Weekly detailed analysis of world shipping freight markets for all major routes for October 13 - 20, 2025.
Capesize (Atlantic and Pacific)
The Capesize market experienced volatility over the week, driven by uncertainties surrounding China's special port service fees on nonChinese-built vessels, which initially spurred a rally before prompting a retracement and partial recovery. Physical activity remained subdued amid a "wait-and-watch" stance, with freight forward agreements (FFAs) providing directional cues through sharp swings. Tonnage supply tightened in key basins, particularly prompt Pacific positions, forcing charterers to bid higher to secure vessels ahead of the Singapore public holiday on 20 October. In the Pacific, the Western AustraliaQingdao iron ore route (170,000 mt ±10%) opened strongly at USD 11.50/wmt on 13 October, buoyed by elevated offers and miner inquiries from BHP and Rio Tinto. Rates plunged to USD 10.30/wmt by 14 October as FFAs sold off post-fee exemption news for Chinese-built ships, with offers easing from midUSD 11/wmt to USD 10.40/wmt. Further softening to USD 10.15/wmt followed on 15 October amid sluggish inquiries and lower bids around USD 9.80/wmt, though coal volumes stayed ample. A rebound ensued, with rates climbing to USD 10.50/wmt on 16 October on Dampier-Qingdao fixtures at USD 10.35-10.45/wmt, and inching to USD 10.65/wmt by 17 October as prompt tonnage firmed, evidenced by a Port HedlandQingdao fix at USD 10.65/wmt for early November laycan. Atlantic activity heated up midweek, with the Tubarao-Qingdao route (170,000 mt ±10%) surging from USD 23.85/wmt on 14 October to USD 25.05/wmt on 13 October on bids up to mid-high USD 24/wmt, before dipping to USD 23.05/wmt. It then rallied sharply to USD 24.20/wmt on 16 October amid rebounding Brazil fixtures at midUSD 23-24/wmt for November laycans, stabilising at USD 24.25/wmt. Abundant H2 November cargoes from Brazil and West Africa supported levels, though exchanges thinned by week's end. The Saldanha Bay-Qingdao assessment (170,000 mt ±10%) fluctuated from USD 18.90/wmt down to USD 17.45/wmt, recovering to USD 18.15/wmt unchanged on 17 October, with scant South African fixtures. Overall, the week closed firmer, with tighter tonnage and holiday positioning outweighing fee jitters, pointing to potential upside if cargoes materialise.
Panamax (Atlantic and Pacific)
The market experienced a week of fluctuating sentiment. The week opened on a bullish note, driven by a strong FFA rally and firmer sentiment across both transatlantic and fronthaul routes. However, as the impact of China’s retaliatory measures on US tonnage began to filter through midweek, momentum softened and a more cautious tone prevailed. Early fixtures included an 82k dwt unit built in 2025 fixed from Kandla via ECSA to Spore-Japan at around USD $18,000-$17,500/d. Midweek, activity remained consistent but without major rate movement, with several 82k dwt vessels built between 2014 and 2020 fixing from Northern Europe for transatlantic employment in the mid - USD $14,000s to upper - USD $15,000s range daily. Further south, fixtures for 85k dwt and 82k dwt units built between 2011 and 2017 via ECSA were reported around USD $17,000/d with redelivery SeAsia. By the end of the week, trading tapered off as most participants paused to reassess, particularly for China’s new port fee measures targeting US-linked vessels. Still, sentiment held firm overall, supported by a balanced tonnage list.
The market has not been as lively as the week before for the amount of fixtures reported, but money-wise it has been a good week, specifically for the Pacific. Indonesia and Australia were the main routes. A 76k dwt built in 2009 open in Chaozhou was fixed for a trip via Indonesia with redelivery in the S/J range at USD $17,250. A 77k dwt built in ’04 was fixed open in Bahudopi for a trip via Indonesia and redelivery S. China at USD $19,500. A KMX open in Pagbilao was reported fixed at USD $21,000 for a trip via Indonesia and redelivery in S. China. An 82k dwt built in 2013 and open in Shibushi was fixed at USD $16,500 for a trip via NOPAC and redelivery in the S/J range. Another KMX built in 2012 open in Yantai was reported fixed for a trip via NOPAC and redelivery in the same range at USD $15,000. On the Aussie route, a KMX built in 2018 open in Zhangzhou was reported fixed at USD $18,500 for a trip via E. Aussie with redelivery in Japan. A 84k dwt 2022 built open in Zhangzhou was fixed at USD $19,000 for a trip via E. Aussie to China. An 85k dwt built in 2023 open in Nagoya was reported fixed for a trip via E. Aussie and redelivery in S. China at USD $19,000.
Handy (North Europe/Black Sea/Mediterranean)
Despite the USG market starting to show some softening, the Continent / Baltic area seems to hold a little bit more, especially on smaller tonnage. Intercont with grains on HDYs were fixing at around $20,000, and Baltic/Ned with grains were in the low $20,000s passing Skaw on standard HDYs. Always toward this direction, a 28,000 dwt fixed delivery APS North France for a trip to Morocco with grains at $17,000/d, while a 40,000 dwt was fixed from Montoir to Morocco with grains at $21,000. On larger size, an eco 61,250 dwt open UK 25 Oct fixed trip with silicon sand to E Med at $20,500, showing how USG slowdown had an impact as well on bigger tonnage from the area.
HDYs rates in ECSAm remained stable on TA routes from last week with no signals of big changes. On bigger units, the rates remained firm and unchanged since last week on FH, while TA rates improved a bit, showing encouraging signals. On HDYs, TA rates from Argentina to Egypt were around $22,000/d, while trips from Argentina to WAFR were around low $20,000slevels. SMX rates on TA from W Africa via ECSAm to Cont were around $18,500/d level for SMX tonnage, while on fronthaul from W Africa via ECSAm to China were around $22,000/d level. On UMX rates, TA from W Africa via ECSAm to Cont were around $19,000/d level for UMX tonnage, while on fronthaul from W Africa via ECSAm to China were around $22,500/d level.
Handy (USA/N.Atlantic/Lakes/S.America)
Market at USG, despite the tonnage list being longer on HDY and SMX, was firm and kept being positive. One 66,000 dwt was fixed at the beginning of the week at $33,000 basis delivery APS USG TCT with petcoke duration 50-55 days WOG redelivery India. Another 63,000 dwt was fixed in the middle of the week at $33,500 APS USG for one trip with petcoke to EMed, int Iskenderun loading via Pascagoula which requiressome special fittings. On the HDYs, not a lot has been rumored. One 3,500 dwt built 2011 was fixed basis delivery SWP trip to WCCA at $23,500. One 39,000 dwt was fixed basis delivery Mississippi TCT to EC Mex at $23,500. Also, it was mentioned that a 38,000 dwt built 2013 was fixed basis delivery APS Panama City at $29,000 for TCT to UKC with pellets.
HDYs rates in ECSAm remained stable on TA routes from last week with no signals of big changes. On bigger units, the rates remained firm and unchanged since last week on FH, while TA rates improved a bit, showing encouraging signals. On HDYs, TA rates from Argentina to Egypt were around $22,000/d, while trips from Argentina to WAFR were around low $20,000slevels. SMX rates on TA from W Africa via ECSAm to Cont were around $18,500/d level for SMX tonnage, while on fronthaul from W Africa via ECSAm to China were around $22,000/d level. On UMX rates, TA from W Africa via ECSAm to Cont were around $19,000/d level for UMX tonnage, while on fronthaul from W Africa via ECSAm to China were around $22,500/d level.
Far East
SMX/UMX ended with a typical slow Friday, but the Pacific saw rates move slightly up. Then, the long weekend in Spore will probably slow the opening week. HDY rates hold steady. Asia saw little business reported, but it seems rates moved up a bit. Sotiria, a 63,528k dwt built ‘25 CJK PPT fixed via NOPAC to BDESH at $17k - Spectrum. Ocean Destiny, a 55,848k dwt built ‘11 delivery Kwangyang 10/12 Oct fixed via FEAST with clinker redelivery West Africa at $12,750 daily for the first 50 days and $15,000 daily on the balance.
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