Weekly Freight Recap: 04/12/25

Overview

The dry bulk market saw a generally mixed performance, with Handysize remaining supported in the Atlantic, Supramax showing uneven movement across regions, and Panamax continuing its correction as rising vessel supply weighed on sentiment. Atlantic dynamics were split between firmer US Gulf/US East Coast activity in the smaller segments and softer conditions for Panamax. In the Pacific, muted enquiry and longer lists contributed to a softer tone, especially in NoPac, though isolated strength persisted in Australian coal.

Handysize

The Handysize market held a relatively balanced tone, with firm sentiment in the US Gulf and South Atlantic driven by increasing demand and tight tonnage availability. Fresh fixtures included a trip from SW Pass to Corinto placed on subjects at $23,000 and a Savannah-to-Continent wood pellet run fixed in the mid-$20,000s, though details remained unclear. The Continent–Mediterranean showed some fresh enquiry but largely steady rates. From Asia, activity remained subdued with limited reported fixtures. The 7TC average rose by $61 to close at $15,127.

Supramax

The Supramax segment delivered another mixed day with limited new information. The Atlantic showed a divided picture: some brokers noted signs of a floor forming in the US Gulf, while the Continent–Mediterranean stayed muted and the South Atlantic remained affected by ample available tonnage. In Asia, recent gains began to fade as enquiry slowed, particularly in the north where NoPac remained quiet. Isolated fixtures included a delivery Ho Chi Minh trip via Indonesia to China in the high $15,000s and a delivery Singapore trip via Australia to the Philippines reported around $20,000–$21,000. The 11TC average rose modestly by $41 to finish at $18,250.

Panamax

Panamax sentiment softened further as rising vessel supply outpaced limited new enquiry in the Atlantic, leaving direction unclear. Fronthaul demand also eased with December tonnage increasing and prompt cargoes largely cleared. Indonesian levels continued to slip as charterers capitalised on prompt positions with a wide choice of tonnage. Period activity remained sparse, and the P5TC fell by $205 to $17,032. While a strong Capesize market may create opportunities through split stems, confirmation remained limited. In the Pacific, sluggish NoPac enquiry and softer Indonesian rounds weighed on owners, though Australian coal trades saw pockets of strength due to tight nearby supply.

Regional Pulse

Atlantic Basin • US Gulf and South Atlantic firm for Handysize; Supramax and Panamax more mixed • Limited fresh enquiry in Continent–Mediterranean across all segments • Panamax tonnage lists lengthening, adding pressure despite possible cargo splits from Capesize Pacific Basin • Supramax and Handysize muted with enquiry slowing, especially NoPac • Panamax remains soft, though Aussie coal supports selective premiums • Indian Ocean supported by iron ore flows and balanced tonnage

Handysize-Specific Notes

• US Gulf and South Atlantic remain the firmest regions on tight tonnage • Continent–Mediterranean shows steady conditions with limited rate movement • Asian markets remain quiet with minimal new enquiry

Maritime Risk & Security Updates

Denmark Introduces State-Backed War Insurance to Safeguard Shipping Operations Denmark has unanimously passed amendments to the War Risk Insurance of Ships Act, ensuring that Danish-flagged vessels can continue operating in the event of war should commercial insurance markets fail. The updated framework provides a state-backed guarantee of DKK 6 billion to secure liquidity for the War Insurance Institute upon activation. The system will cover damage to crew, passengers, cargo and ships, and will be financed through contributions by shipping companies once triggered. Danish Shipping emphasised the strategic importance of the sector, noting that the legislation ensures stability for supply chains serving Denmark, Greenland and the Faroe Islands.

Piracy Incident in Gulf of Guinea Leaves Nine Seafarers Kidnapped from Danish-Linked Tanker The gas tanker Cgas Saturn was attacked by pirates in the Gulf of Guinea, resulting in nine crew members being kidnapped. Four remaining crew members were able to keep the vessel safe, with one sustaining minor injuries now receiving onboard medical care. Christiania Gas, a subsidiary of Christiania Shipping, stated that its top priority is establishing contact with the missing seafarers and ensuring their safe release. The company is coordinating closely with relevant authorities and will not provide further details to protect those involved.

Outlook

• Panamax direction remains driven by vessel supply, with possible support from Capesize cargo splits • Atlantic segments may face continued pressure where enquiry remains thin • Asian sentiment depends on NoPac and Indonesian activity alongside evolving tonnage lists • Maritime risk considerations elevated following piracy incident and regulatory updates on war insurance