Weekly detailed analysis of world shipping freight markets for all major routes for July 7 - July 14, 2025.
Capesize (Atlantic and Pacific)
The Capesize freight market exhibited a robust recovery during the week of 7-11 July 2025, driven by strong freight derivative (FFA) rate increases and heightened activity, particularly in the Atlantic basin. Market sentiment turned firmly bullish, favouring shipowners as rates climbed steadily. In the Atlantic, the Brazil-China route saw significant activity, with abundant cargo requirements from Brazilian miner Vale and other operators like OTSL and LDC seeking tonnage for late July to mid-August laycans. Freight rates for a 170,000 mt (+/- 10%) iron ore cargo from Tubarao to Qingdao rose from USD 18.40/wmt on 7 July to USD 19.95/wmt by 11 July, reflecting a USD 1.55/wmt increase. Notable fixtures included Oldendorff securing a vessel for an early August laycan at USD 19.75/wmt and Cargill fixing a ship for early August at USD 18.40-18.70/wmt. Despite a high ballaster count, shipowners resisted lower bids, pushing rates upward, with indicative offers exceeding USD 20/wmt for H1 August laycans. South Africa’s Saldanha Bay to Qingdao route also strengthened, with rates rising from USD 13.15/wmt to USD 14.45/wmt, supported by demand from Assmang Ore & Metal for early August laycans. The Pacific market showed mixed dynamics. Early in the week, rates dipped slightly, with the Western Australia to Qingdao route falling to USD 7.35/wmt on 9 July, down USD 0.15/wmt from 7 July. However, sentiment improved by 10 July, driven by Atlantic strength and increased FFA rates. Major miners BHP, Rio Tinto, and FMG sought tonnage for late July laycans, with coal and iron ore volumes supporting demand. By 11 July, rates recovered to USD 8.25/wmt, up USD 0.90/wmt from 9 July. Fixtures included Rio Tinto securing vessels at USD 7.45/wmt and BHP at USD 7.60/wmt for late July laycans. Indicative offers rose above USD 8.40/wmt, though a bid-offer gap initially limited fixture conclusions. The week closed with strong market optimism, particularly in the Atlantic, where vibrant trading and FFA rate spikes bolstered confidence. The Pacific market, while slower to react, benefited from spillover sentiment and steady cargo demand. Shipowners’ resistance to lower bids and tightening tonnage availability suggest continued upward pressure on rates in the near term, particularly for August laycans.
Panamax (Atlantic and Pacific)
The Atlantic market experienced a general increase. Activity notably increased across all TA routes, particularly from ECSAm. Demand rose for all commodities pushing rates up both for TA and fronthaul. A large number of vessels were fixed resulting in a sharp decline in available tonnage especially in N Atlantic. In S America, a few ballasters can still be found, although significantly fewer than the previous week. On Friday, many owners opted to remain on the sidelines, choosing to wait and observe market developments, with hopes foe another firm and positive week ahead. Panamax TC Average gained $3,100/d over the week, P1A_82 showed the most significant gains increasing by nearly $4,900/d. A Kamsarmax built in 2018 was fixed retro Kakinada for a TCT via ECSAm, redely Spore/Japan range at $18,000/d. An eco 82,000 dwt built in 2012 was fixed APS ECSAm 25 July for a TCT via Skaw/Gib at $27,000/d with a major grain house. An 82,000 dwt built 2024 open Skaw 16/18 July was fixed on subs for a TCT via USG redely Rotterdam at $20,250/d. A Kamsarmax open Barcelona 15/25 July was fixed for a TCT via Russian Baltic redely China, int fertilizers, at $25,000/d.
The market remained relatively subdued. Although demand from North Pacific and Australia held steady, vessels’ availability remained abundant. Nonetheless, market sentiment showed slight improvements, resulting in modest gains. Owners, encouraged by the positive momentum from ECSAm, adopted a firmer stance on Indonesian cargoes, and a lot of tonnage started ballasting. Notably, an eco 82,000 dwt vessel built in 2011 was fixed at $14,500/d for a NoPac RV with delivery China mid-July and redely Spore/Japan range. A 25 years plus old Panamax open HK 16 July was fixed via Indonesia redely S China at $12,500/d. A 77,000 dwt built in 2014 open Tobata 16 Jul was fixed for a tct via EC Australia redely S China in the mid $14,000s/d.
Handy (Far East/Pacific)
For Supramax/Ultramax, a strong week, especially in Atlantic, improved sentiment also in the Pacific market, in particular in the Northern part where demand improved. A 57,000 dwt with dely China was fixed to W Africa at $12,500/d for the first 65 days and $13,500/d balance. A 63,000 dwt with dely Vietnam was fixed to Bangladesh at $20,500/d. A 2016 built 63,400 dwt was fixed basis dely Spore for a trip via Indo to WCI at $17,000/d. Handysizes closed the week on a quiet note, but the market remained steady and balanced throughout the week. In Pacific, the tonnage lists were tighter improving sentiment, but there was a lack of fixtures reported. A 31,000 dwt was fixed basis dely Jinzhou mid-July dates for a tct to Taiwan around $9,000/d.
Handy (North Europe/Black Sea/Mediterranean)
With USG rates pushing further, considerable optimism spread across other areas. In Cont the option to ballast to USG improved considerably Owners’ expectations especially for TAs and fronthauls. Fronthauls on Supramax/Ultramax from Cont had an impressive jump with an Ultramax fixing around $20,000/d aps Antwerp for a tct to F East with petcoke. An increase was shown on larger sizes toward other destinations with trips to W Africa estimated to be in the $15,000s/d. TAs were in the low teens. On Handies, Owners were rating $14/15,000/d aps ARAG for fronthaul. TAs were estimated in the $9/10,000/d, still discounting compared to other regions, but showing some improvements.
The area was in a better shape, USG and ECSAm markets were helping the Atlantic to recover significantly. In Med the tonnage list was shorter helping ratesto recover. Handysize tonnage CrossMed was fixing between $9/11,000/d basis dely Canakkale. The trip from BSea or E Med to W Africa wasfixed around $10,000/d. Trips to ECSAm and USG also recorded some improvements with ECSAm around $6,500/d and USG at $9/10,000/d. Supramaxes tonnage CrossMed was around $10/11,000/d while TAs to USG were fixed at $11,500/12,000/d on Ultramax, $1,000/d discount for Supramax. The route to F East was also improving, also considering the 2 attacks. Ultramaxes were fixing around $15,000/d and Supras $14,000/d via COGH.
Handy (USA/N.Atlantic/Lakes/S.America)
Rates improved considerably on Supramax and Ultramax while Handies remained steady. On Supramax, a 56,000 dwt was fixed at the beginning of the week at $18,250/d with petcoke to China. The rate was on the low side since the vessel needed to go to DD. In any case, rates kept improving during the week, especially on TAs and a 63,000 dwt was fixed at $25,000/d aps USG for a tct with coal to Egypt Med basis scrubber benefit to charterers. At the end of the week, TA rates reached $30,000/d on a 63,000 dwt basis dely dop USG for a tct with petcoke to E Med. On Handies, rates remained steady, but still at nice levels. A 38,000 dwt was fixed at $13,500/d basis dely dop Cuba for a tct via USG to Morocco with petcoke. A nice 38,000 dwt was fixed around $15/16,000/d for a tct to New Zealand.
Handies rates increased a little while larger unitsrecorded stronger rates. On Handies, a trip from ECSAm to Puerto Rico was fixed on a 35,000 dwt built 2016 at $17,500/d. Supramax rates from W Africa via ECSAm to Cont were around $15,000/d level, while fronthaul from W Africa via ECSAm to China was done around $17,000/d level. On Ultramax tonnage, rates from W Africa via ECSAm to Cont were around $15,500/d, while fronthaul from W Africa via ECSAm to China were around $17,750/d level.
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