September 18, 2026

Freight (Lite)

Overview

The dry bulk market became increasingly divided by vessel size this week. Handysize and Supramax continued to strengthen across several Atlantic regions, while Panamax weakened as available tonnage increased.

Handysize recorded the clearest tightening in the geared market, supported by firm conditions in the US Gulf, East Coast South America and the Continent. Supramax also remained well supported across much of the Atlantic, although the US Gulf showed more flexibility for later positions.

Panamax moved in the opposite direction. East Coast South America, the US Gulf and North Atlantic all became more negotiable as vessel supply improved relative to prompt demand.

Voyage costs remain elevated despite some easing in oil prices. High bunker costs and continued routing and insurance risks are adding support to physical freight, particularly on longer-haul Atlantic grain trades.

Handysize

Handysize remained the strongest tightening story across the Atlantic.

The US Gulf firmed sharply as stronger grain demand met a limited prompt vessel list. End-September requirements became increasingly difficult to cover, strengthening owner leverage.

East Coast South America also remained firm. South and North Brazil both benefited from stronger cargo activity and tighter tonnage, while increasing congestion added further support to the physical market.

The Continent and Baltic stayed strong as scrap and general cargo competed with grain for a limited number of suitable prompt vessels.

Black Sea conditions were firmer but more balanced. Vessel availability remained tight for September, although the underlying grain programme was still comparatively limited.

Overall, Handysize buyers should cover prompt US Gulf, East Coast South America and Continent requirements rather than expect a meaningful near-term correction.

Supramax

Supramax remained firm across most Atlantic regions, with vessel availability increasingly important to freight direction.

East Coast South America strengthened as the prompt tonnage balance tightened and both transatlantic and fronthaul demand improved.

The Continent and Baltic also remained firm as alternative employment reduced the number of genuinely open vessels. Prompt cargoes continue to face strong competition for available tonnage.

The Black Sea strengthened as vessel supply tightened across the Mediterranean, although grain volumes themselves remained relatively modest.

The US Gulf remained firm for prompt business, but available end-September tonnage provided buyers with somewhat greater flexibility. Stronger soybean commitments create a more constructive outlook into the fourth quarter.

Overall, Supramax buyers should prioritise prompt East Coast South America, Continent and Black Sea exposure, while flexible early-October US Gulf requirements can still be approached more selectively.

Panamax

Panamax remained the weakest grain-focused segment this week as vessel availability increased across both Atlantic and Pacific markets.

East Coast South America softened as available tonnage expanded and congestion eased. Grain demand remained substantial, but not enough to prevent greater charterer leverage.

The US Gulf also became more negotiable despite an improving fourth-quarter soybean programme. Current vessel supply remains sufficient, allowing flexible buyers to delay cover.

The North Atlantic weakened as fresh tonnage continued to outpace available cargo demand. Owners became increasingly willing to consider both transatlantic and fronthaul employment.

Black Sea Panamax demand remained limited, with grain exports insufficient to create a meaningful freight premium despite continued execution risks.

Overall, Panamax buyers should remain patient on flexible East Coast South America, US Gulf and North Atlantic requirements while the vessel list remains comfortable.

Regional Pulse

Atlantic Basin

Handysize tightened across the US Gulf, East Coast South America and Continent as prompt vessel availability reduced.

Supramax remained firm in East Coast South America, the Continent and Black Sea, while later US Gulf positions offered greater flexibility.

Panamax weakened across the main Atlantic grain regions as available tonnage increased.

Black Sea

Handysize and Supramax benefited from tighter vessel availability, but the overall grain programme remained limited.

Panamax continued to lack sufficient cargo volume to generate an independent freight recovery.

US Gulf

Geared vessels remained well supported by stronger grain activity, while Panamax continued to offer buyers greater negotiating room.

Market Drivers

Bunkers

Fuel costs remain elevated and continue to support voyage freight on longer ballast and fronthaul routes.

Security and Routing

Hormuz and Red Sea risks remain significant, increasing insurance costs and limiting owner appetite for some Middle East positioning.

Agricultural Flows

Stronger US soybean commitments and grain inspections support the fourth-quarter US Gulf outlook, while Brazilian grain remains an important Atlantic demand source.

Vessel Supply

Tight geared vessel availability contrasts with expanding Panamax supply, creating an increasingly clear split between the segments.

Outlook

Handysize buyers should cover prompt US Gulf, East Coast South America and Continent requirements while vessel availability remains tight.

Supramax buyers should prioritise East Coast South America, Continent and Black Sea exposure, while flexible early-October US Gulf requirements can still be tested.

Panamax buyers should remain patient across East Coast South America, the US Gulf and North Atlantic while prompt tonnage continues to build.

The market is increasingly split by vessel size, with geared freight supported by tight physical supply while Panamax remains under pressure from a more comfortable vessel balance.

Other weekly recaps

September 11, 2026Freight

Freight (Lite) : The dry bulk market became more selective this week. Handysize and Supramax continued to firm in several Atlantic regions, while Panamax moved from its recent rally into a more balanced phase. The US Gulf and Continent provided the clearest support for Handysize, while Supramax strengthened in the Continent and Black Sea but softened in the US Gulf. Panamax remained comparatively firm but lost momentum in East Coast South America and the North Atlantic. Higher fuel prices and growing security risks around the Middle East are increasing voyage-cost uncertainty. At the same time, stronger Argentine corn exports and improving US grain flows are supporting selected Atlantic employment. Handysize continued to strengthen, with the Atlantic providing most of the support. The US Gulf firmed as prompt vessels cleared and grain activity improved. Owners regained leverage after several weeks of softer conditions, making prompt requirements increasingly difficult to leave open. The Continent and Baltic also strengthened as prompt tonnage tightened and scrap and general cargo competed with grain for available ships. East Coast South America remained firm but more balanced. Cargo demand stayed supportive, although available tonnage was sufficient to prevent a broader acceleration in rates. Black Sea conditions also improved modestly as suitable prompt vessel supply reduced, although grain demand itself remained limited. Overall, Handysize buyers should cover prompt US Gulf and Continent requirements while approaching East Coast South America more selectively outside fixed loading windows. Supramax remained firm overall, although regional performance became increasingly mixed. The US Gulf softened as the vessel list rebuilt and fresh cargo demand lost momentum. Charterers regained some negotiating leverage after the stronger conditions seen earlier. East Coast South America remained broadly stable with a firmer undertone, supported by Argentine corn exports and continued fronthaul activity. The Continent and Baltic strengthened as prompt vessel supply tightened and alternative employment continued to absorb available tonnage. The Black Sea also firmed on tighter vessel availability, although the underlying grain programme remained too limited to support a broader rally. Overall, Supramax buyers should cover prompt Continent and Black Sea exposure, remain selective in East Coast South America and continue testing the softer US Gulf market. Panamax shifted from recent strength towards consolidation this week. East Coast South America remained supported but began to drift as the vessel balance became more comfortable. Brazilian grain activity softened somewhat, although stronger Argentine corn exports continued to provide support. The US Gulf remained firmer than most Atlantic regions as grain flows improved and vessel availability stayed relatively constrained. Prompt requirements therefore still carry some urgency. The North Atlantic softened as additional vessels competed for limited transatlantic cargo. Charterers gained greater negotiating room as the week progressed. Black Sea Panamax demand remained weak, with limited grain exports and elevated execution risk preventing the region from developing a meaningful freight premium. Overall, Panamax buyers should cover essential prompt US Gulf exposure while remaining patient in East Coast South America and the North Atlantic. Atlantic Basin Handysize strengthened in the US Gulf and Continent as prompt vessel availability tightened. Supramax improved in the Continent and Black Sea but softened in the US Gulf as vessel supply increased. Panamax remained supported in the US Gulf while East Coast South America and the North Atlantic became more negotiable. Black Sea Limited grain exports continue to restrict underlying demand, although tighter vessel availability is supporting selected Handysize and Supramax business. Middle East and Routing Higher security risk across Hormuz and Red Sea corridors is increasing insurance exposure, fuel costs and owner reluctance to accept some regional employment. Bunkers Higher oil and bunker prices are raising voyage costs, particularly on longer fronthaul and ballast-intensive routes. Security and Routing Wider Middle East security risks are increasing insurance costs and influencing owner positioning across Gulf and Red Sea trades. Agricultural Flows Record Argentine corn exports and stronger US grain inspections are supporting Atlantic demand, while Brazilian grain volumes have eased from earlier levels. Fleet Supply Continued fleet growth in the larger geared and Panamax segments should limit how long regional vessel shortages can persist once cargo demand slows. Handysize buyers should cover prompt US Gulf and Continent requirements while remaining more selective in East Coast South America. Supramax buyers should prioritise the Continent and Black Sea, while flexible US Gulf requirements can still be tested lower. Panamax buyers should secure essential US Gulf exposure but remain patient in East Coast South America and the North Atlantic. The market remains firm in selected regions, but the broader direction is becoming less uniform as vessel supply and cargo demand diverge between basins.

September 4, 2026Freight

Freight (Lite): The dry bulk market strengthened this week, led by Panamax and a sharp Capesize rally that improved broader sentiment. Panamax remained the strongest grain-focused segment, supported by South American demand and firmer Atlantic conditions. Handysize also improved in the main Atlantic grain basins, while Supramax stayed strongest in the US Gulf and selected North European markets. Higher bunker prices are increasing voyage costs at the same time as freight rates strengthen. Security and routing risks also remain elevated, particularly around the Gulf, while port disruption in Northern Europe could tighten prompt vessel availability. Handysize improved across the main Atlantic grain markets, although conditions remained regional. East Coast South America stayed firm, particularly in South Brazil, where stronger cargo activity and tighter vessel positioning supported owner expectations. North Brazil remained more balanced as incoming tonnage limited the upside. The US Gulf also improved after several softer weeks. Prompt vessels continued to clear and late-September cargo demand strengthened, reducing charterers’ negotiating leverage. The Continent and Baltic remained supported by grain and scrap activity, while prompt tonnage stayed relatively tight. Black Sea activity improved only modestly, with limited grain demand preventing a broader freight increase despite continued execution risk. Overall, Handysize buyers should cover prompt East Coast South America and US Gulf requirements while remaining more selective in North Brazil and the Black Sea. Supramax remained firm, with the US Gulf continuing to provide the clearest Atlantic strength. Grain and petcoke demand supported the US Gulf as available vessels continued to be absorbed. Higher routing costs are also contributing to stronger voyage economics. East Coast South America remained more mixed. Larger vessels were supported by spillover demand from the firm Panamax market, while standard Supramax positions remained better supplied. The Continent and Baltic also strengthened as scrap and grain employment reduced available tonnage and some vessels repositioned towards stronger Atlantic markets. Black Sea conditions remained softer as limited grain activity left vessel supply sufficient for current demand. Overall, Supramax buyers should prioritise prompt US Gulf and selected Continent/Baltic requirements while retaining greater flexibility in East Coast South America and the Black Sea. Panamax remained the strongest grain-focused segment, with the Timecharter Average rising to around USD 22,100/day. East Coast South America stayed well supported by Brazilian grain demand and higher congestion, although buyers should avoid chasing freight significantly above workable market levels. The US Gulf also remained firm as grain demand and stronger wider Atlantic earnings supported vessel positioning. However, the region continues to trade at a significant premium to South America for comparable long-haul grain business. The North Atlantic remained firm but showed signs of losing momentum as more vessels approached prompt dates and charterers became less willing to chase owner expectations. Black Sea Panamax demand remained constrained as disrupted grain flows increasingly shifted towards alternative export routes. Overall, Panamax buyers should cover prompt South American and essential US Gulf requirements while remaining more patient on flexible North Atlantic exposure. Atlantic Basin Handysize strengthened in East Coast South America and the US Gulf as prompt vessel availability tightened. Supramax remained strongest in the US Gulf, while the Continent and Baltic also improved. Panamax stayed firm across the main grain-loading regions, although North Atlantic momentum began to slow. Pacific Basin Firm gearless markets and weather disruption continued to limit prompt vessel availability and supported broader dry bulk sentiment. Black Sea Reduced grain activity continues to limit local freight strength despite elevated security and execution risks. Bunkers Higher fuel prices are increasing voyage costs, particularly on longer grain routes and voyages requiring extended ballast legs. Security and Routing Renewed Gulf security concerns and longer routing requirements are adding cost and duration to some Atlantic grain voyages. Agricultural Flows Brazilian grain remains a major source of Atlantic freight demand, while US corn and soybean activity continues to support forward freight requirements. Port Disruption Industrial action in Northern Europe could restrict short-term vessel availability and provide additional support to prompt Continent and Baltic freight. Handysize buyers should cover prompt East Coast South America and US Gulf requirements while remaining more selective elsewhere. Supramax buyers should prioritise the US Gulf and prompt Continent/Baltic exposure, while standard East Coast South America positions remain more negotiable. Panamax buyers should cover essential South American and US Gulf requirements but avoid chasing flexible North Atlantic freight. The market remains firm overall, but regional vessel availability continues to determine where buyers face genuine urgency and where negotiating room remains.

August 28, 2026Freight

Freight (Lite) : The dry bulk market strengthened this week, led by Panamax and selected Atlantic geared markets. Panamax recorded the clearest improvement, supported by firmer South American grain demand, stronger North Atlantic activity and tighter Pacific vessel availability. Handysize remained highly regional, with East Coast South America firm while the US Gulf stayed weak. Supra improved in the US Gulf and Continent, while East Coast South America became more balanced. Lower bunker prices improved voyage economics, but geopolitical and routing risks remain elevated. Black Sea disruption continues to support replacement demand from longer-haul origins, while high Panama Canal costs and Pacific weather disruption are affecting vessel positioning. Handysize remained divided by region, with East Coast South America significantly firmer than the US Gulf. East Coast South America strengthened as September cargo demand increased and South Brazil vessel availability tightened. Owners retained greater leverage on nearby requirements. The US Gulf remained weak as the cargo list stayed thin and available tonnage remained comfortable. Charterers continued to hold the stronger negotiating position. The Continent and Baltic were more balanced, with improved grain and scrap activity offering support without creating a broader squeeze. Black Sea demand remained weak despite severe operational disruption, as reduced grain availability outweighed the effect of fewer willing vessels. Overall, Handysize buyers should cover prompt East Coast South America requirements while remaining patient in the US Gulf and Black Sea. Supra conditions improved in the US Gulf and parts of North Europe, while East Coast South America became more balanced. The US Gulf was the strongest geared market as active grain and petcoke demand reduced the prompt vessel list and strengthened owner leverage. East Coast South America softened earlier in the week as additional vessels entered the basin, although tonnage has since started to clear and the market is becoming more balanced. The Continent and Baltic also firmed as available tonnage tightened and grain and scrap demand provided more employment options. Black Sea conditions remained softer, with limited grain demand and greater vessel availability keeping pressure on freight. Overall, Supra buyers should cover prompt US Gulf and selected Continent/Baltic requirements, while retaining more flexibility in East Coast South America and Black Sea. Panamax showed the strongest improvement this week as physical freight recovered across both Atlantic and Pacific markets. East Coast South America remained the strongest Atlantic grain region. September demand continued to absorb vessels and support firmer fronthaul sentiment. The North Atlantic also improved as transatlantic and fronthaul activity reduced nearby vessel availability and allowed owners to defend stronger levels. The US Gulf strengthened modestly as forward grain interest increased, although buyers still retained some flexibility where timing was less constrained. Pacific conditions also firmed as North Pacific grain demand and weather disruption temporarily reduced prompt vessel availability. Overall, Panamax buyers should cover prompt East Coast South America and selected North Atlantic requirements, while remaining more selective on longer-dated exposure. Atlantic Basin Handysize remained strongest in East Coast South America while the US Gulf stayed weak. Supra strengthened in the US Gulf and Continent as prompt vessel availability reduced. Panamax improved across South America and the North Atlantic as grain and fronthaul demand absorbed tonnage. Pacific Basin Panamax strengthened as North Pacific demand improved and weather disruption tightened prompt supply. Handysize remained stronger in the Pacific than in the Atlantic. Black Sea Reduced grain availability continues to weaken local freight demand, although replacement cargoes are supporting longer-haul Atlantic origins. Bunkers Lower fuel prices improved voyage economics and reduced some cost pressure on longer-haul freight. Black Sea Disruption Ongoing disruption to Russian and Ukrainian grain exports continues to shift replacement demand towards South America and the US Gulf. Agricultural Flows South American grain remains the main Atlantic freight driver, while potential additional Chinese feed-grain imports create further upside risk. Routing and Security Hormuz uncertainty, high Panama Canal costs and temporary Pacific port closures continue to affect voyage economics and vessel positioning. Handysize buyers should cover prompt East Coast South America requirements but remain patient in the US Gulf and Black Sea. Supra buyers should prioritise prompt US Gulf and selected Continent/Baltic exposure, while East Coast South America offers more flexibility. Panamax buyers should move earlier on prompt South American and selected North Atlantic requirements while remaining selective further forward. The market remains regional rather than uniformly firm, but Panamax currently carries the clearest short-term momentum.

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.

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