Weekly Freight Recap: 24/07/25

Overview

The dry bulk market remained mixed this week, with Handysize holding steady under regional variations, Supramax softening further in the Atlantic while maintaining relative stability in Asia, and Panamax showing broader signs of caution and positional softening. Limited fresh demand across key Atlantic load regions, combined with a lack of forward cargo visibility, weighed on sentiment, while Asia displayed firmer fundamentals in the smaller sizes but remained subdued for larger segments.

Handysize

The Handysize market saw another session of mixed activity, with sentiment largely shaped by positional dynamics. The Continent and Mediterranean remained balanced with minimal rate changes, while the U.S. Gulf showed a more active fixing environment yet without meaningful upward momentum.

In Asia, the market held a firmer tone despite lower fixing volumes. Tighter vessel availability in Southeast Asia and the North Pacific encouraged charterers to raise their offers. For example, the Link Amici (34,398 dwt, 2015), open in Lanshan, was fixed for a trip from North China to Malaysia at $13,250 with GEL. Overall, regional dynamics supported a slightly positive sentiment.

Supramax

The Supramax segment continued to face downward pressure in the Atlantic, with little new demand from the U.S. Gulf or EC South America. Owners adjusted expectations lower to secure coverage, while limited fresh fixing information from the Mediterranean and Continent suggested muted momentum.

In contrast, Asia held relatively steady, supported by steady demand and stable fundamentals. The Indian Ocean market maintained its levels despite a slight reduction in activity. Notable fixtures included the Panemorfi (61,430 dwt, 2013) for a fertiliser run to the U.S. Gulf in the low $20,000s, and the Captain Lucas (63,686 dwt, 2025) fixing at $15,000 to $15,500 for an Australian round trip. Coastal India also saw activity, with the Bulk Castor (66,624 dwt, 2015) fixed for $17,000.

Panamax

The Panamax market continued its cautious trajectory, with the BPI timecharter average correcting by $40 to close at $17,142. Sentiment across both basins remained fragile, with limited fresh inquiry and hesitant charterers keeping rates in check.

Early support in the Atlantic from fronthaul demand in the North Atlantic was offset by subdued activity in EC South America, where rising ballast tonnage and limited fresh inquiry weighed on rates. The FFA market reflected this cautious mood, keeping charterers defensive.

In the Pacific, Indonesian cargoes offered some support, but mixed signals and a few failed post-fixture deals softened overall sentiment. Notable fixtures included the Bulk Croatia on a U.S. Gulf to Skaw–Gibraltar trip, and the ASL Venus fixed for a U.S. East Coast to India voyage at around $29,000. Rates for NoPac rounds and EC Australia trips remained under pressure, with some vessels fixing in the mid $12,000 to $16,500 range.

Regional Pulse

Atlantic Basin

• North Atlantic and U.S. Gulf lacked fresh cargo, with Supramax and Panamax sentiment weakening

• EC South America quiet for second-half August dates, with rising ballast tonnage pressuring rates

• Continent/Mediterranean showed slight resilience in Handysize but limited new demand overall

Pacific Basin

• Asian Handysize and Supramax segments maintained balanced fundamentals despite low fixing volume

• Panamax market struggled under prompt tonnage oversupply and slow cargo flow in the North Pacific

• Indonesian coal demand provided some support, but broader Pacific sentiment remained flat to soft

Indian Ocean & Middle East Gulf

• Indian Ocean Supramax levels held steady despite slightly reduced activity

• Coastal India fixtures (e.g., Bulk Castor at $17,000) showed positional resilience

• Middle East Gulf demand remained thin, with limited new fixtures emerging for August

Port & Trade Policy Developments

Ghana Port Transparency Rules Welcomed

The Chamber of Freight Forwarders and Traders in Ghana praised the central bank’s new directive mandating port service providers to publicly display daily exchange rates used for billing. The policy, effective July 22, aims to enhance transparency, reduce inconsistent port charges, and lower operational costs for importers and exporters. Shipping lines, terminal operators, and freight forwarders must now publish official rates online and in physical offices before invoicing.

India Modernises Maritime Documentation

India’s Parliament cleared the Bills of Lading, 2025 bill, replacing the 169-year-old legislation with a modern, globally aligned framework. The reform introduces legal recognition for electronic Bills of Lading (eBLs), reduces paperwork, and streamlines port documentation processes. Industry stakeholders welcomed the move, citing its potential to boost logistics efficiency, cut transaction costs, and align India’s maritime trade practices with international standards.

Outlook

Looking ahead, key focus areas include:

• Panamax market movement tied to South American grain exports and cautious positional sentiment

• Persistent pressure in the Atlantic Supramax segment due to weak U.S. Gulf and ECSA demand

• Relative stability expected for smaller vessel sizes in Asia, while Pacific Panamax may soften amid excess prompt tonnage

• Trade facilitation improvements from policy changes in Ghana and India, aimed at lowering logistics costs and enhancing digital documentation efficiency