Weekly Freight Recap: 24/04/2026

Overview

The dry bulk market firmed again this week, though the move remained uneven by size and basin. Supramax and Ultramax showed the clearest strength, Panamax stayed constructive, and Handysize continued to improve with a narrower regional spread than last week.

The Atlantic is no longer universally cheap. The US Gulf has repriced higher, while South America continues to hold its grain premium. The market is now being driven less by one broad bunker move and more by regional vessel positioning, bunker availability risk, and longer voyage economics.

Panama Canal costs and waiting times are also becoming more important as more US cargoes move toward Asia. This is supportive for freight because it stretches voyage duration and reduces effective vessel availability.

Handysize

Handysize improved again this week, but the recovery remained selective.

South America strengthened further and remains the strongest Atlantic Handysize basin. Soybean demand continues to support the region, and prompt supply has tightened enough to give owners more leverage.

The US Gulf continued to recover, but from a low base. More May cargoes appeared, and the prompt list is clearing, though supply is still ample and the basin remains behind South America.

The Black Sea improved slightly but stayed mixed overall. Grain kept the region active, but demand remained too thin to create real momentum.

The Continent improved on stronger short-haul and scrap activity, but the picture remains uneven. Grain demand is still secondary, and the basin does not yet have the same strength as South Atlantic grain positions.

Overall, Handysize is improving, but ECSA remains the area where buyers need to be most careful on prompt grain stems.

Supramax

Supramax and Ultramax remained the strongest part of the market, with the Atlantic leading the move.

The US Gulf remains the centre of strength. Trans-Atlantic demand continues to drive the market, and owners now have more control on the main Atlantic routes. The Gulf can no longer be treated as the cheaper alternative to South America.

South America also strengthened modestly, supported by soybean demand and a cleaner prompt balance. The basin remains firm, though not as explosive as the US Gulf.

Asia stayed very firm, supported by tightening prompt lists and bunker availability concerns, which are affecting positioning and voyage calculations.

The Black Sea remained softer than the Atlantic, despite some route improvement. Oversupply and limited cargo continue to cap the market.

The Continent improved materially after Easter, helped by tighter prompt conventional tonnage and scrap demand, though it remains vulnerable if supply rebuilds.

Overall, Supramax is in a firm phase, especially in the US Gulf, South Atlantic and Asia.

Panamax

Panamax stayed constructive, but the market became more split between stronger Pacific demand and a mixed Atlantic.

South America remains the best Atlantic outlet, supported by soybean demand and better vessel absorption. The region continues to hold a clear grain premium.

The US Gulf remained secondary. It improved with the wider market but still did not create a clear grain premium of its own.

The Black Sea remained active but not strong. Wheat demand is present, but not enough to reprice the basin meaningfully.

The Continent and Baltic improved modestly, with mineral demand providing better support than grain. The North Atlantic tonnage list remains visible, which limits further upside.

Overall, Panamax is firm by recent standards, but the strength is still concentrated in South America and the Pacific rather than across the full Atlantic.

Regional Pulse

Atlantic Basin The Atlantic has repriced higher, especially in Supramax and Ultramax. South America remains the key grain premium area, while the US Gulf is no longer clearly cheap in geared freight.

Pacific Basin The Pacific remains supportive, particularly for Panamax and Supramax. Tightening prompt lists and bunker risk are helping sentiment.

Indian Ocean Activity remains steady, with no major shift, but stronger Asian sentiment is helping support nearby positioning.

Market Drivers

Bunkers and energy Bunker availability remains a practical risk, especially at smaller ports supplied from major hubs. This is affecting ballasting choices, speed decisions and forward voyage calculations.

Security and routing Hormuz remains heavily constrained in practice. Gulf exposure still carries a premium, and many vessels remain tied up around the Persian Gulf area.

Panama Canal Higher canal costs and longer waiting times are supporting freight by stretching voyage duration and reducing effective vessel availability, especially for US Gulf to Asia trades.

Commodities and trade flows Soybeans remain the cleaner grain story, which continues to favour Brazil over the United States. Wheat and corn remain more exposed to fertiliser risk and higher input costs.

China demand risk The main downside risk remains Chinese destocking. This is more relevant for larger sizes, but it could still weigh on sentiment if it materialises.

Outlook

Handysize should continue to improve selectively, with East Coast South America remaining the strongest area for prompt grain demand. The US Gulf and Black Sea still look less urgent.

Supramax remains the firmest segment, especially in the US Gulf, South Atlantic and Asia. Buyers should be more cautious where cargo timing is fixed.

Panamax remains constructive, led by South America and the Pacific, but the wider Atlantic still looks more balanced than tight.

Across all segments, freight is being supported by tighter effective supply, regional bunker risk and longer voyage economics. The main downside risk is still demand-led, especially if Chinese buying slows.