Weekly detailed analysis of world shipping freight markets for all major routes for May 12 - May 19, 2025.
Capesize (Atlantic and Pacific)
Rates ended last week in a very strong, positive mood either in Atlantic and in Pacific. BCI closed at $16,736/d with a gain of almost $2,500/d. In Atlantic, C3 reached $19.60/mt for 01/10 June, a cargo from Narvik to Turkey of Erdemir 159,999/10 end May/Early June was fixed at $10.75/mt and was pushing the index up. In Pacific Rio Tinto fixed 170,000/10 iron ore from Dampier to Qingdao 03/05 June at $8.00/mt and FMG fixed Port Hedland to Qingdao at $8.25/mt.
Panamax (Atlantic and Pacific)
A weak and steadily declining week, marked by a clear lack of demand and a growing supply of tonnage, which put significant downward pressure on rates, both for TransAtlantic and fronthaul voyages. In particular, North Atlantic saw an increasing number of vessels, leading to heightened competition among owners and fixtures reported below index levels. Owner’ s expectations often clashed with weak bids from charterers who maintained control of the market, capitalizing on fundamentally favourable conditions. Despite the overall negative sentiment, many fixtures were reported, especially from the S Atlantic, where the market showed some activity. A scrubber-fitted 2020 built was reported fixed from Hamburg for a trip via NCSAm redely F East at $16,600/d. From ECSAm, a 2003 built was rumored fixed basis APS delivery late May dates for a trip redely Red Sea at $14,000/d + $400,000 ballast bonus. In N Europe a Kamsarmax 2013 built was placed on subjects from Wilhelmshaven mid May dates for a voyage via the US EC redely India at $14,000/d. An eco-Kamsarmax was fixed basis retro Hazira on 9 May for a trip via ECSAm redely Spore/Japan around $15,500/d. A non-Eco Kamsarmax with ETA ECSAm mid June was reported fixed on a voyage basis at $33.40/mt fio to China. Overall, the Atlantic continues to show a soft tone, held back by the lack of fresh cargoes and an evergrowing vessel list. While there has been some speculation about rates potentially finding a floor, recent fixtures suggest otherwise.
Freight rates dropped. Demand remained relatively weak with a limited number of cargoes and a general slowdown in activity. The fleet list was long with many ships available. The most active areas were Indonesia, NoPac and EC Australia. A non eco Panamax got $ 6,900/d for a tct via NoPac with redely Spore/Japan. A very modern Kamasramx achieved $12,000/d for a tct via E Australia and SE Asia redelivery. An eco Panamax was fixed at $8,000/d from Qinzhou for an Indonesia RV. A shallow unit was fixed at $9,000/d for a NoPac trip from Cjk to Spore/Japan range.
Handy (Far East/Pacific)
Activity was rather slow to holidays and shipping events that kept many market participants out of office. A 58,000 dwt was reported fixed basis delivery Spore for a trip via Indonesia to China at $12,500/d. A 63,000 dwt was fixed basis dely Surabaya for a trip via Indonesia redelivery Thailand at $17,000/d. On Handies activity was minimal, but enough to compensate a slightly longer tonnage list. A 38,000 dwt vessel was fixed for delivery in CJK, via Bing Bong, redely Continent with concentrates at $13,500/d.
Handy (North Europe/Black Sea/Mediterranean)
Rates remained largely unchanged both on Handies and larger units. On Handies, trips to ECSAm were estimated in the $6/7,000/d with Owners willing to discount due to a strong market there. For the same reason, rates to W Africa were estimated in the $11,000/d. Trips to Med kept showing premiums with Handies open Baltic fixing in the $14,000s/d to Türkiye. TA trips to Northern destinations were estimated in the very low $10,000s/d basis dely Cont/Baltic. A non-eco 38,000 dwt open Norway was indeed fixed in the low $10,000s/d for a tct to NCSAm. Larger units experienced similar trends with TAs around $9/10,000/d and fronthauls around $11/12,000/d.
The market after the events held in Copenhagen remained stagnant. Rates rmained unchanged and no signs of movement were seen at the horizon. Handies were fixing around $5,500/d level CrossMed and to Cont. Trip to ECSAm were fixed around $6,000/d from Med while the trip to USG was around $8,500/d level. Supramaxes CrossMed were fixing around $6,500/d. TA trips to USG decreased to $8,000/d on Ultramax and $7,000/d on Supramax tonnage. The route to F East declined most of the week, then slightly improved reaching, again, the level of the beginning of the week: $11,500/12,000/d for Ultramax and $10,500/11,000/d for Supramax.
Handy (USA/N.Atlantic/Lakes/S.America)
Improved activity pushed rates considerably higher. Many Ultramax vessels were fixed, TransAtlantic trades to Med were in the high teens, a trip to Egypt with grains was fixed at $18,000/d. On FrontHaul the petcoke trade to India was very active and was evaluated at $18,000/d on a Ultramax, while on the grains trade a FH was rated at $17,000/d and on a very nice newbuilt Ultramax was fixed at $18,000/d. On Handies a trip to Cont with coal was done at $10,500/d on a 36,000 dwt.
Slow activity in the area. Overall rates trended sideways or slightly down on a lack of fresh demand. On Handysize, a 2013 built 32,000 dwt was fixed at $12,000/d aps for a prompt trip with dely N Brazil and redely Norway: a level slightly lower than those reported last week. A slightly larger 35,500 dwt was fixed at $15,500/d for a trip with dely Recalada redely NCSAm. On larger sizes, a 2024-built, 64,205 dwt was fixed at $13,000/d + $300,000 gbb for a trip basis dely Santos redely Spore/Japan on Friday. A lower rate than the one reported on Monday for a 66,585 dwt built 2015 open S Brazil which was fixed at $14,250/d + $425,000 gbb to China. An 58,731 dwt built 2008 was fixed at $17,850/d on end of May dates for a trip dely Fazendinha redely Otranto.
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