July 10, 2026

Freight (Lite)

Overview

The dry bulk market strengthened in Panamax and Ultramax, while Handysize rates eased.

The strongest conditions were recorded for Ultramax vessels in the US Gulf and Panamax vessels in the North Atlantic. Handysize weakened in East Coast South America and the Continent, although prompt Black Sea grain business and selected US Gulf long-haul routes remained supported.

US Gulf grain activity improved slightly, led by corn and soybeans. Brazilian grain exports declined, while Black Sea exports eased but remained above the comparable period last year. EU and UK grain exports excluding the Black Sea also declined.

Higher bunker costs and disruption around the Strait of Hormuz increased insurance, routing and execution risks. Handysize and Ultramax trades face the most direct exposure, while Panamax grain freight is affected mainly through bunker costs and vessel positioning.

Handysize

The Handysize market weakened across the Atlantic and Pacific, with the Global Handysize Baltic Index falling to USD 16,506 per day.

East Coast South America softened as weaker grain exports and limited cargo demand left charterers with greater negotiating leverage.

The US Gulf remained selective. Standard transatlantic business eased, while longer-haul grain routes continued to attract firmer support.

The Black Sea was the clearest area of improvement. Prompt grain demand tightened the available vessel list and supported stronger levels, although later dates remained less certain.

The Continent and Baltic stayed weak as limited cargo formation and sufficient prompt tonnage continued to pressure the market.

Overall, Handysize buyers should secure prompt Black Sea grain stems and specific US Gulf long-haul requirements. East Coast South America and the Continent continue to offer more flexibility.

Supramax / Ultramax

Supramax and Ultramax recorded the strongest grain-related physical earnings, with Ultramax earnings rising to USD 21,490 per day.

The US Gulf remained the strongest basin. Grain demand supported firm Atlantic and Far East employment, although the vessel list appeared healthier towards the end of July.

East Coast South America remained supported for prompt modern tonnage. However, weaker Brazilian exports suggest that current strength is being driven more by vessel positioning than by rising cargo volumes.

The Black Sea and eastern Mediterranean also firmed as prompt vessel availability tightened. Grain and industrial cargoes supported the market, although activity remained uneven.

The Continent and Baltic were more balanced. Weak regional grain exports limited demand, but alternative cargoes prevented a clear correction.

Overall, Supramax and Ultramax buyers should prioritise prompt US Gulf and Black Sea requirements. Later East Coast South America and Continent positions can be approached more patiently.

Panamax / Kamsarmax

Panamax and Kamsarmax remained firm, although the market showed signs of consolidation rather than further acceleration. The Baltic Panamax Timecharter Average reached USD 20,276 per day.

The North Atlantic remained supported after active fixing reduced both cargo and vessel lists. Owners continued to seek higher levels, but the more balanced position list reduced the need for buyers to chase the market.

East Coast South America was mixed. Prompt and early-August business remained supported, while owners and charterers continued to disagree over the effect of higher bunker costs.

The US Gulf remained firm due to grain demand and Atlantic replacement economics. However, improving vessel availability limited the case for extending prompt premiums too far forward.

The Black Sea lacked a clear standalone Panamax signal, despite grain exports remaining above the comparable period last year.

The Pacific held broadly steady. Prompt North Pacific grain and Australian employment remained supported, while forward positions were more balanced.

Overall, Panamax buyers should cover prompt North Atlantic, US Gulf and North Pacific grain requirements where timing is fixed. East Coast South America positions should continue to be tested where dates remain flexible, while Black Sea requirements should be approached selectively.

Regional Pulse

Atlantic Basin

Ultramax remained strongest in the US Gulf, while Panamax continued to receive support from North Atlantic and US grain demand.

Handysize weakened in East Coast South America and the Continent. Prompt Black Sea geared business improved as the available vessel list tightened.

Lower Brazilian grain exports limited the case for extending current Atlantic premiums into later dates.

Pacific Basin

Panamax remained firm but showed limited evidence of a fresh upward move. Prompt North Pacific grain requirements continued to support rates, while forward positions were more balanced.

Handysize and Ultramax conditions remained constrained by healthier vessel availability and uneven cargo demand.

Temporary weather disruption around eastern China may affect vessel schedules, but the freight impact should remain limited unless port closures persist.

Handysize-Specific Notes

Continent and Baltic conditions remained weak because available tonnage exceeded fresh grain and shortsea cargo demand.

East Coast South America softened as Brazilian grain exports declined.

Prompt Black Sea grain business strengthened following a reduction in available vessels.

US Gulf support remained concentrated in specific long-haul grain routes rather than the wider Handysize market.

Maritime Security & Fleet Infrastructure Updates

Renewed US strikes disrupted traffic through the Strait of Hormuz and increased war-risk, insurance and bunker exposure.

Some vessels continued to transit, but reversed sailings, ballast queues and GPS interference were reported around key Gulf loading areas.

Owners may require shorter offer validity, additional contractual protection and higher risk premiums. Buyers should confirm routing assumptions, war-risk allocation, bunker exposure and cancellation provisions before comparing voyage offers.

Market Drivers

Fuel and Bunkers

Higher bunker costs increased voyage expenses, particularly on longer routes from the US Gulf, East Coast South America and the Black Sea.

Agricultural Flows

US Gulf grain activity remained supportive, while lower Brazilian, Black Sea and European export volumes created a more uneven Atlantic demand picture.

Soybean Demand

Forward soybean buying supported prompt and early-forward US Gulf freight but did not justify extending current premiums into later dates.

Vessel Supply

Tighter prompt Ultramax availability supported the Black Sea, while healthier US Gulf and North Atlantic lists limited the potential for another broad rate increase.

European Demand

Weak grain exports and subdued summer cargo formation continued to pressure smaller vessel employment around the Continent and Baltic.

Outlook

Handysize buyers should secure prompt Black Sea grain and specific US Gulf long-haul exposure. East Coast South America and the Continent still offer more flexibility.

Supramax and Ultramax buyers should prioritise prompt cover in the US Gulf and Black Sea. Later East Coast South America and Continent requirements should be approached more patiently.

Panamax buyers should cover prompt North Atlantic, US Gulf and North Pacific grain requirements where timing is fixed. East Coast South America should continue to be tested where dates remain flexible, while Black Sea requirements should be approached selectively.

The market remains Atlantic-led, with the strongest conditions concentrated around prompt positions and restricted vessel availability. The key distinction is between immediate requirements in tight basins and later exposure where cargo flow and tonnage are more balanced.

Other weekly recaps

August 21, 2026Freight

Freight (Lite) : The dry bulk market remained divided this week. East Coast South America showed the clearest strength across the grain-focused segments, while the US Gulf and North Atlantic remained more favourable for charterers. Handysize was supported by stronger Pacific and South American conditions, Supra remained firm overall despite softer US Gulf and Continent markets, and Panamax weakened at headline level even as September South American business improved. Higher bunker prices are raising voyage costs, while disruption to Black Sea grain exports is increasing the likelihood of replacement demand shifting towards longer-haul origins. Handysize remained broadly stable, with the Timecharter Average holding near USD 15,700/day. Pacific earnings continued to outperform the Atlantic, while East Coast South America provided the clearest regional support. East Coast South America firmed as vessel availability tightened for September and Brazilian grain demand remained active. The US Gulf stayed softer as available tonnage continued to exceed prompt cargo requirements. The Continent and Baltic remained relatively quiet, while Black Sea demand weakened as disruption reduced reliable grain loading activity. Overall, buyers should cover September East Coast South America requirements earlier while remaining patient in the US Gulf, Continent and Black Sea. Supra remained comparatively firm, with the Timecharter Average rising to around USD 20,700/day. East Coast South America was the strongest region as vessel availability tightened and grain demand supported both Atlantic and longer-haul employment. The US Gulf and Continent remained easier to cover. September grain demand is beginning to improve in the US Gulf, but prompt vessel availability still gives charterers negotiating room. Black Sea conditions remained soft as reduced wheat availability limited local cargo demand despite higher operational and security risks. Overall, buyers should prioritise September East Coast South America exposure while continuing to test prompt US Gulf and Continent markets. Panamax remained the weakest of the main grain-focused segments, with the Timecharter Average falling to around USD 18,800/day. The North Atlantic remained under pressure as available vessel supply exceeded workable cargo demand. The US Gulf also stayed relatively soft despite continued grain activity. East Coast South America performed better. September grain demand and reduced prompt vessel availability supported firmer fronthaul sentiment, creating a growing contrast with the weaker North Atlantic. Black Sea Panamax demand remained constrained by disruption to Russian grain exports, with replacement demand increasingly favouring alternative origins. Overall, buyers should begin covering September South American requirements while remaining patient on prompt North Atlantic and US Gulf exposure. Atlantic Basin Handysize remained strongest in East Coast South America while the US Gulf stayed softer. Supra continued to benefit from tighter South American vessel supply, while US Gulf and Continent conditions remained more negotiable. Panamax weakened across the North Atlantic but showed firmer September sentiment in East Coast South America. Pacific Basin Handysize continued to outperform the Atlantic. Weather-related disruption could tighten short-term vessel availability and increase positioning uncertainty. Black Sea Reduced grain loading reliability continues to weaken local freight demand while increasing the potential for replacement cargoes from longer-haul origins. Bunkers Higher fuel prices are increasing voyage costs and providing support to longer-haul freight despite softer physical conditions in some regions. Black Sea Disruption Reduced Russian grain exports are increasing the likelihood of replacement demand shifting towards South America, the US Gulf and Australia. Agricultural Flows Brazilian grain remains the strongest immediate freight driver, while improving US demand creates firmer potential heading into the autumn. Regional Vessel Supply Tighter East Coast South America positions contrast with more comfortable US Gulf and North Atlantic vessel lists, keeping freight direction highly regional. Handysize buyers should cover September East Coast South America requirements but remain patient in the US Gulf and Continent. Supra buyers should prioritise East Coast South America while continuing to test prompt US Gulf and North European markets. Panamax buyers should start covering September South American exposure but leave flexible North Atlantic and US Gulf requirements open. Higher bunker costs and Black Sea disruption create upside risk, but local vessel availability remains the main driver of near-term freight.

August 14, 2026Freight

Freight (Lite) : The dry bulk market remained divided this week, with regional vessel availability continuing to determine freight direction more than any broad market trend. East Coast South America strengthened across the grain-focused segments as nearby vessel supply tightened and cargo activity remained supportive. The Continent and Baltic also improved for smaller geared vessels, while the US Gulf remained softer for prompt Handysize and Supramax requirements. Panamax moved in the opposite direction across the North Atlantic, where increasing vessel availability gave charterers greater leverage. East Coast South America remained the main area of Panamax strength. Higher bunker prices raised voyage costs during the week, while continuing disruption around the Strait of Hormuz, Black Sea and key routing points added further uncertainty to voyage economics and vessel positioning. Handysize became increasingly divided between stronger East Coast South America and North European markets and a weaker US Gulf and Black Sea. East Coast South America firmed as nearby vessel availability tightened and cargo enquiry improved for later August and early September. Owners regained some negotiating leverage as the forward vessel list became less comfortable. The US Gulf remained weak despite improving grain activity. Vessel supply continued to exceed prompt cargo demand, leaving charterers with sufficient choice and little reason to chase freight. The Continent and Baltic strengthened as prompt vessel availability reduced and grain activity improved. The Baltic in particular became more difficult to cover for nearby dates. Black Sea conditions weakened as cargo demand remained limited. Operational disruption increased uncertainty, but the loss of reliable cargo activity outweighed any reduction in effective vessel supply. Pacific earnings continued to outperform the Atlantic average, maintaining a clear regional divide within the segment. Overall, Handysize buyers should cover prompt East Coast South America and Continent/Baltic requirements while remaining patient in the US Gulf and Black Sea. Supramax and Ultramax conditions became increasingly dependent on loading region and timing. East Coast South America remained supported as available vessels cleared and grain demand kept the regional balance relatively tight. Later August and early September requirements should therefore be approached earlier. The US Gulf remained better supplied for August despite firmer headline market indicators. Available tonnage continued to limit owner leverage, giving prompt buyers room to remain patient. The outlook becomes firmer into September as soybean demand develops and the current vessel overhang begins to clear. Buyers with forward US Gulf exposure should therefore become more selective about waiting. The Continent remained relatively soft overall, but the Baltic tightened as nearby vessel supply reduced and fresh grain activity improved. Black Sea conditions weakened as limited cargo demand and operational disruption reduced the depth of available employment. Overall, buyers should prioritise East Coast South America and prompt Baltic requirements, remain patient on August US Gulf business and begin approaching September US Gulf exposure more selectively. Panamax weakened across much of the North Atlantic this week, while East Coast South America remained comparatively firm. East Coast South America continued to provide the strongest Atlantic support. Grain demand remained healthy and prompt vessel availability was sufficiently tight to preserve owner leverage on nearby loading dates. The North Atlantic moved increasingly in charterers’ favour as additional vessels competed for a limited number of workable cargoes. This reduced pressure on buyers to secure prompt freight early. The US Gulf also softened as vessel availability improved and operational congestion reduced. Grain demand strengthened, but not enough to create a meaningful freight premium. The Black Sea remained difficult to read because disruption continued to affect cargo availability and routing. Reduced loading reliability can remove Panamax demand as easily as it creates alternative tonne-mile employment. Overall, buyers should cover prompt East Coast South America requirements where timing is fixed, while remaining patient in the North Atlantic and US Gulf. US Gulf Prompt Handysize and Supramax remain well supplied, while Panamax also moved in buyers’ favour. September soybean demand creates a firmer forward risk than the current August market suggests. East Coast South America The strongest grain-focused region this week, with tighter nearby vessel supply supporting Handysize, Supramax and Panamax. Continent and Baltic Handysize and selected Supramax positions strengthened as Baltic vessel availability tightened, while Panamax remained under pressure from greater North Atlantic supply. Black Sea Freight conditions remained weak despite increased operational risk, as disrupted grain flows and limited cargo availability reduced vessel demand. North Atlantic Panamax weakened as additional vessel supply entered the market, giving buyers greater flexibility on prompt requirements. Fuel and bunkers Higher bunker prices increased voyage costs and strengthened owners’ incentive to protect longer-haul voyage economics. Security and routing Hormuz, Black Sea and wider regional security risks continue to increase insurance costs and reduce vessel willingness to accept exposed trades. Agricultural flows Brazilian grain remains an important source of current freight demand, while recent US soybean sales create a firmer demand risk into September and the fourth quarter. Panama and voyage planning Higher routing costs and reduced scheduling flexibility remain relevant for US Gulf cargoes moving towards the Pacific. Regional vessel supply Tighter East Coast South America and Baltic positions contrast with heavier US Gulf and North Atlantic lists, keeping freight direction highly regional. Handysize buyers should cover prompt East Coast South America and Continent/Baltic requirements while retaining flexibility in the US Gulf and Black Sea. Supramax buyers should prioritise East Coast South America and nearby Baltic exposure. August US Gulf requirements remain negotiable, although September soybean freight should be approached more cautiously. Panamax buyers should move earlier on prompt East Coast South America cargoes but remain patient in the North Atlantic and US Gulf where vessel availability has improved. The market remains driven by local vessel balances rather than a uniform dry bulk trend. East Coast South America currently carries the clearest freight support, while oversupplied Atlantic regions continue to offer buyers negotiating room.

August 7, 2026Freight

Freight (Lite) : The dry bulk market became more divided this week. Panamax recorded the clearest improvement among the grain-focused segments, supported by tighter North Atlantic vessel availability and continued strength in South American grain demand. Supramax remained comparatively firm but showed greater regional divergence, with the US Gulf and parts of East Coast South America outperforming a softer Continent and Pacific. Handysize weakened across much of the Atlantic, while Pacific conditions held up better. Lower bunker prices reduced voyage costs and removed some support from freight. At the same time, disruption around the Strait of Hormuz and Black Sea continued to influence vessel availability, insurance costs and owner willingness to accept exposed voyages. Handysize became increasingly divided between the Atlantic and Pacific this week. The US Gulf softened as vessel availability increased faster than fresh cargo demand. Activity improved during the week, but not enough to absorb the available tonnage or materially strengthen owner expectations. East Coast South America also remained relatively soft. Vessel supply was sufficient for current demand, giving charterers greater flexibility despite signs of improving interest for later August positions. North Europe held up better as grain and scrap activity improved. However, available tonnage remains sufficient and limits the potential for a broader freight increase. The Black Sea remained broadly stable from a quoted freight perspective. Security conditions deteriorated around Ukrainian loading areas, increasing owner selectivity and execution risk without creating a wider regional squeeze. Pacific conditions performed better than the Atlantic, with firmer earnings and a more balanced vessel position. Overall, Handysize buyers can remain patient in the US Gulf and East Coast South America, while prompt Pacific and selected North European requirements should be approached with less flexibility. Supramax and Ultramax remained strongest in selected Atlantic markets, while softer conditions developed elsewhere. The US Gulf continued to provide the clearest support. Grain and petcoke demand helped absorb available tonnage, while improving forward enquiry supported owner expectations for later August and early September. East Coast South America was more divided. Recalada remained supported by trans-Atlantic demand, while North Brazil was better supplied and gave buyers greater negotiating room. North Europe weakened as vessel availability increased faster than fresh cargo enquiry. Grain demand remained present but was not sufficient to clear the growing tonnage list. The Mediterranean and Black Sea remained broadly balanced. Security risks increased around Ukrainian loadings, but the wider regional vessel balance prevented a general freight increase. Pacific conditions remained softer than the strongest Atlantic markets, giving buyers more flexibility on non-urgent requirements. Overall, prompt US Gulf and Recalada exposure should be covered earlier. North Brazil, the Continent and softer Pacific markets can be approached more patiently. Panamax was the strongest grain-focused segment this week, supported by improving conditions across the Atlantic. The North Atlantic strengthened as several fixtures reduced prompt vessel availability. Grain and mineral demand remained sufficient to give owners greater leverage on immediate requirements. East Coast South America also remained firm. Brazilian grain demand continued to support employment, while tighter effective vessel availability helped preserve the regional freight premium. The US Gulf was comparatively better supplied. Grain demand remained present, but vessel availability gave buyers more flexibility than in the stronger North Atlantic and South American markets. The Black Sea remained primarily influenced by security rather than a wider tonnage shortage. Reduced owner willingness to accept Ukrainian loadings has limited vessel choice and increased execution risk. Forward indications remain less supportive than the strongest prompt physical markets, reducing the case for extending freight cover unnecessarily far ahead. Overall, buyers should secure prompt North Atlantic and East Coast South America requirements, while approaching the US Gulf and longer-dated positions more selectively. US Gulf Supramax remained the strongest geared segment, while Handysize softened as available tonnage increased. Panamax buyers retained greater flexibility than in the tighter North Atlantic. East Coast South America Conditions varied by vessel size. Handysize remained soft, Supramax was divided between firmer southern positions and better-supplied northern loading areas, while Panamax remained supported by grain demand. North Atlantic Panamax recorded the clearest improvement as prompt vessel availability tightened. North European geared markets were more balanced and offered buyers greater flexibility. Pacific Handysize performed better than the Atlantic, while Supramax conditions remained softer and more negotiable. Mediterranean and Black Sea Quoted freight remained relatively stable, but worsening security around Ukrainian loading areas increased vessel-selection and execution risk. Fuel and bunkers Lower bunker prices reduced voyage costs this week and weakened the incentive to secure freight early purely on fuel expectations. Security and routing Strait of Hormuz and Black Sea disruption continues to increase war-risk exposure and limit the pool of vessels willing to accept affected trades. Agricultural flows South American grain remains an important source of freight support, while improving US soybean buying and normalising Argentine operations could add demand later in the season. Black Sea disruption Reduced vessel participation around Ukrainian ports may redirect some grain demand towards alternative Atlantic and Pacific origins. Atlantic versus Pacific Atlantic freight remains highly regional, with Panamax and selected Supramax markets supported by tighter prompt supply while several Handysize and Continent markets remain easier to cover. Handysize buyers can remain patient in the US Gulf and East Coast South America, while allowing less flexibility for prompt Pacific and selected North European requirements. Supramax buyers should prioritise the US Gulf and stronger East Coast South America positions. North Brazil, the Continent and softer Pacific markets remain more negotiable. Panamax buyers should move earlier on prompt North Atlantic and East Coast South America requirements. US Gulf and longer-dated positions can be handled more selectively. The freight market remains driven by local vessel balances rather than one broad dry bulk trend. Panamax currently carries the clearest Atlantic strength, while the geared segments remain more fragmented by region.

July 31, 2026Freight

Freight (Lite): Dry bulk conditions remained divided by vessel size and region this week. Handysize weakened across the Atlantic, Supramax stayed under pressure despite tentative stabilisation in the US Gulf, and Panamax strengthened as North Atlantic availability tightened and fronthaul activity improved. Bunker volatility and maritime-security risks increased voyage uncertainty, but regional cargo volumes and prompt vessel availability remained the main drivers of freight direction. The Handysize market softened, with the Timecharter Average easing to around USD 16,000/day. East Coast South America and the US Gulf remained under pressure as available tonnage exceeded fresh cargo demand. Competition from smaller Supramax vessels also weighed on larger Handysize parcels in the South Atlantic, while the Continent stayed only marginally firmer as its prompt list narrowed. Black Sea conditions were mixed. Conventional business remained competitive, while longer voyages attracted firmer levels because security restrictions and disruption increased execution and insurance risk. Pacific conditions remained broadly stable and continued to outperform the weaker Atlantic market. Supramax remained under pressure, with the Timecharter Average easing to around USD 20,400/day. East Coast South America softened as fresh enquiry remained limited and several cargoes were already covered outside the open market. The Continent and Baltic also stayed oversupplied as grain and regional demand failed to tighten the vessel list. The US Gulf showed the clearest signs of stabilisation. Prompt vessel availability declined, fewer ships ballasted into the region and renewed fronthaul and petcoke demand began competing for suitable tonnage. Black Sea conditions varied by destination. Conventional Mediterranean and Continent business softened, while India-bound and longer-haul voyages remained better supported. Panamax strengthened, with the Timecharter Average rising to around USD 18,400/day. East Coast South America retained the strongest grain premium, supported by Brazilian corn activity and increased congestion. However, the lengthy South Atlantic vessel list and weak Chinese industrial demand should limit the extent of further gains. The North Atlantic improved as prompt tonnage tightened and more August cargoes entered the market. The US Gulf also firmed on Asia-bound grain, while nearby transatlantic activity remained less active. Black Sea conditions remained difficult to assess because no clear grain rate signal emerged. Security disruption complicated execution without creating a broad shortage of conventional tonnage. Atlantic Basin Handysize weakened as available tonnage exceeded cargo demand. Supramax remained soft in East Coast South America and the Continent, while the US Gulf approached a potential floor. Panamax strengthened as the North Atlantic tightened and South American grain retained a premium. Pacific Basin Handysize remained comparatively stable. Supramax had no clear Pacific recovery signal, with the strongest stabilisation evidence concentrated in the US Gulf. Panamax improved alongside firmer Pacific round-voyage earnings. Black Sea Conventional geared business remained competitive, while security risks supported premiums on exposed and longer-haul voyages. Panamax direction remained unclear because available pricing signals were limited. Handysize-Specific Notes Fuel and Security Bunker prices remained volatile, while conflict around Hormuz and continued Red Sea exposure kept insurance, routing and replacement-cost uncertainty elevated. Lower Panama Canal draught limits also increased loadability and scheduling risk for Asia-bound US Gulf grain. Grain Flows Brazil’s corn harvest supports August Panamax demand, while future US soybean flows may tighten US Gulf vessel availability later in the season. Black Sea Disruption Regional attacks and routing restrictions have reduced execution reliability, although lower cargo availability limits the wider freight benefit. Forward Market Forward pricing supports the near-term Panamax recovery. Supramax paper has improved without confirming a broad physical floor, while Handysize buyers have little reason to pay significant forward premiums. Outlook Handysize buyers should remain patient in East Coast South America and the US Gulf, while covering only firm near-term requirements elsewhere. Supramax buyers should wait in East Coast South America and the Continent, but cover late-August and September US Gulf fronthaul as vessel supply tightens. Panamax buyers should secure firm August exposure from East Coast South America, the North Atlantic and the US Gulf, while avoiding later laycans unless availability tightens further. Higher fuel, insurance and routing costs will keep voyage calculations volatile, but local cargo demand and vessel availability will continue to determine freight direction.

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