Weekly detailed analysis of world shipping freight markets for all major routes for June 16 - June 22.
Capesize (Atlantic and Pacific)
The Capesize freight market endured a turbulent week, marked by a sharp mid-week correction in Atlantic rates before a strong recovery on Friday underpinned by firmer Pacific demand and rising freight derivative (FFA) values. The week opened sluggishly on Monday 15 June, with the Cape T4 index settling at USD 31,339/day. Activity was extremely muted, with limited urgency among charterers to conclude business. Some shipowners reportedly held back tonnage, preferring to monitor the potential bunker price implications of a prospective US Iran peace agreement before committing to freight. The Atlantic basin bore the brunt of the mid-week sell-off. On Tuesday 16 June, the Tubarao Qingdao route collapsed by USD 3.20/wmt in a single session to USD 31.75/wmt, as sentiment deteriorated sharply and the Cape T4 retreated to USD 29,270/day. Losses extended into Wednesday 17 June, with Tubarao–Qingdao easing a further USD 0.80/wmt to USD 30.95/wmt and the Cape T4 touching a weekly low of USD 28,250/day. A gradual lengthening of ballaster supply for second-half July Brazil laycans added to downward pressure on South Atlantic levels throughout the week. The Pacific displayed considerably more resilience. The Western Australia–Qingdao route held firm at USD 10.75/wmt on both Monday and Tuesday, with active tonnage demand from Western Australia iron ore miners helping the basin find a floor earlier than the Atlantic. Recovery gathered pace from Thursday 18 June, as shipowners firmed their resistance ahead of a public holiday in China, lifting Western Australia–Qingdao to USD 11.45/wmt and the Cape T4 to USD 29,621/day. On Friday 19 June, Pacific momentum was sustained despite thin liquidity caused by the public holiday in China and Hong Kong, with multiple fixtures concluded by Western Australia mining majors at USD 12.25–12.30/wmt and the Western Australia–Qingdao rate assessed at USD 12.40/wmt on rising FFAs. By the week's close, the Cape T4 settled at USD 30,588/day. In aggregate, Atlantic routes weakened materially — Tubarao Qingdao shed USD 3.80/wmt on the week to USD 31.15/wmt, and Saldanha Bay–Qingdao lost USD 1.55/wmt to close at USD 22.95/wmt — while the Pacific finished strongly higher, with Western Australia–Qingdao gaining USD 1.65/wmt over the five sessions.
Panamax (Atlantic and Pacific)
Atlantic activity remained relatively healthy this week, with ECSA continuing to generate the majority of fresh demand, although signs of softer sentiment began to emerge towards the end of the period. Grain cargoes continued to support fixture activity, though charterers appeared less aggressive than in previous weeks, resulting in a more balanced market. ECSA remained the key driver of Atlantic business. A 2013-built 81,687 dwt Kamsarmax fixed from Gopalpur for an ECSA/Singapore Japan voyage at USD 22,000 per day, whilst a 2013-built 81,902 dwt vessel secured the same level for an ECSA round voyage. A 2012-built 75,946 dwt vessel fixed from Dahej for an ECSA round voyage, whilst a 2012 built 77,288 dwt Panamax concluded an ECSA/Singapore–Japan grain trip at USD 20,500 per day. Downward pressure on rates became increasingly evident, with fixture levels slipping from the stronger levels recorded earlier in the month. APS ECSA business attracted limited interest. The sole reported fixture involved a 2014-built 81,793 dwt vessel fixed for a grain trip to Skaw Gibraltar at USD 35,000 per day. As the week progressed, owners faced increasing resistance on rate ideas. In the North Atlantic, activity remained comparatively stable. A 2015-built 81,061 dwt vessel fixed from Ghent for a trip via the US East Coast with coal, redelivery India, at USD 30,750 per day, whilst a 2010 built 82,181 dwt vessel secured USD 27,000 per day for an NCSA grain voyage to Singapore–Japan. A 2012-built 81,641 dwt vessel fixed from Amsterdam for a US Gulf/Continent iron ore trip at USD 19,000 per day. Overall, Atlantic fundamentals remained supportive, although downward pressure on rates became increasingly evident towards the end of the week.
The Pacific market held broadly steady this week. Cargo volumes were not particularly heavy, though sentiment remained supported by a consistent flow of coal, grain and iron ore business across the basin. Downward pressure on rates became increasingly evident towards the end of the week. In Indonesia, coal demand remained relatively stable, though fixture levels continued to vary by destination and vessel positioning. A 2020-built 81,601 dwt vessel fixed at USD 19,000 for an Indonesia/India coal voyage, whilst a 2019-built 81,185 dwt vessel secured the same level via Indonesia with coal redelivery South China. A 2023-built 82,403 dwt vessel fixed at USD 17,000 for Indonesia/South China, whilst a 2017-built 81,129 dwt vessel concluded at USD 16,000 for an Indonesia voyage with East Coast Australia option, redelivery Singapore–Japan. In the NOPAC, grain cargoes continued to underpin activity despite a lack of significant fresh demand. A 2019-built 82,027 dwt vessel fixed at USD 20,750 for a NOPAC/Singapore–Japan grain trip, whilst a 2016-built 81,895 dwt vessel secured USD 20,000 for similar business. A 2016-built 77,998 dwt vessel fixed at USD 17,000 for a NOPAC round voyage, whilst a 2018-built 81,824 dwt vessel reportedly achieved a rate in the USD 17,000s for a petcoke trip. Australian sentiment remained the strongest within the Pacific basin, supported by coal and iron ore demand into North Asia and India. A 2026-built 82,022 dwt vessel fixed at USD 24,000 for a North China/Japan iron ore voyage, whilst a 2015-built 79,489 dwt scrubber fitted vessel secured USD 19,750 for similar business. A 2023-built 82,367 dwt vessel fixed at USD 20,500 for an East Coast Australia/India coal voyage, whilst a 2021-built 82,558 dwt vessel concluded at USD 19,500 for the same route. Australian business continued to provide the strongest support to Pacific earnings, particularly on voyages to India.
Handy (North Europe/Black Sea/Mediterranean)
The market held broadly in line with the previous week. Handysize tonnage from the Continent to ECSA was assessed in the USD 8,000–9,000 per day range, whilst Continent to US voyages maintained levels between USD 9,000 and the very low teens. Continent–Mediterranean business remained in the mid-teens, with fronthaul on Handysize assessed in the mid-to-high and high teens. For larger units, the picture was similar, with fronthaul estimated in the low-to-mid and mid-USD 20,000s per day depending on vessel specifications. Scrap to Mediterranean voyages were at comparable levels, still commanding a modest premium. Trips from the Continent to USG were at a discount, with repositioning levels assessed in the low-to-mid teens.
Another positive week for the Mediterranean and Black Sea market. Operators await an injection of fresh cargoes from European crop stems, with sentiment remaining firm for July and August, though prompt availability is thin and freight levels are improving only marginally. Handysize tonnage for Mediterranean trips held steady at around USD 9,000–9,500 per day, basis delivery Çanakkale. Transatlantic runs improved modestly, with USG voyages firming to USD 9,500–10,000 per day and East Coast South America at USD 7,500 per day. Supramaxes are outperforming Handysize, adding approximately USD 1,000 on the week at around USD 12,500 per day to USG, with Ultramaxes at USD 13,500 per day. Inter-Mediterranean Supramaxes are today assessed at USD 11,000 per day. Trips East continue to firm, with Supramaxes reaching USD 22,000 per day and Ultramaxes around USD 23,000 per day.
Handy (USA/N.Atlantic/Lakes/S.America)
The USG market opened the week on a firm note for Supramax and Ultramax tonnage before rates stabilised for the remainder of the week. On the transatlantic, a 63,000 dwt vessel fixed a trip to Continent with grains at USD 31,750 per day APS passing SW Pass, whilst a non modern 61,000 dwt fixed at around USD 30,000 per day APS passing SW Pass. On fronthaul, Ultramaxes were rated in the mid-to-high USD 30,000s per day for petcoke to India, whilst a 58,000 dwt fixed a trip to WCCA at USD 32,000 per day. The Handysize market remained stable in the region, with a 41,000 dwt fixed for a trip to Continent with wood pellets at USD 23,750 per day.
ECSA rates continued to rise, as evidenced across recent weeks for both Handysize and larger vessels. For Handysize, the ECSA transatlantic rate held at around USD 24,500, still edging slightly higher establishing itself in the mid-USD 20,000s, whilst ECSA–WCSA routes also hovered in the mid-USD 20,000s. Inter-ECSA voyages were assessed between USD 18,500 and USD 19,500. For larger vessels, Brazil–Continent trips were assessed at around USD 33,000. Fronthaul also firmed, with a West Africa–North China rate via ECSA assessed at around USD 27,000, whilst transatlantic business saw a West Africa/Skaw–Passero rate via ECSA assessed at around USD 21,300.
Far East
Contrary to a strengthening Atlantic market, the Asian Supramax/ Ultramax sector remained fairly static, closing the week quietly and largely unchanged. On the voyage market, the 2024-built 64,128 dwt Xin Zheng Sea fixed a TCT to West Africa at USD 25,500 per day delivery CJK, 27 July, whilst the 2024 built 63,534 dwt Stefanos D fixed Indonesia/West Coast India at USD 20,500 per day from South China spot, with scrubber benefit for charterers' account, via Tongli. The period market was notably active: the 2025-built 63,968 dwt Yasa Star fixed 5/7 months at USD 23,000 per day delivery Zhenjiang 24 June via Swire Bulk; the 2025-built 64,650 dwt Aquaglory fixed 7/9 months at around USD 22,250 per day delivery Zhoushan prompt via Norden; the 2025-built 64,100 dwt UM Hakata fixed 11/13 months at USD 20,000 per day delivery Zhoushan prompt via Fednav; the 2016-built 63,276 dwt Pilatus Venture fixed one year at around USD 19,800 per day ex-yard Dalian 22/23 June; the 2013-built 63,548 dwt Newseas Crystal fixed around 12 months at USD 19,500 per day delivery Dalian 1 July; and a 64,000 dwt newbuilding fixed three years at USD 17,500 per day delivery ex-yard November/December. The Handysize market firmed over the week, whilst Asia remained flat, ending the week on a positive note.
Banchero Costa and Co Spa
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