Weekly detailed analysis of world shipping freight markets for all major routes for May 25 - June 1.
Capesize (Atlantic and Pacific)
The Capesize segment posted a firm rally during the week ending 29 May 2026, with sentiment underpinned by a resurgent Pacific basin, weather-related disruptions in North China, and a belated catch-up in the Atlantic. The benchmark Cape T4 weighted average time charter equivalent climbed from USD 39,614/day at the close of 22 May to USD 45,176/day on 28 May, a gain of USD 5,562/day across the trading week. Strength was led by the headline C5 route (Western Australia–Qingdao), assessed at USD 16.70/wmt on 28 May, up USD 1.00/wmt week-on week, while the C3 Tubarao Qingdao route firmed to USD 37.70/wmt, up USD 1.40/wmt. The Saldanha Bay–Qingdao route advanced to USD 28.20/wmt, up USD 0.95/wmt. The Pacific drove early gains. A trio of Western Australian iron ore majors persistently sought prompt tonnage out of Dampier and Port Hedland, while several South Korean coal and iron ore tenders augmented the cargo book. Fixing intensified on 26 May, with multiple Capesize and Newcastlemax stems concluded in the USD 15.90 16.15/wmt range for early-June laycans, before fixtures pushed up to USD 16.50–16.75/wmt on 28 May for mid-June dates. Persistent strong winds and fog at North China ports slowed discharging operations and worsened congestion, tightening prompt tonnage availability and reinforcing the rally. The Atlantic initially lagged owing to public holidays in the United Kingdom, the United States and Geneva, which thinned exchanges and left South Atlantic activity muted. Shipowners held firm on offer ideas while charterers refrained from refreshing bids. Momentum turned on 27 May, with several Tubarao–Qingdao Capesize fixtures concluded around mid-USD 37s/wmt, alongside a fronthaul stem from Ponta da Madeira to Taranto at USD 22.35/wmt for 15–24 June laycan. Bid–offer spreads remained wide into the week's close — indicated at USD 36.75 versus USD 38.50/wmt for end-June laycans — pointing to further upside potential. Freight derivative rates also strengthened, reinforcing positive market sentiment.
Panamax (Atlantic and Pacific)
The week opened on a firmer footing, with charterers remaining active on East Coast South America (ECSA) fronthaul business whilst North Coast South America (NCSA) and transatlantic routes continued to command healthy premiums. Tuesday saw a steady flow of ECSA related fixtures emerge. An 82,000-dwt Kamsarmax (2023) opening Paradip was reported fixed for an ECSA/Singapore-Japan grains trip at around USD 24,500/day, whilst an 82,000-dwt vessel (2017) opening Mundra reportedly secured approximately USD 22,000/day for similar employment. A further Kamsarmax (2017) was reported fixed via ECSA with grains and Red Sea redelivery at USD 22,000/day. By Wednesday, sentiment strengthened further. A scrubber-fitted 82,000-dwt Kamsarmax (2026) fixed from Singapore for an ECSA/Singapore Japan grains trip at USD 26,500/day. An 82,000-dwt vessel (2017) opening Mundra fixed at USD 22,000/day for the same route, whilst an 81,000-dwt unit (2013) opening Colombo secured around USD 20,750/day. Thursday delivered the week's strongest fixtures. An 82,000-dwt Kamsarmax (2024) opening Kakinada fixed ECSA/Singapore-Japan grains at USD 26,100/day, whilst a sister vessel (2024) opening Gibraltar achieved USD 31,400/day for NCSA/Singapore Japan. A 79,000-dwt Panamax (2010) opening Rotterdam fixed NCSA/Singapore-Japan at USD 22,750/day. Older tonnage remained at lower levels, with an 82,000-dwt vessel (2006) fixing ECSA/Far East at USD 19,500/day plus a USD 950,000 ballast bonus.
The Asia-Pacific Panamax market opened the week on a soft footing, with ample prompt tonnage and subdued fresh enquiry across the basin keeping charterers in the driving seat and weighing on owners' fixing ideas. Sentiment shifted around mid-week, as Indonesian coal enquiry picked up, June laycan cargo volumes proved robust and a firming East Coast South America market lent further support. By Friday, owners were holding firmer numbers and signalling willingness to ballast westwards rather than accept shorter Pacific round voyages. Freight to move 75,000 mt (plus/minus 10%) of metallurgical coal from Hay Point to Paradip drifted from USD 24.85/mt on 25 May to USD 24.65/mt on 29 May, having touched USD 24.45/mt mid week, while Hay Point–Qingdao closed broadly flat at USD 22.00/mt. A 75,000-mt Hay Point/ Visakhapatnam stem (15–24 June laycan) was reported fixed at USD 25.70/mt. Samarinda–Guangzhou (65,000 mt) finished at USD 10.85/mt, with a Balikpapan/Haimen stem (7–10 June) heard fixed around USD 9.75/mt. Banjarmasin–Krishnapatnam (75,000 mt) held at USD 13.15/mt.
Handy (North Europe/Black Sea/Mediterranean)
It was a relatively quiet week in the region, particularly on smaller units, with the market remaining subdued amid limited fresh enquiry. On Handysize, repositioning cargoes to East Coast South America and US Gulf remained stable at USD 6,000 -7,000/day and USD 9,000-10,000/day respectively, while Continent/Mediterranean and Continent/West Africa runs were assessed in the low-to-low mid teens, with a 34,000 dwt unit fixing Skaw delivery, West Africa redelivery with grains at USD 12,000/day. Fronthaul held slightly firmer on Handysize despite a strong Pacific market, with owners seeking around USD 17,000–18,000/day against charterers bidding USD 14,000 15,000/day. On Supramax, the market was marginally stronger, led by US Gulf and East Coast South America deliveries which provided owners with broader options. Fronthaul was assessed in the low USD 20,000s/day, with trips back to US Gulf in the low USD 10,000s/day. Owners were seeking premiums for Mediterranean destinations given limited activity, prompting increased interest in scrap and grain runs.
he Mediterranean and Black Sea market remained decidedly quiet this week, with operators reluctant to accept cargoes at charterers' levels. Some improvement was noted in the Supramax and Ultramax segments, while Handysize activity, both period and spot, was extremely limited. Some recovery is anticipated for late June and July, but the area remains the most subdued in the Atlantic this week. Handysize inter-Mediterranean trips were assessed at around USD 8,000/day on delivery passing Çanakkale, with voyage basis likely lower. Transatlantic trips were softer week on-week, with Handysize fixing at USD 8,750–9,000/day to US Gulf and USD 6,500–6,750/day to East Coast South America. Supramax improved marginally to USD 10,000–10,500/day and Ultramax to USD 11,000–11,500/day to the United States. Inter-Mediterranean runs were assessed at USD 9,000–9,500/day for both Supramax and Ultramax, while fronthaul trips east improved to USD 18,500/day on Supramax and around USD 19,500/day on Ultramax.
Handy (USA/N.Atlantic/Lakes/S.America)
Rates in East Coast South America (ECSAm) were slightly softer on Handysize tonnage, while larger units remained relatively stable despite slower momentum on fronthaul business. On Handysize, transatlantic rates from ECSAm to East Mediterranean were assessed at around USD 19,000 per day arrival pilot station basis on standard Handysize tonnage, with trips to Spain assessed in the mid-to high teens per day arrival pilot station basis. On Supramax, transatlantic rates from West Africa via ECSAm to Continent/Mediterranean 8 were assessed at around USD 17,000 per day, while fronthaul from West Africa via ECSAm to China were assessed at around USD 22,000 per day. Ultramax equivalents were assessed at around USD 17,500 per day and USD 23,000 per day respectively.
Rates in East Coast South America were slightly softer on Handysize tonnage, while larger units remained relatively stable despite slower momentum on fronthaul business. Transatlantic Handysize rates from East Coast South America to East Mediterranean were assessed at around USD 19,000/day arrival pilot station basis, with trips to Spain assessed in the mid-to-high teens per day arrival pilot station basis. Supramax transatlantic rates from West Africa via East Coast South America to Continent/Mediterranean were assessed at around USD 17,000/day, while fronthaul to China were around USD 22,000/day. Ultramax equivalents were assessed at around USD 17,500/day on the transatlantic and USD 23,000/day on fronthaul to China.
Far East
Pacific basin trading was largely lacklustre throughout the week as holiday lulls in several Asian markets sapped charterer participation, leaving owners on the sidelines awaiting fresh direction. Despite the subdued tape, time charter levels held up reasonably well on the back of steady minor bulk demand, with brokers noting that owners largely refused to cut offers. Out of Indonesia, fixing on the coal trade to South China softened on the week: a 55,000-mt (10% mol) East Kalimantan/Chaozhou stem for 16 19 June laycan was reported fixed at USD 12.50/mt, while the benchmark East Kalimantan–Guangzhou route eased to USD 13.10/mt by 28 May, down USD 0.35/mt week-on-week. The Indonesia–east coast India coal trade also slipped, with South Kalimantan–Paradip closing at USD 17.10/mt and Navlakhi at USD 20.95/mt, both down on the week. Supramax and Ultramax basket average TCEs ended the week broadly steady around USD 13,637/day and USD 19,119/day respectively. Pacific Handysize cargoes likewise edged lower, with the Gladstone Lianyungang alumina run assessed at USD 37.70/mt and the Bunbury/Kwinana leg at USD 34.05/mt on 28 May, both shedding around USD 0.50/mt week-on-week.
Banchero Costa and Co Spa
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