Weekly Freight Recap: 20/03/25
Mar 20, 2025
PANAMAX Atlantic: The market experienced a softer tone, with transatlantic activity losing momentum as increased vessel supply put downward pressure on rates. Fronthaul demand remained steady, driven by grain and coal shipments, though a buildup of tonnage in key loading areas introduced uncertainty. While fixtures continued at reasonable levels, charterers tested lower bids, leading to a more cautious sentiment overall.
Pacific: The region maintained a firmer tone, supported by ongoing demand for North Pacific grain shipments. However, a growing number of available vessels allowed charterers to push for lower rates, widening bid-offer gaps. While activity remained relatively steady, sentiment turned cautious as some operators hesitated to commit amid changing market conditions. Backhaul routes and longer voyages saw mixed interest, with limited fresh inquiries emerging toward the end of the period.
SUPRAMAX Atlantic: The U.S. Gulf continued to show resilience, particularly for transatlantic routes, though signs of a peak emerged as fewer fresh inquiries were reported. The South Atlantic remained steady, with some operators noting stable demand, while others expected a potential correction as more tonnage became available. Fixtures were concluded at consistent levels, though some charterers attempted to test slightly lower bids.
Pacific: After recent improvements, momentum in the north slowed as fresh interest declined, resulting in a more balanced market. Further south, Indonesian coal cargoes and Indian Ocean demand kept activity relatively stable, though resistance on rates started to emerge. Owners remained firm on offers, particularly on backhaul routes, while charterers explored options amid fluctuating sentiment.
HANDYSIZE Atlantic: The Continent and Mediterranean regions saw small rate increases, supported by steady cargo demand and limited open tonnage. In the South Atlantic, rates remained largely stable, with no major shifts in fundamentals. The U.S. Gulf followed a similar pattern, with moderate activity keeping the market balanced but lacking significant upward momentum.
Pacific: The market remained subdued, as rising tonnage availability in Southeast Asia and the North Pacific limited rate improvements. Some charterers showed willingness to bid slightly higher, helping to maintain a degree of optimism among owners. Steel shipments and fertilizer cargoes provided consistent employment opportunities, though the overall pace of activity slowed as the week progressed.
Weekly Recaps
Commodities
Agri- Commodities:
24-28/11/25 Agri
Dec 01, 2025
Wheat opened the week lower after Saudi Arabia’s tender came in sharply priced, while soybeans and corn also finished slightly weaker. Market reaction to the Trump–Xi call remained muted, particularly for soybeans, where repeated political signals have not delivered the expected demand. Saudi Arabia’s GFSA bought 300k tons of wheat for March–April arrival at $257.96–$259.74/t CnF, roughly $5–$5.50 below the previous tender, with February slots skipped. Russian 12.5% protein wheat eased by $1 to $228/t FOB according to IKAR, and MARS reported that winter-cereal sowing in Europe is largely complete under mostly favorable conditions. US winter wheat conditions improved to 48% good/excellent, two points above the five-year average.
USDA confirmed private sales of 123k tons of US soybeans to China, bringing known 25/26 sales to 1.94 mmt, with an additional 0.62 mmt sold to “unknown” since October. Weekly US export inspections showed 799k tons of soybeans, 1,632k tons of corn, and 475k tons of wheat. No soybeans were shipped to China, leaving total inspections well behind last year’s levels.
Freight
Freight Recap:
27/11/25
Nov 27, 2025
The dry bulk market showed a mostly subdued performance, with Handysize and Supramax sentiment remaining soft across both basins and Panamax maintaining a firm, steady tone driven by continued grain activity. The Atlantic saw mixed conditions, with smaller segments facing limited enquiry while Panamax benefitted from solid U.S. Gulf and East Coast support. In the Pacific, Handy/Supra sectors stayed muted, whereas Panamax demand from Indonesia and Japan kept momentum intact despite some easing in Chinese interest.
Commodities
Agri- Commodities:
17-21/11/25 Agri
Nov 24, 2025
The rebound in soybeans and Chicago wheat was even more impressive than Friday’s plunge, driven this time by actual Chinese purchases rather than political promises. US wheat rallied alongside soybeans on talk of Chinese demand, though without confirmation that wheat was included, while MATIF wheat lagged despite a weaker EUR/USD. USDA corrected Friday’s missing flash sales by trimming US soybean sales to China by 100k tons, yet sentiment stayed upbeat on reports that China bought at least 14 US cargoes. NOPA reported a record October crush of 227.65 mbu, suggesting stronger domestic use may offset some export weakness. Weekly inspections showed soybeans at 1,176k tons, corn at 2,054k tons, and wheat at 247k tons; cumulative soybean inspections remain down 7.5 mmt y/y while corn is up 6.7 mmt.
Russian 12.5% wheat FOB for late December fell $3 w/w to $229/t, while Poland reported sabotage on a key rail line used to send aid and weapons to Ukraine. Based on cumulative inspections so far this marketing year, wheat needs to maintain last year’s pace to meet USDA’s export forecast, soybeans need to accelerate, and corn could afford to slow.
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.
