Weekly detailed analysis of world shipping freight markets for all major routes for November 24 - December 1, 2025.
Capesize (Atlantic and Pacific)
The Capesize market exhibited a broadly positive tone over the week, with freight rates edging higher amid sustained tonnage demand, particularly in the Pacific. Sentiment remained upbeat, buoyed by plentiful iron ore and coal cargoes, though trading activity eased marginally by week's end. Period interest persisted, with a handful of fixtures concluded at firming levels, while forward laycans into December and January supported confidence. In the Pacific, robust demand from Western Australia iron ore miners drove gains. The benchmark C5 route (Western Australia–Qingdao, 170,000 mt iron ore) opened steady at USD 10.55/wmt on 24 November, holding flat on 25 November despite limited fresh requirements and shipowners' resistance to softening offers. Activity intensified mid-week, with multiple mining majors fixing vessels for early–mid December laycans at USD 10.50–11.35/wmt, lifting the rate to USD 11.25/wmt on 27 November (+USD 0.25/wmt) and USD 11.80/wmt on 28 November (+USD 0.55/wmt). Indicative offers hovered mid-high USD 11/wmt, with bids at USD 11.50/wmt amid sluggish exchanges but plentiful cargoes. Atlantic activity was more fragmented, with vibrant fixing postAsian close on 26–27 November. On the C3 route (Tubarao–Qingdao, 170,000 mt iron ore), rates dipped to USD 24.40/wmt on 27 November (–USD 0.20/wmt from prior), reflecting subdued replenishments, before rebounding to USD 25.10/wmt on 28 November (+USD 0.70/wmt). Notable fixtures included December laycans at mid-USD 24–25/wmt. South African iron ore orders remained decent but urgency waned; the C10 route (Saldanha Bay–Qingdao) climbed to USD 19.85/wmt on 27–28 November (+USD 1.25/wmt from 26 November), from a steady USD 18.50/wmt earlier in the week. Transatlantic spot fixtures were sparse. Overall, the week's net uplift underscored resilient fundamentals, tempered by weather disruptions in North China. Market participants anticipate continued firmness into December, barring tonnage oversupply.
Panamax (Atlantic and Pacific)
The market remained generally stable, supported by steady fronthaul demand from the US Gulf and US East Coast. In the second half of the week, however, momentum began to ease, with some owners softening offers on prompt positions and charterers showing less urgency. On the fixtures side, M/V Ormos (81,944 dwt, built 2019) fixed from Kandla via ECSA to Southeast Asia at around USD 17,000–17,500/day. Ocean Venus (83,416 dwt, built 2010) Gibraltar 6 Dec fixed trip via US East Coast redelivery India USD 26,000/day. By Friday, the market had settled further, closing the week on a calmer note with rates largely unchanged.
The Pacific market has seen a reduction in the number of fixtures reported, while maintaining the same upward trend as the previous week. Indonesia has reported few fixtures but remains at levels in the high teens. A 75k dwt vessel built in 2014, open in Haikou, was reported fixed at USD 17,000 for a trip via Indonesia to the Philippines. Another 75k dwt vessel built in 2012, open in Yangjiang, was fixed at USD 18,500 for a trip via Indonesia and redelivery in South Korea. By the end of the week, a Kamsarmax built in 2017 was reported fixed at USD 22,500 for a trip via Indonesia and redelivery in the Singapore/Japan range. Nopac has maintained the rising trend of the previous week, ranging between USD 17,000 and USD 19,000, reaching peaks in the low USD 20,000s by the end of the week. A Kamsarmax built in 2011, open in Bayuquan, was reported fixed at USD 17,250 for a trip via Nopac and redelivery in the Singapore/Japan range. A Kamsarmax built in 2021, open in Tianjin, was fixed for a Nopac trip and redelivery in Taiwan at USD 18,750; an 80k dwt vessel built in 2019 (scrubber fitted), open in Dongjiakou, was fixed at USD 20,000 for a trip via Nopac and redelivery in Japan. The Aussie market had a slow start but proved quite lively by the end of the week. Rates increased significantly with respect to the previous week, leaping from the USD 19,000s to the USD 22,000s by the end of it. A Kamsarmax built in 2022, open in Huanghua, was fixed at USD 19,000 for redelivery China; another Kamsarmax built in 2023, open in Rizhao, was fixed at mid-USD 20,000 for redelivery China. Lastly, another Kamsarmax built in 2024 (scrubber fitted) was fixed at USD 22,000 for an Aussie round voyage.
Handy (North Europe/Black Sea/Mediterranean)
Quite an active week in the area with movementsreported. Despite these and what we saw in the last weeks, sentiment now seemed to be less positive on Handysize, while mixed sentiment was shown on bigger units. Rates to West Africa were estimated to be in the mid-teens on Handysize on average, with a 35,000 dwt spot Antwerp fixing on subs around USD 17,000 aps Rouen for a time charter trip with wheat to Abidjan. On Supramax/Ultramax, a very modern 63k dwt open UK end November heard fixed dop via Continent redelivery Far East about 70 days USD 25,000; a modern 64k dwt fixed delivery dop Hamburg via St Petersburg to Brazil with urea USD 22,000, showing owners always willing to discount even if Russian loading, while premium was asked for scrap orders with an eco 61k dwt Ghent end November heard fixed around USD 30,000 dop with East Med redelivery.
The Mediterranean and Black Sea market remained generally flat, but some routes trended slightly higher than last week—a scenario that surprised operators given the very few spot cargoesseen from the Black Sea. There were primarily enquiries from Ukraine, but very little from other ports, both for Handysize and Supramax vessels. The Continent market was quite strong, mainly due to the low tonnage in the area, which drew ships away from the West Med. The Handysize 38,000 dwt for interMed in fact slowed to USD 10,000/9,500 basis Çanakkale, while the trip to East Coast South America and to US Gulf remained stable or even ticked higher: for the trip to US Gulf, numbers exchanged were between USD 13,500 and USD 14,000/day, and around USD 11,250/11,500 for the trip to East Coast South America. For the route going East, the Supramaxes basically remained around USD 20,000, the Ultramaxes to USD 21,000, while the Handies remained at USD 14,500/15,000 per day. The TESS 58 Supramaxes for inter-Med are today at USD 11,500/12,000. The transatlantic route to US Gulf improved for Supramaxes at USD 12,500/12,750 and USD 13,500/13,750 for the Ultramaxes.
Handy (USA/N.Atlantic/Lakes/S.America)
The market at the USG showed signs of softening in the latter part of the week, especially on Supramax/Ultramaxes rather than Handysize. It was rumoured that Ultramax offers for wood pellets ex USEC to UK-Cont were around USD 29,000 aps versus charterers at USD 26,000, but in the end of the week charterers decided to revise the bid to USD 24/25,000 aps. So despite the beginning of the week starting strong, also with some firm fixtures—like a 62,000 dwt fixed USD 35,000 aps SWPass for a grains trip to BV—the end of the week was a bit more calm, perhaps also affected by Thanksgiving Day on Thursday. On the Handies, almost nothing has been rumoured. There was rumoured that a 33k dwt was offering low 20s for an RP coke trip to Central Med against charterers at USD 18/19,000 apsfor the same.
Handysize rates in East Coast South America remained stable on both transatlantic routes to Continent and to Mediterranean; on bigger units, fronthaul was paying a bit better than transatlantic; overall, the market remained stable since last week. On Handysize transatlantic rates from South Brazil to Azores were fixed at around very low 20s levels on standard Handysize and very high teens on noneco vessels; on transatlantic routes to Med, Handysize were fixed at around low 20slevels. Supramax rates on transatlantic from West Africa via ECSAm to Continent were around USD 18,500/day level for Supramax tonnage, while on fronthaul from West Africa via ECSAm to China were around USD 23,000/day level. On Ultramax rates on transatlantic from West Africa via ECSAm to Continent were around USD 19,500/day level for Ultramax tonnage, while on fronthaul from West Africa via ECSAm to China were around USD 24,000/day level.
Far East
The Asian basin was relatively active with steady rates for Ultramax/Supramax. Josco Guangzhou, built 2020/61k dwt, Singapore 6 Dec, fixed via Indonesia to India at USD 21,000. 56k dwt, delivery Dalian, fixed time charter trip with steels to SE Asia at USD 14,000. The Handysize market remained broadly steady this week with a slow finish to the week. The Asia market remained quiet throughout the week. Activity was silent and rates showed little movement with a slow decline in rates.
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