Weekly detailed analysis of world shipping freight markets for all major routes for October 6 - 13, 2025.
Capesize (Atlantic and Pacific)
The Capesize market exhibited volatility over the week, with Pacific rates trending upwards amid supply constraints, while Atlantic rates remained subdued and largely rangebound. Overall sentiment firmed in the Pacific due to Typhoon Matmoinduced delays tightening spot tonnage, contrasted by softer Atlantic dynamics from ample vessel availability. In the Pacific, activity on the Western Australia (WA)-China iron ore route was steady, supported by consistent cargo inquiries from majors like BHP and Rio Tinto. Initial offers hovered in the mid-high USD 9s/wmt during H2 Asian hours, with fixtures concluding at progressively firmer levels. A Dampier-Qingdao cargo fixed at USD 9.35/wmt (22-24 October laycan) on 7 October, followed by USD 9.50/wmt (23-25 October) on 8 October. Rates dipped to USD 9.35/wmt on 9 October amid higher fixture volumes but rebounded to USD 9.60/wmt by 10 October, buoyed by a major's inquiry for 26- 28 October laycan. Coal cargoes from East Coast Australia added modest support, though trading was quiet early in the week due to holidays. Atlantic routes saw limited fresh fixtures, with bearish undertones from weak cargo momentum. On Brazil-China (Tubarao-Qingdao), bids lingered around USD 23/wmt for November loadings, with isolated overnight deals at USD 24/wmt (late October/early November laycans) on 9 October. Rates climbed to USD 23.70/wmt on 6 October before easing to USD 23.85/wmt (7 October), USD 23.80/wmt (8 October), and stabilising at USD 23.65/wmt through 9-10 October. South Africa (Saldanha-Qingdao) remained inactive, with scant coal orders to India/South Korea; rates held at USD 18/wmt on 6-8 October, slipping to USD 17.95/wmt thereafter. A notable development on 10 October was China's imposition of special port fees on US-flagged vessels, estimated at millions of USD per call. Brokers viewed this as a disincentive for affected tonnage, potentially thinning supply and bolstering rates longer-term. End-of-week assessments: WAQingdao USD 9.60/wmt; TubaraoQingdao USD 23.65/wmt; SaldanhaQingdao USD 17.95/wmt. Outlook: Pacific resilience likely to persist, pending fee impacts.
Panamax (Atlantic and Pacific)
The market strengthened steadily over the week, supported by improving sentiment and a tightening tonnage list in both the North and South Atlantic. Early in the week, limited activity was reported: a 75k dwt built in 2012 was fixed APS Santos 24 October for redelivery China at $15,250/d plus a $525,000 ballast bonus. By midweek, momentum improved with stronger demand from both the USEC and ECSA. An 81k dwt built in 2016 was fixed Gibraltar 15 October for a trip via USEC, redelivery Malaysia at $24,000/d, while another 81k dwt built in 2019 was fixed retro Gib 3 October via USEC to Turkey, redelivery Cape Passero at $16,000/d. An 81k dwt built in 2019 from ECSA 18/19 October to Skaw–Gib at $26,000/d. During the week, rates continued increasing, with an 85k dwt built in 2021 fixed Jaigarh 9/12 October for a trip via ECSA, redelivery SE Asia at $17,000/d. At the end of the week, activity slowed a bit, perhaps due to China’s announcement of additional port fees on US tonnage, though sentiment remained steady.
Last week has been quite lively, with an increase in levels in the middle of the week. Indonesia started at USD 11,500 for a Panamax built in 2010 open in Qinzhou for a trip via Indonesia and redelivery in South China. A 78k dwt open in Hong Kong fixed at USD 18,000 for a trip via Indonesia to North China. A KMX open in Phu My was fixed for an Indo to Philippines trip at USD 16,000. NOPAC has been the most lively for the number of fixtures reported: a Kms 2019 built open in Dafeng was fixed for a trip via NOPAC and redelivery in the S/J range at USD 15,500; an 82k dwt 2021 built open in Caofeidian was fixed for a trip via NOPAC at USD 16,750 with redelivery in the same S/J range. An 81k dwt built in 2019 open in Dangjin was fixed for a trip via E. Aussie at USD 15,000 redelivery in Vietnam. An 80k dwt built in 2017 and open in Pohang was reported fixed at USD 16,250 for an Aussie RV. A 2018 newbuilt KMX open in Hoping was fixed for a trip via E. Aussie to South China at USD 17,250.
Handy (North Europe/Black Sea/Mediterranean)
Market showed an increase on smaller tonnages with higher rates from the area, especially for dirties. On HDYs, scrap paid a very high premium on a 38k dwt vessel which fixed for a trip from Amsterdam via UK to the East Mediterranean with scrap at USD 25,500. Similar rates were seen to Egypt, with another HDY open Netherlands to Egypt Med at USD 26,000/d. Ref clean cargoes with an eco 38k dwt rating USD 20,000 DOP Antwerp for TCT via St. Lawrence to EMed, with other ownersrating similarly. Given a strong market in the continent area, ballasting to Canada/USEC seemed not to make much sense now compared to vessels opening in Morocco/WMed, which were willing to consider lower rates. R ef the other direction, an HDY was heard fixing UK via Poland to W Africa in the USD 18,000/19,000 range. On larger tonnage, scrap demand was strong as well, with a 63k dwt fixing in the low USD 30,000s from North Continent to the East Mediterranean.
The Mediterranean and Black Sea market remained stable also this week, with no significant changesregistered. The HDY vessels for inter-Med, the 38k dwt, are fixing close to USD 14,000 basis Canakkale. The trip to ECSA and to USG slowed a bit to USD 14,000 for the trip to USG and around USD 11,000/11,500 for the trip to ECSA. For what concerns the trip East, the HDYs can fix numbers around USD 16,000/16,500 to China and India. The Tess 58 SMXs for inter-Med are today at USD 16,000, maybe a shade more. For the transatlantic route to USG, SMXs are at the same level as the HDYs, i.e., USD 13,500, while the trip from East Med to South America is at USD 14,000. Still, for the SMXs, the trips out are at USD 23,000 for longer duration and USD 25,000 for a quicker one.
Handy (USA/N.Atlantic/Lakes/S.America)
USG market kept firm, although a bit softening compared to last week. On the UMX, there were rumors that a 63k dwt was fixed at USD 30,000 APS USG TCT to Cont-Med, while other 63k dwt modern and fancy vessels have been fixed at USD 33,000 DIOT for TCT with bulk petcoke to India. On the HDYs, not a lot of activity has been registered. One 38k dwt was said to have fixed around USD 22,000 APS USG for TCT coal to Morocco. On the FH route, not a lot has been registered, but levels are reckoned to not be so far from TA.
HDY rates in ECSAm remained stable, and ratesremain similar to last week. On bigger units, the trend was very similar and levels were stable, with a slight decrease in TA routes. On HDYs, TA rates were around USD 23,500/d for a trip to Algeria, and around mid-20s levels for a trip to Norway, which were fixed around USD 25,000/d, while ratesfor TA from Brazil to Turkey were reported fixed at around low-20slevel. SMX rates on TA from W Africa via ECSAm to Cont were around USD 18,000/d level for SMX tonnage, while on FH from W Africa via ECSAm to China were around USD 22,000/d level. On UMX rates, TA from W Africa via ECSAm to Cont were around USD 18,500/d level for UMX tonnage, while on FH from W Africa via ECSAm to China were around USD 22,500/d level.
Far East
Ultramaxes/Suezmaxes: With holidays in Asia, it was a poor week with limited fresh enquiry. 61k dwt delivery Mongla fixed a trip via S Kalimantan to WCI in the mid USD 14,000s. Star Antwerp, 63,531 dwt built 15, scrubber-fitted, delivery Zhoushan ppt fixed a trip redelivery W Africa at USD 13,000. Handies: In Asia, the market remained quiet due to holidays, and rates held steady with no changes. 40k dwt delivery Ganyu via Japan to Manzanillo with steel coils at USD 14,000.
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