A weekly round-up of tanker and dry bulk market (Sept 4, 2026)

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The market enjoyed a notably bullish week, recovering strongly after the UK holiday-shortened start and building momentum across both basins. Early weakness in the Pacific quickly proved short-lived as sustained miner participation tightened available tonnage and restored confidence. By midweek, all major miners were actively fixing, driving C5 steadily higher and attracting increasingly aggressive operator bids. Rates rose from the mid-US$15s at the start of the week to around high US$18s, reflecting tighter prompt tonnage and firmer owner resistance.

The Atlantic also strengthened, with robust demand from South Brazil and West Africa, coupled with healthy North Atlantic fronthaul enquiry, steadily reducing vessel availability and lifting sentiment. C3 increased from the high US$38s to above US$41 for later dates. North Atlantic sentiment improved alongside stronger cargo volumes against a relatively stable tonnage list, although activity remained more limited than in the Pacific. Overall, market confidence strengthened considerably as the week progressed, with the BCI 182 5TC reaching a fresh year-to-date high above US$58,000.

This week saw continued strength in the Panamax market, with positive sentiment driving rate gains across both the Atlantic and Pacific basins, and pushing the P5TC steadily higher throughout the week. In the Atlantic, transatlantic and fronthaul activity remained active, supported by sustained demand for September cargoes, although concerns emerged later in the week regarding limited cargo replenishment and increasing tonnage availability. Notable fixtures included an 83,000-dwt vessel fixing a US East Coast to Poland trip at US$23,000 and an 81,000-dwt vessel fixing a transatlantic round trip at US$21,250. Owners continued to favour Atlantic employment over trips to the Far East, further supporting fronthaul rates. A 77,000-dwt vessel fixed basis delivery Haldia for an EC South America fronthaul at US$22,500. In the Pacific, strong Australian and Indonesian coal demand, improving export prospects, and Capesize stem splits provided further support. An 82,000-dwt vessel fixed a North Pacific round voyage at US$23,750, while another 82,000-dwt vessel fixed for a trip via Indonesia to South Korea at US$22,750. Period activity was also evident, with an 82,000-dwt fixing for two years period at US$19,500 and another fixing for short period at US$18,750.

Most of the market trended sideways this week, with the notable exception being the US Gulf, which almost returned to the levels seen two weeks ago. A 63,000-dwt fixed a grains cargo from South West Pass to China at US$31,000 and a slightly smaller 61,000-dwt fixed grains to Egypt at US$32,000, although at the end of the week we awaited details of stronger rumoured fixtures. Further south, the market was supported by the higher Panamax rates with multiple 63,000-dwt vessels reported at around US$19,000 plus US$900,000 ballast bonus from East Coast South America to the Far East, and a larger 66,000-dwt said to have fixed at US$24,000 delivery West Coast India via South America to China.

On the Continent there was little change with sufficient scrap enquiry to maintain rates, with two 58,000-dwt units reported fixed at US$22,000 basis the Continent for trip East Mediterranean. However, the Mediterranean market suffered with a lack of fresh demand that didn’t have a vessel already as a backstop. North Asia remained firm with continued North Pacific grains emerging as a 64,000-dwt fixed from Japan at US$21,000 for the round, and backhaul activity lending support, whilst rates from Indonesia softened slightly in quieter trading. Rates from South Africa consolidated with a few 63,000-dwt vessels covered at US$25,000 plus US$250,000 ballast bonus for trips back to the Far East, and the period market stuttered as charterers struggled to secure suitable first employment to justify rates being asked.

The market opened September on a steady-to-firmer note, with sentiment largely positional across both basins. Across the Continent and Mediterranean, activity remained limited, although rates began to show signs of firmness towards the end of the week. The US Gulf and South Atlantic showed healthier momentum, supported by fresh demand and a balanced cargo-to-tonnage position, with several fixtures reported, particularly from the US Gulf. A 39,000-dwt open Mobile 15 September fixed for a trip delivery Panama City to the UK-Continent with pellets at US$18,000, while a 38,000-dwt fixed from Recalada to WC South America in the high US$20,000s. Across Asia, sentiment remained positive, with activity gaining pace and several fixtures concluded above previous levels, supported by a generally healthy balance between tonnage availability and cargo demand. A 43,000-dwt open Acajutla mid-September fixed via NoPac for redelivery Singapore-Japan at US$17,000. Period activity was also evident, highlighted by the 40,000-dwt fixing for one year at US$17,500.

LR2

The TC1 75kt MEG/Japan held flat this week with the index published around the WS565-568 level. A voyage west also remained steady with the TC20 90kt MEG/UK-Continent index climbing a modest by US$34,300 to US$9.38 million. West of the Suez Canal, the TC15 80kt Mediterranean/East index added another US$100,400 to US$6.17 million, although the corresponding Baltic round-trip TCE dropped by US$760 to US$39,200/day via Suez.

LR1

MEG LR1s also held resolute at current freight costs this week. The TC5 55kt MEG/Japan index rose 3.75 points to WS621. A run west on TC8, 65kt MEG/UK-Continent also rose slightly, with the index up US$14,200 to US$7.59 million.

MR

The TC17 35kt MEG/East Africa index firmed again this week, albeit not to any great magnitude, from WS550 to WS557. This took the Baltic TCE for the run to US$64,200/day round trip. On the UK-Continent, MRs continue to crawl along the floor. TC2 37kt ARA/US-Atlantic Coast is still pricing at about the WS100 mark and the Baltic TCE for the round trip is now at -US$6,100/day. The TC14 38kt US Gulf/UK-Continent index jumped this week off the back of an activity boost, moving the freight rate marker to WS250 (+29). The Baltic round trip TCE for the run is now at US$25,500/day. The Caribbean voyage on TC21, 38kt US Gulf/Caribbean followed suit and is currently pegged US$146,000 higher at US$791,000. The corresponding TCE is now at US$21,500/day on Baltic description. The MR Atlantic Triangulation Basket TCE settled the week up US$3149 at US$27,444/day.

Handymax

In the Mediterranean, Handymax rates remain unaltered this week. The TC6 30kt Cross-Mediterranean index is still at WS165.00 generating a Baltic TCE of US$6,800/day. The TC23 30kt Cross UK-Continent dropped a point to WS179 this week, taking returns to US$6,400/day on Baltic description.

The rate for the TD3C route (270,000 mt Middle East Gulf to China) increased further this week with assessments rising from WS631.67 last Friday to WS677.22 on Thursday. This gives a daily round-trip TCE of just under US$704,000 for the standard Baltic VLCC. TD34 (Gulf of Oman/China) was 42 points higher than a week ago at WS272.5, meaning a round-trip TCE of over US$261,800/day.

In the Atlantic market, the rate for the 260,000 mt West Africa to China route (TD15) also strengthened, gaining 33 points to WS236.88, giving a round voyage TCE of about US$210,600/day, while the US Gulf to China route (TD22) made a dramatic rise of over US$3.6 million to just under US$28,000,000, which gives a daily round trip TCE of just over US$196,200.

The rate for the 130,000 mt Nigeria/UK Continent voyage (TD20) rose two points to WS214.72, which translates into a daily round-trip TCE of about US$94,200. The TD27 route (Guyana to UK Continent basis 130,000mt) slipped a point to about WS210, giving a daily round trip TCE of just over US$93,000. The 145,000 mt USG/UKC (TD33) regained three points to over WS185, which gives a round-trip TCE of just under US$94,700/day.

In the Black Sea, the ‘calming’ effect has continued. For the TD6 route of 135,000 mt CPC/Augusta, the rate has tumbled 103 points to WS285.67, which still shows a very healthy daily round-trip TCE of just over US$180,500.

In the North Sea, the rate for the 80,000 mt Cross-UK Continent route (TD7) eased five points to the WS205 level, showing a daily round-trip TCE of about US$93,400 basis Hound Point to Wilhelmshaven.

In the Mediterranean, the rate for 80,000mt Cross-Mediterranean (TD19) dropped 43 points to WS222.5, basis Ceyhan to Lavera this shows a daily round trip TCE of US$56,362.

Across the Atlantic, the owners have regained a little control of the market. The 70,000mt East Coast Mexico/US Gulf route (TD26) rose 25 points to WS234, giving a daily round-trip TCE of US$48,167 while the 70,000 mt Covenas/US Gulf route (TD9) gained almost 24 points to WS227, translating into a daily round trip TCE of about US$48,600.

The rate for the transatlantic route of 70,000 mt US Gulf/UK Continent (TD25) improved by over 17 points this week, to the WS235 level, which gives a round trip TCE basis Houston/Rotterdam of almost US$49,500.

On the Vancouver exports, the TD28 (80,000 mt crude oil Vancouver to China) rose by over US$133,000 to US$3,250,000 (giving a round trip TCE of just under US$44,700/day) while TD29 (80,000 mt crude oil Vancouver to Pacific Area Lightering point off the USWC) gained 11 points to WS263.

The LNG market remained under pressure this week, although the Atlantic basin showed some signs of stabilisation. September laycans are now largely covered and attention has begun to shift towards October requirements, with spot enquiry gradually emerging. However, vessel availability remains elevated across both basins, continuing to weigh on freight levels.

On the BLNG1 Australia–Japan route, rates declined by US$9,000 week-on-week to settle at US$21,400/day. The Pacific market softened throughout the week as vessel availability continued to build and cargo demand remained limited.

The BLNG2 US Gulf–Continent route increased by US$4,100 to close at US$17,000/day. While rates remain at low levels, some developing enquiry provided modest support towards the end of the week.

Similarly, the BLNG3 US Gulf–Japan route gained US$800 week-on-week to settle at US$29,400/day. Freight levels remained relatively stable throughout the week, although overall sentiment remains cautious given the surplus of available tonnage.

In the time charter market, six-month rate increased by US$1,200 to US$56,000/day, while the one-year term edged lower by US$467 to US$54,500/day. Further out the curve, the three-year period strengthened by US$950 to US$72,450/day.

The LPG market strengthened this week, supported by a strong arbitrage, tight vessel availability and ongoing Panama Canal restrictions. With voyages increasingly being routed via the Cape of Good Hope, tonnage availability remains constrained, providing support to freight levels.

On the BLPG1 Ras Tanura–Chiba route, rates settled at US$225.50, with TCE earnings closing at US$216,062/day.

The BLPG2 Houston–Flushing route increased by US$5.75 week-on-week to settle at US$154.75, with TCE earnings rising by US$5,308 to US$175,678/day. Rates remained well supported throughout the week as vessel availability tightened and cargo demand improved.

Similarly, the BLPG3 Houston–Chiba route gained US$18.25 to close at US$283.33, while TCE returns increased by US$11,621 to US$167,329/day. The route saw the stronger increase of the two Atlantic assessments, supported by improving eastbound economics and the continued impact of longer voyage durations via the Cape.

Container rates appear to have peaked for now, with declining rates across the key FBX routes this past week. Shanghaim the world’s busiest container port, is seeing congestion levels not seen since Covid times due to multiple recent typhoons in the area. Luckily containers continue to move on the first available vessels due to the liner alliances in place.

The cross Pacific trade loop FBX01 (China/East Asia – US West Coast) lost US$86 from last Friday ending the week at US$7,569 and is up US$1,437 since the start of July. Rates from the Far East to the USEC FBX03 (China/East Asia – US East Coast) lost US$286 over the week ending at US$9,505, this route is up US$1,608 since the start of July. Trade into the North Continent from the Far East FBX11 (China/East Asia – North Europe) dropped US$192 week on week, ending the week at US$4,451 and is down US$359 since the start of July. Trade into the Mediterranean from the Far East FBX13 (China/East Asia – Mediterranean) lost US$395 from last Friday, ending the week at US$4,441 and is down US$2,094 from the start of July.

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