Weekly detailed analysis of world shipping freight markets for all major routes for September 8 - 15, 2025.
Capesize (Atlantic and Pacific)
The Capesize freight market experienced a softening trend during 08-12 September 2025, with rates declining across key routes due to waning spot tonnage demand and subdued trading activity, particularly towards the week's end. Despite early-week optimism driven by Pacific cargo volumes, market sentiment weakened as charterers adopted a cautious approach.
Pacific Market
Freight rates for a 170,000 mt (+/- 10%) iron ore cargo from Western Australia to Qingdao rose from USD 10/wmt on 5 September to USD 10.55/wmt on 10 September, before sliding to USD 10.20/wmt by 12 September, a net increase of USD 0.20/wmt. Early-week demand was robust, with miners BHP, FMG, Rio Tinto, and Royhill seeking tonnage for late September laycans. Fixtures included Rio Tinto at USD 10.30-10.50/wmt (23-29 September), BHP at USD 10.40- 10.55/wmt (27-30 September), and Royhill at USD 10.60/wmt (24 September onwards). Indicative offers started at mid-to[1]high USD 10/wmt but softened to USD 10.30/wmt by 12 September, with bids at mid-high USD 9/wmt. A decline in fresh iron ore and coal cargoes later in the week, coupled with cleared end-September laycans, reduced trading urgency, leading to a quieter market close.
Atlantic Market
The Tubarao to Qingdao freight rate for a 170,000 mt (+/- 10%) iron ore cargo remained relatively stable, moving from USD 23.85/wmt on 5 September to USD 24.30/wmt on 9 September, before easing to USD 23.70/wmt by 12 September, a net decrease of USD 0.15/wmt. Activity was subdued, with high tonnage supply for early October laycans pressuring rates. Fixtures included Mercuria at low[1]mid USD 24/wmt (10-15 October), Oldendorff at mid-high USD 23/wmt (10 October onwards), and Xiangyu at low USD 23/wmt (30 September-6 October). Operators like NYK and RWE sought tonnage for mid-to-late October, with bids around USD 23-24/wmt. North Atlantic and Transatlantic routes showed firmer rates, with Rio Tinto fixing a Newcastlemax from Sept-Îles to Qingdao (27 September[1]3 October) and an indicative offer of USD 14/mt for Puerto Drummond to Rotterdam.
South Africa
The Saldanha Bay to Qingdao freight rate for a 170,000 mt (+/- 10%) iron ore cargo rose slightly from USD 18.05/wmt on 5 September to USD 18.40/wmt on 9 September, before falling to USD 17.95/wmt by 12 September, a net decrease of USD 0.10/wmt. Assmang Ore & Metal sought tonnage for 4-8 October, while POSCO fixed a vessel to Gwangyang at low USD 17/wmt (1-10 October).
Market Outlook
The market closed on a soft note, with limited fresh cargoes and high Atlantic tonnage supply likely to maintain downward pressure on rates unless demand rebounds significantly.
Panamax (Atlantic and Pacific)
Last week has been lively in the Atlantic market, a bigger amount of fixtures fr loading US east coast were reported. But P6 remained the main route. A 82k dwt 2018 blt fas fxd retro navlakhi fr a trip via Ecsa and redel s/j at 19,500 usd (scrub to chrtr) A 2019 blt kmx open n xinsha was fxd ar 15k fr a trip via ecsa and redel s/j rge A 2020 blt kmx open in ghent was fxd fr a trip via ncsa& egypt with redel gib at $21k A 73k dwt built in 04 open in st. petersburg was fxd fr a trip via Ust[1]Luga at 38k with redel in india A 2014 built kmx open in stade was fxd at 21500usd fr a trip via us gulf with redel skaw/gib A 2017 blt 81k dwt open in san ciprian was fxd fr a trip via usg redel skaw/gib rge at usd 25.
The Pacific Panamax market has been quite lively. The main route with the majority amount of fixtures reported was the rout aussie to china with levels in the mid to high teens, Also Indonesia round has registered some interesting fixtures. A kmx 2015 built open in cjk was fxd at 12,750 fr a trip to s/j rge via ec.aussie A 93k dwt 2010blt open in taicang was fxd fr a trip via aussie with redel in china at 13k By the ned of the week a 85k dwt built in 2022 that was open in rizhao was reported to be fxd at 16250 fr a trip via e.aussi with redel in china A kmk 2021 built open in bahodopi wa fxd fr a trip via n.aussie and redel s/j at 15750+100k (int commodity iron ore) A 79k dwt built in 2010 open in liuheng was fxd fr a grain trip via north pacific and redel in the S/J rge at 13200 usd A kmx 08blt open in caofeidian was fxd at 13kusd fr a trip to Japan ex nopac Akmx 2012 built open in cjk was reported fxd at 12500 fr a trip via inonesia and redel s.korea A 75k dwt 2008 built open in shanwei was fxd ar 12600 fr a trip via indonesia and redel s.china.
Handy (North Europe/Black Sea/Mediterranean)
The Cont / Baltic area kept its positive trend together with Atlantic Basin growing everywhere due to USG rates influence with rates stably above 30k on supras and handies slowly growing as well. Levels increased both on handies and on supra/ultras in the area. On handies a non eco 38k dwt open in UK fxd a tct from Rouen to Morocco in the 14,000/d, another 40k dwt open Amsterdam was heard on subs $17,000 dop tct via France to Morocco grains, while a 35k dwt fixed dely Skaw via Baltic redel Luanda arnd $16,500. On larger sizes a non eco 56k dwt fxd dely ARAG 20/25 Sep for scrap to E Med $22,000
This week the Black Sea market had remained pretty flat and in line with last week levels. The handysize vessel for intermed set the bar around the usd 11.500 level basis canakkale. The trip to East Coast south america and to Us Gulf improved a tick to usd 12.000 for trip to Us Gulf and around usd 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 still at usd 14000/14.500 pd The route to Far East remained at usd 20.000 for the ultramaxes and usd 19.000 for the supramaxes.
Handy (USA/N.Atlantic/Lakes/S.America)
The market in USG remained firm for Handies and Supramaxes-Ultramaxes. On the Handies there were mentioned that a 32kdwt fixed usd 14k bss dop caribs for one trip grains to israel for spot replacement. There was heard 38kdwt was fixed at usd 17250aps for sulphur trip to Aratu - brazil, pretty strong rate considering the reposition. One 37kdwt has been fixed instead at usd 19500 aps swpass for grains to algeria, in line with last done for Morocco of previous week. On the supras-ultras numbers for Fh were strong. There was mentioned that a 55kdwt called marguerite fixed usd 30500 grainsto japan. One ultra instead a 60kdwt has been fixed clean for pcoke to india at usd 32000. Those numbers reflect the firm trend of previous week.
Handies rates in EcsAm from last week on Ta route were on the uptrend and market saw strong rates, on bigger units the rates went higher since last week and had a similar trend as per handies. On Handies TA rates from Argentina to Egypt Med were ard $ 22,000/d and trip from Brazil to Arag were fixed in the $19,500/d Smx rates on TA from W Africa via ECSAm to Cont were around $ $17,500/d level for Supramax tonnage, while on fronthaul from W Africa via ECSAm to China were around $ $21,000/d level. On Umx rates a Ta from W Africa via ECSAm to Cont were around $18,000/d level for Ultramax tonnage, while on fronthaul from W Africa via ECSAm to China were around $21,500/d level.
Far East
Ultramax/Supramax: Asia saw rates ease a little with a slower end of the week. 63k-dwt fxd del North China for a trip to Bangladesh at $22,000. Uniwell '06/52,454 del Manila ppt fxd a trip redelivery Chittagong at $17,500 DL Pansy '13/57,834 del psng Singapore or Pasir Gudang ppt fxd a trip via Indonesia rdly KohSichang at $15,500 - Tongli Qi Fu '05/52,358 fxd del Nansha ppt a trip via Indonesia rdly China at $12,000 Handysize: Pacific market saw more tonnage circulated in the market but also more cargo keeping market rates around last dones. Velvet '21/37,324 del Chiba ppt fxd a trip via the Far East/Southeast Asia range rdlry UAE at $17,250 Ultra Esterhazy '12/38,228 del Cebu ppt fxd a trip via Broome for redelivery China at $14,000 - Sinoeast Nanaimo Bay '16/34,407 del Pyeongtaek ppt fxd a trip rdly Bangkok-Vungtau or Kelang[1]Surabaya rge at $11,900 - Panocean Royal Spark '13/28,436 del Onahama ppt fxd a trip via Funabashi rdly Bangladesh at $11,250 - LV Shipping Tan Binh 136 '02/29,887 del Bangkok ppt fxda trip via Vietnam rdly Fangcheng at $7,000 - J.Lauritzen.
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