinto seeking tonnage, with offers dropping from high USD 10s/wmt to mid USD 10s/wmt. In the South Atlantic, the Tubarao to Qingdao route saw rates increase from USD 22.90/wmt on 21 July to USD 23.95/wmt on 23 July, reflecting vibrant overnight fixtures. Rates peaked at USD 25.00/wmt on 24 July, up USD 1.05/wmt, driven by optimism and tight tonnage supply. On 25 July, rates slightly declined to USD 24.75/wmt, with a notable bidoffer gap as indicative offers reached USD 25/wmt against bids around USD 22/wmt, suggesting potential softening. The North Atlantic market remained subdued with limited fresh fixtures. ArcelorMittal sought vessels for a 150,000-170,000 mt iron ore cargo from Port Cartier to Qingdao, while Tata Steel fixed a cargo from Seven Islands to IJmuiden at mid to high USD 14s/wmt, reflecting tight tonnage availability. In South Africa, the Saldanha Bay to Qingdao route saw rates rise from USD 17.50/wmt on 21 July to USD 18.50/wmt on 24 July, but they dipped to USD 18.35/wmt on 25 July. Coal inquiries were sparse, with limited fixing activity reported. Overall, the Capesize market showed resilience in the Pacific and South Atlantic early in the week, driven by iron ore demand and constrained tonnage, but a quieter end to the week led to slight rate corrections.
Panamax (Atlantic and Pacific)
ECSAm FH was still the main source of demand in the Atlantic basin, however fixtures were softening. To the contrary, rates for US EC FH recorded a considerable increase. By the middle of the week rates from ECSAm recovered and recorded good levels. A 2016 built 85,000 dwt open Vizag was reported at $20,500/d for a trip via ECSAm redely PMO/India range, a 2023 built scrubber fitted open in Hal Dia was fixed at $18,000/d for a trip via ECSAm to Spore/Jpn range. A 2012 built Kamsarmax was fixed aps Santos at $26,500/d for a trip to Skaw/Gib. A 2016 built unit open Amsterdam was reported at $32,000/d for a trip via US EC redely India and an 82,000 dwt non-eco open Gib was reported at $30,000/d for a trip via US EC to India.
The market kept softening slightly. While cargo volumes decreased, the drop wasn’t drastic, however the influx of ballasters and layover vessels, particularly those completing P6 voyages was adding some pressure on rates. The market sentiment remained cautiously optimistic and we may see a modest rebound. An eco 84,800 dwt was fixed from Songxia end of July dates for a trip via Australia to Spore/Jpn around $16,500/d. A 76,600 DWT built 2009 was fixed prompt Hong Kong for a trip via Indonesia to S China at $15,000/d.
Handy (Far East/Pacific)
Summer vacations slowed activity in Pacific, however rates were holding around last dones. A 63,600 dwt with dely Spore early Aug was fixed via Indonesia to China around $18,500/d, a 2012 built 61,400dwt with dely Yantai prompt fixed China/Bangladesh around $17,250/d. A vintage 53,200 dwt with dely CJK early Aug was fixed Campha/Chittagong with clinker at $16,500/d and a similar unit with dely Rizhao spot agreed $16,000/d dop for a trip China-W Africa. Handysize activity was scarce and there were very few fixtures reported, in any case rates remained healthy thanks to a tight tonnage supply in NoPac, sentiment remained firm. A 34,000 dwt with dely Lanshan prompt was fixed N China-Malaysia at $13,250/d dop.
Handy (North Europe/Black Sea/Mediterranean)
Activity in USG slowed considerably and vessels were mainly looking for nearby cargoes. This negatively affected rates in the area. A 32,000 dwt was seeing around $8,000/d for a tct to USG. CrossCont was estimated in the very low $10,000/d and similar levels were estimated to Med. On larger units levels were unchanged around $17/18,000 /d for FH and around $13/14,000/d to USG.
Activity started slowing a bit. Supramaxes were on a downtrend, while Handies were still positive, but sentiment wasreduced significantly. Handies CrossMed were fixing around $12,000/d basis Canakkale dely, the trip to ECSAm remained at $7,000/d and to USG at $10,000/d. Supramax tonnage CrossMed were fixing in the $11/12,000/d level, declining a tick. Rates on TA routes to USG on Ultramaxes were reduced to $12,000/d, Supramaxes around $11,500/d. Rates to F East were stable at $17,000/d on Ultramax and $1,000/d lessfor Supramax tonnage.
Handy (USA/N.Atlantic/Lakes/S.America)
Ratesin ECSAm dropped on TA routes. On Handies, TA rates to Cont were around $17,000/d, while the grain trade to Algeria was around $14,000/d. Supramax rates on TA from W Africa via ECSAm to Cont were around $15,500/d level, while fronthaul from W Africa via ECSAm to China were around $20,000/d level. On Ultramax, rates from W Africa via ECSAm to Cont were around $16,000/d, while fronthaul from W Africa via ECSAm to China were around $21,000/d level.
The week was active, but rates decreased slightly from the previous one. A 63,000 dwt was fixed around $24,500/d aps USG for a petcoke trip to India after charterers released a ship previously fixed at $30,000/d due to delay. The same happened to a 55,000 dwt which was fixed at $22,000/d with petcoke to E Med after replacing a 60,000 dwt fixed at $30,000/d the previous week. A 64,000 dwt very nice type was fixed at $24,500/d aps for a long trip with grains redely Spore/Jpn range, duration around 70 days WOG. On Handies, not a lot was reported apart from a 32,000 dwt fixed at $12,500/d basis dely dop USG for a tct via US EC to E Med with scrap. A 33,000 dwt was fixed at $13,500/d basis dely aps SWP with grains to Caribbs.
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