Weekly Freight Recap: 09/10/25

Overview

The dry bulk market opened the week on a subdued and largely positional tone, with activity levels muted across all segments. The Handysize and Supramax markets remained broadly steady amid ongoing Chinese holidays, while the Panamax segment continued to firm on tighter tonnage and steady cargo flow. In the Atlantic, sentiment held balanced with limited fresh enquiry, while the Pacific was constrained by widespread holidays that kept both owners and charterers in wait-and-see mode. Broader sentiment stayed cautious as market participants monitored potential trade disruptions and macroeconomic developments.

Handysize

It was another subdued session for the Handysize market, with the BHSI closing at 868 and the 7TC average edging up by $31 to $15,631. In the Continent and Mediterranean, activity stayed muted and sentiment positional, with most rates holding around last-done levels. The South Atlantic and U.S. Gulf maintained a steady tone, though the absence of new demand may weigh on sentiment in the near term. Asian markets remained quiet, with the ongoing Golden Week holidays limiting both cargo and tonnage movement. No significant shifts in fundamentals are expected until trading activity resumes next week. The Negmar Cicek was reportedly fixed from Tuzla via Hereke to Guyana at around $12,500, while the Tai Honor was heard fixed from Jingtang to West Coast India in the high $16,000s, and the Darya Kavri from Zhoushan for an Australia round trip in the low $14,000s, though further details were not disclosed.

Supramax

Supramax rates fell further as weaker sentiment persisted. The 11TC average dropped by $175 to $17,832, with limited fresh enquiry and increasing tonnage availability. The U.S. Gulf remained quiet, while the South Atlantic lacked new momentum. The Continent saw minor resistance supported by scrap cargoes, though the Mediterranean retained a more positional tone. In Asia, widespread holidays kept trading thin, with expectations that activity may improve once operations resume. Reported fixtures included the ZH Chang Xing basis Lagos for a trip via Kpeme to East Coast India at about $25,000–$26,000, while the Aruna Berk was said to have failed on a similar run from Owendo at $21,250. Older fixtures resurfaced from the Indian Ocean, including the Sety fixed delivery Mumbai for a Richards Bay–Japan trip at $13,500, and the Geosand from Kandla to the Philippines in the low $10,000s.

Panamax

The Panamax market maintained its upward trajectory, with the BPI time charter average rising by $264 to $15,252. The Atlantic saw healthy levels of activity, with both trans-Atlantic and fronthaul routes performing well amid tight tonnage in the North, while the South Atlantic remained largely stable. The Pacific also strengthened as limited spot tonnage and firm cargo flow from Australia and NoPac prompted charterers to pay above last-done levels. Despite early-week softness due to holidays, the segment ended the week with firmer sentiment and growing owner confidence heading into mid-October. Fixtures included the Antonia S, which reportedly failed on a U.S. Gulf–Passero trip at $15,250, while the JY Lake fixed from ECSA to Skaw–Gibraltar at $26,000. In Asia, the Golden Lion was fixed via Australia to Japan in the low $18,000s, the Hampton Ocean on an Australia round at $16,250, and the Marathassa fixed Geraldton–China iron ore at just under $18,000. The Nord Saturn secured an Australia–India trip around $14,000–$14,500, and the Barwon was heard to have fixed a Taboneo–North Asia trip at $18,000.

Regional Pulse

Atlantic Basin

• Continent and Mediterranean steady but quiet; Supramax and Handysize largely positional

• South Atlantic and U.S. Gulf stable, though limited fresh cargo may soften tone

• Panamax firmer on tightening tonnage and steady activity in the North

Pacific Basin

• Handysize and Supramax subdued amid Golden Week holidays

• Panamax firming on tight spot tonnage and strong NoPac/Australia demand

• Indian Ocean market quiet but expected to pick up as holidays end

Handysize-Specific Notes

• Continent and Mediterranean stable with muted enquiry

• South Atlantic and U.S. Gulf balanced but risk of softening

• Asia flat with minimal movement during holidays

Trade & Industry Developments

Bulk rates slide after talk of Chinese ban on iron ore imports

The Baltic Dry Index fell over 7% to 1,980 points following reports that China may ban imports of iron ore from Australia’s BHP Group. Bloomberg reported that China’s state-owned iron ore buyer instructed steel producers and traders to halt new purchases from BHP amid ongoing price negotiations. The move has pushed capesize rates to their lowest in nearly a month and dampened sentiment across dry bulk segments. The potential restriction, which follows unsuccessful meetings between BHP and Chinese authorities, raised concerns about a broader slowdown, prompting Australian Prime Minister Anthony Albanese to voice his apprehension.

Eastern Pacific Shipping replaces ammonia with LNG for bulkers order

Eastern Pacific Shipping (EPS) has replaced plans to build 14 ammonia dual-fuel bulkers with LNG-powered vessels, citing weak customer demand and infrastructure readiness concerns. The decision marks a tactical shift for the Singapore-based operator, which maintains a fleet of 329 vessels. While the newcastlemax programme has been transitioned to LNG, EPS emphasized that its ammonia commitment remains intact, with four ammonia dual-fuel Very Large Ammonia Carriers (VLACs) scheduled for delivery from 2027. The company noted that LNG and other dual-fuel technologies will continue to play a key transitional role as the industry aligns with evolving regulatory and market conditions.

Outlook

• Handysize and Supramax activity expected to improve as Asia resumes post-holiday operations

• Panamax market likely to retain firm tone amid tightening tonnage and steady inquiry

• Atlantic sentiment dependent on fresh cargo inquiry and positional adjustments

• Broader market monitoring potential trade disruptions linked to China–Australia developments