Mid-April 2025 finds the dry bulk market caught in a stormy swirl of trade wars, weather woes, and shifting cargo flows. Capesize rates falter under tariff pressures, panamax struggles with muted demand, yet supramax and handysize find flickers of resilience. Sanctions, port fees, and production cuts reshape routes, while AI whispers promise for efficiency. This is a sector battling headwinds with grit—let’s chart its course.

⏬ Capesize Market: Weathering the Squall

Earnings Snapshot

Capesize bulkers, the iron ore titans, sail through choppy waters as rates skid to a six-week low. The Baltic Exchange’s index averages $15,148 per day, a 9% drop week-on-week, with a mid-week dip to $14,367 before a slight rebound. March highs of $24,000 per day feel distant, with West Australia-to-Qingdao (C5) rates plunging to $7.79 per tonne (down 25% weekly, though up 35% in a day) and Brazil-to-China (C3) at $18.74 per tonne after an 18% tumble. Weak Chinese iron ore imports (down 6% year-on-year in March) and tariff shocks drag sentiment, yet fundamentals hint at stabilization.

Demand and Supply Pressures

Extreme weather batters key exporters. Rio Tinto’s Pilbara shipments fall 9% to 70.7 million tonnes in Q1, hit by four cyclones costing 13 million tonnes—2025 guidance leans toward the low end of 323-338 million tonnes. Vale’s Brazilian output slips 4% to 67.7 million tonnes, though sales rise 4% to 66.1 million tonnes. China’s Q1 iron ore arrivals drop 9%, with port stocks down 6 million tonnes to 150 million. Yet, Fearnley Securities eyes April import normalization, and Brazil’s March exports climb 8%. Tariff fears curb Pacific activity—Rio Tinto fixes Dampier-to-Qingdao at $7.70 per tonne—while Atlantic routes like Tubarao-to-West Africa hit $18.15 per tonne.

Global Headwinds

U.S.-China tariffs (145% vs. 125%) and EU countermeasures jolt the market, with Braemar noting a “freefall” tied to Trump’s trade moves. A three-month tariff pause lifts forward freight agreements (FFAs) to $16,000 per day for April and $18,000 for Q2, signaling cautious optimism. However, Vale’s vague 325-335 million tonne guidance and Colombia’s coal cuts (Cerrejon down to 11-16 million tonnes) dim cargo hopes—capesize battles to hold its course.

Iron ore is loaded at the Ponta da Madeira terminal in Brazil - For illustrative purposes

⏳ Panamax Market: Adrift in Uncertainty

Rate Struggles

Panamax bulkers, versatile grain and coal carriers, drift in a softer market. Baltic Panamax Index rates hover around $11,500 per day, down 7% week-on-week, reflecting tariff-driven gloom and weaker coal flows. Secondhand prices for five-year-old vessels fall 12% from Q3 2024 peaks, per Veson Nautical, as global uncertainty stifles demand. Activity remains subdued, with limited fixtures reported—owners eye stabilization as bunker price swings complicate voyage trades.

Regional Dynamics

Colombia’s coal output cuts weigh heavily—Cerrejon’s reduction to 11-16 million tonnes (from 19 million in 2024) slashes capesize and panamax cargoes. Exports to Asia-Pacific (South Korea: 10 million tonnes, China: 6.65 million tonnes) rise, but long voyages (55-67 days) and high freight costs deter buyers. China’s coal imports from Colombia drop to 2 million tonnes in Q1 (from 3.9 million), favoring Australian coal’s $14 per tonne CFR price edge. Panamax shipments fall 24.6% to 11 million tonnes as capesize takes share—owners face a thinning cargo pool.

Trade Shifts

U.S. port fee fears for Chinese-built ships (70% of panamax orderbooks) push buyers toward Japanese tonnage, per Pacific Basin’s Martin Fruergaard. Scaled-back fees ($18 per net tonne, rising to $33 by 2028) ease concerns, but contractual haggling looms. Glencore’s Colombian cuts and EU decarbonization shift coal to Asia, stretching tonne-miles yet exposing fragility—panamax treads water, seeking firmer ground.

Coal being loaded onto a ship in the port of Jiujiang - For illustratives purposes

⏱️ Supramax Market: Flickers of Fortitude

Earnings Resilience

Supramax bulkers, nimble mid-sizers, show grit amid market malaise. Pacific Basin’s supramax fleet earns $12,210 per day, 55% above the Baltic Supramax Index, with Q1 operating margins up 61% to $820 daily. Secondhand prices dip 9% from Q3 2024, but fleet renewal (e.g., purchasing a 2018-built 38,000-dwt handysize) bolsters efficiency. FFAs for Q3-Q4 signal $9,000-plus daily—owners hold steady, banking on cargo coverage.

Activity and Coverage

Pacific Basin covers 95% of Q2 supramax days at $12,400, with 37% of H2 at $12,090—strong bookings shield against softening. China’s equipment exports (up 10.8%) and ASEAN trade (up 7.1% to CNY1.71 trillion) lift minor bulk demand. However, iron ore weakness and Colombia’s coal volatility (February exports down 21.1% year-on-year) cap gains. Supramax thrives on flexibility—steel trades optimize port times, dodging 2024’s congestion woes.

External Forces

U.S. sanctions on Iranian oil and Chinese refiners ripple indirectly, tightening tanker markets and nudging bunker costs. Tufton Assets sees bulkers benefiting from trade rerouting—tariffs spur new routes, favoring supramax’s versatility. AI adoption, led by South Korea, streamlines claims and fixtures—supramax sails with cautious optimism, leaning on operational savvy.

⏸️ Handysize Market: Steady Under Strain

Rate Rundown

Handysize bulkers, the fleet’s smallest stalwarts, navigate with poise. Pacific Basin’s handysize earnings hit $10,940 per day, 37% above the Baltic Handysize Index, with Q2 77% covered at $11,390 and H2 25% at $10,150. Secondhand prices fall 9% from Q3 2024, yet fleet upgrades (e.g., buying a 2020-built 40,000-dwt vessel, selling 21-year-old units) keep margins firm. Operating days rise to 6,950, up 300 year-on-year—efficiency drives returns.

Market Moods

China’s Q1 export growth (6.9% to CNY6.13 trillion) and ASEAN trade surge bolster cement and grain flows, but U.S. port fee threats (exempting vessels under 55,000 dwt) shift focus to Japanese-built ships (70% of Pacific Basin’s fleet). Colombia’s coal export swings (4.2 million tonnes in February, up 54.7% month-on-month) disrupt planning—handysize leans on diversified cargoes to weather volatility.

Influencing Factors

Tufton’s Q1 earnings dip to $8 million (from $11.76 million), with a -10.4% NAV return, reflecting rate softness. Yet, the fund eyes tariff-driven rerouting as a boon—handysize’s agility suits reconfigured trades. Rio Tinto’s bauxite boom (15 million tonnes, up 12%) lifts capesize and handysize tonne-miles—handysize holds firm, banking on niche strength.

🌐 What’s Moving It: Trade and Turmoil

Cargo and Supply

Iron ore falters—Rio Tinto’s $RIO (+1,21 %)
$RIO (-1,8 %)
$RIO (-1,66 %) 9% shipment drop and Vale’s $VALE (-2,22 %)
$VALE3 (-2,44 %) 4% output decline shrink capesize cargoes, with China’s Q1 arrivals down 9%. Colombia’s coal cuts (10 million tonnes lost) hit capesize and panamax, though Brazil’s 8% March export rise and China’s equipment trade (up 10.8%) offer lift. Weather (Australian cyclones, Brazilian rains) and blockades (Colombia) disrupt flows—cargo volatility shapes the market’s pulse.

Global Forces

U.S.-China tariffs and U.S. port fees ($18-$33 per net tonne by 2028) spark uncertainty, though exemptions (small vessels, ballast arrivals) soften the blow. U.S. sanctions on Iranian oil and Chinese refiners tighten bunker markets, while Houthi strikes in Yemen add geopolitical heat. Bulkers benefit from rerouting—Tufton sees them outpacing containers—yet trade war fears cloud the horizon.

🌐 Market and Stocks: Value Amid Volatility

Stock Swings

Dry bulk stocks reel under tariff pressures. Tufton’s $SHIP Q1 profit falls to $8 million from $11.76 million, with a -10.4% NAV return as asset values slide. Pacific Basin’s $2343 (+0,77 %) shares trade at a “big discount” to NAV, prompting a $40 million buyback. Secondhand prices drop—capesize down 11%, panamax 12%, supramax and handysize 9% from Q3 2024—yet Q1 rates defy the gloom, hinting at undervaluation.

Investor Perspectives

Analysts view the sell-off as overdone. Firms with lean balance sheets (25% debt-to-asset ratios) trade at trough levels despite firm rates and high newbuild costs. Pacific Basin’s fleet renewal and margin gains (up 61%) position it for resilience, while Tufton bets on rerouting to lift yields. Veson’s Park predicts a 2026 price rebound if trade stabilizes—investors weigh near-term pain against long-term promise.

Sector Outlook

U.S. tariff pauses and scaled-back port fees lift sentiment, but Chinese tariffs threaten consumer costs. Aging fleets (15% over 20 years) and low orderbooks (down 26% in Q1) signal future tightness—2026 looms as a turning point. Stocks lag fundamentals, ripe for a rebound if tariffs ease—bulkers stand poised, undervalued in the storm.

🌐 Outlook: Choppy Yet Hopeful

Fluid Futures

Capesize lingers at $15,000-$18,000 daily—tariffs bite, fundamentals nudge recovery. Panamax at $11,000-$12,000—coal cuts sting, stabilization looms. Supramax holds $12,000-$13,000—coverage shields—resilient. Handysize at $10,000-$11,000—agility endures—steady. AI and rerouting offer upside—2026 glimmers if trade steadies.

Your Call

Will capesize rebound or handysize hold the edge? Drop your take—let’s navigate the seas! 🚢

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The dry bulk market in mid-April 2025 is wrestling with softening rates and a whirlwind of global trade tensions. Capesize battles a tonnage glut, with rates dipping despite late-week flickers of recovery, while Panamax sees soybean support erode under oversupply and macro uncertainty. Supramax and Ultramax limp along with cautious owners, and Handysize remains stagnant as tonnage builds. U.S.-China tariff wars—escalating to 145% vs. 125%—and EU countermeasures jolt sentiment, while Black Sea grain woes and Chinese-built ship fees add pressure. Companies tweak strategies, but the market’s grit is tested as of April 11, 2025.

This update dives into Capesize, Panamax, Supramax/Ultramax, and Handysize, highlighting the forces at play. From trade wars to tonnage shifts, here’s a clear, engaging rundown !

⏬ Capesize Market: Tonnage Drags, Rates Rebound

Market Trends and Rates

Capesize bulkers, the titans of dry cargo, hit choppy waters this week—average time-charter rates slid from $16,728 to $14,952 by week’s end, reflecting midweek slumps. In the Pacific, Western Australia-to-China rates dropped from $7.95 to $7.20 per tonne, clawing back to $7.70 as miners stayed active. Atlantic Brazil-to-China rates fell from $20.67 to $18.71 midweek, recovering to $19.185 with late bids, while North Atlantic fixtures softened. Spot rates settled at $14,768/day—a 6% weekly dip—though a late $401 uptick suggests a tentative floor.

Demand and Tonnage Dynamics

West Australia sees steady enquiries for late April and May, with solid Pacific cargo volumes, but spot tonnage remains heavy, and May ballasting is thick. South Brazil and West Africa keep cargo flowing in the Atlantic, yet surplus ships mute gains. One operator unwound freight hedges from $31,300/day to $23,700/day for May-June, pocketing a $900,000 gain as spot rates lagged—Newcastlemax premiums hold, but the market’s soft, leaning on late-week lifts for hope.

Tariff and Trade Impacts

U.S.-China tariffs—now 145% vs. 125%—and EU countermeasures at 25% on U.S. goods from April 15 stoke trade war fears. Analysts flag bulkers’ exposure to a potential recession and U.S. grain/coal export tariffs, though a 90-day U.S. tariff pause (excluding China) boosts stocks like some major players by over 11%. Black Sea grain forecasts disappoint—Russian wheat exports for 2025 are pegged at 41M tonnes, down from 52.4M—curtailing Capesize demand further.

⏳ Panamax Market: Oversupply Prevails, Grains Weaken

Market Performance

Panamax bulkers, the mid-size workhorses, face mounting pressure—Atlantic rates plunged as oversupply and tepid demand handed charterers the reins. Pacific rates sagged too, with scant enquiries from northern regions and Indonesia, plus a growing tonnage list widening bid-offer gaps. South America’s soybean surge—fueled by pricing—lost steam, with late April fixtures hovering at $15,250 plus a $525,000 bonus, down from prior levels. Macro clouds keep sentiment dour, despite midweek Australia-to-China rates at $11,500 for larger vessels.

Regional Dynamics

Trans-Atlantic routes bore the brunt—low demand and softer oil prices dragged rates below benchmarks. North Coast South America grains offered a lifeline, but gains faded as the week closed, with Asia’s northern basin stalling—midweek Australian demand provided a brief uptick. Black Sea grain exports—projected at 94.4M tonnes for 2025, a 16% drop—hit Panamax hard, especially with Russian volumes down sharply. Period deals stayed scarce—future uncertainty stifles action.

Tariff and Strategic Shifts

The U.S.’s 145% tariffs on China, met with China’s 125% retaliation, cast a shadow—EU’s 25% on U.S. soybeans from April 15 could redirect flows. One Greek firm shifted years ago from Capesize to smaller ships, eyeing regional trades to dodge trade war fallout—others brace for impact as U.S. grain exports face risks. Panamax clings to soybean support, but oversupply and tariffs threaten the balance.

⏱️ Supramax/Ultramax Market: Quiet Persists, Caution Reigns

Regional Activity

Supramax and Ultramax, the versatile mid-tier haulers, stayed subdued—Atlantic rates sagged under tonnage oversupply and weak backhaul demand, with U.S. Gulf fronthaul rumored in the $13,000s. South Atlantic held steady—a 63,000-dwt fixed at $19,000 to Denmark—while West Africa saw a scrubber-fitted vessel at mid-$13,000s to China. Pacific demand split—Indonesia showed life with a 64,000-dwt at $16,000 to East India, but northern routes lagged, fixing at $12,000 for a Japan round. The 11TC average slipped from $12,429 to $12,058 by week’s end—sentiment’s soft.

Market Sentiment

Owners resist rate cuts in the Mediterranean and Indian Ocean, but caution rules—period activity’s nearly stalled amid tariff war jitters. South Atlantic balances out, yet Atlantic and Pacific weakness dominates, with oversupply in Asia dragging the mood. Analysts note steel and cement—key cargoes—face tariff hits, though rerouting could offset some losses. The sector’s quiet—small positives flicker—but confidence remains elusive.

Trade and Tariff Pressures

U.S. tariffs at 145% on China, countered by 125%, and EU’s 25% on U.S. goods from April 15, per global reports, threaten Supramax/Ultramax volumes—Black Sea’s 49.5% Q1 export drop (notably ultramax at zero) adds strain. Proposed U.S. fees on Chinese-built ships widen valuation gaps—owners like one Norwegian hybrid carrier limit U.S. calls as a precaution. The market treads water—trade shifts loom—but near-term softness persists.

⏸️ Handysize Market: Stagnation Holds, Tonnage Builds

Market Conditions

Handysize bulkers, the smallest dry cargo movers, saw another tough week—Continent and Mediterranean stayed quiet, rates dipping slightly with little action. South Atlantic and U.S. Gulf weakened too—a 36,000-dwt fixed at $16,000 to West Africa, and a 39,000-dwt at $12,500 to West Med—as tonnage counts rose. Asia’s list grew all week, pushing rates down—a 38,000-dwt hit $11,500 with steel to Indonesia. Sentiment’s flat—pressure mounts, no relief in sight.

Activity and Dynamics

Activity’s minimal across basins—steady but uninspired, with owners holding rates where they can. Black Sea’s grain slump—Q1 at 9.4M tonnes, down 49.5%—clips Handysize wings, with Russian and Ukrainian drops steep. One hybrid carrier fleet reported $22,400/day Q1 earnings, down from $28,527, hit by dry bulk softness and less optimal trading—others feel the same pinch.

Tariff Considerations

U.S.-China tariff escalation and EU’s 25% on U.S. goods from April 15 could ripple to Handysize—regional pivots by firms like one Greek player aim to sidestep fallout. U.S. port fees on Chinese-built ships loom—11 of 16 vessels in one fleet are China-made, prompting U.S. pullbacks. The sector’s stuck—stable but lackluster—awaiting trade clarity.

🌐 What’s Driving It: Tariffs, Trade, and Tonnage

Global Trade Tensions

U.S. tariffs hit 145% on China, met by 125% retaliation—EU counters with 25% on U.S. goods from April 15—sparking fears of recession and trade freezes. A 90-day U.S. tariff pause (ex-China) lifts shipping stocks, but Black Sea grain deals falter—exports down 49.5% Q1—curbing bulker demand. Analysts see short-term pain, long-term tonne-mile gains as flows reroute—DNB flags dry bulk’s tariff exposure.

Market and Strategic Moves

Tonnage oversupply dogs all tiers—Pacific Capesize and Atlantic Panamax hit hardest—while Q1 newbuild orders tanked to 39 globally, with China at a 32-year low (13). Deliveries rose to 152 units, skewing small, as firms like one Norwegian hedge fund and a Greek operator shift strategies—some exit Capesize, others dodge U.S. ports over Chinese ship fees. IMO’s carbon deal falls short—30% by 2030, not enough—adding decarbonization pressure.

🌐 Outlook: Uncertain Tides

Capesize at $14,000-$15,000/day—tonnage drags, late lifts tease—trade wars key. Panamax near $11,000-$15,000/day—soybeans wane, oversupply bites—uncertainty grows. Supramax/Ultramax around $12,000/day—muted, positional—tariffs loom. Handysize steady—rates slip, no spark—flatline persists.

1 Year T/C Dry Bulk - April 9th

💬 Your View?

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The dry bulk market in early April 2025 is a tale of cautious stability and looming disruption, shaped by seasonal swings and global policy shifts. Capesize sees a Pacific rebound fade as Atlantic demand wanes, while Panamax rides a soybean wave but faces tariff uncertainty. Supramax and Ultramax stay subdued amid slow activity, and Handysize remains flat with little spark. Trump’s new U.S. tariffs—34% on Chinese imports—and sanctions on Russian grain movers are rattling trade flows, while fees on Chinese-built ships loom large. Coal cuts in Colombia and holiday lulls in Asia add to the mix. It’s a market balancing resilience with risk, with headlines driving the narrative as of April 4, 2025.

This update digs into Capesize, Panamax, Supramax/Ultramax, and Handysize, spotlighting the events shaping them. From trade wars to tonnage trends, here’s a clear, engaging breakdown—easy to read, packed with insight.

⏬ Capesize Market: Pacific Flicker, Atlantic Fade

Market Activity and Rates

Capesize bulkers, the giants of dry cargo, kicked off the week slowly with holidays in Singapore (Hari Raya Puasa), but the Pacific saw a midweek lift—Western Australia-to-China (C5) rates climbed from mid-$8 per tonne to $9.235, with miners fixing in the low $9s. By April 4, though, momentum fizzled—holidays in Hong Kong and China softened activity, pulling C5 back to $8.78. In the Atlantic, Brazil-to-China (C3) held at $21.815 by week’s end, down from $22.45 midweek, while West Africa-to-China edged lower despite steady tonnage. Baltic Exchange spot rates dropped 6% to $20,198/day, with the BCI 5TC at $18,404, signaling a bearish turn.

Demand and Tonnage Trends

West Australia enquiries for mid-April and May dates are healthy, per April 2 reports, with East Australia coal cargoes—like KLC’s $22,750 time-charter—adding support. Pacific spot tonnage tightened midweek as prompt ships cleared out, though ballasting west grew for May. The Atlantic’s North saw transatlantic cargoes fail to soak up ships, tanking the C8 index, while South Brazil and West Africa held steady early on. Allied Shipbroking notes owners banking on fresh May cargoes to revive the market after a sluggish stretch.

Tariffs and Trade Impacts

Trump’s April 2 “Liberation Day” tariffs—34% on Chinese imports—could hit steel and cement, though Greek owner Stamatis Tsantanis sees core Capesize cargoes (iron ore, coal) as less exposed. Glencore’s 5-10M tonne coal cut at Colombia’s Cerrejon mine, slashing 2025 output to 11-16M tonnes, may trim longer-haul trades to Europe and Asia, per MB Shipbrokers. Replacement volumes from Australia or Indonesia—shorter runs—could dent tonne-miles, with Colombian freight to China ($34-$35/tonne) outpacing Newcastle ($13.50/tonne).

⏳ Panamax Market: Soybean Support, Tariff Shadows

Market Performance

Panamax bulkers, the mid-tier haulers, are at a turning point—Baltic spot rates hit $13,489/day by April 1, a 5% weekly rise and 43% monthly jump, surpassing six-month highs. The Atlantic shows a split—North softens with weak mineral demand and rising tonnage, while South America’s soybean exports prop up rates, per April 2 updates. Asia’s Pacific basin faltered—holiday slowdowns and fading NoPac/Australia cargoes met owner resistance, though coal from Indonesia and South American grains lent some lift. By April 4, momentum stalled as U.S. tariff uncertainty widened bid/offer gaps.

Fixtures and Sentiment

Clarksons notes strong Atlantic fronthaul demand—e.g., an 82,000-dwt fixed at $18,750 from North Spain to Singapore-Japan, now closer to $17,000s. In Asia, an 82,000-dwt scored $15,500 for a year-long charter from China. The Baltic reports fixtures like the 87,285-dwt Climate Justice at $18,250 via East Australia to Singapore-Japan, though activity muted post-holidays. Fundamentals seem balanced, but low coal shipments and U.S. grain declines temper optimism beyond the seasonal peak, per April 2 analyses.

Tariff and Macro Pressures

Trump’s 34% tariff on Chinese imports, announced April 2, seeps into sentiment—Braemar Research warns of trade war risks, though Greek owner John Coustas sees long-term shipping gains from rerouted flows. Low coal prices and Glencore’s Colombian cuts could soften demand, while USTR’s $1M-$1.5M fees on Chinese-built ships worry charterers, per April 1 reports. The market holds firm for now—soybeans buoy it—but macro headwinds loom large.

Bulker delivers coal to a terminal in Jiujiang, in China’s Jiangxi province

⏱️ Supramax/Ultramax Market: Quiet Waters, Mixed Signals

Regional Activity

Supramax and Ultramax, the versatile smaller bulkers, stayed subdued—U.S. Gulf wavered with a 61,000-dwt fixed at $16,000 to Japan, while South Atlantic gained traction, like a 64,000-dwt at $14,500 plus $450,000 bonus to SE Asia, per April 4. The Continent-Mediterranean saw slow fixing—e.g., a 58,000-dwt at $14,000 to East Med—while Asia weakened with tonnage oversupply and holiday lulls. Indian Ocean runs, like a 63,000-dwt at $12,000 to Bangladesh, stayed lackluster, though a 61,000-dwt to WC India hit $16,000, per April 2 reports.

Market Sentiment

Global holidays muted activity—sentiment’s mixed, with U.S. Gulf fragile and Asia’s NoPac/backhaul demand poor, per April 2 updates. Slight rate upticks in South Atlantic and Continent-Med offer glimmers, but oversupply in Asia drags overall mood. Trump’s tariffs on steel and cement—key Supramax/Ultramax cargoes—could hit U.S. imports (60M tonnes annually), per AXS data, though trade shifts might offset losses, per Braemar.

Trade and Tariff Impacts

Steel imports, down from 35M tonnes (2017) to 20M (2020) in past trade wars, face new 34% tariffs—cement from Vietnam (3.8M tonnes, 46% tariff) may pivot to Turkey (6.8M tonnes, 10% tariff), per April 3 analyses. USTR’s Chinese ship fees add pressure—Clarksons sees valuation gaps widening, impacting these mid-sized fleets. The sector’s quiet—some positives flicker—but tariffs cloud the horizon.

Self-unloading cement carrier

⏸️ Handysize Market: Flatline Across Basins

Market Stagnation

Handysize bulkers, the smallest dry cargo movers, saw minimal action—Continent-Med stayed flat, with a 35,000-dwt fixed at $7,250 to NC South America, per April 4. South Atlantic and U.S. Gulf held steady—e.g., a 38,000-dwt at $15,250 to Algeria—while Asia’s gradual tonnage rise met modest demand, like a 40,000-dwt at $16,000 to China. Sentiment’s unchanged—long tonnage lists pressure rates across basins, per April 2 reports.

Sanctions and Activity

The U.S. Treasury’s April 2 sanctions hit the Russia-flagged 37,200-dwt Zafar for moving Ukrainian grain to Yemen’s Houthis—linked to Russia’s Salmi Shipmanagement, it’s a rare dry bulk blacklist. Activity stayed low—holidays and weak cargo volumes kept rates stable but uninspired. The market’s in a holding pattern—no big shifts, just quiet consistency.

Tariff Considerations

Trump’s tariffs could ripple to Handysize—steel and cement flows may reroute, though core demand holds, per Greek owner insights. USTR’s Chinese ship fees loom, but impact’s unclear on this smaller tier. For now, it’s steady but subdued—no fireworks here.

" Zafar " (picture above) carried grain from the Crimea to Houthi-controlled Saleef port on at least two occasions last year

🌐 What’s Driving It: Tariffs, Sanctions, and Supply

U.S. Policy Shifts

Trump’s 34% tariffs on Chinese imports (April 2) and sanctions on Russia’s Zafar for Ukrainian grain (April 2) disrupt steel, cement, and coal trades—Braemar sees short-term pain, long-term gains. USTR’s $1M-$1.5M fees on Chinese-built ships widen valuation gaps—Clarksons predicts 7-10% discounts, per April 2. Greek owners like Harry Vafias eye tonne-mile boosts from trade rerouting, per April 3.

Commodity and Tonnage Dynamics

Glencore’s 5-10M tonne coal cut in Colombia shrinks long-haul demand—MB Shipbrokers note shorter Australia/Indonesia runs may follow, per April 1. Holiday lulls and tonnage oversupply in Asia/Pacific weigh on rates, though Pacific Capesize and Atlantic Panamax resist softening, per April 4. Low coal prices and cautious S&P activity—Allied counts 168 dry bulk sales in Q1, down from 237—signal restraint, per April 2.

🌐 Outlook: Cautious Currents

Capesize at $18,000-$20,000/day—Pacific dips, Atlantic weakens—May cargoes key. Panamax near $13,500/day—soybeans prop, tariffs loom—stability tested. Supramax/Ultramax steady—South Atlantic lifts, Asia drags—trade shifts ahead. Handysize flat—rates hold, no spark—quiet persists.

1 Year T/C Dry Bulk - April 2nd

💬 Your Take?

Panamax riding high, or Capesize set to bounce? Drop your thoughts—let’s unpack it! 🚢

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$2020 (+4,51 %)

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$KCC (+3,36 %)

$WEST (-5,37 %)

The dry bulk shipping market in late March 2025 shows a split picture. Capesize rates softened from recent highs as Pacific activity slowed, while Panamax keeps climbing, buoyed by grain and coal demand in both basins. Supramax and Handysize hold steady but lack fireworks—Asia’s quiet, and the Atlantic’s mixed. U.S. port fee threats on Chinese-built ships stir unease, a Russia-Ukraine ceasefire cuts insurance costs, and China’s soy shift could jolt routes. It’s a market with some muscle, some stumbles, and big changes brewing.

This update tracks Capesize, Panamax, Supramax, and Handysize moves, plus what’s driving them. From rate swings to global twists, here’s the latest—clear and unpacked.

⏬ Capesize Market: Easing Off the Gas

Capesize, the bulk giants, started strong but faded—BCI 5TC dropped from $22,311 to $20,503, a 2% overnight slip to $21,810/day by week’s end.

West Australia to China (C5) fell from $9.30 to $8.65/tonne—Rio Tinto fixed $9.30 for early April—hit by muted miner activity and heavy tonnage lists.

Brazil to China (C3) slid from high $25s to $24.71/tonne, despite a $25.90 fixture on Cape Pride—South Atlantic ballast lists shrank, offering some lift.

North Atlantic saw fronthaul flickers from West Africa, but trans-Atlantic cargoes stayed scarce—sentiment’s softening as tonnage piles up.

Congestion in West Africa props up the Atlantic—spot rates stabilized near $20,000/day—yet Pacific slowdowns drag the vibe down.

Australian iron ore shipments rose 3.3% week-on-week, but China’s high inventories and flat demand cap upside—new West African supply looms for 2026.

FFA contracts peg Q2 at $21,800-$23,000/day—Allied notes a reassessment as traders eye tariffs and quieter fundamentals ahead.

Clarksons flags trade uncertainty as the year’s driver—rates hold three-month highs, but the rally’s losing steam.

⏳ Panamax Market: Grain Fuels Gains

Panamax, the mid-size haulers, broke $13,108/day—up 5.7% weekly—riding a second ECSA grain wave and solid Pacific demand.

North Atlantic fronthaul hit $17,000/day—like Falkonera’s NC South America-to-Pakistan run—while ECSA late-April stems keep bids firm, if spread wide.

Pacific strength surprised—Australia and Indonesia coal runs, plus NoPac at $15,000/day on Maine Soleil, defied China’s high coal stocks and India’s dip.

South America to Singapore-Japan fetched $15,250 plus a $525,000 bonus on Yasa Pioneer—P5 rates jumped $1,800 week-on-week as tonnage tightened.

China’s U.S. soy imports soared 84% to 9.1M tonnes in Jan-Feb—Brazil’s harvest (70% done) gears up for a Q2 surge, boosting tonne-miles.

Short-period fixes ranged $14,500-$16,500—Alpha Vision scored $14,500 for 5-7 months—showing owners’ confidence in tight prompt lists.

MB Shipbrokers see Brazil’s port congestion lifting rates—Beijing’s U.S. tariffs might flip flows, keeping Panamax hot into mid-year.

The market shrugs off seasonal lulls—Atlantic and Pacific demand align for a rare double-barreled push.

⏱️ Supramax Market: Steady but Stalled

Supramax, the smaller bulkers, stayed flat—the 11TC average wobbled with no big moves—sentiment’s cautious amid political noise.

ECSA teetered on imbalance, while Continent-Mediterranean perked up with more enquiries—US Gulf rates stuck in the mid-teens for Ultramax fronthaul.

A 63,000-dwt fixed $18,000 from Recalada to Egypt—South Africa held firm with a $15,000 Lagos-to-China run on a 64,000-dwt.

Asia sagged—downward pressure grew with thin cargoes—an Ultramax nabbed $13,000s for a NoPac round, and a 64,000-dwt got $16,000 to Bangladesh.

Backhaul was tame—a 52,000-dwt scored $15,000 Jingtang-to-Med—but fresh enquiry’s lacking, and tonnage lists lengthen.

MEG-WC India stayed hushed—cargo volumes didn’t budge—period deals were rare, though a 57,000-dwt fixed a year at $13,000s in Hong Kong.

USEC and North Atlantic tightness split some Panamax cargoes to Supramax—still, it’s a wait-and-see market with no spark yet.

Rates hover, but Asia’s lull and Atlantic’s balance keep things grounded—demand needs a kick to shift gears.

⏸️ Handysize Market: Mixed but Holding

Handysize, the smallest carriers, showed a split bag—Continent-Mediterranean stayed steady with a solid cargo book—$14,000-$15,000 trips to Morocco/Algeria.

South Atlantic and US Gulf lagged—a 39,000-dwt got $14,750 Recalada-to-Salvador, but slow fundamentals kept gains in check.

Asia hummed along—a 38,000-dwt fixed $13,300 via Dampier to China—Southeast Asia’s balance of demand and ships propped up rates.

Period action was light—a 28,000-dwt nabbed $10,350 for 3-5 months in North China—but strong fixtures signal quiet resilience.

Russia-Ukraine ceasefire cuts Black Sea insurance costs—Ukraine’s 70M tonnes of grain exports roll on, unfazed by past risks.

Grain demand’s steady, not booming—China’s 35% import drop (corn, barley) dents upside, but local stability holds the line.

It’s a mixed run—Europe and Asia chug, Atlantic drags—Handysize keeps afloat without big waves.

🌐 What’s Driving It: Trade and Tensions

Iron ore’s $100/tonne stability masks oversupply—China’s flat steel output and West Africa’s 2026 boost cap volume pops.

Panamax rides soy and coal—China’s U.S. tariffs and Brazil’s harvest could stretch tonne-miles, though grain’s soft in spots.

U.S. port fees ($1.5M/call) on Chinese ships threaten chaos—Seaboard and Tropical warn of collapse, smaller operators like World Direct face ruin.

Russia-Ukraine truce eases Black Sea costs—inspections might slow Ukraine’s 110M-tonne trade—Russia ties it to sanctions relief.

China’s grain slump (down 35%) and feed drop (1.7%) hit demand—SDTR’s Gao sees no newbuild case amid oversupply.

Tariffs and fees loom large—Clarksons flags them as the year’s wild cards—rates might swing if trade reroutes.

1 Year T/C Dry Bulk - March 26th

🌐 Outlook: Push and Pull Ahead

Capesize could settle near $20,000/day—West Africa congestion helps, but Pacific tonnage weighs—May lists grow.

Panamax eyes $14,000+/day if Brazil’s soy surge holds—U.S. tariff shifts might juice it, though coal’s iffy.

Supramax and Handysize hover—Asia needs cargo, Atlantic a nudge—$15,000-$18,000/day’s in play if demand stirs.

Fees and trade wars could jolt costs—rates look solid now, but volatility’s on deck for Q3-Q4.

💬 What’s Your Call?

Backing Panamax’s rally, or watching Capesize steady? Share your take—let’s break it down! 🚢

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The dry bulk market in late March 2025 is a mixed bag. Capesize rates, after hitting four-month highs, eased off as activity slowed, while Panamax shows uneven signs—some strength, some slippage—amid trade uncertainties. Supramax and Handysize keep a steadier pace, with Asia lifting rates despite a quieter Atlantic. U.S. tariff threats on Chinese-built ships are stirring worries, and a bauxite boom from West Africa keeps Capesize busy. It’s a market with ups, downs, and plenty to watch as the year rolls on.

This update digs into Capesize, Panamax, Supramax, and Handysize trends, plus what’s behind them. From rate shifts to trade twists, here’s the latest—clear and straightforward.

⏬ Capesize Market: Highs Fade, Demand Holds

Capesize ships, the heavyweights of dry bulk, saw rates slip to $21,190 per day—a 6% drop from last week’s $23,992 peak—after a quieter start this week.

The Pacific had a wild ride: West Australia to China (C5) hit $11.58 per tonne earlier but fell to $9.35 as miners stepped back midweek.

Brazil to China (C3) steadied at $24.485 per tonne, up slightly, with end-April cargoes—like Vale’s $VALE (-2,22 %)
$VALE3 (-2,44 %) $24.25/tonne deal—showing grit despite thinning ship lists.

North Atlantic stayed calm, though a $43,000/day transatlantic run last week raised eyebrows.

Guinea’s bauxite exports, up 45% year-to-date, and Brazil’s iron ore keep demand humming—64 ships are queued off West Africa.

Futures hint at $21,250 for April, and John Fredriksen’s 10% grab of Star Bulk signals confidence. It’s a cooldown from the highs, but the pulse is still there.

⏳ Panamax Market: Push and Pull

Panamax, the mid-sized carriers, faced a week of ups and downs—rates hovered around $12,000-$12,500 per day for key routes, down slightly overall.

The Atlantic showed flickers of life: a $17,000/day trip from South America to Asia stood out, but North Atlantic demand stayed thin, dragging sentiment.

Asia held firmer with NoPac grain runs fetching $12,500-$15,500/day, though lengthening ship lists let charterers nudge rates lower.

U.S. tariff talks—$1M fees per port call—rattle U.S. grain trades, with coal cargoes facing a 34% value hit and ag products 10-15%.

South America’s grain steadied things, but bid-offer gaps widened as players pause.

A short-term $17,000 deal for 3-5 months in China popped up, yet the market feels cautious—waiting for clearer signals.

⏱️ Supramax Market: Asia Leads, Atlantic Lags

Supramax ships, the versatile smaller haulers, notched slight gains, especially in Asia.

Indonesia’s coal runs hit $17,000-$18,000/day—like a $17,000 trip to West India—while a $15,500/day South Africa-to-Far East run showed Indian Ocean spark.

The U.S. Gulf pushed up early with a $14,000/day Baltic-to-West Africa trip, but momentum fizzled—South Atlantic and Europe stayed balanced, not booming.

A $15,000/day NoPac round in China held steady, though demand softened northward.

Tariff fears have owners dodging U.S. calls or passing fees to charterers, squeezing margins.

A 7-9 month deal at $14,000/day worldwide kept period rates alive.

Asia’s the bright spot here, with the West playing catch-up.

⏸️ Handysize Market: Quietly Firm

Handysize, the smallest bulkers, kept a low-key but solid week.

Europe’s Continent and Mediterranean ticked up—a $14,000/day Skaw-to-Morocco run showed support—while Asia’s $10,500/day alumina trip from Singapore stayed healthy.

The U.S. Gulf slumped, with a $9,250/day grain run to the USA reflecting too many ships and not enough cargo.

South Atlantic balanced out, with a $16,000/day Recalada-to-U.S. East Coast deal for larger sizes.

Steel shipments and steady flows in Asia propped up rates, despite a slight ship pile-up.

It’s not flashy, but Handysize is holding its own—small gains, small worries.

🌐 What’s Moving Things: Trade and Ships

A few big pieces are in motion.

Guinea’s bauxite surge—31.4M tonnes in Q1—and Brazil’s iron ore keep Capesize humming, though coal’s down 28% year-on-year for these big ships.

U.S. tariffs on Chinese-built vessels (41% of Pangaea’s fleet $PANL (-1,64 %) ) could slap $1M fees per call—coal feels it worst, alumina less so—pushing owners to rethink U.S. routes.

China’s shipyards shrug off the threat, flexing quality and adaptability, while U.S. revival plans lag.

New ship orders are scarce, but Guinea’s tonne-mile demand (1.32T miles) and Australia’s bauxite exports (42.6M tonnes) stretch what’s out there.

China’s consumer shift might cap commodity demand long-term—supply’s the key lever now.

1 Year T/C Dry Bulk - March 19th

🚨 Outlook: Steady with Swings

Capesize could ride bauxite and iron ore for six more weeks—$20,000+/day feels solid, but a slowdown might settle in.

Panamax has pockets of strength, especially if South America picks up, though tariffs cloud the U.S. side—rates might hover unless cargo flows firm.

Supramax leans on Asia’s buzz—$15,000-$18,000/day looks doable there—while Handysize chugs along quietly.

Tariff chaos and tight ship counts could spark volatility, but futures suggest a plateau soon.

It’s a market with some steam left, balanced by trade risks—eyes on April.

💬 What’s Your Take?

Seeing Capesize keep rolling, or Panamax finding its groove? Drop your thoughts—let’s chat! 🚢

$NMM

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$PANL (-1,64 %)

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$HSHP (+3,23 %)

$GOGL (+0,44 %)

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$KCC (+3,36 %)

$WEST (-5,37 %)