Weekly detailed analysis of world shipping freight markets for all major routes for September 29 - October 6, 2025.
Capesize (Atlantic and Pacific)
The Capesize market endured a volatile week, with rates declining sharply across Pacific and Atlantic basins before stabilising amid subdued fixtures, ample tonnage, and bearish sentiment from paused iron ore cargoes. Typhoon delays exacerbated ship bunching, widening supply- demand imbalances.
Pacific Basin
The Western Australia (WA) to Qingdao iron ore route led the downturn. On 29 September, subdued trading saw offers dip from USD 11/wmt to below that level against USD 10.40/wmt bids, yielding a fixture at USD 10.55/wmt for October 13-15 laycan. Declines accelerated on 30 September as majors withheld spot shipments; offers fell to very low USD 10s/wmt with bids at USD 9.50/wmt, no fixtures reported. On 1 October, a miner re-entered for October 15-17 laycans, but offers softened from high USD 9s/wmt to USD 9.15/wmt, fixing at USD 9/wmt. Recovery signs emerged on 2 October with majors seeking October 17-20 laycans; operators' mid-USD 8/wmt bids spurred multiple USD 8.90/wmt fixtures, offers easing from USD 9.40/wmt to low USD 9s/wmt. Stability prevailed on 3 October: unverified USD 8.95/wmt early, verified USD 8.90/wmt for October 19-21 laycan amid healthy demand. Assessed rates for 170,000 mt (±10%) iron ore ended at USD 8.90/wmt, down from USD 10.55/wmt. East Coast Australia coal saw minor activity, no fixtures.
Atlantic Basin
The Tubarao to Qingdao route softened gradually. Starting at USD 25.80/wmt on 29 September with mid-USD 26s/wmt offers for end-October/earlyNovember, it slipped to USD 24.95/wmt (30 September) on lowmid USD 25/wmt indicatives, no deals. A 1 October overnight fixture at lowmid USD 23/wmt for end-October highlighted bid scarcity; offers lingered in USD 25s/wmt, assessed at USD 23.50/wmt. Stabilisation at USD 23.40/wmt followed on 2 October (high USD 22/wmt bids, scarce offers), ticking to USD 23.35/wmt on 3 October (mid-USD 23s/wmt offers vs. midhigh USD 22/wmt bids). An Itaguai to Qingdao fixture at USD 23.80/wmt for November 7-9 emerged post-2 October. North Atlantic notched a USD 27/wmt Seven Islands-Qingdao deal for October 27-November 2 laycan. Saldanha Bay to Qingdao mirrored declines: USD 19.30/wmt (29 September) to USD 17.75/wmt (3 October), no fixtures
Panamax (Atlantic and Pacific)
The market weakened further this week amid thin demand and a growing tonnage list. In the North, an 81k dwt built in 2012 was fixed Algeciras–Skaw/Gibraltar via St Lawrence at $17,000/d, while an 82k dwt built in 2023 secured $19,000/d from Jorf Lasfar via Kamsar to Aughinish. On FH business, an 82k dwt built in 2018 was reported fixed APS ECSA 19/20 October for a trip to SE Asia at $18,500/d plus $850k ballast bonus. A 82k dwt built in 2024 fixed retro Krishnapatnam 25 September via ECSA redelivery Singapore–Japan at $17,500/d. A 82k dwt built in 2021 fixed via ECSA redelivery Indonesia at $16,500/d. Overall, rates continue to erode, with TA levels slipping below index equivalents and FH values under pressure, a trend possibly reinforced by Chinese holidays.
Pacific market has been lively but mostly at the start of the week. Since October 1st, China has been closed for the Golden Week holiday and remains so. Indonesia saw levels around $14,000 / $15,000 all week along with Australia export that were around $16,000 / $17,000. Nopac is the market that shown a slight downfall since China closed, as an 82k dwt built in 2016 open in Kinuura was fixed at $16,760 fr a trip to China via EC Australia, another kmx built in 2023 open in Lanshan was fixed for same route at $16,500. A PPMX scrubber built in 2011 open in Yokohama was reported fixed at $17,500 for a trip via EC Aussie with redelivery S/J range. A KMX 2002 built open in Tianjin was fixed in the low $15,000 for a Nopac trip and redelivery in S/J area. A PMX built in 2009 and open in Zhoushan was fixed for a trip via Nopac with redelivery in the S/J region at $14,000. A 82k dwt open in CJK built in 2024 was reported fixed at $14,700 for a trip via Nopac and redelivery S/J range. A 2014 PMX open in Port Kelang was fixed at $16,500 for a trip via Indonesia to India, another 2014 PMX that was open in Nansha was fixed for a trip to S.China via Indonesia at $14,750. At the end of the week a KMX open in Cai Lan and built in 2012 was reported fixed at $14,000 for a trip via Indonesia and redelivery in India.
Handy (North Europe/Black Sea/Mediterranean)
Market kept stable from last week; as on HDY’s, a modern 35k dwt open Rotterdam 3/6 Oct fixed trip via nonRussian Baltic Sea redelivery Egypt, Med Egypt with grains at $18,500 while another vessel with same dwt was fixed from Antwerp via Baltic to ECSA with fertilisers at around $16,000. Steady demand for this size with many requirements (even forward ones) coming into market and being fixed from Canada and USEC contributed to keep these levels on the high side. On SMX, tonnage availability tightened from the Continent and healthy scrap demand saw a 58k dwt fixing in the upper $20,000s for Continent to the East Mediterranean. To conclude, FH on SMX / UMX was estimated in the mid / high $20,000's, while a 58k dwt was heard rated in the $23,000 / $24,000 DOP West Med for a tct via Baltic Russia and redelivery East Med.
This week, the Black Sea market remained stable and in line with last week'slevels. The markets remain strong in the Atlantic and especially the Continent's one keeps the Mediterranean strong, although the latter is the weakest in the Atlantic. The handysize vessels for intermed are still fixing around the $13,000 USD basis Canakkale. For 38k dwt tonnage the trip to ECSA and to USG improved to $14,500 / $15,000 USD for trip to USG and around $11,000 / $11,500 USD for trip to ECSA. The tess 58 Supramaxes for intermed are at $15,000 / $16,000. For the Transatlantic route to USG for the UMX’sis about at same level The route to FEAST improved to to $22,000 / $22,500 for the UMX’s and $21,000 / $21,500 for the SMX’s.
Handy (USA/N.Atlantic/Lakes/S.America)
The market in the area remained strong throughout the week on HDY and SMX. Toward the end, there was a sense it might soften, possibly influenced by the Chinese holiday. It was rumored that a 63k dwt fixed a grains FH at $33,000 USD APS SWP with Olam, which was considered a healthy rate and slightly higher than fixturesfrom previous weeks. Another 63k dwt was fixed at $27,000 USD for grains to the S/J range, a rate that was slightly softer than the previous one. A 63k dwt was said to have fixed at around $35,000 USD, basis delivery APS USEC, for one TCT grains run to the East Med. On the HDY’s, not much has been reported. One modern and well-equipped 39k dwt was fixed in the area at $16,000 USD for 6/8 months redelivery worldwide
HDY’s rates in ECSAm were still firm and continued their uptrend of the last weeks, on bigger units the trend was very similar and levels went bit higher since last week, especially on TA routes. On HDY’s TA rates from to were around $25,000/d for trip to Algeria via Argentina and around same levels for trip to Baltic which were fixed at around $23,000/d. SMX rates on TA from W Africa via ECSAm to Cont were around $18,500/d level for SMX tonnage, while on FH from W Africa via ECSAm to China were around $ 22,000/d level. On UMX rates a TA from W Africa via ECSA to Cont were around $19,000/d level for UMX tonnage and, while on FH from W Africa via ECSAm to China were around $ 22,500/d level.
Far East
The Asian market remained very quiet due to the Chinese Golden Week holiday, with demand easing and negative sentiment emerging. A 61k dwt was fixed delivery Koh Sichang via Indonesia to China at $11,500. A 57k dwt was fixed delivery Singapore via Indonesia to Bangladesh in the mid-$14,000s. In Asia, similar to the larger sizes, activity was muted during China's Golden Week, and rates held largely steady. A 40k dwt was fixed delivery Kwinana via West Australia to the Philippines at $18,000
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