Weekly detailed analysis of world shipping freight markets for all major routes for March 2 - 9, 2026.
Capesize (Atlantic and Pacific)
The Capesize freight market endured a volatile trading week, with rates rallying strongly in the first half before reversing course as bunker price instability and softening paper market sentiment weighed on physical fixing activity. The overriding theme was the impact of geopolitical tensions in the Middle East on bunker costs, which generated a cautious “wait-andwatch” approach among participants throughout. The week opened on Monday 02 March with muted trading activity despite a healthy cargo list in both basins. A tonnage overhang for nearterm loading dates was noted in the Pacific, whilst North Atlantic supply continued to outpace demand. The Western Australia–Qingdao route was assessed at USD 10.40/wmt, Tubarão–Qingdao at USD 24.20/wmt, and Saldanha Bay– Qingdao at USD 17.90/wmt. Rates gained sharply on 03 March and continued to firm on 04 March, as shipowners leveraged rising bunker costs to push offer levels higher and charterers lifted bids in tandem. Pacific iron ore cargo volumes remained plentiful, bolstered by orders from multiple major Western Australian miners, whilst robust Australian coal demand provided further support for Pacific tonnage. South Atlantic cargo requirements were also abundant, with growing interest for H2 April loading dates on the Tubarão–Qingdao route. Western Australia–Qingdao reached a weekly high of USD 11.35/wmt on 04 March, Tubarão–Qingdao firmed to USD 26.50/wmt, and Saldanha Bay– Qingdao peaked at USD 19.50/wmt. Sentiment deteriorated in the latter part of the week. On 05 March, freight forward agreement rates entered negative territory, dampening market confidence, and offer levels on the Western Australia–Qingdao corridor retreated to USD 10.60/wmt. A developing tropical cyclone near Port Hedland was flagged as an emerging operational risk. On 06 March, a renewed bunker price uptick further eroded appetite for firm business, with a widened bid– offer spread discouraging transactions during Asian trading hours. Western Australia–Qingdao closed the week at USD 9.80/wmt, down USD 1.55/wmt from its midweek peak, Tubarão–Qingdao eased to USD 26.25/wmt, and Saldanha Bay–Qingdao held at USD 19.00/wmt for a second consecutive session. Overall, Capesize rates closed the week below their Monday opening on the Pacific benchmark, with bunker cost volatility and a softening forward curve remaining the dominant market headwinds.
Panamax (Atlantic and Pacific)
n the past week, the dry bulk market was significantly shaken by geopolitical developments, particularly in the Arabian Gulf. These events generated considerable uncertainty and drove a sharp rise in bunker prices, which in turn pushed freight rates higher. On Monday, an 82,000 dwt Kamsarmax (built 2014) was fixed APS ECSA at USD 18,000 + USD 800,000 BB, with redelivery in SE Asia. Additionally, an 81,000 dwt vessel (built 2012), opening in Muscat, was fixed for a trip via ECSA with redelivery S/J, carrying grain, at USD 20,000 per day. On Tuesday, only one fixture was reported: a 79,000 dwt vessel (built 2011), opening in Vizag, was fixed for an ECSA round voyage at USD 23,000 (equivalent to approximately USD 20,700 on a P6 basis). Fixture activity then increased progressively through Thursday, with rates moving upward. An 83,000 dwt Kamsarmax (built 2010) was fixed APS for a Transatlantic grain voyage, delivery ECSA, redelivery Skaw–Gibraltar, at USD 26,000 per day. Another 82,000 dwt Kamsarmax (built 2024) was fixed retro Gibraltar for a trip via NCSA with redelivery S/J at USD 27,000 per day. On Thursday, two Kamsarmaxes (built 2015 and 2024), both opening ECI, were fixed for trips via ECSA with redelivery S/J at USD 22,000/day and USD 21,150/day respectively. On Friday, an 81,000 dwt Kamsarmax (built 2012) was fixed via ECSA with redelivery Poland at USD 24,500 per day.
The Pacific market maintained a relatively firm tone throughout the week, supported by steady cargo flow and a balanced tonnage list across the basin. Activity was particularly evident in the Indonesia and East Coast Australia regions, while NOPAC business remained stable with consistent grain demand. Overall, rates held in the low to midUSD 20,000s for the main round voyages, while shorter Indonesia business continued to trade in the low to mid-teens depending on vessel size and position. Towards the end of the week, bunker prices began to edge higher and owners showed reduced willingness to accept lower levels, particularly for longer Pacific round voyages. The Indonesia market remained active with several coal stems circulating. Rates displayed a stable to slightly firmer trend compared with prior weeks, achieving midteens for South China round voyages. Fixtures included: a 76,000 dwt (built 2004) open Hong Kong at USD 10,500 via Indonesia to South China; a 75,000 dwt (built 2001) open Haimen at USD 13,000 for a similar run; a 76,000 dwt (built 2005) open Meizhou at USD 12,000 via Indonesia redelivery South China; a 76,000 dwt (built 2005) open Shanwei at USD 16,000 for coal via Indonesia back to South China; and a 73,000 dwt (built 2000) open Zhuhai at USD 13,500 via Indonesia redelivery South China. In NOPAC, consistent grain demand kept modern Kamsarmax and Panamax rates in the low USD 20,000s. Fixtures included: an 82,000 dwt (built 2010) open Ulsan at USD 21,000; an 84,000 dwt (built 2022) open Tachibana at USD 23,500 for a NOPAC round redelivery Singapore/Japan; a 76,000 dwt (built 2013) open Wakayama at USD 19,500; a 76,000 dwt (built 2006) open Dalian at USD 20,000; and an 82,000 dwt (built 2022) open Mizushima at USD 21,000 loading grains via NOPAC redelivery Singapore/Japan. East Coast Australia remained one of the more active areas, with coal stems supporting rates around the low USD 20,000s. Fixtures included: an 81,000 dwt (built 2016) open Nansha at USD 21,250 via ECA to Singapore/Japan with coal; an 81,000 dwt (built 2018) open Dangjin at USD 21,500 via ECA redelivery India; an 81,000 dwt (built 2013) open Obi Island at USD 20,000 loading coal via ECA to China; a 77,000 dwt (built 2012) open Jinzhou at USD 19,000 via ECA redelivery Taiwan; and an 85,000 dwt (built 2014) open Hoping at USD 22,500 via ECA redelivery Vietnam.
Handy (North Europe/Black Sea/Mediterranean)
It was still an active week in the area, with the market remaining firm for both smaller and larger units. On Handysizes, a 38,000 dwt vessel was rumoured fixed at around USD 20,000 TCE DOP for a trip via Murmansk to ECSA, which—if confirmed—would represent an exceptionally high rate even for a Russian call; this cannot be taken as a benchmark for ECSA repositioning, which continued to discount compared with other routes. Non-Russian calls included a 37,000 dwt Handysize fixed at USD 17,000 delivery Rouen for grains to Scotland, and a 36,000 dwt vessel open in Portugal fixed at USD 16,500 DOP for grains via Denmark to Algeria. Transatlantic rates were still discounting slightly but less so, with a 40,000 dwt vessel fixed at USD 15,000 DOP Spain Atlantic for fertilisers via Hamburg to Tampa. On Supramax/Ultramax, rates saw a slight decrease, with a 63,000 dwt vessel fixing at USD 18,000 DOP Portugal for scrap to Egypt, and a 51,000 dwt vessel fixing at USD 17,000 delivery France Atlantic for the same cargo
With the outbreak of war in the Persian Gulf and the consequent increase in bunker prices, freight rates in the Mediterranean and Black Sea have increased considerably. This rise is not primarily due to a lack of tonnage— which is actually accumulating in the area—but rather stems from the large question mark over the possible repercussions of the ongoing conflict on world markets. As usual, the better rates seen from the Continent, US Gulf, and East Coast South America are attracting part of the tonnage present in the western Mediterranean. For Handysizes, the level for an Intermed voyage has jumped to USD 12,000 basis delivery Canakkale. Transatlantic trips to USG improved to USD 11,500, and to ECSA at USD 9,500–10,000. Supramaxes are following suit: for Intermed, owners are asking USD 13,500 and USD 13,000 to USG. Supramax fronthaul rates are also upwards, at USD 19,00.
Handy (USA/N.Atlantic/Lakes/S.America)
The USG market was substantially affected by the latest situation in the Middle East, particularly impacting bunker prices for both Handysize and Supramax vessels. Various owners/operators were unable to commit for bunkers, especially on forward basis. A nice 63,000 dwt vessel was fixed around USD 30,000/31,000 APS USG for a TCT with petcoke duration 55 days WOG to full India, which was a bit lighter than expected compared to the beginning of the week. A 66,000 dwt vessel was fixed at USD 29,000 for grains to Spore-Jpn range, a strong number but with the vessel large enough to optimise on the lifting. A 57,000 dwt vessel was mentioned fixed at USD 23,000 APS USEC grains to NCSA. On the Handysizes, not much was reported; one 35,000 dwt was said fixed around USD 23,000 for a petcoke trip to X Central Med. No fronthaul rates have been heard this week on Handysizes, although levels are estimated around the same, so USD 23/24,000 APS for petcoke fronthaul to Spore-Jpn range
Rates in ECSAm fell due to the general market situation and bunker prices, affecting both Handysizes and larger units. On Handysizes, Transatlantic rates from ECSAm to the Mediterranean were recorded in the low USD 20,000s for standard vessels. For Supramaxes, Transatlantic rates from West Africa via ECSAm to Continent/Mediterranean were around USD 17,000 per day, while fronthaul rates from West Africa via ECSAm to China stood at around USD 20,500 per day. For Ultramaxes, Transatlantic rates from West Africa via ECSAm to Continent/Mediterranean were around USD 17,500 per day, while fronthaul rates from West Africa via ECSAm to China were around USD 21,000 per day.
Far East
The Ultramax/Supramax market in the Asian arena was firmer to stable during the week but later slowed down due to the Middle East crisis. A 64,000 dwt vessel open Chittagong 7/8 March was fixed for a trip via Indonesia to West Coast India at USD 18,000. The Handysize market in Asia was also strong, with steady cargo demand and a tightening vessel list leading to firmer fixtures. A 32,000 dwt vessel open Japan was fixed for a trip to India at USD 14,250, while a 32,000 dwt vessel open Hong Kong was fixed for 3/5 months at USD 13,000.
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