Weekly detailed analysis of world shipping freight markets for all major routes for March 24 - 30, 2026.
Capesize (Atlantic and Pacific)
Capesize freight rates displayed mixed movements across the week, with Pacific basin levels declining early before a modest recovery on 27 March amid slightly firmer sentiment. Atlantic rates remained largely stable with a late uptick. Overall activity stayed subdued, particularly in the Pacific, where Tropical Cyclone Narelle continued to influence vessel itineraries in Western Australia. Market participants largely adopted a wait-and-see stance, although fresh iron ore and coal orders provided some support. In the Pacific, tonnage demand was thin at the start of the week owing to limited fresh requirements from Western Australian iron ore miners and concerns over the cyclone. Freight rates on the Western Australia to Qingdao route (Capesize, 170,000 mt ±10% iron ore) fell from USD11.45/wmt on 23 March to USD10.55/wmt by 26 March. Indicative offers softened from the high USD11s/wmt to the high USD10s/wmt, with bids around the low USD10s/wmt. A modest rebound occurred on 27 March, with the route assessed at USD10.80/wmt as sentiment improved and the cyclone was expected to subside. Fixtures included a Capesize from Western Australia to Qingdao (April 18–20 laycan) at low USD11/wmt and another from Dampier to Qingdao (April 16–18 laycan) at USD10.60/wmt. Pacific coal cargoes saw a notable increase among operators, traders and utility providers. Atlantic trading remained sparse. On the Tubarao to Qingdao route, rates held around USD30.05/wmt for most of the week before rising to USD30.75/wmt on 27 March. A fixture was reported from Tubarao to Qingdao (April 22–26 laycan) at mid-USD30/wmt. Shipowners with early ballasters to Brazil were active in covering positions. Out of South Africa, the Saldanha Bay to Qingdao rate edged up to USD21.30/wmt by 27 March, with an indicative bid heard at USD21/wmt for mid-April laycan. With the cyclone forecast to clear, participants anticipate a gradual pickup in Pacific activity next week.
Panamax (Atlantic and Pacific)
During the week, the Atlantic market showed a steady flow of fixtures, with activity building through midweek and supported by relatively firm demand on ECSA fronthaul routes. On Monday, the week started on a firm note, with a modern 82,000-dwt Kamsarmax fixed from Goa for a trip via ECSA with redelivery Singapore/Japan at USD21,000 per day. On Tuesday, activity increased with several fixtures reported. Rates for ECSA fronthaul business were concluded around the USD20,000 per day mark, with a modern Kamsarmax fixed from Kandla at USD20,000 per day. Older tonnage achieved lower levels, with a 76,000-dwt unit fixed at USD15,750 per day. APS business showed similar trends, with rates around USD16,750 per day plus USD675,000 ballast bonus, while a US Gulf fronthaul fixture was reported at USD18,500 per day plus USD850,000 ballast bonus. On Wednesday, activity remained firm with a broader range of fixtures reported. A Kamsarmax was fixed for a transatlantic run via NCSA at USD14,500 per day, while stronger fronthaul business by an 82,000-dwt Kamsarmax via ECSA was concluded at USD24,250 and USD22,000 per day. On Thursday, the market showed further strengthening. A Kamsarmax was fixed APS ECSA for a trip to Skaw/Gibraltar at USD25,500 per day, marking one of the highest levels of the week. Another ECSA fronthaul fixture was reported at USD17,750 per day, reflecting some spread depending on vessel specifications and positioning. By Friday, activity remained steady with mixed rate levels. A Kamsarmax was fixed for a trip via ECSA with redelivery Singapore/Japan at USD17,000 per day, indicating some softening compared to earlier highs. Grain runs from Santos to North China were reported around USD49.00–49.50 fio, slightly lower than mid-week levels.
The Pacific market maintained a firm but broadly balanced tone over the week, with activity across Indonesia, the NOPAC region and East Coast Australia highlighting a generally stable environment with pockets of strength. In Indonesia, the market remained the most active in the basin, supported by steady coal demand. However, a good supply of prompt tonnage limited any real upside, keeping rates within a narrow range. Fixtures through the week illustrated this stability, with an 81,000-dwt built 2008 open Hong Kong fixed via Indonesia for redelivery India at USD17,500, representing the lower end. More standard runs saw a 75,000- dwt built 2006 open Singapore fixing via Indonesia for redelivery India with coal at USD20,000, while a 77,000- dwt built 2014 open Singapore achieved USD21,000 for a trip into the Philippines. At the top end, an 82,000-dwt built 2011 open Singapore secured USD23,000 for redelivery Japan. In the NOPAC region, grain demand remained steady throughout the week, with tightening tonnage offering some support. The market held largely in the highteens to low USD20,000s range, peaking at USD23,750 for an 81,000- dwt built 2018 open Japan on a Pacific round with minerals. On the East Coast Australia front, the market showed more evident signs of strengthening, particularly for voyages into India. Rates reached up to USD25,000 for a newbuilding unit open Lanbei to India and USD24,000 for an 84,000- dwt built 2018 open Chiba fixed for coal into Taiwan.
Handy (North Europe/Black Sea/Mediterranean)
It was a pretty quiet week in the area with few deals reported, particularly on Handysize vessels. The market seemed in line with last week, with Handysize rates estimated at USD8,000–9,000 for trips to ECSA and USD10,000–11,000 for trips to USG. Some premiums were still paid for Morocco and West Africa destinations, with Handysize vessels heard fixed in the USD12,500–13,500 range for the same. On larger units, a non-eco 57,000-dwt vessel open Ghent was fixed via Ust Luga for redelivery Dakar with sulphur cargo at USD20,000 per day. Via Russia, a vintage 52,000-dwt unit was heard fixed on a Russian Baltic trip to South Brazil at USD15,000 for 55 days and USD18,000 thereafter. Both cases showed relevant premiums for Russian calls. Fronthaul was estimated in the USD18,000–19,000 range and transatlantic in the USD10,000–11,000 range.
Uncertainty stemming from fluctuations in bunker prices continues to dominate, hampering trade in the Mediterranean. It remains difficult for traders to buy and sell, and buyers are delaying purchasesin hopes of better prices. The consequences are declining freight rates and a stagnant market. For Handysize vessels, the level for an inter-Mediterranean time charter lowered to USD10,500/10,000 basis delivery Canakkale. Transatlantic trips to USG and East Coast South America decreased and are now at USD10,000–10,500 to USG and USD8,500–8,750 to East Coast South America, remaining pretty stable only because the American market is suffering as well. Supramaxes for inter-Mediterranean are asking USD10,000 to the USG direction. Fronthaul rates remained stable at USD19,000 for Ultramaxes and USD18,000 for Supramaxes.
Handy (USA/N.Atlantic/Lakes/S.America)
The market in the USG region remained depressed for both Supramax/Ultramax and Handysize segments. On Supramax and Ultramax vessels, a 56,000-dwt unit was heard fixed at USD12,250 basis APS SW Pass for one trip with grains to NCSA for a duration of 30 days WOG. A modern shallow-draft 64,000-dwt vessel was heard fixed for grains fronthaul to the Singapore-Japan range at USD19,500 for a duration of 50 days WOG. Transatlantic fixtures on Ultramaxes were concluded around USD20,000 for grains to the East Mediterranean basis 60,000-dwt, making fronthaul and transatlantic levels broadly similar. On Handysize, limited activity was reported. A 37,000-dwt unit was fixed at USD15,000 basis delivery APS SW Pass for grains to NCSA for a duration of 30 days WOG. Little was heard on transatlantic or fronthaul routes.
Rates in ECSAm remained stable last week without any substantial change from the previous week on both Handysize and bigger units. On Handysize, TA rates from Argentina to the Baltic were in the high teens for standard Handysize vessels. Supramax rates on TA from West Africa via ECSAm to Cont/Med were around USD15,750 per day, while fronthaul rates from West Africa via ECSAm to China were around USD18,750 per day. On Ultramax, TA rates from West Africa via ECSAm to Cont/Med were around USD16,250 per day, while fronthaul rates from West Africa via ECSAm to China were around USD19,750 per day.
Far East
Asia-Pacific Supramax freight rates in the Pacific, East Asia and South-East Asia were mixed during the week, closing mostly higher on 27 March despite persistently lacklustre activity and cautious sentiment amid volatile bunker prices. Cargo volumes toward China remained limited, while tonnage demand in the Far East was insufficient to absorb available supply. Charterers continued to favour vessels with shorter ballast legs. On the key Indonesia-China coal route, rates rose to USD11.50/mt on 27 March (East Kalimantan to Guangzhou), after trading between USD11.30/mt and USD12.30/mt earlier in the week. Indonesia-India coal rates edged higher to USD15.10/mt to Paradip and USD18.30/mt to Navlakhi by week-end, with a fixture heard from Muara Pantai to Navlakhi at around USD19.50/mt. Pacific Handysize alumina rates from Australia to Lianyungang also recovered, closing at USD34.80/mt (Gladstone) and USD31.10/mt (Bunbury/Kwinana) on 27 March. Overall, limited fresh demand, especially for cargoes to China, kept trading slow across the Pacific and South-East Asian basins, with participants describing the week as quiet.
Banchero Costa and Co Spa
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