Weekly Freight Recap: 06/11/25

Overview

The dry bulk market experienced a generally softer tone this week, with most segments facing mild corrections. The Handysize and Supramax sectors saw limited fresh activity, while the Panamax market showed brief midweek stability before continuing its downward trajectory. Weak demand across basins and growing vessel availability placed pressure on rates, though select regional improvements offered some support.

Handysize

The Handysize market recorded another subdued session, with the BHSI falling by 11 points to 820 and the 7TC average down $196 to $14,763. Activity in the Continent–Mediterranean region remained quiet amid limited new enquiries. In the U.S. Gulf and South Atlantic, weak demand added to the downward pressure. Across Asia, sentiment stayed soft, with slow trading and expanding tonnage lists, particularly in Southeast Asia, contributing to the overall decline.

Supramax

The Supramax segment maintained a cautious tone, with the 11TC average closing $61 lower at $16,515. The Atlantic showed early signs of support from the U.S. Gulf, where stronger trans-Atlantic discussions hinted at a potential turnaround, though fixtures remained limited. The South Atlantic and Mediterranean basins stayed quiet with minimal fresh enquiry. In Asia, sentiment weakened further due to limited demand and abundant prompt tonnage. Fixture activity was scarce, and overall tone remained cautious despite some optimism in the Atlantic.

Panamax

The Panamax market softened further, with the timecharter average posting at $16,140, up slightly by $50 from earlier in the week but reflecting a generally weaker sentiment overall. In the Atlantic, the North saw declining rates as trans-Atlantic demand faded, while the South held relatively steady supported by East Coast South America and South Africa activity. Fronthaul business remained limited, and the overall tone was cautious. In the Pacific, rates stayed under pressure despite a brief uptick in midweek activity. Coal demand provided some seasonal support, but growing vessel lists and subdued sentiment prevailed. On the period front, the SSI Surprise reportedly fixed 11–13 months at $13,750.

Regional Pulse

Atlantic Basin

• Limited fresh Handysize and Supramax demand in Continent, Mediterranean, and U.S. Gulf.

• North Atlantic Panamax market drifted amid thin trans-Atlantic demand.

• South Atlantic held steady with minor support from ECSA and South Africa activity.

Pacific Basin

• Supramax and Handysize activity remained low amid increasing tonnage.

• Panamax rates pressured despite brief midweek recovery and coal-related support.

• Southeast Asia faced the softest conditions, with charterers maintaining control.

Handysize-Specific Notes

• Continent–Mediterranean subdued with limited new enquiries.

• U.S. Gulf and South Atlantic demand weak, adding pressure on rates.

• Asia facing soft sentiment as tonnage grows, particularly in Southeast Asia.

Trade & Infrastructure Developments

Cybercriminals Exploit Remote Monitoring Tools to Infiltrate Logistics and Freight Networks

Cybercriminal groups are increasingly targeting logistics and trucking companies by deploying remote monitoring and management (RMM) software to gain unauthorized access and steal cargo freight. According to Proofpoint, the campaign has been active since mid-2025, focusing on transportation firms ranging from small carriers to large integrated supply-chain providers. Attackers use compromised email accounts and fraudulent freight listings to deliver malicious links, installing legitimate-looking RMM tools such as ScreenConnect and SimpleHelp. Once inside company systems, they gather credentials, delete legitimate bookings, and use fake accounts to secure and divert shipments — most commonly food and beverage cargoes — for resale or export.

Freight Rates Uptick Slows Down Global Ship Recycling

GMS reported that recent strength in freight markets and a scarcity of available tonnage have slowed global ship recycling activity. Subcontinent yards in India and Pakistan experienced quieter conditions as fewer vessels headed for demolition, while volatile tariffs, oil prices, and currency shifts added to uncertainty. Recycling prices dropped by up to $30/LDT in early 2025 but found a floor around $450/LDT amid low supply. Pakistan has re-entered the market after a long absence, and Bangladeshi recyclers continue upgrading facilities ahead of the Hong Kong Convention taking effect in mid-2025. Alang remains a key hub, while Turkey faces ongoing economic challenges as its currency continues to weaken.

Outlook

• Limited Handysize and Supramax activity expected to maintain pressure on short-term rates.

• Panamax movement to remain closely tied to ECSA and South African grain and mineral flows.

• Broader market sentiment cautious amid rising tonnage availability across Asia.

• Cyber threats and ship recycling slowdown highlight ongoing disruptions to global freight and logistics infrastructure.