Weekly detailed analysis of world shipping freight markets for all major routes for September 1 - 8, 2025.
Capesize (Atlantic and Pacific)
The Capesize freight market displayed mixed dynamics during 01- 05 September 2025, with Pacific rates showing slight volatility and Atlantic rates holding relatively steady despite subdued activity. Market sentiment was tempered by high tonnage supply and forward laycans, though robust Pacific cargo demand provided some support.
Pacific Market
Freight rates for a 170,000 mt (+/- 10%) iron ore cargo from Western Australia to Qingdao fluctuated, starting at USD 10.25/wmt on 1 September, dipping to USD 9.95/wmt on 3 September, and settling at USD 10/wmt by 5 September, a net decrease of USD 0.25/wmt. Strong tonnage demand was driven by fresh iron ore and coal cargoes, with miners like BHP, FMG, and Rio Tinto seeking vessels for mid-to-late September laycans. Rio Tinto fixed ships from Dampier to Qingdao at USD 10.20/wmt (17- 19 September) and USD 9.90/wmt (19-21 September), while FMG secured a vessel at low USD 10s/wmt for 18 September. Indicative offers started at mid-tohigh USD 10/wmt but softened to USD 10.2/wmt by 5 September, with bids around USD 9.9/wmt. A surge in Pacific inquiries on 5 September tightened tonnage supply, though forward laycans limited fixture urgency.
Atlantic Market
In the Atlantic, the Tubarao to Qingdao freight rate for a 170,000 mt (+/- 10%) iron ore cargo declined from USD 24.50/wmt on 1 September to USD 23.55/wmt on 3 September, before slightly recovering to USD 23.85/wmt by 5 September, a net drop of USD 0.65/wmt. Activity remained lacklustre, with high ballaster counts for late September to early October laycans pressuring rates. Fixtures included Costamare at USD 23.60/wmt (30 September-5 October) and CSN at sub-USD 25/wmt (10-12 October). Operators like Bunge, Classic, and OTSL sought tonnage for late September to early October, with bids ranging from USD 23-24/wmt. A shorter ballaster list provided some rate support, but soft fundamentals persisted for early October loadings.
South Africa
The Saldanha Bay to Qingdao freight rate for a 170,000 mt (+/- 10%) iron ore cargo fell from USD 18.50/wmt on 1 September to USD 17.90/wmt on 3 September, before rising to USD 18.05/wmt by 5 September, a net decrease of USD 0.45/wmt. Assmang Ore & Metal fixed a vessel for 18-22 September at USD 19.38/wmt to Vietnam and China, while Posco sought tonnage for 1-10 October to South Korea. Activity remained limited, with no fresh fixtures reported on 5 September.
Market Outlook
Despite robust Pacific cargo demand, high Atlantic tonnage supply and forward laycans kept rates under pressure. The market may stabilise if Pacific tightness persists, but Atlantic softness could hinder significant recovery
Panamax (Atlantic and Pacific)
The Atlantic experienced two contrasting trends last week. Early in the week activity remained subdued with only a handful of fixtures reported, however from midweek onwards sentiment improved and rates moved up across nearly all routes. On the P1A_82, levels gained about usd 400/d week-on-week. An eco Kmx 2018 bulit with eta ecsa mid-September was reported at usd 28,000/d for a Skaw/Gib redelivery. From the US Gulf, a Kmx 2012 built, open Gibraltar 1 Sept was fixed for a tct via usg to Skaw/Gib at usd 15,750/d. The P2A_82 also posted a weekly gain of usd 400/d. A Kmx 2007 built open Amsterdam 11/16 Sept was fixed at usd 26,500/d for a usec fh redelivery India. Also modern Kmx open San Ciprián 7/9 Sept concluded a similar trip at USD 28,750/d. Meanwhile, strong demand was noted on the P6A_82 towards the end of the week, with major grain houses taking several vessels for both end-September and early October stems. A modern Kmx was reported fixed for an ecsa rv, dely Sunda Strait 3 Sept, at usd 18,500/d redelivery S/J range. An eco Kmx concluded an ecsa fh, dely Surabaya 28 Aug, at usd 17,500/d.
The Pacific Panamax market began the week on a positive note, with a slight uptick on the P3 route supported by firm cargo flows exIndonesia and Australia. At the same time, increased demand on P6 routes has provided additional support, helping maintain momentum across the basin. Market sentiment suggests the Pacific is likely to remain firm, or at least stable, through the week. Reported Fixtures: Hua Jiang 806 (72,270 dwt, 1999) – Bahodopi 12 Sep, tct via Indonesia, redel S China, $15,000, cnr TBN 75,000/10 coal – HPCT/DBCT/NQXT → EC India, 5/14 Oct, 40,000 shinc/40,000 shinc, $16.50 fio – NSL TBN 75,000/10 coal – APCT/HPCT → EC India, 3/12 Oct, 40,000 shinc/40,000 shinc, $17.00 fio – SAIL
Handy (North Europe/Black Sea/Mediterranean)
Usg still firming up kept a solid ballast option for vsl opening in the area pushing rates higher from cont / baltic. In this sense, ultras were fixing in the low 20's for fh, with an eco 63,000 dwt fixing 22,000/d dop Bilbao for a tct to WCI via Norway. Similar rates were shown for Med redeliveries with a 63,000-dwt fixing in the low $20,000sfrom Cont to Emed. On handies the effect was a little mitigated and similar to last week with a vintage 32,000 dwt open Antwerp fixing clean with delivery aps Bremen and redel Med at $11,500 and a non eco 28,000 dwt fxd dely dop redel Med with scrap $9,500/d.
This week again the Black Sea market had a positive trend, especially in the atlantic routes and, despite the lack of cargoesremained good in average. The positive trend in the Continent/Baltic markets together with the american markets, showing an atlantic area generally tight on tonnage and uprising. The handysize vessel for intermed are around the the 11,000 usd mark bss canakkale. The trip to East Coast south america and to Us Gulf improved to usd 11/11,500 for trip to Us Gulf and around usd 9,000/9,500 for trip to East Coast South America. The tess 58 Supramaxes for intermed are at 15/16,000 For the transatlantic route to Us Gulf for the Ultramaxes are now at usd 14,000/14,500 pd The route to Far East improved to to usd 20,000 for the ultramaxes and usd 18,500/19,000 for the supramaxes.
Handy (USA/N.Atlantic/Lakes/S.America)
Market at USG during the week kept being firm both on Supra/ultra and on handies. On the Bigger size one fancy 63kdwt modern type it was mentioned to have fixed trip to Pakistan with grains bss long duration at usd 30,000 or shade less. On the t/a, there was rumored that one 61kdwt was taken in the low 30's on t-c for trip to cont/med range. One pcoke to India was fixed ex missisipi on an ultra on voiy bss at the equivalent of usd 34500 aps for tct to west coast india. Handies pushed as well. One nice 38000dwt fixed at usd 19500 for grains t/a long duration to central med, considered still firm rate in view of clean cargo and nice duration.
Handies rates in EcsAm from last week on Ta route were on similar levels and market remain quite balanced, on bigger units the rates remained stable since last week. On Handies TA rates from Argentina to Algeria were ard $ 17,000/d and trip from Brazil to Usg were fixed in the $15,000/d Smx rates on TA from W Africa via ECSAm to Cont were around $ $17,000/d level for Supramax tonnage, while on fronthaul from W Africa via ECSAm to China were around $ $20,000/d level. On Umx rates a Ta from W Africa via ECSAm to Cont were around $17,500/d level for Ultramax tonnage, while on fronthaul from W Africa via ECSAm to China were around $20,500/d level.
Far East
Umx/Smx: protracted poor sentiment in Asia. Market was relatively slow due to pour fresh enquiry. 58,000-dwt open S.China fxd nickel ore rv via Philippines in the $16,000s. 61,000-dwt open N.China fxd rdly West Africa at $16,750. Handy: Market remained steady and relatively balanced. Asia was positional. Some tightening of tonnage in NoPac and Southeast Asia, rates remained steady. 38,000-dwt del Zhangjiagang fxd tct to Thailand with steel slabs at $14,000.
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