Weekly detailed analysis of world shipping freight markets for all major routes for May 18 - 25, 2026.
Capesize (Atlantic and Pacific)
The Capesize freight market endured a broadly softening trend through much of the week before staging a recovery on the final trading day, with the Pacific basin leading the rebound whilst the Atlantic remained comparatively subdued throughout. The week opened on the back foot. On 18 May, rates eased amid thin activity and a cautious tone driven by geopolitical concerns surrounding a potential escalation in US–Iran tensions, which raised the spectre of firmer bunker prices. The Western Australia–Qingdao route was assessed at USD 14.80/wmt, down USD 0.25/wmt from the prior week's close. Rates continued to soften on 19 May despite an uptick in Pacific cargo volumes, with a large number of vessels reportedly preparing to discharge at Far Eastern ports — suggesting a swell of available tonnage in the near term. The Western Australia–Qingdao assessment slipped to USD 14.65/wmt, down USD 0.15/wmt on the day. A recovery materialised on 20 May, underpinned by a healthy influx of Pacific iron ore cargoes and improved coal requirements, including South Korean freight tenders, which bolstered demand and prompted owners to firm their offer ideas. The route was assessed at USD 15.25/wmt, up USD 0.60/wmt. In the Atlantic, the Tubarao Qingdao rate softened to USD 36.40/wmt whilst Saldanha Bay Qingdao fell sharply to USD 27.45/wmt. Markets were broadly stable on 21 May despite weaker freight derivatives overnight, with Pacific trading eventually concluding several fixtures in the late Asian session. Western Australia–Qingdao was assessed at USD 15.20/wmt, down marginally by USD 0.05/wmt. The week closed strongly on 22 May, with Pacific rates surging as Western Australia iron ore miners maintained robust tonnage appetite. A mining major fixed two Capesize vessels from Dampier to Qingdao for 7–9 June laycan at USD 15.50 15.60/wmt. Western Australia–Qingdao was assessed at USD 15.70/wmt, up USD 0.50/wmt. Atlantic markets were assessed unchanged: Tubarao–Qingdao at USD 36.30/wmt and Saldanha Bay Qingdao at USD 27.25/wmt.
Panamax (Atlantic and Pacific)
Activity was more selective than the previous week, though rates remained well supported for fronthaul and mineral business. On Monday, an 80,000-dwt Panamax (2012) fixed delivery North Coast South America for a Singapore/Japan voyage at USD 21,000/day plus USD 1.1 million ballast bonus, and an 83,000-dwt Kamsarmax (2007) opening King Abdullah Port fixed via Ukraine, Far East redelivery, at USD 20,000/day. Prompt India-based tonnage was heard seeking above USD 24,000/day for East Coast South America fronthaul. Tuesday saw a sharp transatlantic rally. An 82,000-dwt Kamsarmax (2022) delivery East Coast South America fixed a minerals trip redelivery Djen Djen at USD 43,500/day — the week's standout. A newly built 82,000-dwt (2026) sailing Trincomalee reportedly fixed around USD 27,000/day for East Coast South America employment, confirming the eco-tonnage premium. On Wednesday, an 83,000-dwt Kamsarmax (2026), scrubber fitted, fixed retro Pakistan via East Coast South America, Indonesian redelivery, at USD 25,000/day. Coal Baltimore/Safi was reported at USD 22.50 free in and out. Thursday passed without fixtures. On Friday, an 82,000-dwt Kamsarmax (2019), scrubber fitted, fixed retro Sunda Strait for an East Coast South America to Singapore/Japan grains trip at USD 23,500/day, closing the week on a steady note.
The Pacific market traded on a firmer footing throughout the week as healthy coal and grain demand absorbed prompt tonnage and sentiment gradually improved. In Indonesia, consistent coal demand into South China and India alongside a tightening prompt list sustained a positive tone. Modern eco-tonnage commanded premiums, with several fixtures in the mid-USD 20,000s/day range. A 76,347-dwt vessel (2011) fixed at USD 26,500/day for an Indonesia/China-Japan trip; an 82,027-dwt vessel (2019) secured USD 25,500/day for a Villanueva/Japan coal run. In the North Pacific, grain cargoes underpinned sentiment with owners holding firm ideas for modern vessels. An 82,000-dwt vessel (2026) fixed at USD 26,000/day for a North Pacific/Singapore-Japan grain trip — the basin's highest. An 81,928-dwt vessel (2025) fixed at USD 23,750/day on a similar route; an 82,123-dwt vessel (2013) secured USD 20,500/day for North Pacific/Singapore-Japan grains. Australian conditions remained healthy, underpinned by steady coal and iron ore demand into China, Japan, and India, though sentiment softened towards week's close. In the Indian Ocean, sentiment improved on stronger steel-related cargo demand and tightening tonnage availability. Period and long-haul business remained active, with low-to-mid USD 30,000s/day reported basis arrival pilot station for trans-Atlantic grain employment from East Coast South America.
Handy (North Europe/Black Sea/Mediterranean)
Sentiment remained positional across the region. Handysize rates showed little movement from the previous week, reflecting a lack of fresh enquiry. Repositioning trips to East Coast South America held at USD 6,000 7,000/day and to the US Gulf at USD 9,000–10,000/day, whilst Continent/Mediterranean to West Africa remained at USD 14,000 15,000/day. An eco 40,000-dwt vessel open United Kingdom fixed delivery arrival pilot station Rouen for a grains trip to West Africa at USD 14,000/day. In the Supramax sector, a similar trend was observed on Continent/US East Coast–US Gulf runs, with vessels fixing in the very low to low USD 10,000s/day. Fronthaul was estimated in the very high teens for Supramaxes and in the very low USD 20,000s/day for Ultramaxes.
The Black Sea and Mediterranean market was very slow throughout the week, with most cargoes carrying June/July loading dates, offering little impetus for upward movement. Operators remained cautious about booking forward at charterers' required levels. Handysize intermediate trips were assessed at USD 8,000–8,500/day basis delivery passing Çanakkale, with spot voyages heard at around USD 7,500/day. Transatlantic business remained depressed, partly due to firm conditions at discharge ports. A 35,000-dwt was fixing at USD 9,000/day to the US Gulf and USD 6,500–7,000/day to East Coast South America; Supramaxes were at around USD 10,000/day and Ultramaxes close to USD 11,000/day to the United States. Intermediate trips held at USD 9,500/day for both Supramaxes and Ultramaxes. East-bound trips improved, with Supramaxes at USD 18,000/day and Ultramaxes at around USD 19,000/day.
Handy (USA/N.Atlantic/Lakes/S.America)
The US Gulf market remained firm, particularly in the Supramax and Ultramax segments. An Ultramax was heard fixed at around USD 31,000/day for a coal trip to the East Mediterranean. A modern shallow-draught 63,000 dwt vessel was also fixed at around USD 30,000/day for a trip to the Mediterranean. Handy activity was limited, with few fixtures reported. A 34,000-dwt vessel was heard fixed for a scrap trip to the East Mediterranean at USD 14,500/day, whilst a 36,000-dwt unit was fixed at USD 18,000/day for a trip to the West Coast Central America.
Rates in East Coast South America saw no remarkable movement across handy or larger vessel classes. On Handysize, transatlantic rates from East Coast South America to East Mediterranean were assessed at around USD 20,000/day arrival pilot station on standard Handysize tonnage, whilst trips to Spain were assessed in the high teens. For Supramax tonnage, transatlantic rates from West Africa via East Coast South America Continent/Mediterranean to were assessed at around USD 17,500/day, with fronthaul to China assessed at around USD 23,000/day. On Ultramax tonnage, the equivalent transatlantic was assessed at around USD 18,000/day, whilst fronthaul from West Africa via East Coast South America to China was assessed at around USD 23,500/day.
Far East
The Supramax and Ultramax market closed the week quietly with few fixtures reported; with several countries observing a public holiday the following Monday, a slow start to the coming week was widely anticipated. The MV Lilas Shine (2011/61,684 dwt), open Zhoushan following drydock 24–25 May, fixed a time charter trip to Croatia at USD 23,000/day. A 65,000-dwt unit (plus/minus 10%) on a North Pacific/Japan round fixed at USD 47.25 per metric tonne for a June/July laycan. A 63,000-dwt vessel open CJK fixed a time-charter trip to West Africa at USD 22,500/day, whilst a 61,000-dwt unit fixed via Indonesia to China at around USD 18,000/day. In the Handysize segment, rates softened over the week, though the Asian market held steady, underpinned by a tight tonnage list and consistent cargo flow, with rate gains remaining difficult to sustain. A 37,000-dwt vessel open Kobe 20 21 May fixed a time-charter trip south at around USD 17,000/day.
Banchero Costa and Co Spa
E-Posta: research@bancosta.it
Internet: www.bancosta.it
