Weekly detailed analysis of world shipping freight markets for all major routes for September 22-29, 2025.
Capesize (Atlantic and Pacific)
The Capesize freight market exhibited mixed dynamics during 22- 26 September 2025, with rates showing modest gains in the Atlantic and slight volatility in the Pacific. Trading activity was generally subdued, with a slowdown in fresh cargo demand and ample tonnage supply tempering market sentiment.
Pacific Market
Freight rates for a 170,000 mt (+/- 10%) iron ore cargo from Western Australia to Qingdao fluctuated, starting at USD 10.75/wmt on 22 September, peaking at USD 11/wmt on 25 September, and settling at USD 10.95/wmt by 26 September, a net increase of USD 0.20/wmt. Tonnage demand was supported by Western Australian miners, including BHP and Rio Tinto, seeking vessels for early-to-mid October laycans, alongside coal cargoes from East Coast Australia. Fixtures included Capesize vessels at USD 10.75-11/wmt for 6-12 October laycans. Indicative offers started at USD 11/wmt but eased to high USD 10/wmt by week’s end, with bids around USD 10.4/wmt. Despite robust early-week demand, a high tonnage supply and declining cargo volumes later in the week limited rate gains. Super Typhoon Ragasa caused minimal disruptions, with delays of 2-3 days for prompt laycans.
Atlantic Market
The Tubarao to Qingdao freight rate for a 170,000 mt (+/- 10%) iron ore cargo rose from USD 24.80/wmt on 22 September to USD 25.95/wmt by 25 September, before slightly dipping to USD 25.90/wmt on 26 September, a net increase of USD 1.10/wmt. Trading activity was vibrant early in the week, with fixtures reported at USD 25.45/wmt (15-20 October) and USD 25.50-27/wmt (late October) from Brazil. However, activity slowed by 26 September, with no fresh fixtures reported during Asian trading hours. Operators sought tonnage for late October to early November laycans, with bids at USD 24.25-25/wmt and offers at USD 25.25-26.90/wmt. A contango market structure persisted, with tighter supply for late October supporting rates. North Atlantic fixtures included vessels at USD 30.50/wmt from Seven Islands to Qingdao.
South Africa
The Saldanha Bay to Qingdao freight rate for a 170,000 mt (+/- 10%) iron ore cargo increased from USD 18.70/wmt on 22 September to USD 19.35/wmt by 26 September, up USD 0.65/wmt. No fresh fixtures were reported, though charterers sought tonnage for coal and iron ore cargoes to India and China for early October. Indicative bids and offers were at USD 18-19/wmt.
Market Outlook
The market stabilised with slight rate increases, supported by early-week Atlantic fixtures and steady Pacific demand. However, high tonnage supply and reduced trading activity suggest limited upside potential unless fresh cargo volumes emerge.
Panamax (Atlantic and Pacific)
The Panamax Atlantic market experienced a mixed week, starting on a softer note, gaining momentum mid-week, and easing again towards the close. In the North Atlantic, transatlantic fixtures were reported in the $18,250-21,500/d range, with stronger returns on fronthaul business. Notably, the SM New Orleans (80,897 dwt, 2019, scrubber) was fixed from Skaw via the US East Coast to India at $25,500/d, while the Duchess Emerald (82,464 dwt, 2024) secured $21,500/d from Skaw via the US Gulf to Skaw-Gibraltar. In the South Atlantic, activity was more sporadic but still produced firm levels: the Golden Fortune (81,210 dwt, 2020) was fixed from Gibraltar via the US Gulf to India at $30,000/d. The Lyric Star (81,276, 2011) open Magdalla 3 Oct fixed TCT via ECSA redel Spore-Japan at $15,500/d, and Darya Ruchi (82,557, 2022) passing Singapore 14 Sept fixed trip via ECSA redel Singapore-Japan $18,500/d, both with a big brain house. Overall, the market offered attractive opportunities on fronthaul business, while the transatlantic remained at more modest levels, increasingly weighed down by a surplus of available tonnage.
This last week on the Australia to China route, many fixtures were reported with levels in the mid to high teens. Second for the number of fixtures, we have Indonesia RV with levels in the 16ks/17ks; by the end of the week, also some Indonesia to India were reported NoPac was a little bit more silent than other Pacific routes. A KMX built in 2018 open in CJK was fixed for a trip via East Coast Australia with redelivery in Malaysia at around low 15k. An 82k dwt built in 2023 open in Kakogawa was fixed at $17,000 for a trip via EC Aussie with redelivery in South China. A Panamax built in 2001 open in Go Gia was reported fixed for a trip via Indonesia and redelivery in South China at USD 16,000. A 73k dwt '12-built and open in Port Dickson was fixed at $16,500 for a trip via Indonesia and redelivery in South China. At the end of the week, a 2013 built KMX open in Limay was reported fixed at $17,400 for a trip via Indonesia to South China. A 2020 built KMX open in Yokohama was fixed at $18,000 for a trip via NoPac with redelivery in the Singapore/Japan range. An 82k dwt built in 2024 scrubberfitted and open in CJK was reported fixed for a trip via NoPac with redelivery in the Singapore/Japan range at USD 17k.
Handy (North Europe/Black Sea/Mediterranean)
USEC / Canada peaking from the beginning of the year still pushed levels higher in the Cont / Baltic area, especially on handies. For this reason, ballast remained a strong option for owners who still wished to benefit from higher rates and longer durations for trips via further redelivery. A 35,000-dwt was fixed delivery Gdansk via Baltic to Dakar with grains at $18,500, while toward the same direction, another 37,000-dwt open Cont fixed TCT delivery APS Rouen to Abidjan at $19,500 with grains. To the Med, a very modern 40k dwt open Huelva fixed delivery DOP via W Med to Arag with steels close to $16,000, while another Handy fixed DOP Hamburg redel Morocco with grains at $19,000/d. To conclude on handies, a non-eco 33k dwt open Amsterdam 18 Sep fixed a repositioning cargo via St Lawrence to Venezuela with grains at $15,000 DOP. Strong demand was seen on supra/ultras as well, with a 63,000 open Turkey heard fixed for a trip via Lower Baltic to China transiting via the Cape of Good Hope in the low $20,000s, and rates in general for trips to the Med and to FH now in the lowmid/mid $20,000s.
The Black Sea and Mediterranean market again this week had a positive trend; the whole Atlantic market is on the run, and the expectations for the incoming weeks are not seeing a possible sign of decrease. The handysize vessel for intermed are now fixing close to 13,000 USD/day basis Canakkale. The transatlantic trips improved to USD 13,500 for trip to US Gulf and around USD 10,500 for trip to East Coast South America. The Tess 58 Supramaxes for intermed are still at 15/16,000. For the transatlantic route to US Gulf for the Ultramaxes set the bat at USD 15,000/15,500 PD. The route to Far East also is positively ascending at USD 22,000 for the Ultramaxes and USD 21,000 for the Supramaxes.
Handy (USA/N.Atlantic/Lakes/S.America)
Trend in the area on Handy and Supramax/Ultramax remains upwards and firm. On the Handies, there were rumors that a nice 37,000 dwt modern fixed basis delivery APS USG TCT grains redel Skaw Passero at USD 23,250 APS. The level was considered so far healthy compared to last week'srates. On Fhaul runs, one 38,000 dwt was reported to have fixed USD 18,500 basis DOP Veracruz for TCT via USG with bulk petcoke to Spore-Jpn range. So far, T/A were fixed at a higher level rather than Fhaul on Handies. With reference to Supramax/UMX, there was rumored that a nice and fancy 63,000 dwt was fixed at USD 34,500 APS USG for one TCT with bulk petcoke to India, which was considered so far in line with the market. On the T/A, nothing so far was rumored; one 55k dwt wasfixed at USD 28,500 APS SW Pass for one TCT grains to NCSA for a total duration of 25 days WOG. This level so far was high as this is a repositioning business.
Handies rates in ECSAm were still firm and continued their uptrend of the last week; on bigger units, the trend was very similar and levels went a bit higher since last week. On Handies, TA rates from/to were around $23,000/d for a trip to Morocco on big handies and around the same levels for a trip to Continent, which were fixed at $23,500/d. SMX rates on TA from W Africa via ECSAm to Continent were around $18,000/d level for Supramax tonnage, while on fronthaul from W Africa via ECSAm to China were around $22,000/d level. On UMX rates, a TA from W Africa via ECSAm to Continent was around $18,500/d level for Ultramax tonnage, and a 60,000 dwt built in 2017 fixed trip to Med with delivery Recalada at $28,000/d, while on fronthaul from W Africa via ECSAm to China were around $22,500/d level, and an Ultramax was rumored fixed for a trip to China at $17,500 + $750,000 BB.
Far East
On Supramaxes, Asia lost ground with limited demand and larger prompt tonnage. 53k-dwt del Spore fixed trip via Indonesia redelivery China at $14,000. Noble Steed '08/ 56,089 Dongfang 2 Oct fixed a trip to Bangladesh at $19,000. For Handies, overall, it was a positive week, but things seems to be heading downwards towards the end, also in view of the forthcoming holidays in China. Large handy fixed Far East to WC India at $17,000.
Banchero Costa and Co Spa
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