Weekly detailed analysis of world shipping freight markets for all major routes for March 3-March 10, 2025.
Capesize (Atlantic and Pacific)
Another week of gains in the Capesize market with bullish sentiment persisting. Firm demand in Atlantic, though Pacific levels softened somewhat from their start-week high. A W Africa to China was fixed at $23.20/mt and a S America cargo, int. Sud Este, to China was done at $22.70/mt. In Atlantic a 160,000/10 Ponta da Madera to Ijmduinen 1/5 April was fixed at $11.15/mt.
Panamax (Atlantic and Pacific)
A slightly negative week across the 3 major TransAtlantic routes with an average loss of $460/d. Rates remained pretty much flat throughout the week with Owners and Charterers trying to assess the trend amid the political situation. P1A_82 (Skaw-Gibraltar transatlantic route): rates decreased due to reduced demand and an excess of available tonnage. A 20 years old Kamsarmax with dely aps Amazon mid March was fixed at $15,000/d redely EU. P2A_82 (Skaw-Gibraltar to TaiwanJapan route): rates contracted due to a lack of fresh cargoes and an increase of spot vessels. A PostPanamax built 2010 was fixed at $16,000/d basis dely passing Gib via Port Cartier to S Korea with iron ore. P6_82 (Singapore via Atlantic route): rates were pressure due to increasing tonnage availability. A non-eco Kamsarmax was fixed at $12,000/d + 200,000 gbb basis dely ECSAm 1H Marchto Spore/Jpn. Market participants are closely monitoring global demand trends and potential macroeconomic factors that could influence the market in the near future.
A low start of the week with just a few fixtures reported was followed by improving demand and rates followed slowly but steadily. Two Kamsarmax with dely N China were reported for 1year period: a 2021 built achieved $14,000/d while a non-eco got $12,500/d. Indo-China was fixed around low/mid $8,000s/d on Panamax tonnage. A very modern Kamsarmax open Hong Kong was fixed at $13,250/d for a tct to China via EC Australia and 2013 built Panamac open CJK got $8,000/d for a trip via Australia and Spore/Jpn redely. NoPac was quiet, however an eco, scrubbed Kamsarmax achieved $14,000/d basis dely CJK.
Handy (Far East/Pacific)
A rather slow week with limited action led by the uncertainty around Indonesian coal pricing and flat demand in N Pacific. A 63,000 dwt with dely Japan was fixed at $12,500/d for a NoPac while a 63,000 dwt was fixed in the $14,000s/d with steels from China to MEG. On Handies the cargo book looked healthy, but rates did not move much.
Handy (North Europe/Black Sea/Mediterranean)
Rates were on a slightly positive trend, again, despite a growing tonnage list. On Handies a vintage 37,000 dwt was fixed basis dely passing Skaw at $11,500/d for a trip with grains to Morocco, another 35,000 dwt was reported at $12,500 basis dely Skaw via Baltic to Morocco and an eco 38,000 dwt was fixed for a trip basis dely passing Skaw at $14,000/d with same redely. On TA, a modern 39,000 dwt open UK was fixed dely passing Skaw and redely US EC at $12,000/d, while trips to ECSAm were estimated around $7/8,000/d. On bigger sizes a 61,000 dwt dop Gdansk 10/12 Mar failed a trip with fertilisers Ust-Luga via COGH to China at $19,000 (no Russian bunkers involved) and an eco 61,000 dwt was fixed dely Skaw trip via Ust-Luga trip Nola in the low/mid teens (with Russian bunkers).
No notable movements were recorded. Rates were rather flat for all routes, with some negative sentiment for trips towards the F East. The tonnage list remained long despite Shipowners tend to look for cargoes that take them away from the Mediterranean. The most worrying signal, in addition to the many red flags at a political level, is perhaps the fact that some of the cargoes for June and July were fixed at levels slightly higher than the current ones suggesting that some Owners are not expecting the usual seasonal grains peak to bring any relief. 35,000 dwt vessels were still fixed at $6/6,500/d level basis dely Canakkale or $7,000/d aps BSea for CrossMed or trips to Continent. For Supramaxes the level remained around $7,500/d. TA routes were flat as well: Handies were seeing levels around $7,500/d to USG and $6,000/d to ECSAm. Supramaxes remained at $6,500/d and Ultramaxes were only marginally higher to USG. Fronthaul was negative with Handies at $7,500/8,000/d to China and larger units at $10/11,000/d.
Handy (USA/N.Atlantic/Lakes/S.America)
The market was fairly balanced and rates consistently remained around the last dones. The petcoke trade to India was covered at $17,000/d on Ultramax while a Supramax to China was done in the mid-teens. An Ultramax to Spore/Jpn with grains was fixed at $15,000/d. On the TransAtlantic grains trade an Ultramax to Israel achieved $16,000/d, a Supramax to Egypt got $12,500/d while WCSAm was covered at $11,300/d. A trip to Continent with metcoke was fixed on Ultramax at $14,500/d and coal to Baltic was fixed at $12,750/d on a similar vessel. On Handies a trip to US EC with sugar was done at $8,500/d on a 37,000 dwt.
Handy rates were on a downtrend due to an excess of tonnage while demand remained unchanged. To the contrary, larger units were on an uptrend. A TA with dely Recalada to W Africa with grains was fixed at $13,000/d on a 33,000 dwt built 2011, a trip from Recalada to N Brazil was covered on a 39,000 dwt built 2014 at $11,500/d. A TA RV to USG was fixed on a 61,000 dwt built 2011 open Conakry at $14,000/d, while a FrontHaul to India with bulk sugar was covered on a 61,000 dwt at $12,800/d + $280,000 gbb. On fronthaul from W Africa via ECSAm to China fixtures were around $12,000/d level for Supramax tonnage, this route remained stable.
Banchero Costa and Co Spa
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