A weekly round-up of tanker and dry bulk market (June 19, 2026)

This report is produced by the Baltic Exchange.

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The market staged an impressive late-week recovery to finish on a significantly firmer footing, with improving sentiment driven primarily by renewed strength in the Pacific. Having come under pressure through the early part of the week, the market reversed course, with the BCI 182 5TC climbing sharply to close at US$37,631, up from US$36,756 at the start of the week. The turnaround was led by a resurgent C5 market, where rates rallied from around US$10.80 on Wednesday to fixtures being concluded at US$12.50 by Friday, supported by healthy cargo volumes, sustained miner activity, and a more confident owner stance. The Atlantic remained the weaker basin for much of the week, with limited fresh enquiry and a wide gap between charterers’ bids and owners’ expectations restricting trading activity. However, conditions improved into the close, with sentiment becoming noticeably more constructive. While fixtures remained limited, C3 bids strengthened to around US$31, with owners holding firm in the US$32.50-US$33 range, suggesting the market may finally be finding a floor after several sessions of heavy pressure. Although an increasing number of ballasters heading west continues to temper the medium-term outlook, the stronger finish on both sides of the market leaves sentiment entering the new week on a considerably more positive note.

The week saw a clear divergence between Atlantic and Pacific markets. In the Atlantic, sentiment remained positive despite fluctuating activity, with an 81,000dwt fixing for a trans-Atlantic round at US$21,000 and another 83,000dwt at US$20,750. Tight prompt tonnage in the North Continent and West Mediterranean supported rates, with some fixtures achieving premiums for earlier windows, such as an 85,000dwt fixing for US$22,500 for a trans-Atlantic round. Overall, supply and demand appeared balanced, with steady enquiry for both trans-Atlantic and fronthaul routes.

Conversely, the Pacific market weakened. Limited cargo volumes, subdued demand from Australia and the North Pacific, and a growing surplus of prompt tonnage pressured rates, with an 82,000dwt fixing a North Pacific round at US$21,750 early in the week falling to around US$17,000 later. Period activity was seen early on, with an 82,000dwt fixing for one year at US$17,800, alongside shorter cover including a 96,000dwt fixing for two laden legs at US$23,250 and a 76,000dwt fixing at US$18,250.

The index climbed on a daily basis this week driven by the strengthening Atlantic market, whilst the Asian market remained fairly static. North America was very active especially on early positions as charterers looked to cover prior to the upcoming holidays with 63,000dwts fixing at around US$32,000 for trips to the Far East and similar vessels fixed into the Mediterranean at around US$33,000.The Continent saw pockets of activity with a 63,000dwt fixed for scrap at US$25,750 to the East Mediterranean whilst the East Mediterranean market itself saw consistent strong demand throughout the week including very strong fronthaul fixtures of US$24,500/US$25,000 delivery East Mediterranean for trips via EC South America to the Far East. Asia was more subdued although rates largely remained unchanged with a 64,000dwt covered at US$25,000 delivery CJK for a trip to West Africa, and a large number of fixtures reported from South Africa at the start of the week. Period interest remained and there was a report of a 64,000-dwt new building delivery ex yard November/December being fixed at US$17,500 for three years.

Overall, the Handy market trended firmer over the week, supported by continued gains in the South Atlantic and US Gulf, while the Continent and Mediterranean remained steady and Asia stayed broadly balanced. In the Continent and Mediterranean, activity remained relatively muted, with charterers keeping bids close to last-done levels; a 37,000dwt vessel was reported fixed from the Baltic to the West Mediterranean at US$13,500. The South Atlantic and US Gulf continued to firm, supported by stronger bids and improving confidence. A 35,000dwt was reported fixed from Recalada to Fortaleza at US$25,000, while a 36,000dwt open Puerto Cabello on June 20-21 was placed on subjects from SW Pass to the UK-Continent at US$23,500. Asia remained broadly balanced, with fixtures including a 40,000dwt fixing two laden legs in the US$19,000s and a 31,000dwt placed on subjects from North Vietnam to the Arabian Gulf in the US$20,000s. Period activity also emerged, with a 40,000dwt vessel fixed from Coatzacoalcos for four to six months at US$18,500.

LR2

The TC1 75kt MEG/Japan index lost six points this week to WS492.

A voyage west also freighted down this week with the TC20 90kt MEG/UK-Continent index going from US$10.1 million to US$9.31 million.

The TC15 80kt Mediterranean/East index appears to have bottomed out around the US$4.3 million mark this week, with the corresponding TCE at just over US$22,000 /day on Baltic description round trip.

LR1

The TC5 55kt MEG/Japan index also came off another 8.12 points this week to WS511.

A run west on TC8 65kt MEG/UK-Continent saw the index drop US$357,000 to US$8.28 million.

MR

The TC17 35kt MEG/East Africa index dropped a 187 point chunk this week and currently sits at WS542.

On the UK-Continent, MR freight ticked down gently this week. The TC2 37kt ARA/US-Atlantic Coast dropped six points and currently sits at WS136, with the Baltic TCE for the round trip now at US$6,000/day.

In the US Gulf, MR freight levels crashed this week. The TC14 38kt US Gulf/UK-Continent index lost 19 points to WS152. The Baltic round trip TCE for the run is now at US$10,300 /day. The Caribbean voyage on TC21, 38kt US-Gulf/Caribbean dropped off by 37% this week to US$603,000 with the corresponding TCE dropping to its current US$13,500 /day on Baltic description.

The MR Atlantic Triangulation Basket TCE went from US$33,900/day to US$20,300/day.

Handymax

In the Mediterranean, Handymax rates looked to have reached a floor with the TC6, 30kt Cross-Mediterranean index currently pegged at WS189, translating to US$17,100/day on Baltic TCE round trip.

The TC23 30kt Cross UK-Continent held flat in the WS220's this week still giving US$22,200/day on Baltic TCE round trip.

The panellist assessment for the TD3C route (270,000mt Middle East Gulf to China) climbed this week with the index now up to WS450.56, which corresponds to a daily round-trip TCE at close to US$461,000 for the standard Baltic VLCC. TD34 (Gulf of Oman/China) was assessed on Thursday at WS218, about 73 points up on last Friday.

In the Atlantic market, the rate for the 260,000mt West Africa to China route (TD15) firmed again this week, rising from WS124.13 to WS182.81 giving a round voyage TCE of US$161,594, while the US Gulf to China route (TD22) rose US$2,677,778 to US$19,566,000 which gives a daily round trip TCE of just over US$133,000. 

In the Suezmax sector the rate for the 130,000mt Nigeria/UK Continent voyage (TD20) trip rose circa 11 points to WS169 which translates into a daily round-trip TCE of US$73,100. The TD27 route (Guyana to UK Continent basis 130,000mt) also improved, rising from WS156 to WS163, giving a daily round trip TCE of just over US$70,700. The Baltic route of 145,000 mt USG/UKC (TD33), climbed a modest 1.67 points to WS140 level.

In the Black Sea, rates for the TD6 route of 135,000mt CPC/Augusta remained flat at the WS215 level, meaning a daily TCE of US$125,176.

In the North Sea, the rate for 80,000mt Cross-UK Continent route (TD7) dropped a marginal 7.92 points to the WS140 mark, giving a daily round-trip TCE of close to US$40,600 basis Hound Point to Wilhelmshaven.

In the Mediterranean, the rate for 80,000mt Cross-Mediterranean (TD19) dipped by another 14 points to WS187, basis Ceyhan to Lavera this shows a daily round trip TCE of just over US$50,300.

Across the Atlantic, the market has softened again this week. The 70,000mt East Coast Mexico/US Gulf route (TD26) fell from WS192 to the WS173 level giving a daily round-trip TCE of about US$32,000. The 70,000mt Covenas/US Gulf route (TD9) dropped from WS189 to WS167 (translating into a daily round trip TCE of just over US$32,700).

The rate for the trans-Atlantic route of 70,000mt US Gulf/UK Continent (TD25) fell 20 points to WS163.89 which gives a round trip TCE basis Houston/Rotterdam of just over US$30,100 per day.

On the Vancouver exports, the TD28 (80,000mt crude oil Vancouver to China) saw freight levels soften again, losing US$40,000 end of this week to US$3,130,000 (giving a round trip TCE of about US$48,200 per day) while TD29 (80,000mt crude oil Vancouver to Pacific Area Lightering point off the USWC) lost seven points to WS228.

The LNG market experienced a quieter week overall, with rates lowering across most routes as market participants continued to monitor developments in the Middle East.

On the BLNG1 Australia-Japan route, rates eased by US$1,667 week-on-week to settle at US$80,200 per day. The Pacific market remained relatively balanced, with a more cautious sentiment but steady fixing activity.

The BLNG2 US Gulf-Continent route saw a more notable correction, falling US$11,900 to close at US$92,500 per day. Activity remained subdued throughout the week, with uncertainty surrounding future cargo flows weighing on sentiment and gradually pressuring rates lower.

Similarly, the BLNG3 US Gulf-Japan route declined US$11,200 week-on-week to settle at US$103,100 per day. Long-haul economics softened as the market retraced some of the gains seen during the recent period of heightened volatility, resulting in weaker sentiment towards the end of the week.

In the time-charter market, sentiment was mixed but broadly stable. The six-month rate edged up by US$500 to US$101,400 per day, while the one-year term slipped US$234 to US$80,033 per day. Further out the curve, the three-year period firmed modestly by US$200 to US$80,200 per day.

The LPG market softened this week as arbitrage economics weakened following recent developments in the Middle East. While activity remained present, sentiment deteriorated as trading opportunities narrowed, placing downward pressure on freight rates across all major routes.

On the BLPG1 Ras Tanura-Chiba route settled at US$199.38. With TCE earnings closing at US$194,459 per day.

The BLPG2 Houston-Flushing route saw the largest decline in the Atlantic, falling US$36.50 week-on-week to settle at US$110.00. TCE earnings dropped by US$48,468 to US$119,975 per day. Similarly, the BLPG3 Houston-Chiba route corrected lower, declining US$69.83 to finish the week at US$190.00, while TCE returns fell by US$51,263 to US$101,151 per day.

We have witnessed another week of liner operators attempting to “make hay whilst the sun still shines” with rate increases across the board on all the major container trade routes. The cross Pacific trade route FBX01 (China/East Asia-US West Coast) increased by US$1,255 since the end of last week and is up US$2,866 since the start of the month. Rates from the East to the USEC represented by FBX03 (China/East Asia-US East Coast) continued their climb to US$8,077 per FEU, the longest voyage commanding the highest rate currently, up by US$1,413 week on week and US$2,995 up on the start of the month. Rates into the North Continent FBX11 (China/East Asia -North Europe) increased by US$651 week on week, settling the week at US$4,840 and up US$1,872 from the end of May’s level. 

Rates into the Mediterranean FBX13 (China/East Asia-Mediterranean) increased by US$1,033 since last Friday, ending the week at US$6,465, up US$1,033 from the end of last week.

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