Weekly detailed analysis of world shipping freight markets for all major routes for November 3 - 10, 2025.
Capesize (Atlantic and Pacific)
The Capesize freight market exhibited resilience during the week, recovering from an initial softening to end on a steady note amid subdued trading volumes and weather-related optimism. Rates on key iron ore routes strengthened progressively, supported by healthy cargo inquiries and selective tonnage demand from mining majors, though activity tapered towards the close due to post-Asian hour clearances. In the Pacific, the Western AustraliaQingdao route saw a marked rally, with indicative offers easing from high USD 9/wmt early in the week to mid-USD 10/wmt by Friday. Fixture levels climbed from USD 9.10/wmt on 3 November (Port Hedland-Qingdao, 17-19 November laycan) to USD 10.35/wmt on 7 November (Dampier-Qingdao, 23-25 November laycan), reflecting sustained iron ore and coal volumes despite a mid-week deadlock in bidoffer spreads. East Coast Australia coal requirements remained ample for December loadings, bolstering sentiment. Atlantic activity picked up mid-week, particularly post-Asian hours, with North Atlantic fronthaul and Transatlantic cargoes driving gains. A Tubarao-Rotterdam fixture closed at mid-USD 13/wmt (20-25 November laycan), underscoring robust regional demand. On the Brazil-Qingdao front, rates firmed from USD 23/wmt on 3 November to USD 23.50/wmt by 7 November, buoyed by ample December cargoes but tempered by a scarcity of late-November availability. Kamsar-Yantai traded at USD 23.40/wmt (26 November-2 December laycan). South Africa saw scant exchanges, with Saldanha Bay-Qingdao holding steady at USD 17.50-17.95/wmt, underpinned by coal outflows from Richards Bay and isolated iron ore tenders for late November. Overall, the market absorbed Typhoon Fung-wong's potential itinerary disruptions, fostering cautious positivity. FFAs trended sideways, hinting at consolidation ahead. Charterers may test lower amid thinning spot requirements, but tonnage tightness could cap downside.
Panamax (Atlantic and Pacific)
The market experienced a week of mixed signals, with rates initially under pressure before stabilizing toward the end. Early week saw limited activity and declining sentiment, as weak fundamentals and a growing tonnage list continued to outweigh demand. FH business from ECSAm remained active but at slightly lower levels, with fixtures for eco KMX units around $25,000–$26,250/day to Skaw–Gibraltar and $15,000– $17,500/day for trips redelivering Singapore–Japan sub specs. Toward the week’s close, optimism returned, with fixtures also from North Atlantic; an 81,000 DWT, built 2011, open Brest 6 Nov fixed TCT via USG redelivery Tarragona $15,500/day. Overall, the BPI timecharter average ended at $16,500/day, up modestly from earlier lows, suggesting a slightly firmer tone heading into next week.
It has been an active week for the Pacific market with steady fixing on all three key routes. NoPac saw improved activity with rates holding in the mid $16,000s to low $19,000s; the range depends on specs and delivery. A new 2025 KMX open in Ishinomaki was fixed at $19,250 for a trip via NoPac and redelivery S/J range; an 81,000 DWT KMX, built 2019, open in Lanshan fixed at $16,000 for a trip via NoPac and redelivery SE Asia. A 2010 built KMX open in Tomogashima was reported fixed at $16,750 for a trip via NoPac RV with grains. Aussie rounds started slow and went busier from mid-week onward. A 75,000 DWT, built 2011, open in CJK fixed for a trip via EC Aussie to China at $14,750; another PMX built 2013 open in Kimitsu fixed at $15,100 for a trip via EC Aussie to S. China. An 82,000 DWT, built 2022, open in HK fixed at $18,500 for a trip via Aussie and redelivery in Japan. The Indo route firmed up mid- to late-week; a 75,000 DWT, built 2012, open in Fuzhou fixed at $17,500 for a trip via Indonesia and redelivery S. China. A 2014 built KMX open in Pagbilao fixed at $19,500 for a trip via Indonesia with redelivery in S. China.
Handy (North Europe/Black Sea/Mediterranean)
Despite the Atlantic seeming to show positive expectation for the upcoming weeks, the market seemed to lack fresh impetus of cargoes and rates on the spot. Some cargoes came out with forward dates but still did not manage to get fixed. Regarding fixtures reported, a non-eco 37,000 DWT was fixed for a TCT with grain delivery North France to W Africa non-HRA at $18,000/day, while trips from Cont/Baltic to the Med were estimated to be in the mid-teens basis Skaw redelivery, with scrap paying little premium still. Not many infos were available in the SMX/UMX segment, with rates estimated to be approximately in line with what we saw last week.
The Mediterranean and Black Sea market this week continued going slowly down on most parts of the routes. The spot cargoes are very few, and owners are absorbing some days of waiting order to secure the business. The HDY vessels for intermed went down to $11,000 basis Canakkale; the premium for Ukraine loading seems around $1.00 maximum on voyage, but there is no differential most of the time. The trip to ECSAm and to USG remained stable at $13,500 for trip to USG and around $11,000 for trip to ECSAm. For the route going East, the HDYs are fixing $15,000 per day. The TESS 58 SMXs for intermed are seeing numbers around $13,000. For the TA route to USG, SMXs are at $11,500 and UMXs at $12,500. For the SMXs, the trip East is lowering to $20,750/$20,500 for the UMXs and just below the $20,000 level for the SMXs, depending on duration.
Handy (USA/N.Atlantic/Lakes/S.America)
Market at USG showed signs of firmness both on HDYs and SMX/UMX. On the HDYs, one 36,000 DWT has been fixed at $17,000 APS SW Pass for grains trip, duration 35 days WOG redelivery Skaw-Gib including Morocco. On the UMXs, it was mentioned that a 63,000 DWT has been fixed at $28,200 APS USG for one TCT with petcoke to Med with intention to Turkey, duration 35 days WOG. It was also mentioned that a 64,000 DWT has been evaluated at $25,000/$26,000 APS SW Pass for long trip with grains, 65 days WOG to Pakistan ex USG. One modern fancy 64,000 DWT has been fixed instead at $26,500 APS for one trip grainsto Spain. No other stuff has been heard so far, but clearly the impression was that the tonnage list was tighter compared to the previous week.
HDY rates in ECSAm kept going down since last week; on bigger units, the ratesremained stable since last week. On HDYs, TA rates from S. Brazil to Morocco were fixed at around high teens levels, while coastal trips were fixed at around $18,000/day. SMX rates on TA from W Africa via ECSAm to Cont were around $16,000/day level for SMX tonnage, while on FH from W Africa via ECSAm to China were around $20,500/day level. On UMX rates, a TA from W Africa via ECSAm to Cont were around $16,500/day level for UMX tonnage, while on FH from W Africa via ECSAm to China were around $21,000/day level.
Far East
It was a positional week in the Pacific; the market was divided with rates firmer in the South and the North struggling with a growing tonnage list. Desert Seeker, 60,980 DWT, built 2022, Kaohsiung 11/16 Nov fixed a Indonesia/WC India at $15,000. Ammar I, 58,097 DWT, built 2012, Chittagong 10 Nov fixed Taboneo/Bangladesh at $12,000 - BBN. 63,000 DWT del Gresik fixed Indo/China at high $16,000s. Nacks 64 del N. China fixed NoPac RW at low $16,000s. HDYs ended quietly. Pacific saw rates lower than last done and a lack of inquiry, showing little movement and limited fresh demand. 38,000 DWT open CJK 6/8 Nov fixed Australian RV at $12,000.
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