Weekly Freight Recap: 11/12/25

Overview

The dry bulk market saw a softer overall tone, with Handysize holding largely flat, Supramax weakening across both basins, and Panamax continuing its decline despite some localized Atlantic support. Activity levels remained muted in many regions, with owners increasingly seeking cover ahead of the holiday period. The Atlantic showed mixed signals across segments, while the Pacific faced longer tonnage lists and weaker demand, keeping pressure on rates.

Handysize

The Handysize market remained quiet, with limited new inquiry and a slight softening across most regions. The BHSI slipped to 837, and the 7TC average eased to $15,059. In the Continent–Mediterranean, subdued demand kept rates largely unchanged but under mild downward pressure. The South Atlantic and US Gulf also saw reduced enquiry, creating a slightly weaker tone as open tonnage accumulated. In Asia, sentiment stayed broadly flat, though an extended tonnage list on Southeast Asia–North Asia routes added marginal pressure. No major shifts were reported, and rates continued to track close to last-done levels.

Supramax

Supramax sentiment remained negative, with both basins experiencing softer conditions. The 11TC average fell to $17,760 as owners looked to secure coverage ahead of the holiday slowdown. In the Atlantic, demand eased and rates lost ground, with limited fixtures materializing despite some isolated resistance in the US Gulf. The South Atlantic remained softer amid weaker sentiment. Asia continued under downward pressure, with limited cargo inquiry and a growing list of prompt vessels. The Indian Ocean saw some activity but stayed finely balanced, offering little support for owners. Across regions, rates stayed positional and mostly below earlier expectations.

Panamax

The Panamax market continued to ease, with the Atlantic outperforming the Pacific but still showing signs of losing momentum. The North Atlantic benefitted from tighter prompt supply and stronger coal demand from the US East Coast, alongside reports of Capesize stems being split into Panamax parcels. However, fronthaul expectations diverged as some owners aimed for higher levels. The South Atlantic stayed thin and largely positional, with December retaining a premium while January lacked visibility. In the Pacific, the decline persisted as weak demand, ample spot supply, and softer bids pressured rates across NoPac, Australia, and Indonesia routes. Period activity was limited, and the P5TC average slipped to $15,878.

Regional Pulse

Atlantic Basin

• Mixed Supramax performance with weaker sentiment across most routes

• Handysize saw limited enquiry and a modest build-up of open tonnage

• Panamax retained some North Atlantic support but softened in the South Atlantic

Pacific Basin

• Handysize conditions broadly flat with pressure from a longer tonnage list

• Supramax and Panamax both eased further amid muted demand

• Indian Ocean activity stable but insufficient to lift wider regional sentiment

Handysize-Specific Notes

• Continent–Mediterranean enquiry stayed thin and rates slightly softer

• South Atlantic and US Gulf maintained weakened sentiment on slow cargo flow

• Asia stable overall with mild pressure from expanding vessel availability

Maritime Security & Fleet Infrastructure Updates

Germany Expands Federal Survey and Pilot-Transfer Fleet Germany has commissioned four new federal vessels to enhance maritime survey functions and pilot-transfer operations. Two multipurpose survey ships will replace WEGA and DENEB, supporting seabed measurement, underwater-obstacle mapping, and defence-related data provision. Two SWATH pilot-transfer vessels will strengthen operations along federal waterways. The new ships incorporate green methanol capability, dynamic positioning, hydrographic systems, and autonomous survey tools, with deliveries scheduled between 2027 and 2030. Freight article

Ukrainian Sea Drones Disable Russia-Linked Tanker in Black Sea Ukraine deployed Sea Baby drones to strike the Suezmax tanker Dashan on 10 December in its exclusive economic zone. The vessel, sailing toward Novorossiysk with AIS switched off, sustained critical stern damage and was left disabled. The attack is the third drone strike on Russia-linked tankers in two weeks, following earlier hits on Kairos and Virat. War-risk premiums and insurer assessments continue to rise as drone activity expands across the region. Freight article

Outlook

• Panamax movement likely influenced by availability of North Atlantic coal stems and Cape-to-Panamax splits

• Continued soft pressure across Atlantic segments amid weaker sentiment and limited enquiry

• Asia-Pacific market direction tied to cargo flow recovery and tonnage balances

• Ongoing maritime security risks in the Black Sea and updated fleet investments in Europe sh