Weekly detailed analysis of world shipping freight markets for all major routes for May 11 - 18, 2026.
Capesize (Atlantic and Pacific)
Capesize freight rates posted a positive week overall, though gains were uneven across routes and sentiment remained cautious throughout. Trading began slowly on Monday 11 May as market participants adopted a wait-and-see stance following active fixing the previous week. Geopolitical uncertainty surrounding US–Iran negotiations contributed to the hesitancy. Pacific iron ore enquiry was thin, with a single Western Australian miner seeking tonnage. The Western Australia–China route was assessed at USD 15.20/wmt, up USD 0.10/wmt from 8 May. Brazil–Qingdao held steady at USD 35.65/wmt, while Saldanha Bay Qingdao was assessed at USD 26.60/wmt. On Tuesday 12 May, activity remained sluggish amid weaker Pacific tonnage demand and dense fog reported off China's Changjiangkou region. Despite a cautious tone, rates edged marginally higher. Western Australia–Qingdao gained USD 0.05/wmt to USD 15.25/wmt. The Brazil route softened slightly to USD 35.50/wmt, while South Africa firmed to USD 26.85/wmt. Wednesday 13 May saw the week's most significant movement, driven by a sharp rally in freight forward agreement rates. FFA gains lifted physical sentiment, with fixtures concluded from Dampier to Qingdao at around USD 15.75/wmt and high-USD 15/wmt. Western Australia–Qingdao was assessed at USD 15.90/wmt, up USD 0.65/wmt. Brazil–Qingdao surged USD 1.60/wmt to USD 37.10/wmt, and South Africa edged up to USD 27.00/wmt. Thursday 14 May saw a sharp pullback in Pacific rates. Improved iron ore enquiry, with three Western Australian miners seeking tonnage, could not bridge the wide bid–offer spread. Western Australia–Qingdao fell USD 0.85/wmt to USD 15.05/wmt. Brazil–Qingdao eased to USD 36.90/wmt, while Saldanha Bay ticked up to USD 27.25/wmt. On Friday 15 May, rates stabilised. A mining major fixed from Port Hedland to Qingdao at USD 14.90/wmt, though the route was assessed flat at USD 15.05/wmt. A Newcastlemax was fixed from Tubarao to Qingdao in the mid-USD 37/wmt. Brazil–Qingdao held at USD 36.90/wmt and South Africa at USD 27.25/wmt, supported by a late rally in FFA rates during Asian trading hours.
Panamax (Atlantic and Pacific)
The week opened with a firm but selective tone across Atlantic and Indian Ocean markets, with steady demand supporting both grain and minor bulk fronthaul cargoes. Monday was mixed but underpinned by firm levels on coal and minerals. An 81,000 dwt (2015) fixed from Bremen for USEC/India coal at USD 28,250/day, whilst an 82,000 dwt (2020) fixed from Incheon for Vancouver/India fertiliser at USD 22,500/day. Tuesday saw grain dominate Atlantic fixing. A 79,000 dwt (2010) fixed from Hazira for ECSA/Singapore–Japan grains at USD 20,000/day, and an 82,000 dwt (2013) fixed from Paradip for ECSA/Asia grains at USD 22,000/day, reflecting stronger Pacific-linked demand into Asia. Wednesday sentiment softened slightly but remained supported by steady fronthaul demand. An 81,000 dwt (2012) fixed from Gibraltar for a short Atlantic round voyage at USD 21,000/day; a 76,000 dwt (2012) from Flushing for NCSA/Singapore Japan grains at USD 27,500/day; a 75,000 dwt (2014) from Djen Djen for NCSA/Far East grains at USD 28,000/day; and an 80,000 dwt (2011) from Haldia for ECSA/Singapore–Japan grains at USD 18,750/day. Thursday firmed further, with stronger sentiment on ECSA and selected NCSA business. An 82,000 dwt (2013) fixed from Haldia for West Africa grains redelivery Singapore–Japan at USD 23,500/day, alongside an 82,000 dwt (2018) from Haldia for ECSA/Singapore–Japan grains at USD 23,500/day. Friday remained firm with strong mineral and period demand alongside steady Atlantic grain activity. An 82,000 dwt (2025) fixed from Gibraltar for ECSA/Far East grains at USD 35,000/day, confirming continued strength for modern tonnage, whilst a 75,000 dwt (2012) fixed from Kandla for ECSA/Singapore–Japan grains at USD 19,500/day.
The Pacific market remained firm, with improving sentiment across most loading regions as healthy cargo demand and tighter prompt tonnage supported rates. Indonesia and East Coast Australia were particularly active, with coal the principal driver, whilst NOPAC remained comparatively balanced and rangebound at firm levels. In Indonesia, strong coal enquiry into South China and India tightened the prompt list throughout the week. Key fixtures included an 82,028 dwt scrubber-fitted vessel (2016) at USD 30,700/day for Indonesia/India coal; a 75,390 dwt vessel (2018) at USD 24,500/day for Indonesia/South China coal; a 77,288 dwt vessel (2012) at USD 22,000/day for Indonesia/India coal; a 76,291 dwt vessel (2004) at USD 21,000/day; and a 74,082 dwt vessel (2004) at USD 19,000/day, both on Indonesia/South China coal. In NOPAC, grain cargoes underpinned a steady market with owners maintaining ideas in the low USD 20,000s/day. Two 2023-built scrubber-fitted vessels — 82,282 dwt and 82,506 dwt — both fixed at USD 24,500/day for NOPAC/Singapore Japan grain, whilst an 81,117 dwt vessel (2016) secured USD 22,500/day for NOPAC/Japan grains. An 82,138 dwt vessel (2013) and an 80,655 dwt vessel (2011) both concluded at USD 22,000/day for NOPAC/Singapore–Japan grain. On East Coast Australia, strong coal demand into China, Japan and India tightened availability early in the week, driving rates close to USD 30,000/day, before softening as fresh tonnage entered and requirements became largely covered. An 81,609 dwt vessel (2020) fixed at USD 29,000/day; an 84,509 dwt vessel (2021) at USD 28,000/day for East Coast Australia/South China coal; a 78,184 dwt vessel (2015) at USD 25,000/day for East Coast Australia/China coal; and an 82,301 dwt scrubber-fitted vessel (2025) at USD 23,000/day for Australia/Singapore–Japan coal.
Handy (North Europe/Black Sea/Mediterranean)
Another slow week in the area for both smaller and larger units, with limited fresh activity and only minor rate changes. Handysizes were estimated at USD 6,000–7,000/day for trips to East Coast South America, with owners willing to discount in order to exploit stronger rates employment. on the next Continent/US Gulf trips remained around USD 10,000/day, whilst Continent/Mediterranean and Continent/West Africa held in the low-mid to mid teens. Fronthaul trips were in the mid to mid-high teens. On larger units, transatlantic trips continued to see discounting, with rates on small Supramaxes dipping just below USD 10,000/day, whilst fronthaul appeared to hold up better, with rates remaining just above USD 20,000/day.
The Black Sea and Mediterranean spot market remained very slow this week with no fresh cargoes entering the market. New business was predominantly forward, and operators appeared reluctant to take positions amid recent bunker price volatility. For Handysize tonnage, intermediate voyages were concluding at USD 8,000–8,500/day basis delivery passing Çanakkale, with tonnage continuing to accumulate. Transatlantic voyages to the US Gulf eased to USD 9,000–9,250/day, whilst East Coast South America trips softened to USD 7,000/day, reflecting the relative firmness of those markets. Supramaxes were fixing around USD 10,000/day to the US Gulf, with Ultramaxes close to USD 11,000/day. On intermediate voyages, Supramaxes and Ultramaxes were fixing at USD 9,500/day. Fronthaul trips East held steady at USD 17,000/day for Supramaxes and USD 18,000/day for Ultramaxes.
Handy (USA/N.Atlantic/Lakes/S.America)
The market was firm throughout the week. On the Handysize segment, a 40,000 dwt eco-type vessel was fixed clean at USD 22,000/day arrival pilot station US Gulf for a coal voyage to Morocco, duration 25 days without guarantee. A 36,000 dwt vessel was fixed at USD 16,000/day redelivery Continent. On the Supramax/Ultramax segment, a 56,000 dwt vessel was fixed clean at USD 20,000/day for a grains voyage of 40 days redelivery Continent/Spain range, whilst a 63,000 dwt vessel was fixed for a grains voyage at around USD 26,500/day arrival pilot station. On the same week, a 63,000 dwt vessel was fixed at USD 35,000/day arrival pilot station US Gulf for a petroleum coke voyage to Turkey, duration 35 days without guarantee.
Rates in East Coast South America remained firm for larger units, whilst levels cooled Handysize tonnage. somewhat for On Handysize, transatlantic rates from East Coast South America to the Continent were assessed in the low to-mid USD 20,000s/day, close to USD 23,000/day arrival pilot station on standard Handies. For Supramax tonnage, transatlantic rates from West Africa via East Coast South America to Continent/ Mediterranean were around USD 18,000/day, whilst fronthaul from West Africa via East Coast South America to China was around USD 23,000/day. For Ultramax tonnage, transatlantic rates from West Africa via East Coast South America to Continent/ Mediterranean were around USD 18,500/day, whilst fronthaul from West Africa via East Coast South America to China was around USD 23,500/day.
Far East
The Ultramax and Supramax market saw a quiet week with no significant changes, though stronger Asian demand kept rates relatively firm. A 53,000 dwt vessel fixed delivery China for a time charter trip to West Africa in the low USD 19,000s/day; a 63,000 dwt vessel fixed delivery China to the Caribbean at USD 18,000/day; and a 58,000 dwt vessel fixed delivery North China carrying steels to Vietnam at USD 19,500/day. AE Uranus (2008, 53,383 dwt) fixed delivery Ningde prompt for a time charter trip redelivery Singapore Japan at USD 17,500/day. The Handysize market was also firmer, Asian support helping maintain the tone, with a 38,000 dwt vessel fixing delivery Philippines for a time charter trip West Australia/Far East at USD 17,000/day.
Banchero Costa and Co Spa
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