Weekly detailed analysis of world shipping freight markets for all major routes for November 10 - 17, 2025.
Capesize (Atlantic and Pacific)
The Capesize sector exhibited a volatile profile over the week, with rates softening mid-period before a tentative rebound, driven by subdued trading volumes and forward-looking laycans in December. Sentiment remained cautious amid ample cargo lists but limited urgency from charterers, particularly in the Pacific basin where owners prioritised regional employment over transatlantic ballasting. Activity commenced robustly on 10 November, buoyed by multiple mining majors probing tonnage for late-November laycans alongside east coast coal stems. Indicative offers eased from USD 10.70/wmt to USD 10.35– 10.40/wmt against USD 10/wmt bids, yielding fixtures in the low- to mid-USD 10s/wmt. Rates dipped marginally to USD 10.25/wmt on 11 November amid a H2 trading deadlock, before extending losses to USD 9.65/wmt on 12 November on slipping offers around USD 10/wmt and a mid-USD 9/wmt fixture for Dampier–Qingdao (29 November–1 December laycan). Volumes thinned on 13 November with prompter stems cleared, but a slight coal uptick supported a USD 9.95/wmt fixture (1–3 December laycan), lifting rates USD 0.30/wmt. Subdued Asian hours on 14 November saw mid- to high-USD 10/wmt offers against miner restraint, with an unverified USD 10.40/wmt fix, pushing rates to USD 10.35/wmt (up USD 0.40/wmt). Overall, the route shed USD 0.05/wmt week-on-week, reflecting softer Brazilian competition. South Atlantic trading was muted, with a robust December cargo slate failing to spur fixtures. Tubarao–Qingdao bids hovered in the low- to mid-USD 22/wmt range for H1 December laycans, against mid-USD 22/wmt-plus offers. Rates declined from USD 23.35/wmt (10 November) to USD 22.45/wmt (13 November, down USD 0.90/wmt cumulatively), punctuated by a USD 22.45/wmt fixture (10–30 December laycan). A late rebound to USD 23/wmt on 14 November followed USD 22/wmt bids and mid- to high-USD 23/wmt offers, with Newcastlemaxes fixed at mid-USD 22s/wmt (mid-December) and mid- to high-USD 22s/wmt (early December). Saldanha Bay–Qingdao mirrored this, easing to USD 17.60/wmt midweek before recovering to USD 17.80/wmt (net up USD 0.15/wmt), with scant activity and an unconfirmed high-USD 17/wmt bid (1–10 December laycan). West Africa saw marginal upticks, but no fresh South African fixtures materialised.
Panamax (Atlantic and Pacific)
The Panamax Atlantic market closed the week on a firmer note. ECSA demand remained steady, but US Gulf FH routes dominated activity. A scrubber-fitted Kamsarmax of 2025 build, open in Hamburg, was fixed at USD 26,000 for a trip via USEC with redelivery India. Mid-week, an 81,000 dwt Kamsarmax open in Convent fixed a trip via US Gulf with redelivery Singapore/Japan range at USD 23,750 plus USD 875,000 ballast bonus. A Panamax of 2011 build, open in Hamburg, fixed a trip via Rostock and Jeddah with redelivery Gibraltar at USD 15,000. A Kamsarmax of 2019 build fixed a trip via ECSA to Singapore/Japan range at USD 19,500. An 82,000 dwt vessel of 2014 build (scrubber-fitted) fixed ECSA TA with redelivery in Skaw-Gibraltar range at USD 29,000.
The Pacific market recorded a steady trend throughout the week. Australian demand provided the strongest support, with levels in the high USD 19,000s/low USD 20,000s; NoPac remained constant with rates in the mid/high USD 17,000s, while Indonesia was stable in the USD 17,000–19,000 range, undoubtedly due to the strong coal enquiry registered. A Kamsarmax of 2015 build, open in Zhoushan, fixed for a NoPac trip with redelivery in the Singapore/Japan range at USD 17,750; by the end of the week, an 83,000 dwt vessel of 2009 build, open in Shanghai, fixed at USD 17,000 for a trip via NoPac with redelivery in the Singapore/Japan range. A new Kamsarmax, open in Dangjin, fixed for a trip via East Coast Australia to China at USD 18,900; another Kamsarmax of 2008 build, open in Zhoushan, fixed for a trip via East Coast Australia with redelivery in South China at USD 18,250. A 2024-built 82,000 dwt vessel, open in Lianyungang, was reported fixed for an Australian round at USD 19,250.
Handy (North Europe/Black Sea/Mediterranean)
While the Atlantic market kept pushing over the week, the Continent/Baltic area appeared more stable despite owners keeping adjusting their rates up due to steady enquiries. On Handysize, some scrap fixtures were reported on a non-eco 37,000 dwt basis delivery Skaw redelivery East Med in the USD 18,000s and on an eco 33,000 dwt basis delivery d/losp Teesport to Spanish Med/Morocco with grains USD 17,000. On Supramax/Ultramax, conditions market seemed slightly slowed compared to what expected with a 61,000-dwt was fixed delivery Liverpool via Ghent to the East Mediterranean with scrap at USD 20,000.
The Mediterranean and Black Sea market remained largely flat this week, with the trend upwards but for only a few dollars on the main routes. Supramaxes appear more positive than the Handysize vessels, which are nonethelessfollowing the larger sizes. The 38,000 dwt Handysize for Mediterranean is now at USD 11,000 basis Canakkale, while the trip to East Coast South America and to US Gulf improved to USD 13,750/14,000 for trip to US Gulf and around USD 11,500 for trip to East Coast South America. For the route going east, the Handysize is similar to last week's level at USD 15,000/15,250 per day. The 58,000 dwt Supramaxes for Mediterranean are slightly in a better shape: USD 13,000 for Mediterranean.
Handy (USA/N.Atlantic/Lakes/S.America)
The market at US Gulf remained stable for both Handysize and Supramax and Ultramax vessels. There was rumour that at the end of the week one very nice and shallow 64,000 dwt vessel was fixed at USD 32,000 for grains ex Southwest Pass to Singapore/Japan range. At the same time, a 63,000 dwt vessel was fixed basis delivery Norfolk for a quick trip of 25 days to UK/Continent range with wood pellets at USD 31,500. Levels showed a substantial balance with the previous week. At the beginning of the week instead, one 63,000 dwt vessel was fixed at USD 28,500 basis DOP Mexico for a trip via Mississippi to Pakistan for total duration of 70 days. On the Handies, not much has been fixed. One voyage cargo from USG to Morocco with coal was rumoured to pay in the high 20s pmt basis 38,000/10 stem, which equates close to 20k aps. One 37,000 dwt vessel was fixed for inter-Caribs business with grains basis delivery Southwest Pass at USD 20,000 DIOT duration of 15 days WOG.
Handysize rates in ECSA were on an uptrend and recovered a bit after some signs of softening; on bigger units, the rates saw a big rise since last week. On Handysize TA rates from South Brazil to Morocco were fixed at around high teens levels, while coastal trips were fixed at around USD 18,000/d. Smx rates on TA from West Africa via ECSA to Continent were around USD 18,000/d level for Supramax tonnage, while on fronthaul from West Africa via ECSA to China were around USD 22,500/d level. On Umx rates on TA from West Africa via ECSA to Continent were around USD 18,500/d level for Ultramax tonnage, while on fronthaul from West Africa via ECSA to China were around USD 23,000/d level.
Far East
For Ultramax/Supramax, the market has been balanced in the Far East, and owners continued to receive steady interest. A 63,000 dwt vessel, delivering Map Ta Phut 15/19 November, fixed via Indonesia/China at USD 16,000. Limited activity for period; a 64,000 dwt vessel, delivering Tianjin, fixed 5/7 months, redelivery Singapore/Japan, at USD 17,000. The Handysize market in Asia remained soft, with activity remaining slow, as cargo volumes shrank and tonnage grew. A 38,000 dwt vessel, delivering Koh Sichang, fixed via Cilacap to Kwinana with clinker at USD 11,000.
Banchero Costa and Co Spa
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