Capesize
The market staged a strong rebound at the end of last week, closing at a notably firm level overall. The improvement in market sentiment was mainly driven by the resurgence of strength in the Pacific market. Although the market faced pressure at the beginning of the week, the trend reversed subsequently, with the Baltic Capesize Index BCI 182 5TC climbing significantly from USD 36,756 at the start of the week to USD 37,631 at the close. This rebound was primarily led by the C5 market, where freight rates rose steadily from around USD 10.80 on Wednesday to record transactions around USD 12.50 on Friday. Supported by healthy cargo volumes, sustained activity from miners, and improved confidence among shipowners, the market strengthened notably. The Atlantic market remained relatively weak for most of last week, with limited fresh inquiries and a significant gap between charterers’ bids and shipowners’ expectations, which dampened trading activity. However, towards the end of the week, market conditions gradually improved, and sentiment turned distinctly more constructive. Although actual fixtures remained limited, C3 quotes rebounded to around USD 31.00, while shipowners held firm in the USD 32.50–33.00 range, suggesting that after several rounds of sustained pressure, the market may be gradually approaching a bottom.
Panamax
Last week, the Atlantic and Pacific markets showed a clear divergence. In the Atlantic, despite fluctuations in trading activity, overall sentiment remained relatively firm. A 81,000-tonne vessel was fixed for a transatlantic voyage at a daily rate of approximately USD 21,000, and another 83,000-tonne vessel was fixed at USD 20,750. Tight prompt tonnage in the North Continent and West Mediterranean provided support for freight rates, with some early-loading fixtures even achieving premiums; for example, an 85,000-tonne vessel was fixed for a transatlantic voyage at USD 22,500. Overall, supply and demand were broadly balanced, with steady inquiries for both transatlantic and front-haul routes. In contrast, the Pacific market weakened. Limited cargo volumes, subdued demand from Australia and the North Pacific, coupled with an accumulation of prompt tonnage, exerted significant downward pressure on freight rates. An 82,000-tonne vessel was fixed for a North Pacific round voyage at approximately USD 21,750 at the start of the week, but rates subsequently fell to around USD 17,000. In the period market, some fixtures were still concluded early in the week. An 82,000-tonne vessel was fixed for a one-year period at USD 17,800; meanwhile, short-term period fixtures were also concluded, including a 96,000-tonne vessel fixed for two legs at approximately USD 23,250, and a 76,000-tonne vessel fixed at around USD 18,250.
/Supramax
Last week, driven by strength in the Atlantic market, the index showed a daily upward trend, while the Asian market remained relatively stable overall. Trading activity was robust in the US region, particularly for prompt tonnage, as charterers actively secured tonnage ahead of the upcoming holidays, leading to a notable increase in fixtures. Several 63,000-tonne vessels were fixed for Far East voyages at approximately USD 32,000, while similar vessels for Mediterranean routes were fixed at around USD 33,000. The European Continent market also saw localized activity, with a 63,000-tonne vessel fixed for scrap steel to the East Mediterranean at USD 25,750. The East Mediterranean market itself maintained strong demand throughout last week, especially for front-haul routes, with some early-loading fixtures concluded in the USD 24,500–25,000 range for voyages delivering in the East Mediterranean, via the East Coast of South America to the Far East. In contrast, the Asian market was subdued, but freight rates overall saw little change. A 64,000-tonne vessel was fixed at USD 25,000 for delivery at the Yangtze River entrance for a West Africa voyage; meanwhile, the South African market also recorded substantial fixtures early in the week. Interest remained in the period market, with reports of a 64,000-tonne newbuilding, yard delivery November–December, fixed for a three-year period at USD 17,500.
Handysize
Overall, the Handysize market continued its firming trend last week, supported by ongoing strength in the South Atlantic and US Gulf, while the European Continent and Mediterranean markets were relatively stable, and the Asian market maintained a general supply-demand balance. In the European Continent and Mediterranean, market activity remained relatively limited, with charterers’ bids largely in line with previous fixture levels. A 37,000-tonne vessel was fixed for a voyage from the Baltic to the West Mediterranean at a daily rate of approximately USD 13,500. The South Atlantic and US Gulf continued to strengthen, driven by higher bids and improved market confidence. A 35,000-tonne vessel was fixed from Recalada to Fortaleza at a daily rate of approximately USD 25,000; another 36,000-tonne vessel, open in Cabello on June 20–21, was fixed for a Southwest Passage to UK/Continent route at around USD 3,500 on a lumpsum basis. The Asian market remained balanced overall, with fixtures including a 40,000-tonne vessel for two legs at a daily rate in the region of USD 19,000, and a 31,000-tonne vessel from Northern Vietnam to the Arabian Gulf, fixed in the USD 20,000 range and concluded on a subjects basis.
Clean Tankers
LR2
Last week, the TC1 75,000-tonne Middle East Gulf to Japan index fell 6 points to WS492.
The westward routes also weakened, with the TC20 90,000-tonne Middle East Gulf to UK/Continent rate declining from USD 10.1 million to USD 9.31 million.
Meanwhile, the TC15 80,000-tonne Mediterranean to Far East rate appeared to have bottomed out at around USD 4.3 million, corresponding to a Baltic-described round voyage TCE slightly above USD 22,/day.
LR1
Last week, the TC5 55,000-tonne Middle East Gulf to Japan index fell a further 8.12 points to WS511.
On the westward routes, the TC8 65,000-tonne Middle East Gulf to UK/Continent rate also declined, with the index falling USD 357,000 to USD 8.28 million.
MR
Last week, the TC17 35,000-tonne Middle East Gulf to East Africa index fell sharply by 187 points, now standing at WS542.
In the UK/Continent region, MR rates edged down. The TC2 37,000-tonne ARA to US Atlantic Coast index fell 6 points to WS136, corresponding to a Baltic-described round voyage TCE of approximately USD 6,/day.
In the US Gulf, MR rates declined significantly last week. The TC14 38,000-tonne US Gulf to UK/Continent index fell 19 points to WS152, corresponding to a Baltic-described round voyage TCE of around USD 10,/day. On the Caribbean route, the TC21 38,000-tonne US Gulf to Caribbean route fell approximately 37% last week to USD 603,000, corresponding to a Baltic-described TCE of around USD 13,/day.
Overall, the MR Atlantic basket TCE declined from USD 33,/day to USD 20,/day.
Handysize Tankers
In the Mediterranean, Handysize tanker rates appeared to have bottomed out, with the TC6 30,000-tonne Cross-Mediterranean index now stable at WS189, corresponding to a Baltic-described round voyage TCE of approximately USD 17,/day.
On the UK/Continent cross-regional route, the TC23 30,000-tonne index was largely unchanged last week, holding in the WS220 range, corresponding to a Baltic-described round voyage TCE of around USD 22,/day.
VLCC
The Baltic Index Group’s assessment of the TD3C route (270,000 tonnes Middle East Gulf to China) continued to rise last week, with the index climbing to WS450.56, corresponding to a round voyage TCE for a standard Baltic VLCC of nearly USD 461,000. The TD34 route (Oman to China) was assessed at WS218 on Thursday, a significant increase of approximately 73 points from the previous Friday.
In the Atlantic market, the 260,000-tonne West Africa to China route (TD15) strengthened again last week, with the index rising from WS124.13 to WS182.81, corresponding to a round voyage TCE of USD 161,594. Meanwhile, the US Gulf to China route (TD22) rose by USD 2,677,778 to USD 19,566,000, corresponding to a round voyage TCE of over USD 133,/day.
Suezmax
In the Suezmax sector, the 130,000-tonne Nigeria to UK/Continent route (TD20) rose approximately 11 points last week to WS169, corresponding to a round voyage TCE of around USD 73,/day.
The 130,000-tonne Guyana to UK/Continent route (TD27) also improved, with the index rising from WS156 to WS163, corresponding to a round voyage TCE slightly above USD 70,/day. The 145,000-tonne US Gulf to UK/Continent route (TD33) edged up 1.67 points to WS140.
In the Black Sea market, the 135,000-tonne CPC to Augusta route (TD6) held steady, unchanged at WS215, corresponding to a daily TCE of USD 125,176.
Aframax Tankers
In the North Sea market, the 80,000-ton UK/Continent cross-regional route (TD7) freight rate edged down 7.92 points to WS140, corresponding to a round-trip time charter equivalent (TCE) of approximately $40,600 per day (based on Hound Point to Wilhelmshaven).
In the Mediterranean market, the 80,000-ton cross-Mediterranean route (TD19) freight rate fell again by about 14 points to WS187 (based on Ceyhan to Lavera), corresponding to a round-trip TCE slightly above $50,300 per day.
The Atlantic market weakened again last week. The 70,000-ton East Coast Mexico to US Gulf route (TD26) fell from WS192 to WS173, corresponding to a round-trip TCE of approximately $32,000 per day. The 70,000-ton Covenas to US Gulf route (TD9) also fell from WS189 to WS167, with a daily TCE slightly above $32,700.
In the transatlantic routes, the 70,000-ton US Gulf to UK/Continent route (TD25) dropped 20 points to WS163.89 (based on /Rotterdam), corresponding to a round-trip TCE slightly above $30,100 per day.
For the Vancouver export routes, TD28 (80,000 tons crude oil Vancouver to China) continued to soften, dropping $40,000 over the weekend to $3,130,000, corresponding to a round-trip TCE of approximately $48,200 per day; meanwhile, TD29 (80,000 tons crude oil Vancouver to US West Coast offshore lightering point) index fell 7 points to WS228.
Liquefied Natural Gas Vessels
Last week, the LNG market was generally subdued, with freight rates on most routes declining as market participants continued to monitor developments in the Middle East situation.
On the BLNG1 route (Australia-Japan), freight rates fell by $1,667 week-on-week, closing at $80,200 per day. The Pacific market saw relatively balanced supply and demand; although market sentiment was cautious, transactions remained stable.
The BLNG2 route (US Gulf-Continent) saw a more pronounced correction, with freight rates falling $11,900 to close at $92,500 per day. Overall trading activity was light last week, with uncertainty over future cargo flows dampening sentiment and gradually exerting downward pressure on freight rates.
Similarly, the BLNG3 route (US Gulf-Japan) freight rate fell $11,200 week-on-week to $103,100 per day. The economics of longer-haul routes weakened, and the market gave back some of the gains from the previous period of high volatility, leading to weaker sentiment at the end of the week.
In the period charter market, sentiment was mixed but remained stable. Six-month period charter rates edged up $500 to $101,400 per day; one-year period charter rates fell $234 to $80,033 per day; for longer durations, three-year period charter rates rose slightly by $200 to $80,200 per day.
Liquefied Petroleum Gas Vessels
Last week, the LPG market turned weaker, with arbitrage economics declining under the influence of changing Middle East dynamics. Although there was still some trading activity, overall sentiment deteriorated as trading opportunities narrowed, putting downward pressure on freight rates across major routes.
The BLPG1 route (Ras Tanura-Chiba) freight rate closed at $199.38, corresponding to a daily TCE of $194,459.
The BLPG2 route (Houston-Flushing) saw the most significant decline in the Atlantic market, with freight rates falling $36.50 week-on-week to close at $110.00, and the corresponding TCE falling $48,468 to $119,975 per day.
Similarly, the BLPG3 route (Houston-Chiba) also saw a notable correction, with freight rates falling $69.83 to close at $190.00, and the corresponding TCE falling $51,263 to $101,151 per day.
Containers
Last week, liner companies continued to aggressively raise freight rates, attempting to “seize the moment” in the current favorable market environment, leading to broad increases across major container routes. On the transpacific routes, FBX01 (/East Asia-US West Coast) rose by $1,255 compared to the previous weekend, accumulating a gain of $2,866 since the beginning of the month. Meanwhile, the Far East to US East Coast route (FBX03) continued to climb, currently reported at $8,/FEU. Due to the longer voyage, this route now has the highest freight rate level, up $1,413 week-on-week and up $2,995 from the beginning of the month.
For the Europe direction, the route to North Europe (FBX11, /East Asia-North Europe) rose $651 last week to close at $4,840, an increase of $1,872 from end-May levels.
The Mediterranean route (FBX13, /East Asia-Mediterranean) also strengthened, rising $1,033 since the previous Friday to close at $6,465 over the weekend.
