Weekly detailed analysis of world shipping freight markets for all major routes for March 9 - 16, 2026.
Capesize (Atlantic and Pacific)
The Capesize freight market showed volatility but delivered net gains across major iron ore routes during the week of 9–13 March 2026. Activity remained subdued in both basins as participants adopted a cautious wait-and-watch approach amid fluctuating bunker prices and ongoing geopolitical tensions in the Middle East. Tonnage supply appeared tighter in the Pacific, while sentiment turned increasingly optimistic by mid-week on expectations of stable bunker costs. In the Pacific, healthy iron ore demand persisted alongside ample coal cargoes. Western Australian miners continued seeking prompt tonnages for several sessions. Freight rates on the Western Australia to Qingdao route opened at USD12.20/wmt on 9 March, eased to USD11.35/wmt by 11 March amid cautious trading, then recovered sharply to close at USD13.45/wmt on 13 March. Mining majors fixed several vessels from Dampier and Port Hedland to Qingdao at rates between USD12.00/wmt and USD13.30/wmt for late-March laycans. In the Atlantic, activity intensified post-Asian hours, particularly out of Brazil. South Atlantic cargo volumes bolstered demand despite sparse exchanges. Rates on the Tubarao to Qingdao route advanced from USD27.95/wmt on 9 March to USD30.50/wmt on 13 March, with fixtures concluded around USD29.00–30.00/wmt for early-April laycans. Indicative bids hovered near mid-USD29/wmt for later laycans. Out of South Africa, activity stayed thin. Rates on the Saldanha Bay to Qingdao route rose steadily from USD19.90/wmt to USD22.20/wmt. Overall, participants anticipated freight levels would hold or edge higher amid sustained cargo demand.
Panamax (Atlantic and Pacific)
The dry bulk market over the past week continued to exhibit uncertainty, primarily driven by geopolitical developments together with volatility and concerns surrounding bunker prices and availability. Fixture volumes remained inconsistent, with freight levels showing considerable variation. The week commenced very slowly, recording no fixtures on Tuesday, before activity increased markedly over the final two days. On Monday, only one fixture was reported: a Kamsarmax fixed on a basis spot voyage from Norfolk to the East Coast of India at USD 42.95 per metric tonne. Tuesday produced no reported activity, as expected. On Wednesday, an 82,000-dwt Kamsarmax (built 2012), open Singapore, was fixed for a trip via North Coast South America to the Continent at USD 23,000 per day hire APS NCSA. Separately, an 82,000-dwt Kamsarmax (built 2023), opening Gangavaram, was fixed for a trip via East Coast South America to the Far East at USD 23,300 per day. From Thursday, Atlantic fixture volumes rose noticeably. An 81,000- dwt vessel (built 2013), delivery Gibraltar, was fixed for a trip via NCSA with redelivery Skaw–Gibraltar on a grain cargo at USD 22,000 per day. Another Kamsarmax (built 2013) was reported fixed APS via ECSA with redelivery Skaw–Gibraltar on grain at USD 26,000 per day. The week ended with fixture numbers nearly doubling, predominantly on APS terms. A 76,000-dwt Panamax (built 2004) was fixed APS ECSA with redelivery Red Sea at USD 17,700 per day plus USD 770,000 ballast bonus, while a 75,000-dwt vessel (built 2008) was fixed APS ECSA for a trip with redelivery Far East at USD 17,750 per day plus USD 775,000 ballast bonus.
The Pacific market maintained a relatively balanced tone throughout the period, supported by steady cargo flows from Indonesia, NOPAC and Australia. Activity was most prominent in the NOPAC region, driven by consistent grain demand, while Indonesia benefited from stable coal enquiries. East Coast Australia remained steady but slightly softer by comparison. Overall, rates for the main Pacific rounds held in the high-teens to low USD 20,000s, with Indonesia trips trading at a discount depending on vessel size and positioning. The Indonesia market stayed active with several coal stems in circulation, keeping rates broadly stable. A 75,000-dwt vessel (built 2011), open Masinloc, was reported fixed for a trip via Indonesia with redelivery Singapore/Japan at USD 18,000. An 81,000-dwt vessel (built 2012), open Kohsichang, fixed a trip via Indonesia/India at USD 18,750. A 75,000-dwt vessel (built 2011), open Lumut, was reported fixed via Indonesia/Philippines at USD 19,500. The NOPAC market saw consistent grain demand, with rates for modern units maintained in the USD 20,000– 23,000 range. An 82,000-dwt vessel (built 2012), open Qingdao, fixed a NOPAC grain trip at USD 22,000. An 82,000-dwt vessel (built 2022), open CJK, was reported fixed via NOPAC with grains at USD 21,600. A Kamsarmax (built 2013), open Wakayama, fixed via NOPAC for redelivery Singapore/Japan at USD 21,500. An 82,000-dwt vessel (built 2013), open Qinhuangdao, was reported fixed via NOPAC at USD 20,000. At the firmer end, an 82,000- dwt scrubber-fitted unit (built 2021), open Shidao, fixed at USD 23,000, while an 82,000-dwt vessel (built 2020), open Dalian, fixed at USD 18,000. The East Coast Australia market remained steady, supported by coal cargoes, with rates in the high-teens to low USD 20,000s. An 84,000-dwt vessel (built 2023), open Tobata, was reported fixed via Australia for redelivery Japan at USD 20,250. An 81,000-dwt vessel (built 2014), open Kawasaki, fixed via Australia for redelivery India at USD 18,750. Additionally, a 93,000-dwt vessel (built 2011), open Weda Bay, was fixed on a Pacific round voyage at USD 19,000.
Handy (North Europe/Black Sea/Mediterranean)
The market remained broadly in line with the previous week, despite ongoing uncertainty surrounding bunker prices and availability, which continued to create conflicting sentiment among owners and charterers. Several voyage employments were concluded, particularly on smaller units. In the Handysize sector, a modern 38,000-dwt vessel, delivered DOP Teesport 9 March, was fixed on a time charter trip via Rouen with redelivery Western Mediterranean at USD 19,000 per day for grains. A noneco 37,000-dwt vessel was fixed on a 30/10 wheat stem from Hamburg to northern Spain at a TCE of USD 21,500 basis ARA. Additionally, a Handysize was fixed to Morocco at a TCE of USD 16,500 basis delivery France Atlantic. For larger units, a non-eco 56,000-dwt vessel was fixed on a 40/5 days scrap voyage to the Eastern Mediterranean at an equivalent TCE of USD 19,000 passing Skaw.
The Mediterranean and Black Sea market this week was impacted, like the rest of the world, by fluctuations in bunker prices stemming from the war in the Persian Gulf. Voyage freights generally increased, while time charter rates continued to decline owing to a shortage of prompt cargoes and an accumulation of tonnage in the area. For Handysize vessels, the level for intermediate voyages is now USD 11,000/11,500 basis delivery Çanakkale. Transatlantic trips to the US Gulf and East Coast South America remained at USD 11,000/11,500 to the US Gulf and USD 10,000 to ECSA. Supramaxes followed a similar pattern, with intermediate voyages asking USD 11,500 and USD 11,000 to the US Gulf. Supramax fronthaul rates stood at USD 20,000 for Ultramaxes and USD 19,000 for Supramaxes, although they began to decrease towards the end of the week.
Handy (USA/N.Atlantic/Lakes/S.America)
The US Gulf market saw a heavy decrease in Handy and Supramax rates compared with last week, mainly attributable to rising bunker prices combined with sparse fresh enquiries against a large tonnage list, particularly among bigger sizes. Reports indicated that a 63,000-dwt vessel was fixed at USD 21,000 basis delivery APS SW Pass for a grains voyage to the SingaporeJapan range via the Cape of Good Hope for a duration of 75-80 days without guarantee. Additionally, a 63,000-dwt vessel was reportedly fixed on a coal trip to the Eastern Mediterranean at USD 21,000 for 35-40 days without guarantee. In the Handysize sector, it was rumoured that a very wellspecified 37,000-dwt vessel was fixed at USD 22,000 for a trip to the East Coast of South America, although this fixture does not entirely reflect general market levels due to the vessel's superior specifications relative to others available.
Rates in East Coast South America continued to follow the downward trend observed in recent weeks for both Handysize and larger units. For Handysize vessels, transatlantic rates from ECSA to the Mediterranean were assessed in the low USD 20,000s for standard units, with trips to the Continent/Baltic also recorded at similar levels. Supramax rates on transatlantic voyages from West Africa via ECSA to the Continent/Mediterranean stood around USD 16,000 per day, while fronthaul voyages from West Africa via ECSA to China were around USD 19,000 per day. For Ultramax tonnage, transatlantic rates from West Africa via ECSA to the Continent/Mediterranean were around USD 16,500 per day, with fronthaul voyages from West Africa via ECSA to China at approximately USD 19,500 per day.
Far East
In Asia, Ultramax and Supramax sentiment remained cautious, with activity slowing as the week progressed; charterers adopted a wait-and-see approach owing to concerns over rising bunker prices and vessel availability. The North Pacific in particular experienced limited fresh demand, with concluded fixtures falling below previously reported levels. A 56,000- dwt vessel open Lianyungang 19-20 March was reportedly fixed on a trip to West Africa at USD 18,000. In the Handysize sector across Asia, the week commenced on a stronger note with healthy activity, but momentum eased towards the end as trading slowed. A 40,000-dwt vessel open Singapore was reportedly fixed for multiple legs at USD 17,500.
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