Weekly detailed analysis of world shipping freight markets for all major routes for March 10-March 17, 2025.
Capesize (Atlantic and Pacific)
The capesize market closed this week on a quieter tone but with still an increase of 3.141 points on the 5 t/c routes. The level of negotiations diminished significantly and in fact the route C5 was going down from 10.66 to 09.15. The route C3 Brazil to China maintained the level between usd 23.50 and 25. Rio Tinto is reported having fixed a tbn for 170.000/10 iore Dampier / Qingdao at usd 10.60 while Oldendorff fixed the mv Berge Mawson 181/15 for 160.000/10 Narvik / Jubail, Saudi Arabia 20 March at mid usd 23's.
Panamax (Atlantic and Pacific)
The spectre of imminent tariffs into N America seems to be behind a significant increase of activity. P1A_82 (Skaw-Gibraltar transatlantic route) was up by $4,800/day. A very modern 82,000 dwt open in Safi 15/18 March was fixed via Kamsar and redely Skaw/Gib at $14,250/day. P2A_82 (Skaw-Gibraltar to TaiwanJapan route) increased by $3,600/day and another very modern 82,000 dwt open Gibraltar 20/21 March was fixed via NCSAm redely Spore/Jpn at $18,000/day. P6_82 (Singapore via Atlantic route) was up by $2,700/day. An 81,000 dwt built 2021 was fixed APS basis ECSAm 23/24 March 23-24 redely Spore/Jpn at $14,500/d + 450,000 gbb and a 78,000 dwt built 2012 was with dely APS Santos 23 March redely Spore/Jpn at $13,000/d + $300,000 gbb.
Demand increased pushing rates higher while the fleet list was fairly balanced. Compared to S America, the Pacific market had a better performance, and it looks like it could improve further in the coming weeks, especially towards April. A 2010 Panamax was fixed at $13,000/d for 14/16 months. Then a very modern unit achieved $12,250/d for a trip via NoPac redelivery Cjk. A vintage 2007 Panamax was fixed at $13,000/d for a tct via Indonesia and redely S China. A very modern unit agreed $17,250/d for an EC Australia trip with S China redelivery. Finally, a tbn coal cargo 75,000/10 from Durban to ECI at $15.45/mt fio.
Handy (Far East/Pacific)
Firm rates for Supramax/Ultramax tonnage in Pacific due to NoPac activity and a tighter tonnage list. A 63,000 dwt was fixed basis dely Cigading via Indo to WCI around $18,000/d. A non-eco 53,000 dwt with dely Spore was fixed at $13,000/d via Indo to China and a brand new 64,000 dwt with dely Busan got $13,800/d via NoPac to Indonesia.
Handy (North Europe/Black Sea/Mediterranean)
Once again, a lack of tonnage in the area with very few vessels available and orders to be filled. Due to this scarcity some operators decided to employ in-house vessels to cover their own requirements. Rates for the larger Handies for CrossCont were estimated around $12,500/14,000/d, the same levels for trips to Med with scrap cargoes. For Transatlantic voyages levels were around $8,500/10,000/d. A 39,000 dwt was reported fixed for a trip delivery Skaw and redelivery Morocco at $14,000/d. On period, a modern 34,000 dwt open Rotterdam was fixed for 6/8 months at 103.5% of BHSI. On larger sizes, CrossCont rates were in the $12/13,500/d, trips with scrap to Med at $12/13,500/d and FH to Asia at $15/16,500/d. Fixtures reported included a 63,000 dwt open UK fixing via Las Palmas to Paradip via COGH at $14,000/d and a modern 58,000 dwt open ARAG 15 Mar fixing via Cont to F East at $15,000/d.
A slight increase was record, although for many of the Handies fixtures this was almost imperceptible. It was slightly more noticeable for larger sizes, which have seen the presence of some more cargo compared to the previous weeks. The escalation of a trade war affected sentiment leaving a climate of great uncertainty that does not help the development of business towards N America and it is likely that there could be a hike of activity once the situation is clarified. 35,000 dwt tonnage remained at $6,500/d level basis Canakkale for CrossMed or trips to Cont. For Supramaxes the levels remained around $7,500/8,000/d. Transatlantic routes moved a bit upwards with Handies at $8,000/d to US and at $6,500 to ECSAm. Supramaxes improved to $7,000/d level and Ultramaxes to $8,000/d to USG. Fronthaul recorded a positive trend on Handies at $9,000/d for trips to China and larger units at $10,500/11,500/d.
Handy (USA/N.Atlantic/Lakes/S.America)
The market remained fairly stable, fronthauls and TransAtlantic rates remained almost unchanged. The petcoke trade to Rizhao was covered on Ultramax at $16,000/d while to Spore/Japan was done at $14,000/d on a similar vessel. A trip to Spore/Japan with grains was fixed at $14,750/d on an Ultramax and coal to MEG/India was covered at $15,000/d on similar tonnage. On TransAtlantic the petcoke trade to Turkey was fixed at $17,000/d on Supramax while to Varna was done at $14,000/d. Grains to Egypt were covered on Ultramax at $15,000/d while to Nigeria were fixed at $14,000 on a 63,000 dwt. On Handies a trip to WCSAm was fixed on a 39,000 dwt at $14,000/d
Stable trend on Handysize with a slight downtrend due to a few units that were added to the tonnage list. On larger sizes rates were on the uptrend. A costal trip dely Recalada to S Brazil was covered on a 37,000 dwt built 2015 at $10,600/d, while a TA to Cont was fixed around $13,500/d on Handysize units. On TA from W Africa via ECSAm to Cont fixtures were around $10,000/d level for Supramax tonnage, this route went a bit higher, while on fronthaul from W Africa via ECSAm to China fixtures were around $12,000/d level for Supramax tonnage as per last week.
Banchero Costa and Co Spa
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