Weekly Freight Recap: 13/11/25

Overview

The dry bulk market showed a mixed performance, with Handysize activity remaining limited, Supramax maintaining firmer sentiment, and Panamax extending its gains on stronger fundamentals. The Atlantic generally held a positive tone across most segments, while the Pacific remained steady but slower, with Asian Handysize and Supramax markets facing softer enquiry and longer tonnage lists. Period interest persisted in both Supramax and Panamax sectors, supported by balanced fundamentals and improving demand signals.

Handysize

The Handysize market experienced another quiet day, with limited fresh enquiry and mostly unchanged conditions. The BHSI inched up by 2 points to 811, and the 7TC average increased by $35 to close at $14,591. The Continent–Mediterranean region remained subdued, mirroring the previous day as enquiry stayed thin. The U.S. Gulf and South Atlantic saw a slight improvement, with fresh demand helping lift sentiment and support firmer levels. In Asia, sentiment softened further amid slow trading, tightening cargo availability, and a growing tonnage list, particularly in Southeast Asia. In the Atlantic, the Lally Schulte was reportedly fixed for a cement trip from Tarragona to the U.S. East Coast at $13,000. In Asia, the Pan Bonita was heard placed on subjects for a slag run to Southeast Asia at $9,750, with limited additional details.

Supramax

The Supramax market remained firm, extending the positive sentiment seen earlier in the week. The South Atlantic and U.S. Gulf recorded steady activity, with owners gradually lifting their ideas as demand supported stronger levels. The Continent and Mediterranean appeared more balanced, though owners continued to adjust offers upward in line with sustained enquiry. In Asia, conditions held broadly flat, with tighter northern tonnage and restrained offering from owners keeping levels steady as charterers continued bidding around last-done rates. The 11TC index rose by $264 to close at $17,255. In the Atlantic, the Lake Pearl was placed on subjects for a scrap cargo from Ghent to the East Mediterranean at $20,500. In Asia, the Chayanee Naree was heard on subjects for a trip via Indonesia to West Coast India at $16,000.

Panamax

The Panamax market continued to firm, supported by strong fundamentals, particularly in the North Atlantic where trans-Atlantic demand increased. U.S. Gulf enquiry remained the dominant driver, while fronthaul activity was limited but balanced by a tightening tonnage list. ECSA values held steady, with early December demand gradually building. In Asia, healthy enquiry from Australia and other regional load origins underpinned firmer sentiment, while a leaner tonnage count helped support rates. Paper markets also strengthened, lending confidence to owners. On publication, the BPI timecharter average gained $196 to close at $16,981. A slower period market still included the JY Hamburg fixing 4–6 months at $16,750. In the Atlantic, rumours circulated of the Brilliant Knight fixing in the North, while the Katagalan Ace was placed on subjects at Gibraltar. In ECSA, the YM Respect was linked to a Singapore–Japan run at an unconfirmed upper-$18,000s + upper-$800,000s bb. In Asia, the Perseas was placed on subjects for a NoPac round, while the XH Hope and Tiger East were also heard fixed on subjects for Australian and regional rounds, though details were limited.

Regional Pulse

Atlantic Basin • U.S. Gulf and South Atlantic showing firmer sentiment across Handysize and Supramax. • North Atlantic Panamax market supported by tightening tonnage and steady grain enquiry. • Continent–Mediterranean balanced for Supramax and subdued for Handysize.

Pacific Basin • Handysize and Supramax seeing softer enquiry and extended tonnage lists. • Panamax supported by steady Australian and Indonesian demand. • Northern Supramax tonnage remained tight despite flat sentiment.

Handysize-Specific Notes

• Limited enquiry in the Continent–Mediterranean keeping activity subdued. • U.S. Gulf and South Atlantic showing a slight pickup with firmer sentiment. • Asian conditions remained soft, with tightening cargo volumes and rising tonnage availability.

Security & Regulatory Drivers

Red Sea Attacks Paused but Shipping Caution Remains Yemen’s Houthi movement appears to have paused its Red Sea vessel attacks after an indirect confirmation linked to the current ceasefire, though no formal announcement has been made. The group has stated it may resume operations if conflict conditions worsen. Previous attacks disrupted normal Suez Canal traffic and forced many vessels to reroute via the Cape of Good Hope. While the pause reduces immediate risk, shipowners remain cautious as routing decisions continue to depend on evolving security conditions.

U.S. Port Fees on Chinese-Built Ships Add Uncertainty for Owners Upcoming U.S. port fees targeting Chinese-built or Chinese-linked vessels have created uncertainty across the shipping industry, with owners reviewing financing structures and vessel classifications to assess potential exposure. Chinese leasing firms hold a significant share of global maritime financing, and unclear definitions around “Chinese control” have led some operators to consider refinancing. China’s retaliatory fees on U.S.-flagged ships add to the uncertainty, and the measures may influence future fleet deployment and port access decisions.

Outlook

• Panamax supported by firm North Atlantic and Australian enquiry. • Supramax sentiment steady with ongoing demand in U.S. Gulf and South Atlantic. • Handysize activity subdued in Europe with firmer tone in the Americas. • Market direction influenced by Red Sea security developments and regulatory shifts affecting vessel access and financing