Weekly detailed analysis of world shipping freight markets for all major routes for July 28 - August 4, 2025.
Capesize (Atlantic and Pacific)
The Capesize freight market displayed a varied performance during the week of 28 July to 1 August 2025, with rates experiencing fluctuations driven by shifting cargo demand and market sentiment. In the Pacific, freight rates for a 170,000 mt (plus/minus 10%) iron ore cargo from Western Australia to Qingdao started at USD 10.20/wmt on 28 July, down USD 0.05/wmt from 25 July, as trading began sluggishly with Rio Tinto as the sole major miner seeking tonnage. Rates dipped further to USD 9.95/wmt on 29 July, reflecting thin cargo volumes and a significant drop in freight derivative rates. On 30 July, rates fell to USD 9.75/wmt, down USD 0.20/wmt, amid weak trading and weatherrelated concerns in the Far East. A recovery emerged on 31 July, with rates rising to USD 10.25/wmt, up USD 0.50/wmt, as Rio Tinto fixed vessels at USD 10.25/wmt and sentiment improved. By 1 August, rates reached USD 10.65/wmt, up USD 0.40/wmt, with fixtures at USD 10.55/wmt and USD 10.70/wmt, supported by firm tonnage demand from FMG and Rio Tinto. In the South Atlantic, the Tubarao to Qingdao route saw rates decline slightly to USD 24.60/wmt on 28 July, down USD 0.15/wmt, with wide bid-offer spreads and limited fresh inquiries. Rates dropped to USD 23.95/wmt on 29 July, down USD 0.65/wmt, amid subdued activity. On 30 July, rates fell further to USD 22.75/wmt, down USD 1.20/wmt, reflecting softening sentiment and lower bids. A rebound occurred on 31 July, with rates at USD 23.75/wmt, up USD 1.00/wmt, driven by fixtures like Oldendorff’s at USD 23/wmt. On 1 August, rates rose to USD 24.00/wmt, up USD 0.25/wmt, with Mercuria fixing a Newcastlemax at USD 23.60/wmt, though a public holiday in Geneva limited firm exchanges. The North Atlantic saw minimal activity, with few fixtures reported, indicating a quiet market despite slightly firmer sentiment in the South Atlantic. In South Africa, the Saldanha Bay to Qingdao route saw rates decline to USD 18.20/wmt on 28 July, down USD 0.15/wmt, and to USD 17.95/wmt on 29 July. Rates further dropped to USD 17.45/wmt on 30 July but recovered to USD 17.60/wmt on 31 July and USD 17.85/wmt on 1 August, up USD 0.25/wmt, with limited coal cargo activity noted. Overall, the Capesize market showed early weakness in the Pacific and South Atlantic, followed by a recovery driven by improved sentiment and tighter tonnage availability by week’s end.
Panamax (Atlantic and Pacific)
The week ended with further downturns. Market conditions persisted in weakness, characterized by minimal chartering activity in the North Atlantic and increasing pressure on vessel owners due to restrained demand from charterers. An 82k dwt built in 2024 fixed passing Algeciras 2 Aug via USEC redel India $26,250/d. and an 82k dwt built in 2021 open Rotterdam 2 Aug fixed trip via USEC redel Sweden $18,500/d. Regarding ECSA many shipowners preferred to look for TA than front haul, preferring a shorter trip in the hope of finding a more favourable market later. A modern eco kmax built in 2020 fixed retro Rotterdam 27 July via Newport News redel Amsterdam at $19,250/d. About East Coast South America frount haul an 81/22 eco fixed retro Hong Kong 28 July trip via ECSA redel Singapore-Japan at $13,500/d with a big grain house.
The P3 index kept declining, primarily driven by an oversupply of vessels in the Pacific and a reduction in cargo volumes from the South Pacific. Additionally, the recent softening of the ECSA market is impacting the Indo–India region, as vessels are less inclined to ballast directly towards ECSA and instead prefer repositioning voyages to optimize utilization. An 82,131 built 2013 open Singapore 7 Aug fixed for 72,000 (±10%) MT coal loading Balikpapan/Hoping 7/15 Aug H $6.75 fio pmt 30000shinc/24000shinc-cnr A 2010 built 74,800 dwt open Hong Kong 3/6 Aug fixed via Indon redel Philippines with coal at $11,500/d. An 82,200 built 2020 open Kobe 3/8 Aug fixed via Australia redely Japan with coal at $14,500/d A 79,600 dwt built 2011 Mailiao 1 Aug fixed trip via E Australia redely Japan $11,500/d A 81,650 dwt built 2012 passing Taichung 4 Aug fixed trip via Indo redely S Korea $12,000/d and an 82,250 dwt built 2013 Hong Kong 2/5 Aug fixed trip via Indo redely India at $11,000/d.
Handy (Far East/Pacific)
Supramax/Ultramax ended the week on a dull note. In Pacific even if there was a slightly stronger feel than Atlantic very little was reported and rates remained flat without any direction. A 61,622 dwt Lumut 8/11 Aug was fixed Indonesia-Vietnam at $15,500/d dop, a 63,500 dwt Haldia prompt was fixed Australia-China at $14,800/d dop and a non-eco 56,745 dwt Xiamen 4/8 Aug achieved $12,250/d for Philippines-S China. The Handy sector saw very little action. Asian markets remained stable with a shortage of vessels in N Pacific, but finished the week on a downward trend. A 38,000 dwt open CJK 30 Jul/5 Aug was fixed for a tct to Philippine with steels in the mid $13,000/d.
Handy (North Europe/Black Sea/Mediterranean)
Not much activity reported in the area with rates similar to what we experienced last week. On Handies an eco-38,000 open Liverpool 3 Aug was fixed for fronthaul business at $11,000/d. Another eco 38,000 dwt open Rotterdam 1 Aug was heard fixed for trip ECSA with while a 40,000 open Gdansk 4-7 Aug fixed dely Gdansk via Baltic Russia redely Aratu-Rio Grande with fertilisers $14,000 showing very high premiums paid for Russian call. Ref Med direction, charterers were aiming to pay Handies in the 9/10k aps Cont/ Baltic with owners rating close to 12,000/13,000/d for such trips. On bigger sizes supra /ultras were still estimated to be at around 16/17,000/d for FH while TA was estimated in the 12/13,000/d.
Rates in the Mediterranean and Black Sea held steady in the week beginning 28th July, with the summer lull well and truly underway. Small handies are reported to have been discussing front-haul cargosin the $9-10,000 region for dirties basis Black Sea delivery. In addition, a small handy was reported to have fixed fertilizers from Central Mediterranean to west Africa on voyage, equivalent $8,000/day. On the larger sizes, supramaxes (Tess 58) are holding steady around $16,000/day for Black Sea loading to Far East direction. A 56kdwt was reported to have fixed trip via Israel to far east at $17,000, routing via cogh. Rates into West Africa remained relatively unchanged from the previous week, with an ultramax reported to have fixed $15,000 basis delivery Egypt for trip to Nigeria.
Handy (USA/N.Atlantic/Lakes/S.America)
Many fixtures reported in the area last week. Handies were fixing in the low / mid teens depending on specs for TA trips with Mediterranean asking at least in theory for premiums compared to the continent. In this sense a nice eco 39,000 dwt fxd with USEC dely for a tct with redely continent, a non eco 37,000 dwt open 08/14th August fxd 13,500/d aps Mobile for tct to continent, while to the med a vintage 32,000 dwt open SWP 03-05 Aug - fixed to c.med at $12.500 with petcoke. An intercaribs fixture was heard on a non eco 35,000 dwt at 11,000/d for Mexico redely while a nice eco 40,000 dwt fxd to NCSA in the 15,500 showing premiums asked for ncsa compared to closer deliveries to the US such as Mexico and ecca. To conclude on handies trips to WC were estimated in the mid / high teens with a 39,000 dwt open sw pass 12 august fxd to wcca at 16,750. On larger sizes fh business was heard fixing in the low twenties with a umx fing a tct with grains to spore Japan at 22,000/d and another 61,000 dwt fixing towards same directiona at 23,000/d. Ta showed similar levels with a 61,000 dwt fixing for petcoke to turkey in the 21,000/d definitely reducing or even eliminating the gap we seen between fh and TA in the last weeks.
Handies rates in ECSAm dropped again since last week due to lower activity and an improved tonnage offer, on bigger units the rates followed the Handies trend and went lower since last weeks. On Handies TA rates from ECSAm to Cont were around $16,000/d. Supramax rates on TA from W Africa via ECSAm to Cont were around $15,000 level for Supramax tonnage, while on fronthaul from W Africa via ECSAm to China were around $18,000/d level. On Ultramax rates, a TA from W Africa via ECSAm to Cont were around $15,500/d level for Ultramax tonnage, while on fronthaul from W Africa via ECSAm to China were around $19,000/d level. A 63,000 built 2014 fxd aps Santos a tct to Chittagong with grains at $14,500/d + $450,000bb.
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