Weekly detailed analysis of world shipping freight markets for all major routes for March 17-March 24, 2025.
Capesize (Atlantic and Pacific)
The downtrend finally stopped today, with the C3 route with ballasters for end April loading talking usd 24.50 level. Vale was rumoured to have taken several ship in between the level of 24.25 and 24.50. The West Australia route C5 was resisting at usd 9.35 level. There have also been LSS active on coal from Indonesia by fixing a vsl for 150.000/10 from South East Kalimantan to Mundra at high usd 6's which is a tick lower than a rate done yesterday.
Panamax (Atlantic and Pacific)
The start of the week saw a significant increase in freight rates for the three transatlantic routes P1A_82 (Skaw-Gibraltar transatlantic route), P2A_82 (Skaw-Gibraltar to Taiwan-Japan route), and P6_82 (Singapore via Atlantic route). However, this trend was short-lived, as the week ended negatively, with an average loss of approximately USD 500/day on the BKI. The largest losses were experienced by P1 and P2, with rates dropping by about USD 1,000/day and USD 450/day, respectively. P1A_82 (Skaw-Gibraltar Transatlantic Route) Velos Star (81,846 dwt, 2015) fixed at USD 19,500/day for a voyage via USEC, with redelivery in the India region. P2A_82 (Skaw-Gibraltar to TaiwanJapan Route) Star Altair (81,106 dwt, 2019) fixed at USD 18,750/day for a voyage via Port Cartier, with redelivery in China. Longevity (81,949 dwt, 2014) fixed at USD 15,750/day for a voyage with redelivery in Singapore-Japan, plus a USD 575k bonus. P6_82 (Singapore via Atlantic Route) Kalliopi L (76,529 dwt, 2001) fixed at USD 13,500/day, plus a USD 350k bonus, for a voyage from ECSA to Singapore-Japan. Hua Si Yuan (79,441 dwt, 2013) fixed at USD 14,000/day, plus a USD 400k bonus, for a similar route. Duke I (80,282 dwt, 2010) fixed at USD 10,750/day for a voyage via ECSA, with redelivery in SingaporeJapan. The market is still too fragile and uncertain to see progressive and stable growth. It is going through a phase of uncertainty, with geopolitical factors playing a key role in influencing expectations.
In the Pacific region last week, the Panamax dry market saw a slight decline in rates. Demand was relatively weak, with fewer fixtures compared to the previous week. The fleet list for Panamax vessels was longer, creating more competition among owners and putting some downward pressure on rates. While there was some activity, particularly for coal shipments from Indonesia and grain from Australia, the demand was not much higher than the supply, which made the market less active. A tbn 80,000/10 coal cargo from Ecaus to Taiwan was fixed at $ 12.85/mt fio. A very modern kmx unit agreed $15,000/d for a NoPac round voyage. A tbn 75,000/10 coal cargo was fixed at $6.30/mt for an Indo/India trip. An eco 81k dwt achieved $ 12,500/d for an Aussie round voyage trip. A vintage 2004 Panamax was fixed at $8,750/d for a tct via Indonesia with redely China. Finally, an eco kmx achieved $17,000/d for a tct trip via Aussie&AG with redelivery PMO.
Handy (Far East/Pacific)
In Pacific, rates found their ceiling due to a lack of fresh demand. Rates trended sideways. A 64,000 dwt was fixed Indonesia to WC India at $17,000/d opt EC India at $18,000/d. A 63,000 dwt open China was fixed for a NoPac RV at close to $15,000/d.
Handy (North Europe/Black Sea/Mediterranean)
Another strong week with rates that kept moving higher and higher. Steel scrap activity increased from Baltic and Cont boosting rates. Demand for tonnage surged, particularly for March laycans, allowing shipowners to raise freight rates. On smaller sizes a 33,000 dwt was fixed basis dely passing Ushant for a trip via Baltic to E Med/Turkey with scrap at $14,500/d and a non-eco 37,000 dwt open Teesport 20/21 Mar fixed dely dop trip redely E Med with scrap at $16,000/d. Not many infos available for TA trips to US due to fear for USTR while trips from Cont to W Africa were estimated in the mid-teens. On bigger sizes timecharter rates basis dely Cont redely E Med were close to $15,000/d and an eco61,000 dwt was fixed for a trip Baltic to Wafr (Congo + Cameroon) at $14,000/d aps.
Market sentiment started firming up in the BSea together with the positive news from Turkiye, where the quota for imports of 1 million tons of corn was issued with a decreased 5% import tax, while wheat import duties were lifted. For what concerns Handysize tonnage, 35,000 dwt vessels spot were fixing around $6,000/d Canakkale, but for early April dates levels were already $1,000/d higher. Trips toward Cont were following the same trend with spot at $6,000/d. Ukraine exports were fixed at a lower TC equivalent around $5/5,500/d towards Med destinations. Trips for W Africa were at $10/10,500/d level and TA routes improved to $9/9,500/d to USG and $6,500/d to ECSAm. Supramaxes were still suffering from a lack of fresh cargoes and rates remained similar to last dones. CrossMed remained around $7,500/8,000/d. Trips from W Med to W Africa were discussed around $8,5/9,500/d. Fronthaul was stagnant for Handies around $9,000/d for trips to China and Supramax and Ultramax tonnage at $10,000/d and $10,500/d respectively.
Handy (USA/N.Atlantic/Lakes/S.America)
The market in US Gulf remained stable, Fronthaul and TransAtlantic rates were pretty much at the same level. A trip to WC India with petcoke was fixed on Ultramax at $18,000/d and to EC India at $20,000/d. On TransAtlantic the petcoke trade to Itay was covered on Ultramax at $20,205/d while to Continent was done at $18,000/d on a same size vessel. On Handies a trip to med with clean cargo was fixed at $13,500/d on a 37,000 dwt.
Activity slightly increased and tonnage remained largely unchanged. Not many fixtures were reported on Handies with a trip to S Africa with sugar covered at $13,000/d on a 35,000 dwt built 2012 while a TA to W Med was fixed at $12,000/d on a 35,000 dwt built 2011. On larger units TA from W Africa via ECSAm to Cont were around $10,000/d level for Supramax tonnage, this route remains stable despite the uptrend, while on fronthaul from W Africa via ECSAm to China were around $13,000/d level, this route went slightly higher than previous weeks. On Ultramax tonnage a FrontHaul from W Africa via ECSAm to China was covered at $13,500/d on a modern Ultramax.
Banchero Costa and Co Spa
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