Capesize
Last week, the Capesize market showed a clear strengthening trend. After the UK bank holiday on Monday, the Pacific market remained active from the start, driving a steady accumulation of overall momentum. Early support came mainly from robust Pacific activity, with the three major miners continuing to enter the C5 route, alongside ample inflows of coal cargo inquiries from East Australia, which gradually pushed freight rates upward and supported increasingly bullish market sentiment. This strength then gradually transmitted to the Atlantic basin, with market activity and confidence improving in tandem as the week progressed. Firmer North Atlantic round voyages and a tightening list of available tonnage provided strong support. By mid-week, positive sentiment in both ocean basins had notably heated up, and as available vessels tightened further, the market became increasingly supply-driven. Against this backdrop, C5 freight rates steadily probed higher to the mid-$15 per tonne range and moved further up; C3 also gradually recovered to the high $36 per tonne level, driven by improved bid prices and increased owner resistance to lower rates. However, towards the end of the week, upward momentum in both basins slowed, with C5 retreating closer to the $15 level, a slight increase in ballaster supply, and a more cautious pace of fixing, with some later C3 voyages concluded at relatively softer prices.
Nevertheless, overall activity in the North Atlantic routes remained solid, and driven by demand for front-haul cargoes, the market continued to see higher fixing levels. Overall, the Baltic Capesize BCI 182 5-time charter route average index rose from $42,649 on Tuesday to $44,941 at last week’s close, having touched a high of $46,610 on Thursday.
Panamax
Last week, sentiment in both the Atlantic and Pacific Panamax markets continued to strengthen, driven mainly by tightening tonnage and improved cargo volumes. Freight rates rose rapidly early in the week, with gains recorded on both Atlantic and Pacific routes. Strong demand for grain and mineral shipments supported fixing levels, particularly for front-haul voyages. Although fixing was relatively subdued in the Atlantic mid-week, sentiment remained firm as the list of available vessels continued to shorten and front-haul cargo volumes recovered, prompting owners to raise their offers. In the Asian market, sustained strong Australian mineral exports, robust Indonesian demand, and limited availability of modern vessels kept freight rates on a steady upward trajectory. By Thursday, with vessel supply tightening further and cargo flows remaining stable, freight rates in both basins moved higher again, with the market generally reporting firmer fixing levels and continued upward momentum. The Baltic Panamax 5-time charter route average index climbed steadily throughout last week, rising from $18,490 on Tuesday to close at $20,099 on Friday.
/Supramax
Despite a shorter trading week in some regions due to long weekend holidays, overall market sentiment remained bullish. The Atlantic market saw relatively active fixing, with owners cautiously raising expectations. A 61,000 dwt vessel was fixed, delivery US East Coast, for a coal voyage to Finland, at a daily rate of around $26,000. In the Continent, scrap cargo demand continued, providing some support to the market, with an Ultramax fixed from the lower Baltic to the East Mediterranean at around $20,000 per day. Although overall volumes were limited, brokers reported that the South Atlantic market still saw healthy price levels, with an Ultramax fixed at around $17,000 per day plus $700,000 ballast bonus. The Asian market remained broadly steady, though some market participants felt that new inquiries from the northern region were somewhat lacking. One fixture was concluded for delivery Busan, via a North Pacific voyage to Chittagong redelivery, at a daily rate below $17,000. Demand was concentrated mainly in South Asia, with a 55,000 dwt vessel fixed, delivery via Penang, for an Indonesian voyage to Thailand redelivery, at around $18,250 per day. The Indian Ocean market offered more positional opportunities, with a 63,000 dwt vessel fixed, delivery Kandla, loading salt for redelivery in China, at around $16,500 per day.
Handysize
Overall, the Handysize market showed a flat to slightly firmer trend last week, with fluctuations driven more by vessel positioning than by a clear uptick in demand. The Continent and Mediterranean markets remained largely subdued, with limited inquiries and a notably quiet atmosphere. In contrast, activity in the US Gulf and South Atlantic regions improved slightly, with new demand emerging and market liquidity increasing modestly. However, this recovery was insufficient to effectively absorb the excess tonnage, and freight rates only showed a slow improvement. Notable fixtures included a 40,000 dwt vessel, open Lagos May 2-5, fixed for a voyage from Vila do Conde to Norway, carrying alumina, at around $22,000 per day; and a 37,000 dwt vessel, open Galveston May 5-10, fixed for a voyage based on Mobile delivery, loading wood pellets for redelivery in the UK, at around $14,000 per day. The Asian market was also subdued, partly due to regional holidays. The tonnage list lengthened slightly, but cargo volumes remained largely unchanged. One fixture involved a 37,000 dwt vessel delivered at the Yangtze River entrance for multiple voyages at around $17,500 per day.
Clean Products
LR2
Last week, the TC1 75,000 mt Middle East Gulf to Japan index remained broadly flat, holding around the WS550 level.
On the westbound route, the TC20 90,000 mt Middle East Gulf to UK/Continent index also continued at previous levels, remaining in the $10.80-10.90 million range.
Meanwhile, the TC15 80,000 mt Mediterranean to Far East index fell again last week by $870,000 to $10.07 million, corresponding to a Baltic-described round voyage TCE of approximately $93,/day.
LR1
Last week, the TC5 55,000 mt Middle East Gulf to Japan index edged down 12.5 points to WS603.
On the westbound side, the TC8 65,000 mt Middle East Gulf to UK/Continent index closed the weekend down $135,000 from the previous period, at the $8.47 million level.
MR
Last week, the TC17 35,000 mt Middle East Gulf to East Africa index continued its previous trend, holding broadly in the WS735-737 range, corresponding to a Baltic-described round voyage TCE of around $91,/day.
On the UK/Continent routes, MR freight rates fell again last week. The TC2 37,000 mt ARA to US Atlantic Coast index was down 17.5 points week-on-week, assessed at WS213, currently showing tentative signs of stabilisation, with its Baltic round voyage TCE falling to around $15,/day.
In the US Gulf, MR freight rates dropped sharply last week. The TC14 38,000 mt US Gulf to UK/Continent index is currently published at WS243.57, down 182 points from the start of the week, with the corresponding Baltic-described round voyage TCE falling to around $21,/day, a decline of 60%. On the Caribbean route, the TC21 38,000 mt US Gulf to Caribbean index followed a similar trend, currently reported at $782,000, with its corresponding Baltic-described TCE falling to around $19,/day, down $38,200 from the previous period.
Overall, the MR Atlantic Triangulation basket TCE fell from $75,/day to $40,/day.
Handysize
In the Mediterranean market, Handysize freight rates were adjusted down again last week, with the TC6 30,000 mt Cross-Mediterranean index falling a further 47 points to WS400, corresponding to a Baltic-described round voyage TCE of approximately $75,/day.
The UK/Continent cross-regional route also continued to weaken, with the TC23 30,000 mt UK-Continent index falling another 81 points last week to WS381, corresponding to a Baltic round voyage TCE of around $67,/day.
VLCC
Regarding crude oil transportation, uncertainty remains in the Middle East region. Baltic Exchange index members currently assess the TD3C route (270,000 mt Middle East Gulf to China) at WS458.75, up 53 points from last Friday, corresponding to a standard Baltic VLCC round voyage TCE of approximately $462,102. The TD34 route (Oman to China) was assessed at WS139 on Thursday, down 10 points from last Friday.
In the Atlantic market, the 260,000 mt West Africa to China route (TD15) firmed last week, with the index rising 15 points to just above WS147.5, corresponding to a round voyage TCE of around $115,300. Meanwhile, the US Gulf to China route (TD22) rose by $1.55 million over the past seven days to just above the $17.26 million level, corresponding to a round voyage TCE of over $105,/day.
Suezmax
In the Suezmax sector, last week the 130,000mt Nigeria to UK/Continent route (TD20) recovered approximately 3 points to WS195, corresponding to a round-trip TCE of around USD 80,600 per day. In comparison, the 130,000mt Guyana to UK/Continent route (TD27) index edged down 2 points to WS197.5, corresponding to a round-trip TCE of approximately USD 83,400 per day. The 145,000mt US Gulf to UK/Continent route (TD33) fell around 20 points to WS175.
In the Black Sea market, the 135,000mt CPC to Augusta route (TD6) rose another 2.5 points last week, breaking through the WS260 level, with a corresponding daily TCE approaching USD 154,000.
Aframax
In the North Sea market, the 80,000mt UK/Continent cross-regional route (TD7) fell 34 points from a week ago, currently reported at WS200–202.5 (basis Hound Point to Wilhelmshaven), corresponding to a round-trip TCE of approximately USD 97,500 per day.
In the Mediterranean market, the 80,000mt cross-Mediterranean route (TD19) fell around 22 points last week to WS266 (basis Ceyhan to Lavera), corresponding to a round-trip TCE slightly above USD 83,800 per day.
The Atlantic market overall has begun to weaken, with increased competition as European ballasting vessels gradually enter the market, although freight rates and corresponding TCE levels remain relatively high. The 70,000mt East Coast /US Gulf route (TD26) fell over 157.5 points to just below WS399, corresponding to a round-trip TCE close to USD 117,500 per day. The 70,000mt Covenas to US Gulf route (TD9) also fell over 165 points to near WS377, with a corresponding daily TCE of approximately USD 99,650.
In the Transatlantic route, the 70,000mt US Gulf to UK/Continent route (TD25) fell nearly 133 points to WS292 (basis /Rotterdam), corresponding to a round-trip TCE of approximately USD 68,600 per day.
For the Vancouver export routes, TD28 (80,000mt crude oil Vancouver to China) fell again by USD 415,000 to USD 4,855,000, corresponding to a round-trip TCE slightly above USD 84,350 per day; TD29 (80,000mt crude oil Vancouver to US West Coast offshore lightering point) index fell 12 points to WS365.
LNG
Last week, the LNG spot market was generally subdued, with freight rates on major routes edging down amid low chartering activity. Although overall vessel availability remained relatively tight, insufficient new cargo demand weighed on market earnings in both the Atlantic and Pacific basins.
On the BLNG1 route (Australia-Japan), the 174,000 cbm vessel rate fell by USD 3,400 week-on-week, closing at USD 67,100 per day. The Pacific market sentiment was light, with few fixtures and insufficient momentum to support a rate rebound.
The BLNG2 route (US Gulf-Continent) weakened slightly, with daily earnings down USD 1,000 to USD 94,500 per day. Although the tonnage supply in the Atlantic was relatively balanced, a lack of substantial fixtures limited upside potential for rates.
Similarly, the BLNG3 route (US Gulf-Japan) came under pressure due to weak long-haul demand and fewer inquiries, with rates falling USD 2,000 to USD 105,000 per day.
In the period charter market, sentiment was mixed. The 6-month period rate fell by USD 1,200 to USD 92,100 per day, reflecting the softening spot market; in contrast, the 1-year period rate increased by USD 4,367 to USD 86,700 per day, and the 3-year period rate also rose by USD 5,000 to USD 85,000 per day, indicating some confidence in the medium to long-term outlook despite short-term pressure.
LPG
Last week, the LPG market continued its upward trend, performing strongly driven by persistently tightening tonnage lists and active chartering demand. Limited prompt vessel availability in the Atlantic continued to provide solid support, pushing rates higher across major routes.
On the BLPG1 route (Ras Tanura-Chiba), rates rose by USD 14.00 week-on-week to USD 203.50, with the corresponding daily TCE increasing by USD 14,925 to USD 192,282 per day.
The BLPG2 route (Houston-Flushing) strengthened further, with rates up by USD 20.25 to USD 157.00, corresponding to a TCE increase of USD 29,085 to USD 177,094 per day, consistent with the overall firming trend led by BLPG3.
Similarly, the BLPG3 route (Houston-Chiba) recorded the most significant increase last week, with rates surging by USD 37.92 to USD 291.50, corresponding to a TCE rise of USD 29,542 to USD 174,790 per day. Driven by constrained vessel supply and firm long-haul demand, rates hit new highs, and the bullish market structure continued.
Containers
Last week, the container freight market showed mixed performance but remained generally stable with a slight firming bias, while divergence between major routes persisted. The Transpacific routes continued to be the main market support, with rates on Asia-US trades generally rising, underpinned by carriers’ adherence to pricing discipline and the gradual introduction of bunker-related surcharges and peak season surcharges. In contrast, the Asia-Europe route market performed relatively weaker, with rates generally flat to slightly softer amid subdued demand, making it difficult to sustain higher levels.
From a fundamental perspective, the market remains dominated by oversupply and cautious demand. Carriers continue to actively manage capacity supply through blank sailings and network adjustments; meanwhile, high bunker fuel costs and ongoing geopolitical tensions in the Middle East continue to maintain underlying cost pressure and market volatility.
Looking ahead, freight rates are expected to remain relatively stable in the short term, with a possible mild firming bias. The Transpacific routes are expected to continue showing some resilience due to relatively solid fundamentals; while Asia-Europe routes are expected to maintain a range-bound pattern until a clear improvement in demand materializes.
