Weekly Freight Recap: 29/01/2026

Overview

The market carried a more constructive tone this week, but it was still shaped by winter operating conditions and selective demand rather than broad-based strength. Weather disruption in the North Atlantic created short-lived tightness and pockets of spot demand, while the Pacific remained more subdued and generally unchanged. Overall, activity was steady, but charterers were more measured, and owners with prompt positions were less willing to chase cargo aggressively.

Handysize

Handysize improved on the week with a firmer undertone in both basins, driven by a better cargo to tonnage balance in key Atlantic areas and slightly tighter lists in parts of Asia. The South Atlantic and US Gulf showed the clearest confidence, supported by improved cargo flow and fewer prompt ships in the most competitive positions. Continent and Mediterranean trading stayed steady, with rates largely tracking last done ideas as demand and supply remained broadly balanced. In Asia, the upside was modest but noticeable, with slightly stronger bidding and tightening lists in parts of the region. The overall picture was positive, but still not one of a runaway rally, more a healthier tone with owners defending levels where positioning allowed.

Supramax

Supramax started the week on a steadier footing, supported by improving sentiment even though fundamentals did not change dramatically. The Atlantic remained mixed. Mediterranean and Continent demand was present but largely met by available tonnage, keeping the market balanced. The US Gulf looked steadier, with some market talk suggesting a floor may be forming after prior weakness, although confidence is still fragile. The South Atlantic continued to feel positional, with limited fresh enquiry preventing a stronger bounce. In Asia, the market remained supported in the north, and there were hints of better enquiry further south, though tonnage supply still looks sufficient to cap rapid gains. The Indian Ocean continued to provide employment opportunities, but the flow did not materially tighten the wider basin.

Panamax

Panamax steadied after last week’s weather-led volatility in the North Atlantic. Poor weather caused delays and briefly tightened prompt supply, which helped owners with open tonnage capture firmer business, particularly on transatlantic grain. As conditions normalized, the market moved into a calmer, more balanced posture. Atlantic activity remained steady, with grain continuing to outperform minerals and owners showing limited urgency despite tonnage still being available. East Coast South America remained supported into forward positions, but without a clear breakout. In Asia, sentiment stayed subdued. South Pacific mineral demand was limited, and the Pacific overall remained broadly unchanged. Activity was more centered on North Pacific grains and forward Indonesia stems, with little impact on ballasting patterns toward East Coast South America. The tone improved week on week, but gains remained selective rather than market wide.

Regional Pulse

Atlantic Basin

Handysize and Supramax saw the most constructive signals in the South Atlantic and US Gulf, where cargo support and tighter lists improved confidence. Continent and Mediterranean remained steady across the geared sizes, with limited fresh impetus but a stable clearing pace. Panamax in the North Atlantic benefited from the residual effect of weather disruption and transatlantic grain demand, though charterers became more cautious as the week progressed.

Pacific Basin

Geared markets held a steady to slightly firmer tone in places, but overall fundamentals remained soft, with tonnage still available and charterers able to remain patient. Panamax conditions were largely unchanged, with limited South Pacific mineral support and demand focused more on North Pacific grains and Indonesia.

Indian Ocean

Supramax activity was sufficient to place ships, but the region did not generate enough incremental pull to tighten availability materially or shift wider sentiment on its own.

Operating Environment Updates

Weather and operations North Atlantic weather was the main operational factor this week, causing delays, tightening prompt supply temporarily, and creating short bursts of demand. This supported sentiment early on, but the effect faded as the market returned to a more balanced rhythm.

Bunkers and costs Bunker prices showed a firmer bias across key grades in major hubs, adding a bit of cost pressure into voyage calculations. In a market that is only selectively improving, this tends to sharpen charterers’ focus on net returns and keeps negotiations disciplined.

Commodities and trade flow watch Grain demand remains a key support pillar, with Atlantic grain continuing to outperform mineral stems in Panamax trading. Market chatter also points to active planning around South American soybean supply and forward grain programmes, which will matter for positioning into the next leg of the season. On the macro side, the approach of Lunar New Year in Asia is again influencing steel and iron ore sentiment, keeping parts of the Pacific more cautious.

Outlook

Handysize should remain supported where Atlantic lists stay tight, but upside will still rely on sustained cargo flow rather than sentiment alone. Supramax looks closer to stabilization, particularly if the US Gulf holds its perceived floor and Asia continues to show steady enquiry in the north. Panamax is likely to trade in a steadier range near term. Atlantic grain can keep the basin supported, but the market will need either a clearer Pacific catalyst or a renewed tightening of prompt tonnage to push meaningfully higher.