Capesize The Capesize market ended the week on a firmer note after a shaky start, recovering well from early pressure caused by uncertainty in Guinea. The announcement of revoked mining licenses initially rattled sentiment, but the market quickly regained composure. The Pacific basin emerged as the strongest performer, underpinned by consistent miner and operator demand. The C5 index climbed steadily from the high $7.00s early in the week to reach $8.55 by week’s end. Meanwhile, the South Atlantic gained traction mid-week, with mid-June laycans repeatedly fixing in the mid-to-high $18s, supported by fresh cargo flow from a major miner. However, the North Atlantic lagged behind, dampened by weaker fronthaul sentiment and a subdued transatlantic market. Initial weakness gave way to a modest recovery, with the BCI 5TC average rebounding slightly after early losses to close Friday at $15,757, just a touch above Monday’s opening. Panamax Another softer week for the Panamax market as owners felt the recent pressure continue across all basins. Owners’ resistance was hard to find with early tonnage and ballaster tonnage continuing to discount. The P2A route hovered in the $17,000 mark all week, with several deals concluded from NC South America to Far East. Activity ex EC South America was described as positional, but essentially returned flat for index arrival dates; average levels hovered around the low-mid $12,000 levels all week. Asia returned good demand overall, mixed views on rates to start the week as South America failed to impact or ingest some of the earlier tonnage; as a result rates eased over the week with the tonnage count surpassing any demand. Rates as high as $13,000 and in the $12,000’s were seen for various Australia round trips but eased back as the week developed, with rates now more akin to $10,000/low $10,000s, whilst much of the Indonesia demand was absorbed by smaller/older tonnage at 4-digit levels. Ultramax/Supramax The week started off certainly from the Atlantic on a slightly more positive note, but as the week closed some of this sentiment had eroded slightly. Support was seen from the US Gulf, a 63,000-dwt fixing a trip from Houston to India with petcoke at $19,750. The South Atlantic was finely balanced with demand for Transatlantic runs, however fronthaul business remained lacking. The Continent-Mediterranean was positional although some felt a bit more demand was seen from the Continent. The Asian arena was also a bit positional. Demand remand from the north for both Transpacific rounds whilst fresh enquiry was lacking from the south. A 66,000-dwt open North China fixing at $11,000 for the first 45 days thereafter at $14,500 for a trip to the US Gulf. Further south, a 58,000-dwt fixed from South China via Indonesia redelivery Thailand in the mid $10,000s. The Indian Ocean remained rather subdued, a 62,661 2020 was heard fixed from South Africa to EC India at $16,000 plus $160,000 ballast bonus. Period activity was limited although a 64,000-dwt open Thailand was heard fixed for short period in excess of $14,000. Handysize It was generally a positive week, with freight rates increasing across most loading areas. The Continent-Mediterranean region continued to show steady improvement, with market sentiment remaining largely positional. For instance, a 40,000-dwt were fixed for delivery Antwerp trip via Norway to redelivery Brazil at $10,500 for 45 days $14,500 thereafter. The South Atlantic and US Gulf markets were supported by limited vessel availability and healthy cargo demand. Notable fixtures included a 38,000-dwt vessel fixed delivery Rio Grande to redelivery Venezuela at $16,000, and a 37,000-dwt fixed delivery Brunswick to redelivery Immingham with wood pellets at $13,750 plus a $20,000 GBB. Meanwhile, the Asian market also remained firm, particularly in Southeast Asia and the North Pacific, where tightening tonnage prompted charterers to raise their bids. A 40,000-dwt heard fixed delivery Koh Sichang redelivery Rizhao or Qingdao with concentrates at $11,750. Clean LR2 Following a second week of climbing freight on LR2s in the MEG, seemingly a plateau has been reached for the moment. The TC1 75kt MEG/Japan index climbed from WS145 to WS154 mid-week where it has then rested since. A TC20 90kt MEG/UK-Continent also climbed by $121,000 to $4.1m where it has taken pause. West of Suez, Mediterranean/East LR2s held flat all week around $2.9m on a TC15 run. LR1 MEG LR1 freight also ticked up modestly this week. The TC5 55kt MEG/Japan index stepped up from low WS160s to low WS170’s gradually across the week. A voyage west on TC8 65kt MEG/UK-Continent went from $3.12m to $3.18m. On the UK-Continent, LR1 freight levels were again flat this week. The TC16 60kt ARA/West Africa index stayed at the WS118 mark. MR MRs in the MEG bounced up and down this week. The TC17 35kt MEG/East Africa index shot up from WS254 to WS279 mid-week, only to return to WS261 at time of writing. UK-Continent MRs have seen a welcome ride upwards this week in freight. The TC2 37kt ARA/US-Atlantic coast trip firmly climbed 27 points this week to WS150. The Baltic description round-trip TCE for the run has subsequently gone up 50% to $16,602/day. The TC19 voyage of 37kt ARA/West Africa index tracked in line and went from WS145 to WS170. USG MRs resurged with gusto this week. The TC14 38kt US-Gulf/UK-Continent went from WS79 to WS101. The TC18, the 38kt US Gulf/Brazil index jumped by 19 points to WS152 and a Caribbean run on TC21, 38kt US-Gulf/Caribbean came up $123,000 to $534,000 (+29%). The MR Atlantic Triangulation Basket TCE went from $13,741 to $21,283. Handymax Baltic Clean Handymaxes improved significantly this week. The TC6 30kt Cross Mediterranean index went from WS145 to WS213. Up on the UK-Continent, the TC23 30kt Cross UK-Continent added 43.61 points to its value from last week taking it to WS179. VLCC The market softened this seek across all routes. The rate for the 270,000 mt Middle East Gulf to China trip (TD3C) eased back 3 points to WS61.15 corresponding to a round-trip TCE of $42,278. In the Atlantic market, the rate for 260,000 mt West Africa/China (TD15) slipped 2 points to WS61.94 giving a round voyage TCE of $43,883 per day and the rate for 270,000 mt US Gulf/China (TD22) tumbled another $253,667 to $7,898,833 which shows a daily round-trip TCE of $41,072. Suezmax Suezmax owners have been under pressure this week with charterers gaining the upper hand. The rate for the 130,000 mt Nigeria/UK Continent voyage (TD20) tumbled 8 points to WS78.89, meaning a daily round-trip TCE of about $30,000, while the TD27 route (Guyana to UK Continent basis 130,000 mt) has fallen 6 points to the WS78.33, translating to a daily round-trip TCE of $29,247 basis discharge in Rotterdam. The TD6 route of 135,000 mt CPC/Augusta has been lowered to WS103.95 giving a daily TCE of about $39,500, although after publishing on Thursday WS100 was reported to have been twice, so the downward spiral will continue with perhaps the UK holiday on Monday putting the brakes on. In the Middle East, the rate for the TD23 route of 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) eased 2 points to almost WS85. Aframax In the North Sea market for the 80,000 mt Cross-UK Continent route (TD7), the rot was stopped and owners managed to pull back some of the recent losses here, adding 11 points to attain just over WS125 giving a daily round-trip TCE of about $38,600 basis Hound Point to Wilhelmshaven. In the Mediterranean, the rate for 80,000 mt Cross-Mediterranean (TD19) also turned around and recovered some ground, in the form of 14 points, to almost WS135 (basis Ceyhan to Lavera, that shows a daily round-trip TCE of about $31,800). Across the Atlantic, the market reversed again, and rates dropped on all routes. For the 70,000 mt East Coast Mexico/US Gulf route (TD26) and the 70,000 mt Covenas/US Gulf route (TD9), the rates fell around 18 points to just below WS130, which shows a daily round-trip TCE of around $23,900 and $24,400, respectively. The rate for the Transatlantic route of 70,000 mt US Gulf/UK Continent (TD25) dropped 15 points to WS124.72 giving a round-trip TCE basis Houston/Rotterdam of $26,854 per day. LNG The LNG freight market softened this week, with declines across most routes and a mixed performance in the period market. Weaker transpacific activity and limited fresh demand weighed on earnings, although isolated Atlantic resilience offered brief support. On the BLNG1 Australia-Japan route, spot rates for 174k cbm vessels declined $1,400, ending at $20,400/day, while the 160k cbm segment fell $1,200 to $12,400/day. In the Atlantic, performance was uneven. BLNG2 US Gulf-Continent saw a minimal recovery for 174k cbm vessels, rising $100 to $32,000/day. However, 160k cbm vessels declined $1,400, settling at $14,800/day. The BLNG3 route US Gulf-Japan continued to soften, with 174k cbm earnings dropping $1,200 to $37,900/day, and 160k cbm units falling $1,900 to $19,000/day. The drop underscores a cautious outlook for longer-haul transpacific trades amid reduced fixture volumes and rising tonnage availability. In the period market, six-month time charter rates strengthened by $3,550 as we move into full winter utilisation, reaching $39,000/day. Conversely, one-year TCs slipped $475 to $38,700/day, while three-year rates fell $450 to $56,100/day, suggesting that forward fundamentals are being reassessed amid shifting sentiment. LPG The LPG market experienced a decline this week, as the previous rally driven by tariff-related disruption gave way to correction. Rates across all routes fell, with sentiment cooling amid rate hikes, a closed US arb and easing vessel supply. On the BLPG1 Ras Tanura-Chiba route, rates declined by $1.67 to settle at $68.33/mt, with daily TCE earnings easing by $1,581 to $53,138/day. The softening is primarily due to increased tonnage supply in the East. In the Atlantic, the BLPG2 Houston-Flushing route dropped $2.25 to close at $60.00/mt, while TCE earnings fell by $3,163, ending the week at $61,589/day. The BLPG3 Houston-Chiba route experienced the steepest decline, losing $4.00 to finish at $113.33/mt. TCE earnings fell by $2,878, settling at $45,614/day. This correction suggests the arbitrage window is narrowing. Container As we approach the end of the second week of the temporary rollback of tariffs between China and the USA, there has been seen a big pick-up of bookings on the Transpacific trade lane (FBX01), with some sources quoting a 300 pc increase week-on-week as shippers act quickly to get goods into the USA from China whilst the pause in the huge tariffs holds. Liner companies will have no doubt welcomed these shipments as many had paused services recently with the uncertainty of the tariffs looming overhead. We saw FBX01 (China/East Asia – USA West Coast) ending the week at $27,165/FEU, $307 higher than start of the week. FBX02 (USA West Coast – China/East Asia) rates remained fairly unchanged over the week, finishing at $430/FEU. FBX03 (China/East Asia – USA East Coast) rose $190 over the week ending at $3,974/FEU. FBX11 (China/East Asia – North Europe) rates gained $71/FEU, finishing the week at $2,649/FEU. FBX12 (North Europe – China / East Asia) eased to $381/FEU. FBX13 (China/East Asia – Mediterranean) remained steady ending the week at $2,989/FEU. The BDI moved from 1,388 on May 16, 2025 to 1,347 on May 19 and 1,341 on May 23. Disclaimer:While reasonable care has been taken by the Baltic in providing the Materials, all such Materials are for general use, provided without warranty or representation, is not designed to be used for or relied upon for any specific purpose, and does not infringe upon the legitimate rights and interests of any third party including intellectual property. The Baltic will not accept any liability for any loss incurred in any way whatsoever by any person who seeks to rely on the information contained herein. All intellectual property and related rights in the Materials are owned by the Baltic. Any form of copying, distribution, extraction or re-utilisation of this information by any means, whether electronic or otherwise, is expressly prohibited. Persons wishing to do so must first obtain a licence to do so from the Baltic.
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