Weekly detailed analysis of world shipping freight markets for all major routes for October 20 - 27, 2025.
Capesize (Atlantic and Pacific)
The Capesize segment experienced a volatile week, with iron ore freight rates on key routes initially buoyed by port delays in South China before succumbing to ample tonnage availability and subdued cargo demand. Market assessments for 170,000 mt (±10%) cargoes reflected marginal gains early on, followed by rangebound trading and a sharp downturn by week's end, underscoring the sector's sensitivity to supply dynamics. In the Pacific, the Western Australiato-Qingdao iron ore route opened the week on 21 October with elevated activity, as major miners sought tonnage for 4-6 November laycans amid adverse weather forecasts supporting bullish sentiment. Initial offers reached USD 11/wmt, easing to mid-high USD 10s/wmt, with a fixture concluded at USD 10.7/wmt. Rates held steady at USD 10.7/wmt on 22 October, underpinned by further miner inquiries for 6-9 November laycans and ship operator cargoes for iron ore and East Coast Australia coal. However, sluggish trading emerged on 23 October, with offers dipping to mid-USD 10s/wmt and no fixtures reported, yielding a drop to USD 10.3/wmt. By 24 October, weakness from falling freight derivatives and South Atlantic spill-over intensified, pushing offers to low USD 10s/wmt and securing fixtures at USD 9.7/wmt for 8-12 November laycans—a USD 1/wmt weekly decline. Atlantic routes mirrored this trajectory. The Tubarao-to-Qingdao leg assessed at USD 24.4/wmt on 21-22 October, with a post-21 October fixture from Itaguaí at low USD 25s/wmt for 22-24 November laycans and bids-offers straddling USD 23.75-25/wmt. Overnight fixes on 22-23 October at mid-high USD 23s/wmt for mid-late November prompted a slide to USD 23.8/wmt on 23 October amid tepid activity. On 24 October, scarce fixtures and a USD 22-23/wmt bid-offer spread for second-half November saw rates plunge to USD 22.8/wmt. The Saldanha Bay-to-Qingdao route remained fixture-free throughout, holding at USD 18.3/wmt on 21-22 October before easing to USD 18.05/wmt on 23 October and USD 17.5/wmt on 24 October, tracking broader bearish pressures. Overall, elevated tonnage lists and softening South Atlantic cues eroded early-week optimism, leaving the market firmly in backwardation. Stakeholders eye November loadings warily, with potential for further softening absent fresh demand impulses.
Panamax (Atlantic and Pacific)
The market ended the week mostly steady, as activity slowed and midweek gains faded, especially in the North. The South Atlantic also eased slightly, keeping rates mostly flat despite a still-tight tonnage profile. A few key fixtures included: an 82,000 DWT, built 2007, fixed via ECSAm to Singapore-Japan at around $15,600/day; an 82,000 DWT, built 2018, fixed for a USG round to North Europe close to $19,000/day; and a 76,000 DWT, built 2009, fixed ex ECSAm to Singapore–Japan at about $13,000/day. Overall, the market holds a discreetly steady tone, supported by tight supply but limited fresh demand.
Overall, the Pacific market remained firm all week long, surely supported by solid demand on all three routes. Indonesia levels have improved from low/mid $17,000s to exceeding $22,000 by the end of the week; Australia has been fluctuating between mid $17,000s and touching $20,000s; NoPac instead has reported fixtures in the $17,000s– $18,500 range. Indonesia has shown good demand from S. China and Vietnam; indeed, a 79,000 DWT, built 2012, open in Mariveles was fixed for a trip via Indonesia and redelivery S. China at $18,000. By the end of the week, a KMX built 2014, open in Toledo, was reported fixed at $22,000 for a trip via Indo and redelivery China. Australia market reported a 2014 KMX open in Kaohsiung fixed at $19,000 for a trip via Aussie and redelivery in Japan, and a 2020 built KMX open in Chiba was fixed at $18,750 for a trip ex Aussie to S. China. At the beginning of the week, an 82,000 DWT, built 2017, open in Yosu was fixed at $17,000 for a trip via NoPac and redelivery in the Spore/Japan range. A KMX built 2018 and open in Shibushi was reported fixed for a trip via NoPac with grains at $18,500. By the end of the week, a new KMX open in Busan was fixed at $19,000 for a trip via NoPac with grains, and another 2025 built KMX open in CJK was reported fixed at $18,500 for a trip via NoPac with grains
Handy (North Europe/Black Sea/Mediterranean)
Quite an active week in the area with many fixturesreported. On HDYs, the Continent seemed to hold a little bit more compared to the Mediterranean. An exception was made by a 25k DWT which was heard fixed for FH via Continent to China with petcoke in the low teens APS, with owners willing to discount due to drydock scheduled. On average, HDYs showed rates in the very low $20,000s for trips to Med despite some forward cargoes showing tick lower levels for end November dates(more in the high teens). A modern 38k DWT open in London 28/30 Oct fixed on $21,000 DOP for trip via Rouen to Douala with grains, an eco 39k DWT fixed around $23,000 Skaw for trip via Klaipeda to Spanmed, always with grains, and to conclude same destination but with scrap was fixed by a non-eco 38k DWT low 20s for trip via Bremen to Türkiye. To conclude on HDYs, another 38k DWT fixed $13,000 APS Sluiskil for trip to Upriver with fert, showing owners always keen to discount also for ECSAm destination. On larger tonnage, despite levels slowing down in the USG area, a modern 63k DWT was heard on subs with scrap at $29,500 DOP UK via Baltic to E Med, probably fixed just before the decrease in the Gulf area.
The Mediterranean and Black Sea market this week followed the general trend of the Atlantic, decreasing on all routes. The handysize vessels for intermed set the bar around 12,500/13,000 USD bss Canakkale, with few spot cargoes and, fortunately, not a long list of tonnage. The trip to ECSAm and to USG remained practically at the same level aslast week: USD 14,500 for the trip to USG, and around USD 11,500 for the trip to ECSAm. For what concerns the trip East, the HDYs are still seeing numbers around 16,000 USD per day. The TESS 58 SMXs for intermed are today at 15,000 USD. For the TA route to USG, SMXs are at USD 13,500 and UMXs at USD 14,500, while the trip from East Med to South America is at USD 13,000/13,500. For the SMXs, the trip East is at USD 22,000 and the UMXs at USD 22,500.
Handy (USA/N.Atlantic/Lakes/S.America)
Market at USG compared to last week got softer on HDYs and SMXs. It was mentioned that one 32,000 DWT was fixed at USD 24,000 per day BSS delivery APS SWP TCT grainsto WCCA. One 38,000 DWT was fixed instead BSS delivery NCSA at USD 34,000 for a trip with coal to Peru, which was considered a healthy rate compared to what has been done but for very short duration. It was also mentioned that a nice and modern 39,000 DWT was fixed at USD 23,500 APS SWP TCT grains to EC Mexico. There was mention that a 60,000 DWT was fixed BSS delivery USG for one TCT with petcoke to China at USD 27,000, which was at least USD 3,000 below last done on a similar route the previous week. One 63,000 DWT has been fixed instead at the beginning of the week at USD 30,000 BSS delivery APS USEC for short trip to UK-CON with wood pellets. Another 55,000 DWT was done instead at USD 22,000 for grains to Egypt BSS delivery APS USG.
HDY rates in ECSAm remained stable from last week on TA routes. On bigger units, the trend was opposite of HDYs and rates heavily dropped since last week on both FH and TA due to a relevant increase of tonnage arriving in the area. On HDYs, TA rates from Argentina to Egypt Med were around $22,000/d, while trips from Argentina to WAFR were fixed in the low 20s. On fixture, a 33k was reported fixed at $21,000/d for trip ex Recalada to Algeria. SMX rates on TA from WAFR via ECSAm to Cont were around $17,000/d level for SMX tonnage, while on FH from WAFR via ECSAm to China were around $21,000/d level. On UMX rates, a TA from WAFR via ECSAm to Cont was around $17,500/d level for UMX tonnage, while on FH from WAFR via ECSAm to China was around $21,500/d level.
Far East
UMX/SMX: In the Pacific, Australian & NoPac cgos kept the rates at same levels as last done, in the south rates were softer In the Pacific, Australian and NoPac, cargoes kept the rates at the same levels as last done; in the south, rates were softer. A 63,000 DWT, built 'delivery Japan' fixed NoPac/Bangladesh $17,500 Darya Tiana 63,491 DWT, built 2015, Yangjiang ppt fixed TCT redelivery Bangladesh at $20,500 Medi Luna 63,371 DWT, built 2020, Anyer end Oct fixed Australia/AG with grain $17,000 - J.Lauritzen FJ Viola 61,174 DWT, built 2020, Lanshan 23/24 Oct fixed NoPac/Bangladesh $16,750 - J.Lauritzen Ocean Begonia 61,465 DWT, built 2012, Laizhou 28/30 Oct fixed NoPac/Bangladesh $15,750 - Team Bulk 58,000 DWT delivery Koh Sichang fixed Indonesia round in the mid $12,000s UMX open South China fixed 5/7 months in the high $15,000s HDY: In Asia, activity was muted due to holidays at the beginning of the week but improved later on; sentiment remained flat. Some activity on period: 37,000 DWT open Chiba 28 Oct fixed NoPac RV at $14,500 37,000 DWT fixed 4/7 months at around $17,000/$18,000 32,000 DWT fixed short period in the low $13,000s
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