A weekly round-up of tanker and dry bulk market (July 24, 2026)

This report is produced by the Baltic Exchange.

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The market regained momentum over the course of the week, recovering from a subdued opening to finish on a significantly firmer footing as confidence returned across both the Pacific and Atlantic basins. Early weakness was driven by limited activity and a lack of fresh enquiry, leaving owners under pressure and voyage rates drifting lower. However, sentiment improved steadily as fresh cargoes emerged and buying interest returned, lifting the BCI 5TC from its early-week low of US$31,768 to finish the week at US$38,860. The Pacific market found renewed support despite relatively restrained miner participation for much of the week, with activity increasing towards the close as two major miners re-entered the market alongside increased operator activity and a pick-up in coal cargoes, steadily pushing C5 levels into the upper US$12.00s. In the Atlantic, the recovery proved more pronounced, with sustained fixing activity from both South Brazil and West Africa driving C3 sharply higher as charterers progressively raised bids to secure August positions. By the end of the week, owners' confidence had strengthened noticeably, with offers advancing into the US$35s-US$36s region.

The market weakened steadily throughout the week, with negative sentiment persisting across both basins as limited enquiry and cautious participation continued to pressure rates, reflected in daily declines of the P5TC. In the Atlantic, transatlantic demand remained subdued, although some fresh cargoes emerged midweek. Increased competition among owners pushed rates lower, while fronthaul business provided only limited support. An 82,000-dwt was reported fixed retroactively, sailing Singapore for an East Coast South America to the Far East at US$17,500. The Pacific also came under pressure from growing vessel availability and a lack of cargoes. Demand from North Pacific, East Australia and Indonesia remained lacklustre, forcing owners to become increasingly competitive. A 75,000-dwt fixed for a Pacific round trip at US$15,500 earlier this week compared to a 76,000-dwt fixing for a similar trip later in the week at US$15,000. Period activity was evident with an 82,000-dwt fixing for one year at US$18,750 and an 83,000-dwt fixing for the same duration at US$20,500.

A slow decline throughout the week as the summer holiday season brought its usual lull in activity. The North American routes were the hardest hit again with both routes down over US$2,000 this week with a 61,000-dwt fixed for a grains fronthaul at around US$28-29,000 and a 58,000-dwt agreeing US$23,000 from the US Gulf to Spain with grains. The Continent market saw a lack of scrap cargoes erode levels, although there was little reported, whilst the East Mediterranean remained positive supported by fresh grain demand. The Indian Ocean had a busy week and levels were slightly better with a 63,000-dwt fixed basis delivery Kandla for a trip via South Africa to China at US$20,250, whilst the Asian market saw rates under pressure with increased tonnage availability, with two 63,000-dwt vessels reported fixed for NoPac round voyages with grains at US$18,000 delivery Weihai and US$19,000 delivery Busan. Despite softening spot rates, period levels were similar to last week with a 63,000-dwt covered at the beginning of the week at US$22,500 for 4 to 6 months delivery Nansha, and later in the week a 60,000-dwt achieving US$22,750 delivery Vietnam for a similar period.

The Handysize market closed the week on a quiet note, with Atlantic weakness offset by growing positive momentum in Asia. The Continent and Mediterranean remained broadly flat and balanced, with limited fresh enquiry and rates mostly close to last-done levels. A 40,000-dwt was fixed for a trip delivery Diliskelesi to Spain at US$16,800. The US Gulf and South Atlantic stayed under pressure throughout the week, as excess tonnage and insufficient fresh demand continued to weigh on sentiment and rates. A 37,000-dwt open EC Central America was fixed for an inter-Caribbean trip at US$18,500, while a 38,000-dwt open Matadi was fixed for a trip delivery Recalada to Singapore-Japan with grains at US$21,500. In Asia, sentiment shifted from quiet to firmer, supported by improving cargo enquiry, clearing tonnage in Southeast Asia and the North Pacific, and charterers raising bids. A 37,000-dwt open Singapore was fixed for an Australian round trip at US$18,000.

LR2
The TC1 75kt MEG/Japan index continued to move up this week by 48 points to WS499. A voyage west rose in value again over this week with the TC20 90kt MEG/UK-Continent index going from US$8.80 million to US$9.44 million. In Europe the TC15 80kt Mediterranean/East index also moved in a positive direction to the tune of US$640,000 to US$4.91 million, the corresponding TCE now at just over US$24,200/day on Baltic description round trip.

LR1
LR1's also firmed gradually this week with the TC5 55kt MEG/Japan index adding 55 points up to WS524 and a run west on TC8, 65kt MEG/UK-Continent saw the index move up US$882,000 to US$7.26 million.

MR
The TC17 35kt MEG/East Africa index rose modestly from WS498 to WS502 this week, this took the Baltic TCE for the run to US$57,700/day round trip. On the UK-Continent, MR freight dipped down, then back up this week with the TC2 37kt ARA/US-Atlantic Coast bottoming out at WS130 mid-week and returning back to WS140. The Baltic TCE for the round trip now at US$2,600/day. In the US Gulf MR freight levels jumped early in the week from WS240 but look to have paused at the current WS275 level for the TC14 38kt US Gulf/UK-Continent. The Baltic round trip TCE for the run is now at US$31,500/day. The Caribbean voyage on TC21, 38kt US Gulf/Caribbean peaked mid-week a just over the US$1 million mark and now rests back at US$942,000 with the corresponding TCE at US$30,600/day on Baltic description. The MR Atlantic Triangulation Basket TCE went from US$33,700/day to US$38,500/day.

Handymax
In the Mediterranean, Handymax rates rose 5 points this week with the TC6, 30kt Cross-Mediterranean index now at WS175 with the corresponding TCE at US$11,100/day on Baltic description. The TC23 30kt Cross UK-Continent also improved a little again this week and is currently pegged at WS210. 

The rate for the TD3C route (270,000mt Middle East Gulf to China) is now assessed 10 points higher than last Friday at WS386.78, which corresponds to a daily round-trip TCE at US$382,397 for the standard Baltic VLCC. TD34 (Gulf of Oman/China) was assessed on Thursday 10 points lower than a week ago at WS148.6, giving a round-trip TCE of over US$120,750/day.

In the Atlantic market, the rate for the 260,000mt West Africa to China route (TD15) retracted 19 points to WS125.25 giving a round voyage TCE of US$91,337, while the US Gulf to China route (TD22) lost about US$700,000 to US$16,261,111 which gives a daily round trip TCE of just over US$97,100.

In the Suezmax sector the rate for the 130,000mt Nigeria/UK Continent voyage (TD20) trip fell a meagre 3 points to WS228.33 which translates into a daily round-trip TCE of a little over US$103,500. The TD27 route (Guyana to UK Continent basis 130,000mt) remained flat at the WS230 level, giving a daily round trip TCE of nearly US$106,650. The Baltic route of 145,000mt USG/UKC (TD33) strengthened by about 15 points to WS206.67.

In the Black Sea, rates for the TD6 route of 135,000mt CPC/Augusta gained 37.5 points to just shy of WS310, which shows a daily round-trip TCE of just under US$203,300.

In the North Sea, the rate for the 80,000mt Cross-UK Continent route (TD7) firmed slightly from WS230 to WS234.17, giving a daily round-trip TCE of over US$127,600 basis Hound Point to Wilhelmshaven.

In the Mediterranean, the rate for 80,000mt Cross-Mediterranean (TD19) gained 4 points to over WS395, basis Ceyhan to Lavera this shows a daily round trip TCE of just over US$156,700.

Across the Atlantic, the market rates have rocketed, led by the transatlantic trip. The 70,000mt East Coast Mexico/US Gulf route (TD26) almost doubled, gaining 213 points (85% increase since last Friday) giving a daily round-trip TCE of about US$147,100 (149% increase week-on-week). The 70,000mt Covenas/US Gulf route (TD9) also ballooned by 213 points (87% week-on-week) to almost WS459, translating into a daily round trip TCE of nearly US$135,700 (136% increase over the week).

The rate for the transatlantic route of 70,000mt US Gulf/UK Continent (TD25) rose by over 171 points (a 63% climb) to WS442.78 which gives a round trip TCE basis Houston/Rotterdam of just over US$125,100/day (a 93% increase week-on-week).

On the Vancouver exports, the TD28 (80,000mt crude oil Vancouver to China) was only a little firmer, gaining US$75,000 over the week to US$3,233,333 (giving a round trip TCE of about US$45,100/day) while TD29 (80,000mt crude oil Vancouver to Pacific Area Lightering point off the USWC) gained 14 points to WS248.

The LNG market remained quiet this week, with limited cargo liquidity and a broadly balanced freight outlook. With few new requirements entering the market, rates softened slightly across all three routes.

On the BLNG1 Australia–Japan route, rates eased by US$2,000 week-on-week to settle at US$73,900/day. Activity in the Pacific basin remained limited, with little movement in either cargo demand or vessel availability.

The BLNG2 US Gulf–Continent route declined by US$2,400 to close at US$93,600/day. The market drifted lower through the week as a lack of fresh enquiries weighed on sentiment and reduced support for rates.

Similarly, the BLNG3 US Gulf–Japan route fell US$1,900 week-on-week to settle at US$106,600/day, pressured by the overall lack of liquidity which kept downward pressure on freight levels.

In the time charter market, sentiment softened across all periods. The six-month rate fell by US$5,000 to US$83,100/day, while one-year declined by US$7,567 to US$70,100/day. Further out the curve, three-year term rates decreased by US$5,300 to US$71,000/day.

The LPG market surged higher this week, supported by a widening arbitrage which encouraged additional cargo activity and improved sentiment across the VLGC sector.

On the BLPG1 Ras Tanura–Chiba route, rates settled at US$238.50, with TCE earnings closing at US$231,790/day.

The BLPG2 Houston–Flushing route increased by US$31.25 week-on-week to settle at US$163.25, with TCE earnings rising by US$43,223 to US$189,338/day. Rates strengthened to match sentiment throughout the week.

Similarly, the BLPG3 Houston–Chiba route gained US$45.50 to close at US$292.17, while TCE returns increased by US$33,938 to US$175,512/day. The route saw the strongest increase, supported by improved Eastbound economics and the widening arb.

A mixed week in the container liner market, with some trades remaining relatively flat and some greater rate loss on others. With the United States announcing new tariffs on imports on 23 July, we will have to see if there is any knock-on effect to rates in the coming weeks. The cross Pacific loop FBX01 (China/East Asia – US West Coast) lost US$889 from last Friday and is down US$810 since the start of July, ending the week at US$6,179. Rates from the Far East to the USEC FBX03 (China/East Asia – US East Coast) dropped by US$100 over the week ending at US$9,002 and down US$113 since the start of the month. Trade into the North Continent represented by FBX11 (China/East Asia – North Europe) decreased by just US$50 week on week, settling the week at US$5,548 and down US$173 from the start of July. Rates into the Mediterranean FBX13 (China/East Asia – Mediterranean) lost just US$21 from last Friday, ending the week at US$6,689 and down US$851 from start of the month.

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