Weekly Freight Recap: 18/09/25

Overview

The dry bulk market showed a mixed performance, with Handysize remaining steady, Supramax gaining marginally, and Panamax undergoing further corrections. Regional dynamics varied, with the Atlantic maintaining firmer tones in certain segments while the Pacific continued to face pressure from excess tonnage. Broader developments in rail and logistics infrastructure highlight ongoing efforts to improve freight connectivity and efficiency.

Handysize

The Handysize market experienced another subdued session, with sentiment largely flat across basins. The BHSI edged up by one point to 805, while the 7TC average rose slightly by $22 to close at $14,488. The Continent and Mediterranean saw little movement, with rates holding steady. In the South Atlantic and U.S. Gulf, demand showed gradual improvement, providing modest upward support. The Asian market also remained stable on balanced fundamentals. On the fixtures side, activity was limited, with petcoke and period business reported in the Arabian Gulf, though rates remained at modest levels.

Supramax

The Supramax sector recorded slight gains, with the 11TC average up $17 to $18,861. Fundamentals remained largely unchanged, but sentiment in the Atlantic stayed firmer. The U.S. Gulf led with strong numbers, supported by a shortage of prompt tonnage, while the South Atlantic held balanced conditions and West Africa showed some upward pressure. The Continent and Mediterranean also maintained stability despite abundant tonnage.

In Asia, sentiment was weaker, but select fixtures from Indonesia and North Pacific pointed to improved interest. Activity ahead of China’s Golden Week and increased coal and nickel ore movements in Southeast Asia provided some optimism. In the Indian Ocean, levels were subdued, though iron ore and coal cargoes lent some support along the East Coast of India.

Panamax

The Panamax market continued its correction, with the BPI timecharter index down by $404 to $17,308. In the Atlantic, the North Atlantic was muted, with charterers holding firm amid limited demand, while the South Atlantic also posted further softness despite light activity. Fixtures linked to major charterers were noted, though details remained thin.

In the Pacific, the market saw minor adjustments, with NoPac activity providing some stability. However, excess tonnage in the South Pacific weighed on sentiment. Australian rounds held at low levels, though support from East Coast South America grain flows gave some owners longer-term positioning opportunities. Indonesian coal runs showed gradual firming, with owners attempting to push rates higher, though charterers resisted further increases.

Regional Pulse

Atlantic Basin

• Handysize stable in Continent and Mediterranean; modest recovery in South Atlantic and U.S. Gulf

• Supramax firm in U.S. Gulf; mixed in ECSA and West Africa; steady in Continent/Med

• Panamax softer in both North and South Atlantic, though grain cargoes lend partial support

Pacific Basin

• Handysize stable with balanced supply and demand

• Supramax softer overall, though coal and nickel ore activity ahead of Golden Week supports sentiment

• Panamax pressured by South Pacific oversupply; NoPac cargoes providing limited stability

Handysize-Specific Notes

• Continent and Mediterranean: flat sentiment, rates unchanged

• South Atlantic and U.S. Gulf: slight improvement on balanced conditions

• Asia: stable with consistent levels across major routes

Trade & Infrastructure Developments

Railways Prepares DPRs For 26 Projects In Andhra Pradesh, Including Bullet Train Corridors The Indian Railways is preparing detailed project reports for 26 projects covering 1,960 km in Andhra Pradesh. These include new railway lines, bypasses, and additional capacity on busy freight routes. High-speed bullet train corridors between Hyderabad–Bengaluru and Hyderabad–Chennai will traverse the state. To relieve freight congestion, extra lines are planned on the Vijayawada–Chennai, Vijayawada–Hyderabad, and Vijayawada–Visakhapatnam corridors, with further expansions considered on mineral-heavy routes feeding Visakhapatnam port.

Logistics and Freight Industry Leaders Address Major Challenges Facing the Sector A coalition of UK logistics leaders under the Alliance of Logistics Trade Associations (ALTA) met in London to align strategies on key sector challenges. Priorities included tackling workforce shortages through apprenticeship schemes, supporting driver recruitment, and advancing digitalisation and AI to ease border friction. Members also emphasized infrastructure priorities such as the Lower Thames Crossing and A14/Orwell Bridge, as well as the importance of freight in government strategy. Rising operational costs and decarbonisation efforts were highlighted, with calls for joint industry–government roadmaps to accelerate the transition to net zero.

Outlook

• Handysize stable, with limited upward pressure from South Atlantic and U.S. Gulf

• Supramax supported by U.S. Gulf strength and pre–Golden Week activity in Asia

• Panamax sentiment pressured by excess tonnage despite grain-driven support from ECSA

• Rail and logistics infrastructure developments in India and UK shaping future freight flows