Baltic Exchange Weekly Report - 27 June 2025

Capesize

The Capesize market experienced a marked decline this week, with sentiment steadily weakening amid persistently low activity across both the Atlantic and Pacific basins. A key factor was the prolonged absence of all major C5 miners in the Pacific, which led to mounting vessel supply and further dampened sentiment.

As a result, C5 fell sharply by week’s end to mid-high $6.00 levels, down significantly from recent highs of $10.00–$11.00. While East Coast Australia coal cargoes offered some support, it was insufficient to offset the lack of iron ore activity. In contrast, the South Brazil and West Africa to China markets saw sporadic improvements, but momentum was inconsistent and fixing levels steadily eroded, with C3 rates dipping into the very low $20.00s. The North Atlantic showed more stability, supported by fresh cargo and a relatively balanced tonnage list, although fixtures were limited and rates softened towards the end of the week. Overall, the BCI 5TC shed $4,959, dropping from above $23,000 to settle at $18,408. 

Panamax

A compelling week in the Panamax market. The North trans-Atlantic runs providing numerous points of discussion, with wide ranging views on where true market value lay as West Med v Continent deliveries differentiated somewhat, however the overriding sentiment on the week continued to be positive. An active week too ex-South America, above index rates were achieved for pre-index dates arrival, whilst there returned only a brace of second half July arrival deals concluded, generally basis delivery APS load port around the $15,500 + $550,000 mark. The Asian basin saw decent volume ex-Australia and towards the end of the week ex NoPac, circa $13,000 the mean average for the 82,000-dwt types basis index duration trips, whilst ex Indonesia and with tight tonnage count persisting in the south rates improved around $1,000 across the week to close around the $11,750 mark. Limited period activity of note but included reports of a 95,000-dwt delivery Japan achieving $11,250 basis 4/7 months. 

Ultramax/Supramax

Overall, the sector was described as positional over the last week. The Atlantic saw mixed blessing for owners’ as limited fresh enquiry from the US Gulf led to a drop in rates, at the beginning of the week a 58,000-dwt was reported fixed delivery Houston for a trip Nigeria at $20,000. However, activity remained from the South Atlantic, although fixing information was limited. The Asian arena fared better, as increased demand from Indonesia and the NoPac saw positive sentiment return to what has been a rather dull period. A 63,000-dwt fixing delivery Singapore trip via Indonesia redelivery China in the high $13,000s. Whilst from the NoPac, a 58,000-dwt open China fixed a round voyage redelivery China at $12,000. The Indian Ocean saw slightly better demand from South Africa, a 63,000-dwt fixing delivery Port Elizabeth trip to China with manganese ore at $14,000 plus $140,000 ballast bonus. Period action remained, a 63,500 new building fixing ex yard China in the mid to high $13,000s for a year’s trading.  

Handysize

This week, the market saw a mixed performance with modest shifts across both basins.  The Continent and Mediterranean regions remained subdued, with rates slipping below previous levels as the soft trend persisted. A 35,000-dwt heard fixed delivery Canakkale via CVB to the West Mediterranean with grains at around $6,750. In contrast, the South Atlantic maintained its momentum, though the U.S. Gulf market slowed toward the weekend, showing signs of weakening support. Notable fixtures included a 38,000-dwt open Santa Marta fixed delivery Barranquilla redelivery ARAG with metcoke at $17,500 and a 39,000-dwt fixed delivery Mobile redelivery Continent at about $20,000. In Asia, market conditions remained steady, with a balanced cargo-to-tonnage ratio keeping rates largely flat. A 35,000-dwt vessel was fixed from Phu My for a South China to Southeast Asia trip with iron ore at $12,500. Period interest was relatively active in both basins. A 38,000-dwt open in Houston was placed on subjects for a short period, while a 40,000 DWT newbuilding open in Hong Kong was fixed on a period basis at an index-linked rate of 118%. 

Clean

LR2

Steam came pouring out of the LR2 freight in the MEG this week. The TC1 75kt MEG/Japan index dropped 43.89 points to WS168.33. A TC20 90kt MEG/UK-Continent trip also went from $5.3mill to $4.29mill. 

West of Suez, Mediterranean/East LR2’s also dropped below the $3mill mark this week coming down $190,000 to $2.95mill for a TC15 description run. 

LR1

MEG LR1’s also came down this week. The TC5 55kt MEG/Japan index went from WS216.88 to WS2181.25. A voyage west on TC8 65kt MEG/UK-Continent also came off to the tune of $914,290 to $3.17mill. 

On the UK- Continent LR1 freight levels held flat for the sixth week in a row. The TC16 60kt ARA/West Africa index remained at the WS115 level. 

MR

MRs in the MEG also saw their freight crash dramatically this week. The TC17 35kt MEG/East Africa index as a result was cut down by 129.6414 points to WS226.07. 

UK-Continent MRs came down modestly this week. The TC2 37kt ARA/US-Atlantic coast went from WS115.63 to WS107.5. The Baltic Time Charter equivalent round trip, as a result continued down to the $7,085 level. 

USG MRs stole the show this week. The TC14 38kt US-Gulf/UK-Continent trip went cruising on up to WS240 mid-week to then recorrect down to WS216.43, ultimately climbing 57.86 points across the week. A Caribbean trip on TC21, 38kt US-Gulf/Caribbean also finally assessed $539,286 better than last week at $1.35mill. 

The MR Atlantic Triangulation Basket TCE went from $25,392 to $36,131.

Handymax

The Mediterranean Handymax of TC6, 30kt Cross Mediterranean, spiked at WS203.06 but has since returned to WS186.11. Up on the UK-Continent the TC23 30kt Cross UK-Continent dropped modestly from WS141.67 to WS135.28. 

VLCC

The Iran/Israel ‘ceasefire’ seems to have quelled nerves and as a result the market has slackened considerably. The rate for the 270,000 mt Middle East Gulf to China trip (TD3C) has lost all recent gains and collapsed 26 points to WS55.50 corresponding to a daily round-trip TCE of $35,281.

In the Atlantic market, the rate for 260,000 mt West Africa/China (TD15) has fallen 12.5 points to WS60.13 giving a round voyage TCE of $41,319 per day. In the US Gulf region, the rate for the TD22 route of 270,000 mt US Gulf to China has eased by nearly $300,000 to a little less than $7,700,000 which shows a daily round trip TCE of about $38,700.

Suezmax

The Suezmax market has been relatively flat this week with the main focus of attention being on the bigger cousins. The rate for the 130,000 mt Nigeria/UK Continent voyage (TD20) remains at WS89.72 meaning a daily round-trip TCE of $36,180 (which is actually an increase of over $1,600 per day). The TD27 route (Guyana to UK Continent basis 130,000 mt) added 1 point to WS87.5 translating to a daily round trip TCE of about $34,400 (over $2,000 per day up from last Friday) basis discharge in Rotterdam. The TD6 route of 135,000 mt CPC/Augusta remained around the WS104 level giving a daily TCE of a little over $38,200 (about $1,600 per day better than a week ago). In the Middle East, as tensions eased, so did the market. The rate for the TD23 route of 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) has been reduced by 3 points to about the WS100 mark.

Aframax

In the North Sea market for the 80,000 mt Cross-UK Continent route (TD7) the rate eased 2 points to the WS120 level giving a daily round-trip TCE of about $31,700 basis Hound Point to Wilhelmshaven. 

In the Mediterranean, the rate for 80,000mt Cross-Mediterranean (TD19) is firmer by just over 8 points at WS139.44 (basis Ceyhan to Lavera, that shows a daily round trip TCE of a little over $32,200). 

Across the Atlantic, the shorter routes the Baltic Exchange produces has had a yo-yo week with rates climbing on Monday, falling Tuesday, and rising again on Wednesday. Overall, the 70,000 mt East Coast Mexico/US Gulf route (TD26) and the 70,000 mt Covenas/US Gulf route (TD9) has risen about 14-15 points week-on-week to the WS154 level and WS150, respectively. This translates into a daily round-trip TCE of about $32,500 and $30,500. 

The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent (TD25) similarly ballooned nearly 20 points on Monday and has now steadily shrunk back to WS143.06, an increase of 5 points overall week-on-week, giving a round trip TCE basis Houston/Rotterdam of a little over $32,100 per day.

LNG

The LNG market had a week of mixed fortunes with rates for the 160K cbm and 174K cbm pushing up in the Pacific. Elsewhere rates seem to peak earlier in the week and are sliding down now. 

On the BLNG1 Australia–Japan route, rates improved by $11,000 per day for 174K cbm vessels to $44,000 per day, while 160K cbm ships rose $3,400 per day to $21,000 per day. 

Atlantic basin routes came out as weaker on Friday, having peaked on Tuesday. BLNG2 US Gulf–Continent on the 174K cbm rates climbed to $50,500 then fallen back today to $47,400 per day, a week-on-week loss of $1,900 per day. For the 160K cbm ships, rates peaked at $30,500 earlier in the week and are today assessed at $28,600 per day, a weekly gain still of $1,700. 

BLNG3 US Gulf–Japan rates peaked earlier in the week, showing $62,300 per day for the 174K cbm vessels on Tuesday and today at $58,400 per day, a week-on-week loss of $2,100 per day. The 160K cbm ships also topped-out earlier in the week at $40,000 per day and are assessed today at $36,700 per day, a week-on-week gain of $300 per day. 

Time charter markets also firmed. Six-month TC rates were published at $56,900, 12 months at $51,500- and 3-year rates at $63,000. All are firm improvements upon last week. 

LPG

The LPG market showed signs of stability translating to modest drops in freight levels this week. 

The BLPG1 AG–Japan route saw a drop down of $6.25 to settle at $80.583 per metric ton, taking TCE earnings down by $5,365 to $66,638 per day. 

The BLPG2 US Gulf–Continent route also posted a small drop, shedding $2.31 to finish at $69 per metric ton. The corresponding TCE went from $74,742 to $73,539 per day. 

The BLPG3 US Gulf–Japan route held resolute to settle at the end of the week at $124.4 per metric ton (-$1.03), with TCE earnings remaining at the $54,000 per day. 

Container

With the 90-day pause in tariffs imposed by the USA set to end on 8 July, only a deal with the UK has been finalised so far. This means the US will either reimpose tariffs on other countries or grant a further extension. It will be interesting to see the outcome and the potential knock-on effects on the liner market. 

The conflict in the Middle East has calmed down for now with a Ceasefire in place, and as most container vessels transit via the Cape rather than the Suez, the liner market remains mostly unaffected. 

FBX continued to see a weakening of rates on services from Far East to both coasts of the USA. 

FBX01 (China/East Asia – USA West Coast) ended the week at $3,271/FEU, down $1,245/FEU from the same time last week and down $2,660 on a fortnight ago. FBX03 (China/East Asia – USA East Coast) is today at $5,975/FEU down from $7,177/FEU last Friday, off by $1,202 in a week.   

FBX rates to the Continent and Med from the Far East remained pretty steady all week, with just the Med slightly off. 

FBX11 (China/East Asia – North Europe), finished the week at $2,971/FEU, up $5 on last week and FBX13 (China/East Asia to Mediterranean) rates ended at $4,171/FEU down $189 on the end of last week.