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The Capesize market faced headwinds this week, with broader macroeconomic pressures, particularly escalating US-China tariff tensions, weighing heavily on sentiment. The BCI 5TC saw significant midweek drops before recovering slightly to close the week at US$14,952, down from US$16,728 at the start. In the Pacific, a longer tonnage list persisted, and although key miners were active midweek, this was insufficient to halt the decline in C5 rates, which dropped from US$7.95 to around US$7.20 midweek before recovering slightly to close at US$7.70. In the Atlantic, pressure was also felt early in the week on the South Brazil and West Africa to China routes. The C3 index mirrored the weak sentiment, falling from US$20.67 to US$18.71 midweek, though improved activity and rising bid levels saw it recover to US$19.185 by week's end. The North Atlantic continued to see a steady flow of cargo, yet softer Trans-Atlantic and Fronthaul fixtures were reported earlier in the week.

This week in the Panamax market was significantly influenced by global macro-economic factors, causing disruptions across various regions. In the Atlantic, the trans-Atlantic routes experienced the most pressure due to minimal demand and softer oil prices, resulting in voyage fixtures equating to sub-index timecharter equivalents. The only positive note was the fronthaul grains from NC South America, although even these levels declined as the week progressed. South America saw a quieter week with second half April arrival deals consistently around the US$15,250 + US$525,000 bb mark. In Asia, the market was negatively impacted by a noticeable lack of NoPac enquiries. However, there was a mid-week improvement in demand from Australia, with rates for trips to China hovering around the US$11,500 mark for 82,000-dwt types delivery China/Korea/Japan. Period activity was limited, which was expected given the global uncertainty and an unsupportive FFA market.

With the instability emanating from the so-called Tariff War, unsurprisingly this lack of confidence again influenced the sector. Sentiment remained decidedly poor within the Atlantic as most routes lost ground. The US Gulf lacked much fresh impetus with rumours that the Supramax were seeing in the US$13,000s for fronthaul business. The South Atlantic remained positional although a 63,000-dwt was heard fixed from EC South America to Denmark at US$19,000. Elsewhere there was a bit of activity from West Africa, a scrubber fitted 63,000-dwt was heard fixed from here to China in the mid US$13,000s. The Asian arena was a rather mixed bag, with demand being seen from Indonesia whilst further north a lack of fresh impetus kept rates in check. From the south, a 64,000-dwt was heard fixed from Indonesia to EC India at US$16,000. Whilst for NoPac business a 63,000-dwt was fixed open Japan fixed a NoPac round at US$12,000. Some said period activity had almost come to a halt as the future outlook remained very unstable.  

Another challenging week for the sector with rates in both the Atlantic and Pacific regions facing continued downward pressure. The Continent and Mediterranean markets remain subdued, with very little activity reported and rates slightly lower than previous levels. In the South Atlantic and U.S. Gulf, sentiment stayed weak, as the tonnage count continues to build, further putting pressure on rates. A 36,000-dwt heard fixed for delivery Recalada trip redelivery West Africa at US$16,000 and a 39,000-dwt fixed delivery US Gulf redelivery West Mediterranean with at US$12,500. In Asia, the tonnage count has been increasing throughout the week, leading downward pressure on rates and anticipating further market softening. A 38,000-dwt heard fixed for a trip delivery Susaki 7 Apr via Korea to redelivery Indonesia with steel at US$11,500.

LR2

MEG LR2’s gradually softened this week. The TC1 75kt MEG/Japan index dropped from WS250 to WS130.28 and a TC20 90kt MEG/UK-Continent was also assessed US$271,000 lower at US$3.73m.

West of Suez, Mediterranean/East LR2’s remained dormant with the TC15 index holding stable at the US$3m level all week.

LR1

MEG LR1 freight also came down this week but to a lesser extent compared to the LR2’s. The TC5 55kt MEG/Japan index lost 6.25 points to WS139.69. A voyage west on TC8 65kt MEG/UK-Continent went from US$3.08m to US$2.86m. 

On the UK- Continent LR1’s held onto their current position and the TC16 60kt ARA/West Africa index remained at around the WS130 level with the Baltic TCE just under US$25,000 /day round trip.

MR

MRs in the MEG slowed the downward movement this week, the TC17 35kt MEG/East Africa index dropped from WS198.57 to WS190 compared to a much larger drop last week.

UK-Continent MR’s have taken a second week of downward pressure. The TC2 37kt ARA/US-Atlantic coast trip came off 21.56 points to WS132.5. The Baltic description round trip TCE for the run dropped US$3,216 to US$13,895 /day. The TC19 voyage of 37kt ARA/West Africa index continued to follow suit of TC2 and went from WS174.69 to WS153.13.

USG MRs have been tested downward for the second week on week. The TC14 38kt US-Gulf/UK-Continent went from WS120.71 to WS98.57. The TC18 the 38kt US Gulf/Brazil index dropped by 37.14 points to WS156.43 and a Caribbean run on TC21, 38kt US-Gulf/Caribbean came off US$203,571 to US$539,286.  

The MR Atlantic Triangulation Basket TCE went from US$25,173 to US$19,668.

Baltic Clean Handymax’s resurged this week in the Mediterranean, the TC6 index recharged 27.22 points to WS192.22. Up on the UK-Continent the TC23 30kt Cross UK-Continent remained flat around the WS150 mark.

The market continued on a downward trend again this week with the rate for the 270,000 mt Middle East Gulf to China trip (TD3C) falling 3 points to WS54.10 corresponding to a round-trip TCE of US$36,533 (about US$1,100/day less than a week ago).

In the Atlantic market, the rate for 260,000 mt West Africa/China (TD15) eased just over a point to WS58.19 giving a round voyage TCE of US$41,981 per day (which is about US$700/day more than a week ago). The rate for 270,000 mt US Gulf/China (TD22) has been steadily falling this week losing US$352,500 since last Friday and is currently assessed at US$8,260,000 which shows a daily round trip TCE of US$46,629 (about US$1000/day less than last Friday).

Suezmax owners have capitalised on the demand this week with the rate for the 130,000 mt Nigeria/UK Continent voyage (TD20) reclaiming 9 points to WS104.72 meaning a daily round-trip TCE of US$48,650, while the TD27 route (Guyana to UK Continent basis 130,000 mt) climbed 7 points to WS103.61 translating to a daily round trip TCE of US$47,818 basis discharge in Rotterdam. The recent issues in CPC appear to have been resolved and volumes from here have been maintained. The rate for the TD6 route of 135,000 mt CPC/Med has been steady at about the WS130 level showing a daily TCE of about US$65,500 round-trip. In the Middle East, the rate for the TD23 route of 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) has gained a point to a fraction over WS91.

In the North Sea, the rate for the 80,000 mt Cross-UK Continent route (TD7) has steadied, with rates holding in the WS135-137.5 range giving a daily round-trip TCE of US$53,221 basis Hound Point to Wilhelmshaven.

In the Mediterranean market the rate for 80,000 mt Cross-Mediterranean (TD19) has recovered 8 points to WS178.39 (basis Ceyhan to Lavera, that shows a daily round trip TCE of just under of US$60,646).

Across the Atlantic, the market improved through the week until Thursday and appears to now be gradually falling, but still not below last week’s levels. The rates for the 70,000 mt East Coast Mexico/US Gulf route (TD26) and the 70,000 mt Covenas/US Gulf route (TD9) are about 4 points above last Friday’s levels at WS225.83 and WS221.56, respectively, which shows a daily round-trip TCE of US$68,309 and US$61,039.

The rate for the trans-Atlantic route of 70,000 mt US Gulf/UK Continent (TD25) also looks to have peaked at just over WS200 on Wednesday and on Thursday was shown at WS190 (still 11 points up on last Friday’s rate) giving a round trip TCE basis Houston/Rotterdam of US$52,404 per day.

The LNG market came under slight pressure this week, with rates softening across most routes. The Atlantic basin was mixed, while the Pacific saw modest losses. Long-term charter rates also edged lower, reflecting broader caution in the market.

On the BLNG1 Gladstone–Tokyo route (174k cbm), rates dropped US$567 to US$24,700 per day. The corresponding 160k cbm rate fell more sharply by US$1,500, settling at US$14,500 per day.

In the Atlantic, the BLNG2 Sabine–UK Continent route saw a slight US$67 decrease to US$22,600 for 174k cbm ships, while 160k cbm vessels slipped by US$500 to US$12,100.

The BLNG3 Sabine–Tokyo route was the only route to show strength this week. 174k cbm carriers rose US$1,665 to US$29,500, while 160k cbm vessels gained US$498, ending at US$15,300.

The period market also experienced a downward adjustment, reflecting weaker forward sentiment. Six-month time charter rates for a 174k cbm vessel declined by US$350, settling at US$27,900/day, while one-year rates also dropped US$350 to US$32,575/day. The three-year rate was relatively stable but still edged down by US$50, closing the week at US$53,300/day.

The LPG market experienced a dramatic downturn this week, with rates plunging across all major routes amid a shock reaction to newly imposed U.S. tariffs. The sudden policy moves by the Trump administration sent ripples in the LPG trade flows and eroded confidence in forward demand.

On the BLPG1 Ras Tanura–Chiba route, rates dropped harshly by US$23.17, falling to US$33.50, while TCE earnings decreased US$22,778 to US$17,474. This marks one of the sharpest single-week declines in recent memory, reflecting a rapid cooling of Middle East–East Asia flows.

In the Atlantic, the BLPG2 Houston–Flushing route mirrored this volatility, dropping US$15.25 to US$41.25, with TCE earnings losing US$19,625, ending at US$36,607.

The BLPG3 Houston–Chiba route saw the steepest fall, with rates shedding US$28.08 to settle at US$75.17. Corresponding TCE earnings tumbled US$19,020 to US$18,727, underscoring how uncertainty and policy disruption are weighing heavily on U.S. long-haul trade to the east.

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