Weekly Freight Recap: 23/10/25

Overview

The dry bulk market showed a broadly steady performance this week, with the Panamax segment leading mild gains while Supramax and Handysize markets traded mixed amid uneven regional sentiment. The Atlantic continued to face limited fresh demand, whereas Asia maintained balanced fundamentals supported by steady tonnage-to-cargo ratios. Overall, activity levels remained moderate, with positional trends and upcoming grain flows likely to shape short-term market direction.

Handysize

It was a relatively more active day for the sector, though overall sentiment remained steady and market fundamentals were largely unchanged from the previous day. The BHSI closed at 884, while the 7TC average slipped by $25 to $15,912.

In the Continent and Mediterranean, brokers reported a continued flat trend in rates amid limited fresh inquiry. The U.S. Gulf and South Atlantic also experienced subdued activity, with the lack of prompt demand pushing owners to discount. Meanwhile, the Asian market held firm, supported by a balanced tonnage-to-cargo ratio and consistent cargo flow. Period activity included short-term fixtures in the low $13,000s, though further details were limited.

Supramax

The Supramax market saw weaker sentiment overall, as the Atlantic faced a lack of volume and the U.S. Gulf accumulated prompt tonnage. The South Atlantic also reported limited fresh inquiry, weighing on rates. The 11TC average slipped by $220 to close at $17,653.

In Asia, the tone was marginally firmer but lost momentum as the week progressed. Indonesian and North Pacific rounds provided a steady base, though owners faced increasing pressure as cargo volumes eased. Period activity was limited, with most operators adopting a wait-and-see approach amid ongoing market uncertainty.

Panamax

The Panamax market was split this week, with the Pacific driving positive momentum while the Atlantic remained mixed. The BPI timecharter average rose $420 to close at $17,138, supported by firmer demand early in the week.

In the Atlantic, mineral and grain demand lent some support on fronthaul routes, but sentiment later softened, with the ECSA region described as quiet and uninspiring amid a wide bid-offer spread and minimal activity. The Pacific remained the main driver, with Australia and NoPac demand supporting stronger sentiment. In Asia, rates were further underpinned by Indonesian cargo requirements, tightening regional tonnage and keeping rates supported.

Overall, market direction stayed positional, with charterers cautious amid fluctuating paper sentiment.

Regional Pulse

Atlantic Basin

• North Atlantic and U.S. Gulf weaker for Supramax and Handysize amid prompt tonnage buildup

• ECSA market quiet with minimal fresh cargo inquiry

• Continent–Mediterranean steady but lacking upward momentum

Pacific Basin

• Asian Supramax and Handysize supported by balanced fundamentals

• Panamax firmer on strong Indonesian and NoPac demand

• Charterers remained cautious amid fluctuating paper sentiment and positional trading

Handysize-Specific Notes

• Atlantic demand remained subdued, though sentiment held steady overall

• Asia balanced with steady employment on regional routes

• Additional fixtures included moves toward the Arabian Gulf/West Coast India and South Pacific, reflecting broad tonnage distribution across basins

Regulatory & Relocation Developments

Shipping Companies Seek Revisions to IMO’s Net Zero Framework Following the postponement of the IMO’s global climate agreement until 2026, major shipping companies—including Star Bulk and Navigator Gas—have called for amendments to the Net Zero Framework. Industry leaders argue that the current draft lacks clear financial incentives and practical mechanisms for green investment.

Star Bulk emphasized the need for economic rewards to justify investments in dual-fuel engines and carbon-capture technologies, while Intertanko urged the IMO to refine technical and certification guidelines for green fuels. IMO Secretary-General Arsenio Dominguez confirmed that the next year will be used to consult with stakeholders on improving clarity around implementation, CO₂ revenue distribution, and fuel assessment rules.

The postponement has also exposed divisions within the EU, as Greece and Cyprus abstained from voting on the framework—an unprecedented move at IMO meetings.

Singapore Gains as Owners Shift Fleets from Hong Kong Singapore has emerged as a key beneficiary of the new U.S. port fees on Chinese-owned vessels, with both Pacific Basin and Seaspan Corporation announcing major relocations of ships and management operations from Hong Kong to Singapore.

Pacific Basin plans to move around half of its 107-vessel fleet under Singaporean ownership and flag, while Seaspan is expected to reflag up to 100 container ships. These moves are designed to avoid Section 301 fees—starting at $50 per net ton in 2025, rising to $140 by 2028—on Chinese-owned or operated tonnage calling U.S. ports.

The transfers have significantly boosted the Singapore Registry of Ships, which recorded a notable rise in August to 119.74 million gross tons, strengthening Singapore’s position as a regional shipping hub amid ongoing geopolitical and trade shifts.

Outlook

• Panamax rates may remain influenced by South American grain flows and positional tightness

• Supramax and Handysize segments face continued pressure in the Atlantic amid limited fresh demand

• Asia-Pacific stability hinges on Indonesian and North Pacific cargo volumes

• IMO climate framework revisions and fleet relocations to Singapore could reshape regulatory and operational dynamics over the coming year