Baltic Exchange Weekly Report - 20 February 2026

 AT THE end of Friday February 20, 2026, the Baltic Dry Index (BDI) closed at 2043 points, a 1.19% increase or a rise of 24 points from the previous session.

Capesize

The week was defined by holiday-disrupted liquidity and gradually softening sentiment across both basins. Lunar New Year celebrations in China and across much of Asia curtailed participation early on, limiting activity and constraining momentum. Initial firmness on C5, with a major miner fixing at $9.50, proved short-lived. As the week progressed and Singapore returned, increased miner presence initially failed to provide meaningful support, with fixtures slipping back to $9.15, eroding pre-holiday gains and weighing on overall confidence. However, by Friday, two miners were active in the market, helping rates recover modestly, with C5 closing the week at $9.30 levels. In the Atlantic, South Brazil and West Africa to China remained the primary focal point but steadily softened through the week. Fixtures drifted from the mid-$23s into the low-$23s region, with occasional sub-$23s reported, reflecting lengthening ballaster lists and fresh March stems entering a market already skewed toward supply. However, by week’s end there were signs of stabilisation, with reports of fixtures edging back toward the upper $23s. The North Atlantic saw minimal fresh impetus, with limited cargo flow and weaker transatlantic levels reinforcing the subdued tone. 

Panamax

This week highlighted an increasingly pronounced divide between the Atlantic and Pacific basins. In the Atlantic, sentiment gradually weakened, with the P1A index posting consecutive declines as prompt transatlantic enquiry slowed and vessel supply moved back into balance with demand. The earlier upswing lost traction, and rates across the main routes appeared to stabilise, suggesting the market is approaching a near-term floor. Overall activity remained steady but lacked the urgency seen in previous weeks.

By contrast, the Pacific market maintained firm momentum despite the Lunar New Year holidays. Healthy cargo volumes, tight prompt tonnage in Indonesia and continued stems from Australia and the North Pacific underpinned steady gains in the P3A. Strengthening period interest also supported backhaul demand, with the P5TC average closing the week at $16,543.
  

Ultramax/Supramax

The market adopted a cautious stance this week, shaped by ample tonnage in some regions and positional dynamics in others. The Continent and Mediterranean showed a softer tone overall, with limited fresh activity reported; a 64,000-dwt open Antwerp 14-15 February fixed a trip to Tampa-Veracruz with steel products at $13,500. Early-week support in the US Gulf and South Atlantic gradually faded, as momentum in the Gulf reversed amid limited fresh enquiry and softer rate discussions, while the South Atlantic appeared more balanced with fronthaul demand losing steam. A 58,000-dwt open Rio Haina 26–28 February was placed on subjects for a SW Pass to East Mediterranean with grains at $22,000, and a 64,000-dwt fixed delivery Recalada to Chittagong at $17,500 plus a $750,000 ballast bonus. In Asia, trading conditions remained flat and lacklustre due to the Lunar New Year holidays and reduced market participation, with fundamentals broadly unchanged throughout the week.

Handysize

This week, trading activity was heavily influenced by the Lunar New Year holidays, resulting in subdued conditions across the Pacific, while the Atlantic basin provided the main source of support. The Atlantic market held a firm tone, with steady demand from the Continent, EC South America, and the US Gulf, underpinned by tighter prompt tonnage in select areas. A 39,000-dwt open Baltic was reported fixed to the East Mediterranean with scrap at $23,000, while a 41,000-dwt secured a trip from SW Pass to Puerto Cabello at $22,500. In contrast, sentiment in Asia remained soft, as limited fresh enquiry and a lengthy tonnage list kept rates hovering around previous levels; a 41,000-dwt was fixed for a trip from Saganoseki to the Continent at $13,000. Period activity was minimal, though a 38,000-dwt was concluded from SW Pass for about four to six months with Atlantic redelivery at $17,000.

Clean

LR2

Freight levels on MEG LR2’s were flat this week. The TC1 75kt MEG/Japan rate remained around WS165 with the corresponding TCE hovering just over $36,000/day on Baltic description round trip.
A voyage west on TC20 90kt MEG/UK-Continent also held stable this week at the $4.0 million mark.
The TC15 80kt Mediterranean/East index continued along its current path and just ticked below $4.9 million this week.

LR1

MEG LR1’s managed to recover a little late in the week. The TC5 55kt MEG/Japan index went from WS178 to WS183.
A run west on TC8 65kt MEG/UK-Continent ended the week with the index down, dipping just below $3.1million.
On the UK-Continent, LR1 freight was unchanged this week, with the TC16 60kt ARA/West Africa index still around WS160-161.

MR

MR freight in the MEG managed to recover a little this week. The TC17 35kt MEG/East Africa index added 20 points to WS212. This took the Baltic TCE for the route back up to $19,300 /day round trip.

On the UK-Continent, MRs felt muted this week. The TC2 37kt ARA/US-Atlantic Coast index was assessed 15 points lower than last week at WS125 with the Baltic TCE for the round trip at $6,700/day.

In the US Gulf, MR freight dropped and then resurged this week. The TC14 38kt US Gulf/UK-Continent run is currently assessed at WS253 after beginning the week at WS228 and bottoming out at WS210 mid-week. The Baltic round trip TCE for the run is now at $33,200/day. The Caribbean voyage on TC21, 38kt US-Gulf/Caribbean is presently marked at $1.33 million following a similar pattern throughout the week.

The MR Atlantic Triangulation Basket TCE went from $37,700/day to $40,200/day.

Handymax

In the Mediterranean, Handymax’s on TC6, 30kt Cross-Mediterranean index dropped a further 16 points to WS195 this week.

The TC23 30kt Cross UK-Continent route came down 18 points this week to WS237 which still generates $31,000/day on Baltic TCE round trip.

VLCC

The VLCC market freight levels recovered and continued climbing throughout the week, despite the Lunar New Year holidays in the Far East. The rate for the 270,000mt Middle East Gulf to China trip (TD3C) is nearly 26 points firmer at WS163.28 which corresponds to a daily round-trip TCE of $151,208 for the standard Baltic VLCC.
In the Atlantic market, the rate for 260,000mt West Africa/China (TD15) rose by 22 points to WS146.38 giving a round voyage TCE of a little over $130,650. The US Gulf to China route (TD22) has risen by over $766,000 to about $14,680,000 which means a daily round trip TCE of just under $100,000.

Suezmax

In the Suezmax sector, all routes have made slight improvements. The rate for the 130,000mt Nigeria/UK Continent voyage (TD20) trip gained 6 points to WS163.61 which translates into a daily round-trip TCE of just over $73,400 and the TD27 route (Guyana to UK Continent basis 130,000mt) had 4 points added to almost WS158 giving a daily round trip TCE of just over $71,900. In the Black Sea, rates for the TD6 route of 135,000mt CPC/Augusta recovered 1.5 points to WS201, meaning a daily TCE of just under $117,680. In the Middle East, the TD23 route of 140,000mt Middle East Gulf to the Mediterranean (via the Suez Canal) firmed by about 3 points to close to WS119.

The new Baltic route of 145,000mt USG/UKC (TD33), had 2 points added at WS135.

Aframax

In the North Sea, the rate for 80,000mt Cross-UK Continent route (TD7) remained flat at the WS190 level, giving a daily round-trip TCE of about $93,450 basis Hound Point to Wilhelmshaven.

In the Mediterranean, the rate for 80,000mt Cross-Mediterranean (TD19) regained 11 points to WS261.5 (basis Ceyhan to Lavera, that shows a daily round trip TCE of about $97,500).

Across the Atlantic, the market lost upward momentum and rates rescinded, although remain very firm on all the Baltic routes. The 70,000mt East Coast Mexico/US Gulf route (TD26) lost almost 45 points to about WS333.5 (giving a daily round-trip TCE of over $105,100) and the 70,000mt Covenas/US Gulf route (TD9) retracted by 36.5 points to the WS325 level (translating into a daily round trip TCE of about $93,800).

The rate for the transatlantic route of 70,000mt US Gulf/UK Continent (TD25) slid back 10 points to WS285 which gives a round trip TCE basis Houston/Rotterdam of just over $77,200/day.

On the Vancouver exports, the rate for TD28 (80,000mt crude oil Vancouver to China) slipped by $25,000 and is now assessed at $3,487,500, while TD29 (80,000mt crude oil Vancouver to Pacific Area Lightering point off the USWC) gained a further 15 points to be assessed at WS278.75.

LNG

The LNG spot market saw a strong week, with the Atlantic firming and the Pacific remaining flat. With a few uncovered cargoes in the West and a tightening tonnage list at the front end of the fixing window, it led to an upward correction in rates.

On the BLNG1 Australia–Japan route, 174k cbm vessels slipped $400 to $27,400/day. The Pacific market remained relatively balanced, due to most players being away for the Lunar New Year holidays.

In contrast, the BLNG2 US Gulf–Continent route jumped $12,200 to $35,000/day. A few prompt cargoes and a shrinking Atlantic position list forced charterers back into the market. Similarly, the BLNG3 US Gulf–Japan route surged $11,802 to $35,802/day.

In the time-charter market, sentiment improved slightly. The six-month rate rose $2,250 to $26,150/day, the one-year term increased $1,050 to $39,125/day, and the three-year period firmed $500 to $60,500/day.

LPG

The LPG market regained momentum this week as participants gradually returned following the Lunar New Year holidays in the East. Improved enquiry and a pickup in fixing activity lent firmer undertones across all major routes, particularly toward the end of the week.

On the BLPG1 Ras Tanura–Chiba route, rates rose $3.00 to $96.33, with TCE earnings increasing $3,450 to $85,692/day. After a relatively subdued start, renewed Asian interest helped push levels higher into the close.

The BLPG2 Houston–Flushing route edged up $0.75 to $84.50, while TCE returns improved $821 to $88,465/day. The Atlantic market remained comparatively steady, but stronger sentiment from the East and incremental cargo activity provided support.

Similarly, the BLPG3 Houston–Chiba route gained $2.50 to $151.67. TCE earnings climbed $2,084 to $77,874/day, reflecting improved long-haul economics as charterers re-engaged and tonnage availability tightened slightly.

Container

It was announced this week that Hapag Lloyd has agreed a deal to buy the Israeli carrier Zim, this will reinforce Hapag Lloyds position as the fifth biggest liner carrier in the world. Although not directly geographically linked, rising tensions in Iran could also delay a Red Sea return for many carriers that may have been contemplating it, but at the same time the longer the carriers navigate around the Cape of Good Hope the longer they keep their tonnage more fully occupied and rates at a premium compared with a Red Sea return that will free up capacity and likely lower rates. FBX01 (China/East Asia – USA West Coast) has decreased by $45 from last Friday, ending the week at $1,833. FBX03 (China/East Asia – USA East Coast) remained range bound, ending the week at $3,028 down $19 week on week. FBX11 (China/East Asia – North Europe) increased by $82 from the end of last week, today at $2,489. FBX13 (China/East Asia – Mediterranean) was positive this week up $89 against last Friday closing the week at $3,794.