Weekly detailed analysis of world shipping freight markets for all major routes for May 19 - May 26, 2025.
Capesize (Atlantic and Pacific)
Rates were on a downtrend, but ended on a slight, positive note. Overall little progress was recorded. A busy week in Pacific with the major miners fixing between $5.50/mt and up to $5.60/mt on W Australia to China. In Atlantic Sinoafrica fixed the Xin Run (174/06) for 170/10 Iron from Freetown to Qingdao 24/28 June at $18.25/mt. CSE fixed a 150,000/10 from Ubu to Taiwan 25/29 June at an undisclosed rate.
Panamax (Atlantic and Pacific)
Another soft week for the Panamax market. Owners’ resistance was hard to find with early tonnage and ballasters continuing to discount. P2A route hovered around $18,000/d all week. A couple of ecoships were fixed at $19,000/d from NCSAm to F East basis dely Gib. An 82,000 dwt built in 2006 open Jorf Lasfar 21/22 May was fixed on subs via NCSAm redely Spore/Japan at $18,000/d. Activity ex ECSAm was positional, but essentially returned flat for index arrival dates, seeing a lot of tonnages on ballasting. An 82,000 dwt built in 2010 was fixed retro Spore 12 May tct via ECSAm redely Spore/Japan at $12,800/d. An 81,000 dwt built 2012, was fixed retro Paradip 5 May tct via ECSAm redely SE Asia at $13,000/d. N Atlantic market remained flat, a 75,000 dwt built in 2010 was fixed with coal from Baltimore to Rotterdam 14/23 June at $12.30/mt fio.
Rather quiet week in Pacific, except for E Australia-China trades. Generally, rates remained in the low teens with some peaks ex Indonesia towards the end of the week. A very modern 85,000 dwt open Chenxin was fixed at $10,750/d for a trip via E Australia and redely Malaysia. An 82,000 dwt 15 built opening Taichung was fixed for a trip with redely Spore/Jpn range via Australia at $10,500 /d. On NoPac a non-eco Kamsarmax open Kashima was reported at $10,250/d redely China and a similar unit open Hachinoe was fixed at $9,750/d redely Spore/Jpn range. A vintage Panamax, 24 years old, open in Zhanjiang was fixed at $6,250/d for a trip via Indonesia redely S China. A very modern unit opening in Hoping was reported at $15,000/d redely China for a trip via Weipa.
Handy (Far East/Pacific)
Supramax/Ultramax trading in Pacific was slow, especially at the end of the week. A 66,000 dwt open N China was fixed at $11,000/d for the first 45 days and $14,500/d balance for a trip to USG. A very modern 63,500 dwt was fixed basis dely Spore via Indonesia to China at $13,500/d. Another similar unit achieved $13,000/d + 200,000 gbb for a trip with nickel ore from Port Kembla to F East. A modern 63,500 dwt achieved $12,500/d basis dely Bayuquan prompt for a trip from Japan to MEG with slag. A non-eco 58,000 dwt was fixed at $10,500/d basis dely Hainan prompt for an Indo-Thailand trip. Handysize rates ended the week on a positive note and an optimistic tone for the coming week. Pacific routes were active with rates making gains. A 40,000 dwt was at $11,750/d basis dely Koh Sichang redelivery Rizhao or Qingdao with concentrates.
Handy (North Europe/Black Sea/Mediterranean)
The area held tight compared. Few fixtures were reported on Handies. Towards USG an eco-Chinese 39,000 dwt was heard fixed via Cont to USG/USEC in the $11,000s/d, always showing more or less similar rates to what we have been experiencing over the last month, while a very modern Chinese 40,000 dwt fixed on subs basis open Teesport aps Antwerp, tct with steels, redely USG at $10,000/d and split after 45 days to read $13,000/d. Trips to ECSAm showed some improvements from the usual $6/7,000/d, due to a softer market there and owners not discounting much. Indeed, a brand new 40,000 dwt was fixed dely dop Antwerp via Norway to redely Brazil at $10,500/d for 45 days $14,500/d thereafter. Regarding Supramax and Ultramax tonnage not much was reported with trips from Cont to F East estimated around $11,500/12,000/d.
Rates recorded a more positive tone and increased on all routes. The number of ships remained high, but fresh cargoes entered the market, to tell the truth not many for spot dates, but enough for shipowners to raise the bar considerably. Handies were fixing around $7,000/d CrossMed and for trips to Cont. Trips to ECSAm was paying $6,500/d from Med and trips to USG were fixed around $9,000/d, which was the most notable increase considering the improvements the USG market recorded. Supramax tonnage CrossMed was fixing around $7,500/d. TA rates to USG recorded a small improvement to $8,500/d on Ultramax and $7,500/d on Supramax tonnage. The route to F East kept increasing up to $12/13,000/d at the end of the week.
Handy (USA/N.Atlantic/Lakes/S.America)
The activity was still intensive and rates were still on the uptrend. 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. On Handies rates moved higher with many cargoes coming up. TA trades to Med were quite strong and were evaluated around $15,000/d and some nice vessel were fixed at $17,000/d, while woodpellets to Cont were evaluated around $13,500/d.
Handies rates in ECSAm were stable with activity slightly increasing. On Handies TA rates from N Brazi to Morocco were around $12,000/d, while Argentina to Algeria recorded rates around $19,000/d. A 38,000 dwt built 2012 open Santos was fixed for a tct with dely Santos to Morocco with grains at $15,000/d while a 38,000 dwt built 2012 was covered with a tct with dely aps Rio Grande to Venezuela at $16,000/d. On Supramax, TA rates were a little lower than the previous week from W Africa via ECSAm to Cont were around $13,000/d level for Supramax tonnage, while on fronthaul from W Africa via ECSAm to China were around $14,000/d level. On Ultramax TA rates from W Africa via ECSAm to Cont were around $13,500/d while on fronthaul from W Africa via ECSAm to China were around $14,500/d level.
Banchero Costa and Co Spa
E-Posta: research@bancosta.it
Internet: www.bancosta.it