Weekly detailed analysis of world shipping freight markets for all major routes for July 21- July 28.
Capesize (Atlantic and Pacific)
The Capesize market staged a broad based recovery over the week, reversing the previous week's losses as firming freight derivative (FFA) values, a sustained climb in bunker prices and improving tonnage demand lifted rates across all major iron ore routes. The week opened on a soft footing. The Western Australia–Qingdao route (170,000 mt iron ore) slipped a further 80 cents/wmt to USD 11.00/wmt on 20 July, weighed down by ample Pacific tonnage supply, declining FFA values and a thin cargo list. Sentiment turned on 21 July, however, with several participants declaring the market had "bottomed out" as bid levels firmed in both basins. The route then advanced steadily — to USD 11.10, USD 11.75 and USD 12.15/wmt — before a further 75 cent/wmt gain carried it to USD 12.90/wmt on 24 July, a weekly rise of USD 1.90/wmt. Persistent charterer–owner standoffs slowed the pace of fixing, but a surge in fresh Pacific demand and firm week-end owner resistance underpinned the advance. The Atlantic led the recovery. The Tubarao–Qingdao route held at USD 31.95/wmt on 20 July before climbing on tightening ballaster supply for the August loading window and rising bunker costs, gaining USD 1.15/wmt on 22 July alone. It closed at USD 34.60/wmt on 24 July, up USD 2.65/wmt over the week, with offers heard in excess of USD 35/wmt for H2 August laycans. Fronthaul activity also firmed, with North Atlantic fixtures concluded from Sept-Îles and Pointe Noire. The South Africa route (Saldanha Bay–Qingdao) followed suit, easing to USD 23.50/wmt early in the week before rising to USD 25.40/wmt on 24 July, a net weekly gain of USD 1.90/wmt. Overall, the market closed on a distinctly bullish note, with elevated bunker prices and a lengthening Pacific cargo list expected to keep bid and offer ideas supported into the following week.
Panamax (Atlantic and Pacific)
The Atlantic market held steady over the week, activity again concentrated on ECSA fronthaul business while the North Atlantic saw a more selective flow of fixtures. Freight levels changed little overall, with modern Kamsarmaxes still commanding premiums over older tonnage. In the South Atlantic, an 82,000-dwt (2020) open Haldia fixed via ECSA, redelivery Singapore/Japan, at USD 22,750/day; an 82,000-dwt (2022) retro Singapore achieved USD 23,000/day on the same route; and an 82,000-dwt (2024) open Tuticorin fixed at USD 22,750/day. At the softer end, an 82,000-dwt (2012) retro Singapore was fixed at USD 17,500/day and a 75,000-dwt (2008) open Tuticorin secured USD 17,750/day, underlining the widening spread between modern and older vessels. In the North Atlantic, a newly built 82,000-dwt (2026) open Ghent fixed for two laden legs with Atlantic redelivery at USD 25,750/day, the first voyage intended East Coast Canada to Argentina. Elsewhere, an 82,000-dwt (2023) open Gibraltar fixed via NCSA, redelivery Spain/Portugal, at USD 22,250/day, while an 82,000-dwt (2014) open Bilbao was reported on subjects for an NCSA round voyage around USD 21,250/day. Sources also indicated an 85,000-dwt (2016) open Gibraltar fixed a Colombia–Taiwan coal voyage at around USD 33,000/day, reflecting the stronger returns available for longer Atlantic employment.
The Asia-Pacific Panamax market opened on a firm note but turned progressively bearish through the week, weighed down by a persistently overtonnaged Pacific basin and thin cargo replenishment. Rates edged up on Monday 20 July despite stagnant trading and firmed to mid-week highs around 21 July, before sentiment deteriorated. Elevated spot tonnage, easing port congestion releasing further vessels for late-July dates, and a softening east coast South America market combined to pressure owners' ideas. By 24 July many owners of modern tonnage were electing to ballast rather than fix at depressed Pacific levels. On the key Australian coking coal routes, Hay Point–Qingdao peaked at USD 18.65/mt on 21–22 July before easing to USD 17.85/mt by 24 July, down from USD 18.40/mt the preceding Friday. Hay Point–Paradip traced a similar arc, slipping to USD 20.65/mt. The Indonesian thermal coal trade also softened, Samarinda Guangzhou easing to USD 8.90/mt from a mid-week USD 9.30/mt. Fixtures included a 75,000 mt Hay Point–Dhamra/Haldia metallurgical coal cargo at USD 17.40/mt FIO. Firmer bunker prices added to the negative tone, with participants awaiting clearer direction
Handy (North Europe/Black Sea/Mediterranean)
The market showed a largely steady trend, with rates holding close to last week's levels and minimal changes overall. On handies, repositioning destinations such as ECSA and USG/USEC continued to see owners discounting as usual. Rates to ECSA eased slightly, hovering around USD 8,500/day, while transatlantic trips back to USG/USEC held steady just above USD 11,000/day. Rates for outbound trips to West Africa and the Continent/Med remained broadly aligned with previous weeks' levels, while fronthaul runs stayed in the mid-to high teens, with Russian calls still commanding a premium. On larger units, levels remained firm despite small index adjustments. Ultramax fronthaul trips from the Continent to China/South Korea were evaluated around USD 26,500/day. Scrap runs to the East Mediterranean saw active trading, with an Ultramax fixed at USD 25,000/day DOP ARAG for a trip to the East Mediterranean. To conclude, repositioning trips transatlantic from the Continent to USG edged up slightly, hovering around USD 16,500/day.
The Black Sea and Mediterranean market remains difficult, with Ukrainian attacks continuing and most vessels fixed to load from those ports being cancelled; this is softening the market, as owners stay spot and ready to discount for any employment. Handy rates for intra-Mediterranean now stand at USD 13,000/day basis passing Çanakkale. Transatlantic trips to USG and East Coast South America have also turned down, now at USD 8,000/day for East Coast South America and USD 10,500 to US Gulf. USG trips remain at USD 16,500/16,000 for Ultramaxes and USD 15,500 for Supramaxes. Trips East held stable at USD 25,500 on Supramaxes and around USD 26,500 daily for Ultramaxes.
Handy (USA/N.Atlantic/Lakes/S.America)
The USG market fell during the week on both Handy and Supramax. On the handies, one grain voyage cargo was fixed at around USD 80/pmt, giving a TC equivalent of USD 17,000 APS on a nice 35,000 dwt. Another handy, a shallow 37,000-dwt, was fixed on subs at around USD 19,000 APS USEC for one TCT with grains to the Continent, basis 35 days WOG. 7 to USD 35,000 APS late in the week. On the transatlantic run, little was heard apart from a 56,000-dwt fixed around USD 23,000 for one TCT with grains to the Continent, basis 35 days WOG. Supra/Ultra rates also dropped. On the India petcoke run, a 63,000-dwt was reportedly fixed around USD 38,000 APS, though numbers eased to USD 35,000 APS late in the week. On the transatlantic run, little was heard apart from a 56,000-dwt fixed around USD 23,000 for one TCT with grains to the Continent, basis 35 days WOG.
The ECSA market appears quiet, with few cargoes, so it seems still to be slowing despite relatively modest tonnage. Handy activity improved late in the week and tonnage is balanced, though Atlantic rates stay under pressure. A 40,000-dwt open West Africa fixed via ECSA to the Continent at USD 15,000/day, while a small Handy booked Recalada to North Brazil at USD 16,500/day. Heading East, a 32,000-dwt delivery Rio Grande fixed to China at USD 20,000/day, and a 38,000-dwt ex-Recalada achieved USD 21,500/day for Singapore/Japan. Supramax was also slow, with little fresh business; however, West Africa saw a unit fixed via ECSA to China at around USD 27,000/day and another to the Continent at USD 22,000/day.
Far East
On the Ultramax/Supramax, the market declined slowly through the week to a soft close on negative sentiment, as a lengthening tonnage list pressured rates. Fixtures for Indonesia/China, TCTs to China and Thailand, and an Indonesia/Thailand run to Cargill were concluded between USD 16,000 and USD 17,500, while two 63,000-dwt units took NoPac grain round voyages at USD 18,000 19,000. Period levels stayed flat, with a 63,000-dwt fixing 4–6 months at USD 22,500 and a 60,000-dwt at USD 22,750. Handysize closed quietly with little to report, though Pacific rates held slightly above last done: TCTs to China and SE Asia were done at USD 23,000 and USD 17,000 respectively, and a 37,000-dwt open Singapore took an Australian round voyage at USD 18,000.
Banchero Costa and Co Spa
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