Weekly detailed analysis of world shipping freight markets for all major routes for March 31-April 7, 2025.
Capesize (Atlantic and Pacific)
With few local holidays in China during the week activity was minimal and the index remained on a downtrend. In any case most of the negative sentiment was driven by US Tariffs. The Atlantic Market showed limited activity, and the F East was down with the C3 dropping to about $21.80/mt. ArcelorMittal fixed a Capesize cargo from Port Cartier to Qingdao at $30.25/mt and Rio Tinto fixed 170,000/10 iron ore from Dampier to Qingdao at $9.75/mt.
Panamax (Atlantic and Pacific)
At the beginning of the week, the Panamax market saw a slight increase, to reach $13,511/d. Despite limited activity in the Atlantic, the market fundamentals appeared balanced, although a cautious stance was maintained. For example, a 76,000 dwt built 2006, open in Karaikal between April 2/3, was fixed for a fronthaul trip via ECSAm at $13,250/d, redely Spore/Japan. As the week progressed, a slight decline in rates was observed with the drop in mineral demand impacting rates, despite healthy demand from NCSAm. In the South, rates remained stable, but rumors of increasing bids emerged. Among the fixtures an 82,250 dwt built 2013 loading S America to Japan was fixed at $16,000/d + 600,000 gbb. The market remained mixed, with increasing pressure on some routes. Despite steady demand from S America, N Atlantic lacked fresh inquiries and an increase in available tonnage. An 82,000 dwt vessel built 2015 was fixed retro Haldia on March 14 for a trip via ECSAm with redely Spore/Japan at $14,000/d. By the end of the week, the Panamax market saw a significant correction with the BPI closing at $12,824/d. Atlantic routes continued to face pressure with weak mineral demand both in the North and South. Another fixture of note involved a 76,000 dwt vessel retro Karaikal on March 31, fixed via ECSAm redely Spore/Japan at $13,000/d. Overall, the week showed increasing pressure on rates, with limited activity and declining values across all regions, especially in the Atlantic. Uncertainty prevailed in the market, with fluctuating demand and a continued increase in available tonnage. Part of the weakness and uncertainty was likely due to US policies and the expected escalation of a trade war.
Rates declined slightly due to slower coal and grain demand. The fleet list remained relatively long, which added further pressure on rates. While there were pockets of activity, particularly for specific routes, overall, the market lacked the strong demand needed to drive significant upward momentum. As said, there were pockets of activity in EC Australia with levels around $15,000/d. A non-eco Kamsarmax from S Korea was fixed for a RV at $14,000/d. An eco Panamax achieved $15,000/d for a trip via NoPac with redely Spore/Japan range. A non-eco Panamax was fixed at $14,000/d for a tct via CIS Pacific redely India and a vintage Panamax from Hong Gai agreed $11,000/d for a trip via Indonesia to China.
Handy (Far East/Pacific)
Asia saw further weakening due to an oversupply of tonnage and limited inquiries. Market activity remained muted, influenced by global holidays.
Handy (North Europe/Black Sea/Mediterranean)
The market remained stable in the area. Scrap cargoes provided strong support, particularly for larger units. On Handysize, demand remained consistent; rates for TA trips were reported at $9,500/10,000/d. A Handy open Baltic was fixed to Turkey at $14,000/d, matching last week's levels, while another fixture from ARAG to Morocco was also reported at $14,000/d. On Supramax/Ultramax, scrap cargoes to E Med continued to attract interest. A 62,000 dwt was fixed basis dely Skaw via Baltic to E Med around $15,000/d, while a 58,000 dwt from Bremen was fixed basis dely Hamburg via UK to E Med with scrap at $14,000/d. A modern 63,000 dwt open Cont was fixed for a trip to E Med around $16,000/d reflecting the ongoing firm demand for on these routes. On TAs, a 51,000 dwt open Gdansk was rated up to $12,000/d for a trip from Hamburg to Brazil, with some charterers bidding in the $8/9,000/d range, suggesting market level could sit around $10,000/d.
The market slowed again during the week. Bunker prices went down on Friday so charterers reduced their bids. 35,000 dwt Handysize were fixing CrossMed around $6,500/7,000/d. The trip to Continent set the bar at $6,000/d. The trip to W Africa was around $10,000/d and TAs remained around mid/high $9,000s/d to USG and $7,000/d to ECSAm. Supramax tonnage CrossMed was around $7,500/d at the end of the week. Trips from W Med to W Africa were still discussed at $8,500/9,500/d. Fronthaul was stable at $12,500/d on Ultramax and at $11,500/d on Supramax tonnage.
Handy (USA/N.Atlantic/Lakes/S.America)
The market dropped on fronthauls rates and TransAtlantic rates were heavily on the downtrend, few fixture were officially reported. The petcoke trade to Rizhao was covered on a nice Ultramax at $17,000/d while to India was done at $16,000/d on a Supramax. A trip to China with bauxite was fixed at $14,750/d on an Ultramax, while on TransAtlantic a trip to Uk with woodpellets was fixed at $18,000/d on a modern Ultramax, the Med area was not preferred by Owners due to the current rates there. On Handies a trip to UKC was fixed on a 40,000 dwt at $12,500/d.
Rates on Handies were again on an uptrend with small improvements. On larger units the trend was very similar to Handies. A 35,000 dwt built 2010 was fixed to Morocco at $13,000/d, on the same route a larger and modern Handy was fixed at $13,500/d while a trip to USG was covered at $13,000/d on a 35,000 built 2011. Supramax rates were more stable and trips from W Africa via ECSAm to Cont were fixed around $10,000/d level for Supramax tonnage while fronthauls from W Africa via ECSAm to China were around $13,000/d level. On Ultramax rates for TAs from W Africa via ECSAm to Cont were around $10,500/d while fronthauls from W Africa via ECSAm to China were around $13,500/d.
Banchero Costa and Co Spa
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