Weekly detailed analysis of world shipping freight markets for all major routes for October 27 - November 3, 2025.
Capesize (Atlantic and Pacific)
The Capesize market exhibited mixed dynamics over the week, with Pacific rates softening amid ample tonnage supply, while Atlantic routes displayed resilience buoyed by US-China trade truce optimism suspending new restrictions in maritime sectors. Fixture activity remained thin, with sentiment cautious as participants gauged geopolitical fallout. Rates fluctuated narrowly, closing the week lower. Initial offers hovered in the low USD 10s/wmt on 27 October, yielding fixtures at USD 9.6-9.65/wmt for mid-November laycans. Pressure mounted on 28 October, with a USD 9.5/wmt fixture reported, dragging assessments to USD 9.4/wmt (down USD 0.20 dayon-day). A tick lower ensued on 29 October at USD 9.3/wmt, despite robust coal inquiries from East Coast Australia. Recovery to USD 9.5/wmt on 30 October followed stronger tonnage demand, but bids softened to midUSD 9s/wmt by 31 October, assessing at USD 9.3/wmt (down USD 0.20). Shipowners cited oversupply as a drag, offsetting derivative upticks. South Atlantic (Tubarao-Qingdao, 170,000 mt iron ore): Rates dipped mid-week before rebounding. A USD 22.65/wmt fixture for midNovember materialised post-24 October close, assessing at USD 22.7/wmt on 27 October. Subsequent softening to USD 22.5/wmt (28 October) and USD 22.45/wmt (29 October) reflected quiet trading, but a low-USD 23s/wmt Sudeste fixture on 29 October spurred gains to USD 23/wmt (30 October, up USD 0.55) and USD 23.1/wmt (31 October, up USD 0.10), with bids at mid-USD 22.5s/wmt. South Africa (Saldanha Bay-Qingdao, 170,000 mt iron ore): Steady decline halted late-week. Assessments eased to USD 17.25/wmt (27 October), USD 17.15/wmt (28 October), and USD 17.1/wmt (29 October) amid sparse inquiries. A post-29 October fixture at undisclosed levels lifted to USD 17.5/wmt (30 October, up USD 0.40), holding flat on 31 October despite a November laycan probe. North Atlantic saw sporadic activity, including undisclosed Seven IslandsQingdao fixtures. Overall, transatlantic stability contrasted Pacific weakness, with brokers noting thin volumes and prompt date firmness.
Panamax (Atlantic and Pacific)
The market softened over the week, with sentiment turning cautious amid limited demand and a growing sense of imbalance across both North and South regions. Early in the week, trading was slow as players awaited the outcome of US-China talks, while by midweek rates continued to slide, weighed down by weaker fundamentals and reduced enquiry. In the North, FH rates declined, with fixtures for 82,000 DWT units from Amsterdam to India-SE Asia around $26,000/day, and shorter TA runs reported in the high teens/day range. From the South, ECSAm business remained thin, though an 82,000 DWT, built 2024, was fixed from Haldia via ECSAm to Singapore-Japan at $18,250/day, while similar size units were heard around $15,000– $16,000/day. Overall, the week closed on a weaker tone, with the BPI timecharter average at $16,389/day, reflecting a $254 weekly decline, as the Atlantic continued to face a lack of fresh demand and softer sentiment heading into the new week.
Last week had overall a steady tone. Early in the week, market showed a healthy level of fresh enquiry across all three routes, but by mid-week rates appeared to lose a little, especially on the NoPac rounds. NoPac started with levels around $18,000/$19,000 from SingaporeJapan range redelivery but going down to $15,500 by the end of the week. A 77,000 DWT, built 2015, open in Zhoushan was reported fixed at $18,000 for a NoPac RV; a KMX built 2016 and open in Kwangyang was reported fixed at $16,500 for a trip via NoPac and redelivery in Japan. Aussie rounds were active and mixed, starting at $19,000s levels on Monday with some peaks at $20,000/$21,000s; it then started to go down mid-week and by the end of the week in the range of $16,000– $18,500, the 'large' gap probably because of newer scrubber-fitted units. A 2023 KMX open in Qinzhou fixed for a trip via WC Aussie and redel S/J range at $20,000; a 2018 built KMX open in Hoping was fixed for a trip via EC Aussie at $18,900 with redelivery in the S/J range. A 78,000 DWT, built 2013, open in Tobata was fixed at $16,000 for a trip via E. Aussie and redelivery Japan. Indonesia was the most active with a steady coal demand; levels were in the $19,000/$20,000s, slightly going down by the end of the week. A 2017 built 81,000 DWT open in Machong fixed at $20,000 for a trip via Indonesia and redelivery in Japan; a 92,000 DWT, built 2012, open in Tanjung Bin was reported fixed at $18,000 for a trip via Indonesia and redelivery in S. China. At the end of the week, a PMX built 2017 open in Zhangzhou was reported fixed at $17,000 for a trip via Indonesia and redelivery in S. China.
Handy (North Europe/Black Sea/Mediterranean)
Another quite active week in the Continent area with rates on average in line with what we saw last week. On HDYs, scrap demand remained steady, with a non-eco 35,000 DWT fixing in the low to mid $20,000s from the North Continent to Turkey. To FEAST direction, some vessels were always willing to discount for FH in order to meet drydock schedule, with levels in the low/mid teens APS N. Spain. In addition, some forward grain cargoes started to come out end of the week, giving another fresh injection in the area. Regarding period, a modern 40,000 DWT was heard fixed and failed with delivery Cont/Med at $15,000 for 4/6 monthsredelivery worldwide. On larger units, an eco 63,000 DWT open Brake 4 Nov was fixed for a TCT with scrap APS Ghent to E. Med $24,000.
The Mediterranean and Black Sea market this week continued to decrease significantly on all routes. There is no injection of fresh cargoes on voyage; few cargoes on TCT, done in the past weeksif not even before. The tonnage count on the spot remains consistent anyway. The HDY size vessels for intermed remained around $12,000 basis Canakkale. The trip to ECSAm and to USG lowered to $13,500 for trip to USG and around $11,000 for trip to ECSAm; it has not lowered more only because the USG and ECSAm markets are slowing down as well. For what concerns the trip East, the HDYs are now around $15,500/$16,000 per day. The TESS 58 SMXs for intermed are today at $14,000. For the TA route to USG, SMXs are at $12,000 and UMXs at $13,000. For the SMXs, the trip East is at $21,000 and the UMXs at $22,000.
Handy (USA/N.Atlantic/Lakes/S.America)
Market at USG so far remained stable with a bit more firm business in the area, both on HDYs and SMXs. So far, one grains cargo loading ex USG and discharging at Italian Adriatic has been traded on voyage basis at TC equivalent of $20,000 APS/DOP basis a very fancy 40,000 DWT, built 2023. Although a bit softer than the previous week, where grains TA was fixed at $22,000 on 35,000 DWT. On the SMX/UMX, it was mentioned that a 50,000 DWT has been traded in the high teens around $18,000 for petcoke trip to the Continent, duration 25 days WOG. Mainly the vessel wanted Continent direction to trade Russia afterwards. One nice 63,000 DWT was fixed at $27,000 for grains to Algeria, duration 35 days WOG, for beginning November dates. One 58,000 DWT was traded and put on subs still for grains to Westmed at $25,000 APS. No FH so far has been heard.
Market in ECSAm showed signs of getting softer and HDY rates slowed down since last week; on bigger units, the trend was quite similar to smaller sizes. On HDYs, TA rates from Argentina to Med were in the low 20s levels, while trips to WAFR were settled at around high teens levels on HDYs; a trip to Dom Rep with steels was fixed at $18,400 on an eco 35k DWT. 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
Negative mode during the week. Downward pressure from South Asia, slightly stronger for NoPac area. UMX fixing between $14,000/$16,000 for Indo RV, NoPac at $17,000. SMX fixing around $11,000/$12,000 for Indo RV. Asian arena was positional, but sentiment remains negative with very few reports of concluded business.
Banchero Costa and Co Spa
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