Weekly Freight Recap: 27/11/25

Overview

The dry bulk market showed a mostly subdued performance, with Handysize and Supramax sentiment remaining soft across both basins and Panamax maintaining a firm, steady tone driven by continued grain activity. The Atlantic saw mixed conditions, with smaller segments facing limited enquiry while Panamax benefitted from solid U.S. Gulf and East Coast support. In the Pacific, Handy/Supra sectors stayed muted, whereas Panamax demand from Indonesia and Japan kept momentum intact despite some easing in Chinese interest.

Handysize

The Handysize sector continued to experience a quiet and cautious tone. The BHSI closed at 822, and the 7TC average edged up by $70 to $14,792. In the Continent and Mediterranean, an increase in available tonnage and limited fresh enquiry maintained a slightly negative sentiment. A fixture was heard with a vessel spot Antwerp placed on subjects for a Rouen–Abidjan trip at around the high-$17,000s, with no additional details confirmed. The South Atlantic and U.S. Gulf saw a modest improvement in the cargo–tonnage balance, creating the beginnings of an upward trend, including talk of a 35,000 dwt fixed on subjects from Recalada to West Africa at $22,700. Asian markets remained subdued, with demand lagging and an extended tonnage list keeping sentiment soft.

Supramax

Supramax conditions were positional, with mixed movements across regions. The 11TC average rose by $51 to $18,136. In the Atlantic, volatility persisted in the U.S. Gulf while EC South America showed slightly more activity; the Continent–Mediterranean remained lacklustre. Fixtures included vessels placed on subjects from Barcarena to the East Mediterranean at $24,000, from Santos to Jeddah at $17,500 plus ballast bonus, and an EC South America–India/Japan trip at $17,250 plus bonus. In Asia, sentiment continued its gradual improvement supported by increasing cargo visibility, alongside signs of a rebound in the Indian Ocean. Recent fixtures included gypsum loading via Salalah and iron ore into China in the mid-$14,000s to mid-$16,000s range.

A broader cross-segment view indicated that both Supramax and Handysize markets remained largely flat, with softer conditions in the U.S. Gulf and East Mediterranean and restrained activity in Asia due to slower demand and regional holidays.

Panamax

The Panamax market maintained a firm and balanced tone, supported by strong fronthaul grain demand. Owners’ offers were increasingly met without significant discounting as the U.S. Gulf and U.S. East Coast continued to provide a stable foundation for Atlantic confidence, even as nearby trans-Atlantic spreads widened. South Atlantic indicators softened slightly, but North Atlantic sentiment held firm with limited prompt tonnage.

In the Pacific, Indonesian and Japanese demand continued to tighten the list, allowing owners to maintain firm ideas. While Chinese buying eased, the region overall remained constructive. Period interest persisted, including a scrubber-fitted Panamax rumoured fixed for 10–12 months at around 113% BKI with scrubber benefit shared.

Reported fixtures included a coal stem from Davant to Jorf Lasfar at $22.50 in the Atlantic, and in the Pacific, round voyages fixed in the high-$18,000s to high-$19,000s range depending on delivery and scrubber terms.

Regional Pulse

Atlantic Basin

• North Atlantic supported for Panamax with limited prompt tonnage

• U.S. Gulf steady for Panamax, softer for Supramax, but still providing underlying support

• South Atlantic showing modest improvement for Handysize and Supramax amid better cargo–tonnage balance

• ECSA with slightly firmer Supramax activity and steady Panamax sentiment

Pacific Basin

• Asian Handysize and Supramax markets soft with extended tonnage lists and sluggish enquiry

• South Asia and Indian Ocean showing mild Supramax improvement on increased visibility

• Panamax sector firm on Indonesian and Japanese demand despite easing Chinese purchasing

Handysize-Specific Notes

• Continent–Mediterranean balanced but slightly negative

• South Atlantic and U.S. Gulf showing early upward signs

• Asia quiet with extended tonnage and weaker enquiry

Trade & Infrastructure Developments

Impact of U.S. Shutdown on Import Planning A prolonged U.S. government shutdown has restricted access to federal data, making it harder for importers to plan purchasing and investment decisions—especially ahead of the Lunar New Year period. Importers typically place orders in December for factory production ahead of the Feb. 17 holiday. The Port of Los Angeles expects a short but active six-week window of cargo movement before factories close, although overall November and December volumes may soften compared to last year. In October, the port processed 848,431 TEUs, down 6% year over year but slightly above the five-year average, with imports at 429,283 TEUs and exports at 123,768 TEUs.

Rotterdam–HGK Green Corridor Agreement The Port of Rotterdam and HGK Group signed a letter of intent to collaborate on developing climate-friendly supply chains along the Rhine. The partnership will focus on infrastructure supporting the transport of green ammonia, methanol, liquid hydrogen, and other renewable energy sources, as well as cross-border carbon capture, utilization, and storage (CCUS). The collaboration aims to strengthen hydrogen and carbon transport corridors linking Rotterdam with the industrial regions of North Rhine–Westphalia.

Outlook

• Panamax direction remains tied to sustained grain and coal demand from the Americas

• Soft sentiment in Atlantic Handysize and Supramax sectors may persist amid limited enquiry

• Asia-Pacific momentum dependent on cargo visibility, holiday schedules, and tonnage balance

• Data disruptions in the U.S. and green-corridor infrastructure developments may influence logistics flows