A weekly round-up of tanker and dry bulk market (Oct 30, 2026)

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The market gathered momentum through the week, with improving sentiment and stronger fixing activity across both basins driving a broad-based recovery. The Pacific initially remained relatively subdued, with C5 fixtures holding around the high US$13s to US$14 as miners maintained a measured approach. However, increased competition for tonnage saw rates push through the US$14 mark midweek, eventually reaching the low US$15s by Thursday, reflecting a noticeably stronger market. Towards the close, the Pacific eased slightly, with activity becoming particularly limited and talk emerging of offers slipping back below the US$15 mark. The Atlantic followed a similar trajectory, with the South Brazil and West Africa to China markets gaining considerable traction as fixing activity intensified. C3 rates advanced from the mid-US$34s to the high US$36s, supported by a gradually tightening ballaster list. With most end-November cargoes covered, attention has increasingly shifted towards December dates. North Atlantic sentiment also improved, supported by stronger Fronthaul fixtures and fresh enquiry. Overall, sentiment improved considerably, with the BCI 182 5TC climbing from US$33,795 on Monday to US$37,420 by Friday, with gains across all major routes and a more positive outlook heading into the coming week. 

The Atlantic remained the weaker basin throughout the week, with limited cargo enquiry and a growing tonnage count keeping sentiment firmly in charterers’ favour. Transatlantic demand remained thin, while subdued grain and mineral activity provided little support to rates. An 82,000dwt fixed a transatlantic grains round trip at US$17,500, while a 79,000dwt fixed basis delivery East Coast South America for an Atlantic trip at US$25,000. Fronthaul conditions were similarly pressured, particularly from EC South America, as continued ballasting from the Indian Ocean added to tonnage availability. However, improving demand towards the end of the week offered some encouragement, with an 82,000dwt fixing retroactively from East Coast India in mid-October at US$17,000 and a 75,000dwt fixing basis delivery East Coast South America at US$18,000 plus an US$800,000 ballast bonus. The Pacific also softened, with limited North Pacific activity and reduced EC Australian requirements weighing on sentiment. An 82,000dwt and an 84,000dwt both fixed North Pacific round trips at US$20,000, while a 75,000dwt fixed an East Coast Australia round trip at US$17,000. Indonesian demand provided some stability but remained insufficient to offset wider pressure, with a 77,000dwt fixing a shorter Indonesia to South China trip at US$17,000. Overall, owners faced increasing competition for employment, with the P5TC declining steadily throughout the week as rates remained under sustained pressure.

The Atlantic was negative this week, with rates dropping in the US Gulf as grains and petcoke stems became scarce. A 64,000dwt fixed a wood pellets stem to the UK at US$31,000 and a similar type was fixed with petcoke via Panama Canal to China at US$31,250, but another 63,000dwt fixed a grains stem to China via Cape of Good Hope at US$28,500, which was apparently the only direction the vessel was able to consider. Further south, the market was under pressure from the larger Panamax vessels with a 63,000dwt fixed from Recalada to the East at US$19,750 plus US$975,000 ballast bonus at the beginning of the week, and a Japanese built 61,000dwt reported fixed to Southeast Asia at US$18,250 plus US$825,000 ballast bonus later in the week. Rates on the Continent are still good, but the highs for scrap cargoes have passed with rates now said to be low US$30,000’s, and the East Mediterranean was more active than the West. Asia remained firm amid lighter trading with the North still the driving force with a 63,000dwt ex dry dock China fixed to West Africa with generals at US$28,000, whilst the South Pacific was more subdued this week. The Indian Ocean was also quieter, and rates softened with a 61,000dwt fixed basis Kandla for a trip Chittagong at US$16,000 with aggregates. Period activity again centred in the firmer areas with a 63,000dwt open South China fixed for minimum three to about six months at US$24,000, with first employment a trip to the Maldives.

The market was subdued all week, and the HS7TC average finished the week slightly below last week’s close, amid positional trading. EC South America remained the firmest area of the Atlantic, but rates seemed to plateau amid slow trading, whilst the US Gulf dropped in the second half of the week with sources saying trips Skaw-Passero were now bid in the mid-teens, whilst a nice 40,000dwt fixed basis SW Pass for a trip Atlantic Colombia at US$16,000. The Continent remained firm due to a shortage of tonnage nearby, but the Mediterranean suffered due to a lack of fresh enquiry. There was limited news from the Pacific, however, the North was well supported and rates nudged up during the week, with a 39,000dwt open South Korea fixed to West Coast Central America at US$19,000. Period activity became positional in uncertain conditions, with a 37,000dwt open Paranaguá fixed five to seven months redelivery within the Atlantic at US$20,800.

LR2

The TC1 75kt MEG/Japan index shed 99 points this week to WS1003, with the corresponding Baltic round-trip TCE falling by US$33,200 to US$288,700/day. For the TC20 90kt MEG/UK-Continent run, the index edged up by US$43,800 to US$21.86 million, corresponding to US$342,700/day on Baltic round trip. The TC15 80kt Mediterranean/East index dropped by US$830,000 to US$11.12 million, with the Baltic round-trip TCE declining by US$12,600 to US$101,800/day.

LR1

The TC5 55kt MEG/Japan index fell by 94 points this week to WS1021, translating to US$208,900/day on Baltic round trip. For a trip westward, the TC8 65kt MEG/UK-Continent index dropped by US$303,600 to US$15.99 million, while the Baltic round-trip TCE return decreased by US$5,600 to US$245,200/day.

MR

The TC17 35kt MEG/East Africa index edged up by around 4 points this week to WS901, although the TCE slipped by US$500 to US$112,900/day. On the UK-Continent, the TC2 37kt ARA/US Atlantic Coast index shed five points to WS226, with the corresponding Baltic round-trip TCE falling by US$1,000 to US$16,600/day. In the US Gulf, the TC14 38kt US Gulf/UK-Continent index climbed by 46 points to WS496 and the round-trip TCE gained US$9,300 to US$73,500/day. The TC21 38kt US Gulf/Caribbean run rose by US$232,100 to US$1.78 million, with the corresponding Baltic TCE increasing by US$13,500 to US$77,900/day. The MR Atlantic Triangulation Basket TCE climbed from US$77,900/day to US$85,500/day.

Handymax

In the Mediterranean, the TC6 30kt Cross-Mediterranean index eased by six points to WS523 this week, with the corresponding Baltic round-trip TCE dropping by US$1,700 to US$108,900/day. The TC23 30kt Cross UK-Continent index also shed six points to WS503, while the run’s TCE fell by US$1,900 to US$102,000/day.

VLCC rates on the Baltic Exchange routes appear to have found a floor at the back end of last week, with rates rebounding this week. The TD3C route (270,000mt Middle East Gulf/China) has risen 48 points since last Friday to WS1262.5, producing a daily round-trip TCE of US$1,345,710 for the standard Baltic VLCC. TD34 (Gulf of Oman/China) rose more sharply, gaining 89 points to WS659.29, giving a round-trip TCE of US$699,257/day.

In the Atlantic market, the rate for the 260,000mt West Africa/China route (TD15) climbed 82 points to WS633.75, producing a round-trip TCE of US$632,191/day. Meanwhile, the US Gulf/China route (TD22) gained over US$4.2 million to almost US$61.5 million, resulting in a daily round-trip TCE of US$477,013.

In the Suezmax sector, the weaker trend continued across the Baltic Exchange routes. The rate for the 130,000mt Nigeria/UK Continent voyage (TD20) fell almost 14 points to WS713.89, giving a daily round-trip TCE of over US$396,100. The TD27 route (Guyana/UK Continent, basis 130,000mt) dropped by 25 points to WS712.5, producing a daily round-trip TCE of just over US$401,000. The 145,000mt USG/UKC route (TD33) fell by almost 37 points to WS621.94, giving a round-trip TCE of over US$411,600/day.

In the Black Sea, the 135,000mt CPC/Augusta route (TD6) tumbled 116 points to WS958.33, producing a daily round-trip TCE of about US$769,800. There are currently CPC cargoes being worked, but suitable tonnage is plentiful. With vessel availability outweighing current demand, further downward pressure on rates is likely over the coming days.

In the North Sea, the rate for the 80,000mt Cross-UK Continent route (TD7) fell back about 20 points this week to around WS570, giving a daily round-trip TCE of just over US$466,000 basis Hound Point/Wilhelmshaven.

In the Mediterranean, the rate for the 80,000mt Cross-Mediterranean route (TD19) tumbled 137 points to around WS703. Basis Ceyhan/Lavera, this produces a daily round-trip TCE of a little over US$323,300.

Across the Atlantic, rates were comparatively steady on the shorter-haul routes but weakened further on the transatlantic run. The 70,000mt East Coast Mexico/US Gulf route (TD26) rose 2 points to WS720, giving a daily round-trip TCE of almost US$251,400. The 70,000mt Covenas/US Gulf route (TD9) also gained 2 points to WS710, producing a daily round-trip TCE of just over US$226,400.

The 70,000mt US Gulf/UK Continent route (TD25) fell 25 points to almost WS707, giving a round-trip TCE, basis Houston/Rotterdam, of just under US$216,800/day.
 
On the Vancouver export routes, rates weakened again. The TD28 route (80,000mt crude oil Vancouver to China) fell by US$2 million to US$12.26 million, producing a round-trip TCE of under US$253,400/day. The TD29 route (80,000mt crude oil Vancouver to Pacific Area Lightering point off the USWC) fell a further 11 points to WS904.

The LNG market strengthened this week, with increased fixing activity helping to reduce some of the available tonnage in both basins. The Atlantic market firmed following a number of fixtures and a slight drawdown in the position list, although further cargo requirements will be needed to maintain the momentum.

On the BLNG1 Australia-Japan route, rates increased by US$6,500 week-on-week to settle at US$44,800/day. The Pacific market strengthened as prompt vessel availability reduced, although overall supply and demand remain relatively balanced.

The BLNG2 US Gulf-Continent route increased by US$500 to close at US$29,800/day. Recent fixing activity provided some support to rates, although sufficient vessel availability continued to limit further upside. Similarly, the BLNG3 US Gulf-Japan route gained US$3,300 week-on-week to settle at US$63,800/day.

In the time charter market, rates firmed across all periods. The six-month rate increased by US$1,800 to US$42,500/day, while the one-year term rose by US$2,067 to US$53,867/day. Further out the curve, the three-year period edged higher by US$100 to US$70,600/day.

The LPG market remained relatively subdued this week. The East-West arbitrage remains open and continues to support cargo economics, while vessel availability remains broadly balanced against demand.

On the BLPG1 Ras Tanura-Chiba route, rates settled at US$257.20/tonne, with TCE earnings closing at US$245,402/day.

The BLPG2 Houston-Flushing route increased by US$1.17 week-on-week to settle at US$174.33/tonne, with TCE earnings rising by US$1,588 to US$200,947/day. Despite the modest increase, charterers retained some negotiating leverage amid quieter market activity. Similarly, the BLPG3 Houston-Chiba route gained US$3.86 to close at US$313.14/tonne, while TCE returns increased by US$767 to US$184,820/day. Rates remained relatively stable, with participants looking to fresh cargo activity for clearer direction in the coming weeks.

Container freight markets were quite subdued over the past week, with the FBX Weighted Average increasing by just one point from 3,513 at the start of the week to 3,514 by the end of the week. The main trade into the US West Coast from Asia (FBX01) saw rates remaining stable, maintaining the level of US$8,342/FEU. The Asia to US East Coast trade (FBX03) remained relatively unchanged week-on-week, ending at US$9,900 from US$9,927/FEU at the end of last week. Elsewhere, Asia to North Europe (FBX11) rates increased over the week from US$3,516 to US$3,595/FEU, just marginally up, but still strong for this trade. Asia to Mediterranean (FBX13) rates dropped marginally from US$4,421 to US$4,370/FEU. Rates from the Mediterranean to East Coast South America (FBX24) and West Coast South America (FBX26) both remained flat week-on-week.

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