Weekly Freight Recap: 27/06/24
Jun 27, 2024
PANAMAX
Atlantic: The Panamax market in the Atlantic remained sluggish, with rates continuing to decline. Limited activity from South America contributed significantly to this decline, as charterers held back. The mineral trade experienced heavily discounted rates, while the grain trade also saw minimal support. A two-tiered market emerged, with mineral trades faring worse. Despite firm fundamentals, such as ton-time growth outpacing fleet growth, the lack of sufficient cargo influx halted any potential recovery.
Pacific: In the Pacific, the Panamax market faced severe rate erosion. Owners heavily discounted shorter runs to minimize exposure to the depressed market. Growing tonnage lists and lack of new cargoes further pressured rates. Deals were concluded at significantly reduced levels, with long round trips falling dramatically. For example, the rate for a longer round trip was heard to be around $12,500. Market sentiment remained bearish with no signs of a near-term recovery, reflected in the BPI timecharter average correction to $15,149.
SUPRAMAX
Atlantic: The Supramax market in the Atlantic saw downward pressure on rates, particularly for transatlantic voyages. Increased activity on fronthaul routes from the Black Sea and the Continent provided some relief but was insufficient to counterbalance the overall decline. The South Atlantic faced an oversupply of tonnage, leading to further rate drops. The US Gulf market weakened, with owners' expectations for higher rates unmet and rates fixing below previous levels. For instance, an Ultramax fixed at around $29,000 for a trip with pet-coke, and a Supra fixed at $20,000 for a trip from USEC to the UK.
Pacific: The Pacific Supramax market showed better cargo volumes and increased activity compared to the previous week. Rates for Pacific round voyages were stable, although there was a noticeable gap between charterers' and owners' expectations. Some routes, such as those from South China via Indonesia, saw decent rates, like $12,500 for a trip to South China. Overall, the market remained flat with no substantial changes anticipated soon, as reflected in the 10TC average finishing at $15,530.
HANDYSIZE
Atlantic: The Handysize market in the Atlantic followed the broader trend of limited activity and declining rates. The East Coast South America market suffered from an oversupply of tonnage compared to demand, causing further rate erosion. For example, a vessel fixed at $15,000 for a coal run to the North Continent. The US Gulf market showed little change in fundamentals, maintaining an indifferent outlook with reasonable numbers achieved from the Continent and Mediterranean.
Pacific: In the Pacific, the Handysize segment remained balanced with a steady flow of inquiries. Rates for routes such as Indonesia coal runs held steady at around $13,000, but fresh cargo was needed to drive any significant market changes. The market in North Asia also saw steady rates, like $14,000 for a trip via South Korea to India, but overall sentiment indicated the need for increased demand to support potential rate improvements. The 7TC average was slightly up, finishing at $13,738.
Overall, the dry bulk freight market this week was characterized by falling rates and subdued activity across all segments, with a generally bearish outlook and no immediate signs of recovery.
Weekly Recaps
Freight
Freight Recap:
20/11/25
Nov 20, 2025
The dry bulk market showed a steady but uneven performance, with Handysize activity quiet, Supramax maintaining a firm underlying tone, and Panamax supported by stronger fundamentals in both basins. The Atlantic remained broadly stable, supported by positional tightness in some regions, while the Pacific held steady despite lighter fixing. Period and voyage activity continued across segments, reflecting balanced supply and demand dynamics.
Commodities
Agri- Commodities:
10-14/11/25 Agri
Nov 17, 2025
Grain markets firmed at the start of the week as headlines about a possible end to the U.S. government shutdown lifted CBOT futures, while European wheat lagged and improved EU export competitiveness. Market participants noted that, without fresh supportive catalysts, the rally might prove short-lived. Average trade estimates placed U.S. corn and soybean harvests at 92% and 96% complete, with winter wheat 95% planted and 52% good/excellent, though official USDA data remained unavailable due to the shutdown.
Egypt’s state buyer Mostakbal Misr was reported to have bought around 500k tons of wheat for late December–January delivery, including roughly 200k tons from Russia. Russian 12.5% FOB wheat closed last week at $232/t, slightly up on the week. Brazil’s 25/26 corn crop was forecast by Safras at 143.6 mmt, well above USDA’s September estimate. U.S. export inspections showed solid corn and soybean volumes but cumulative soybean loadings remained 6.4 mmt behind last year.
Freight
Freight Recap:
13/11/25
Nov 13, 2025
The dry bulk market showed a mixed performance, with Handysize activity remaining limited, Supramax maintaining firmer sentiment, and Panamax extending its gains on stronger fundamentals. The Atlantic generally held a positive tone across most segments, while the Pacific remained steady but slower, with Asian Handysize and Supramax markets facing softer enquiry and longer tonnage lists. Period interest persisted in both Supramax and Panamax sectors, supported by balanced fundamentals and improving demand signals.
Commodities
Agri- Commodities:
03-07/11/25 Agri
Nov 10, 2025
Soybeans extended their rally on expectations of accelerating Chinese demand, while rumors of U.S. wheat sales to China lifted Chicago futures. Corn stayed firm after StoneX raised its U.S. yield estimate to 186.0 bu/acre, though many still expect revisions lower in upcoming reports. Harvest progress reached 91% for soybeans and 83% for corn, with winter wheat planting nearly complete at 91%.
Export inspections totaled 965k t of soybeans, 1.67 mmt of corn, and 350k t of wheat—broadly in line with expectations. Despite easing trade tensions, Chinese importers continued booking cheaper Brazilian soybeans, reportedly 20 cargoes for December through mid-2026. Kazakhstan’s agriculture ministry reported a 27.1 mmt total harvest, including 20.3 mmt of wheat, far above USDA’s 16 mmt estimate.
