Weekly detailed analysis of world shipping freight markets for all major routes for September 15-22, 2025.
Capesize (Atlantic and Pacific)
The Capesize freight market showed resilience during 15-19 September 2025, with rates generally firming despite a slowdown in activity towards the week's end. Robust Pacific demand early in the week and steady Atlantic cargo volumes supported rates, though muted trading later dampened momentum.
Pacific Market
Freight rates for a 170,000 mt (+/- 10%) iron ore cargo from Western Australia to Qingdao rose from USD 10.20/wmt on 12 September to USD 10.90/wmt by 19 September, a net increase of USD 0.70/wmt. The week began with strong tonnage demand, driven by fresh iron ore and coal orders from miners BHP, FMG, Rio Tinto, and Royhill. Fixtures included Royhill at USD 10.70/wmt (26 September onwards), BHP at USD 10.40- 10.55/wmt (1-6 October), Rio Tinto at USD 10.30-10.90/wmt (1-7 October), and FMG at USD 11/wmt (2 October onwards). Indicative offers started above USD 11/wmt but softened to USD 10.70- 11/wmt by 19 September, with bids around USD 10.40/wmt. A potential typhoon in the South China Sea spurred early-week urgency, but activity slowed by 19 September as end-September laycans cleared and only FMG sought tonnage, with limited bids hindering fixtures.
Atlantic Market
The Tubarao to Qingdao freight rate for a 170,000 mt (+/- 10%) iron ore cargo increased from USD 23.70/wmt on 12 September to USD 24.75/wmt by 19 September, up USD 1.05/wmt. Early-week activity was robust, with fixtures including CSN at high USD 24/wmt (14-16 October), RWE at USD 25/wmt (22 October onwards), and Oldendorff at mid USD 24/wmt (mid-October). Operators like Bunge, Costamare, and SwissMarine sought tonnage for late October to early November laycans, with bids at mid-high USD 24/wmt and offers at mid USD 25/wmt. Contango tendencies emerged for early November loadings, but high ballaster supply for early October kept sentiment cautious. North Atlantic routes saw fixtures like NSC at low-mid USD 28/wmt (Pointe Noire to Japan, 10-19 October) and Rio Tinto at low-mid USD 29-30/wmt (Sept-Îles to Qingdao/Oita, 5-15 October).
South Africa
The Saldanha Bay to Qingdao freight rate for a 170,000 mt (+/- 10%) iron ore cargo rose from USD 17.95/wmt on 12 September to USD 18.70/wmt by 19 September, up USD 0.75/wmt. Assmang Ore & Metal fixed a vessel at USD 17.68/wmt (4-8 October), while Solebay and Oldendorff sought tonnage for early-to-mid October. Activity remained subdued, with few fixtures reported.
Market Outlook
The market stabilised with firmer rates, supported by early-week Pacific demand and steady Atlantic cargo volumes. However, high tonnage supply and forward laycans may limit further gains unless fresh inquiries emerge.
Panamax (Atlantic and Pacific)
This week the Atlantic market saw an increasing supply of tonnage alongside weak demand, particularly in the North Atlantic, which continued to place downward pressure on rates. Charterers, led by Bunge, took advantage of the softer sentiment by fixing several vessels. Among reported fixtures, Bunge initially attempted to secure the Antiparos (81,640 dwt, 2013, open Gibraltar) at around $20,750/d for a trip via the US Gulf redel Gibraltar/Skaw, later opting instead for the Crimson Kingdom (84,860 dwt, 2016, passing Recalada). Meanwhile, Aquatrade fixed the Antiparos spot Gibraltar for 2/3 laden legs at about $20,000/d. From South America, Bunge was linked with the Fair Lady (76,608 dwt, 2005) for a trip redel Cape Passero at approximately $30,000/d aps. Bunge also fixed the CL Qingshui He (80,860 dwt, 2015) aps ECSA 1 Oct for a TCT redel Spore/Japan at $18,500/d + $850k BB. Additionally, the Saphira (82,577 dwt, 2021) retro Haldia 11 Sep was reported fixed for a TCT via ECSA redel Spore/Japan at $18,000/d. Looking ahead, tonnage arrivals exSouth America in the first half of October are expected to maintain downward pressure on rates, with overall demand still limited and sentiment remaining negative.
Last week the Pacific market remained lively, with Indonesian round voyages and Australian rounds leading activity throughout. The NoPac also reported a steady flow of fixtures. Australian rounds were fixing around $16,000–17,000/d, softening towards the low-$15,000s by week’s end. An 84,000 dwt 2018-built, open Zhoushan, was fixed at $16,500/d for a trip via Australia redel China. A 2017-built Kamsarmax open Van Phong was fixed for a WAus round voyage at $17,000/d. An 81,000 dwt 2020-built open Longkou was reported fixed at $15,250/d for an EC Australia–South China run. Indonesian business stayed in the low–mid teens across the week: A 76,000 dwt 2009-built open Qinzhou was fixed at $13,250/d for a trip via Indonesia redel India. A Post-Panamax 2011-built open Tanjung Bin fixed at $15,250/d for a trip via Indonesia redel Philippines. An 81,000 dwt 2014-built scrubberfitted vessel open Mauban was fixed at $16,000/d for an Indo trip redel Japan. The NoPac started the week with stronger activity: A 2011-built Post-Panamax open Yokohama was fixed at $17,900/d for a Nopac round redel Spore/Japan range. An 81,000 dwt 2014-built open Dongjiakou was fixed at $14,250/d for a trip via NoPac redel Spore/Japan. A 2012-built Kamsarmax open Yeosu was also agreed at $14,250/d for a Nopac round voyage with redel Spore/Japan range.
Handy (North Europe/Black Sea/Mediterranean)
The area seemed pretty firm with USG, USEC, and Canada all pushing rates. Handies recorded the biggest percentage increase, with a 37,000 dwt now heard rated from Charterers’ at $16,000/d and Owners asking more, with delivery DOP Cont for a TA trip via Canada with grains. Along the same direction, a non-eco 34,000 dwt open Arag fixed a trip dely DOP via Baltic to E Med with scrap at $18,000, showing an increase compared to last week. On larger sizes, sentiment was similar, with a very modern 61,000 dwt open Montoir fixed for a trip via SW Pass redel Pakistan int grains at $21,000 DOP. In general, due to high levels available from further loading ports, rates were pushed also for nearer deliveries, and Charterers’ had to take vessels mainly on DOP bss, with the market in Owners’ favour.
This week the Black Sea market continued its slow but steady improvement, a trend ongoing for about a month, likely supported by the stronger sentiment in the wider Atlantic, Continent, and Baltic regions. HDY vessels on intermed runs are now fixing around $12,000–12,500/d basis Canakkale. Trips to the US Gulf improved to about $12,250–12,500/d, while runs to East Coast South America fixed near $9,750–10,000/d. Tess 58 SMX’s on intermed are achieving $15,000–16,000/d. For the transatlantic route to Us Gulf for the UMX’s are still at USD $14,500– 15,000/d. The Far East routes saw further gains, with UMX’s fixing around $21,000 /d and SMX’s close to $20,000/d. The route to Far East is now at usd 21.000 for the UMX’s and usd 20.000 for the SMX’s.
Handy (USA/N.Atlantic/Lakes/S.America)
Market Supramax/Ultramax in the area were still strong and firm. It was heard that grains house took 4 Ultramaxes during the week for one tct with grains to Pakistan basis duration 65/70 days wog. Level done was arnd usd 32/31,000 aps depending on the specs of the vessel. One stem of 55/10pcoke went on subs at usd 45.00 pmt bss Mississippi/ Kandla which was the equivalent of usd 34,000 aps on an ultra. The number was considered cheap as the vessel been involved with a Chinese company in the chain and possibly USTR applicable on this as they had to quickly fix in the maket bss fast loading terms. On the Handy , market also was still firm. Bulk trading reported to have fixed 36,000 dwt at usd 22,000 bss dely swp tct coal to Morocco duration 25 d wog. No Fhaul rates were reported on that size.
Handies rates in ECSA on the TA route recorded another week of improvements. On the larger sizes, rates continued their upward trend and posted further gains. TA rates for Handies from Argentina to Continent were around $22,500/d, while TA to the Med was in the low/mid-$20,000s. SMX rates on the TA from West Africa via ECSA to Continent were around $18,000/d, while fronthaul runs from West Africa via ECSA to China were near $22,000/d. UMX rates on the TA from West Africa via ECSA to Continent were around $18,500/d, with fronthaul trips via ECSA to China reported at about $22,500/d.
Far East
On Supras, Asian market sentiment was rather negative with rates under pressure and higher tonnage open. A 56k dwt del Surabaya ppt fixed trip Indonesia/WC India at $17,000 and a 64k dwt fixed North China to West Africa at $18,000 MV SC Madison (55,831 dwt / 2012) del Tianjin ppt fixed a trip with redel EC India at $16,500 MV Star Pisces (60,916 dwt / 2015) del Singapore ppt fixed Indonesia/WC India at $15,200 - Dechang Omicron Breeze 61,500 dwt / 2011 Koh Sichang ppt fxd Indonesia/ Philippines at $14,250 - Oceana Bulk For Handies, the market delivered a mixed performance. Asian markets remained quiet, with reports of longer tonnage and rates steady.
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