Capesize Sector
After a slow start, the market gained momentum mid-week before easing again, with limited activity in both major trading routes on Friday, leading to a relatively calm close for the week. Early weakness began to shift towards optimism on Wednesday as increased cargo demand and firm fixtures on the C3 and C5 routes helped reverse the previous decline. Pacific miner activity remained stable, with freight rates showing improvement, while the Atlantic gained traction due to stronger front-haul and trans-Atlantic fixtures, indicating tightening vessel supply and a firmer market backdrop. Further boosting sentiment was the one-year trade truce between the U.S. and China, which included a suspension of reciprocal shipping tariffs on relevant vessels—a development viewed positively for the industry. The Baltic Capesize Index (5TC) opened the week at $23,534, dipped to $23,089 on Tuesday, then recovered to close at $24,288, reflecting a moderate rebound.

Panamax Sector

Despite relatively decent activity for shorter-term voyages, the Panamax market overall experienced a sluggish week. Front-haul activities from both the north and south remained subdued, leading to a gradual decline in freight rates. An 82,000 DWT vessel fixed from the Continent for a coal run via the U.S. East Coast to redeliver in India was reported at $27,000, though other activities were limited. The Pacific basin also showed weakness, with disappointing demand from both the North Pacific and Australia failing to support rates. Throughout the week, rates for longer voyages continued to soften. On Thursday, an 82,000 DWT vessel open in South Korea fixed an Australia round voyage at $17,250, down from the $18,500 reported for a similar vessel and route earlier in the week, highlighting the gradual erosion. Period activity was naturally limited given the lack of support from the FFA market, though an 82,000 DWT vessel open in China was reportedly fixed for 5-7 months at $16,000.

Ultramax/Supramax Sector

Negative sentiment persisted for most of the week, although by the end, some believed the U.S. Gulf and Indian Ocean markets had bottomed out. In the Atlantic, recent demand for scrap seemed to ease, with a 63,000 DWT vessel fixing from Ghent to Turkey at $24,000. Elsewhere, a Supramax was rumored fixed from Gioia Tauro to India at around $22,000. In South Asia, downward pressure remained due to a lack of fresh impetus, with a 61,000 DWT vessel fixing from South China via Indonesia back to China at $14,250. The north appeared slightly firmer; for North Pacific business, a 63,000 DWT vessel fixed from North China via the North Pacific to redeliver in Bangladesh at $17,000. The Indian Ocean gained momentum, with a Supramax rumored fixed from South Africa to China at $21,000 plus $210,000 ballast bonus. Period activity emerged, with a 64,000 DWT newbuilding due for delivery from a Japanese yard in December rumored fixed on an index-linked basis at 126% of BSI 58.

Handy Size Vessels
The sector experienced a somewhat subdued week, with the recent positive momentum from key regions reversing, limited fresh inquiries, and ample spot tonnage supply. Nevertheless, a 38,000 DWT vessel was fixed from East Coast South America to West Africa at $20,500. In Europe, scrap demand persisted, with a 35,000 DWT vessel fixed from the Continent to Turkey in the low-mid $20,000s. The Asian market was generally described as positional but sentiment remained slightly negative. A 43,000 DWT vessel was rumored fixed from Qingdao for a backhaul trip to Brazil at $13,000. Period activity was quiet and cautious, with a 40,000 DWT vessel due November delivery in Japan rumored fixed for 12-16 months on an index-linked basis at 120.5% of BHS.

Clean Tankers
LR2s
In the Middle East Gulf, LR2 freight continued its upward trend last week. The TC1 route 75kt AG/Japan gained another 18 points to WS141, lifting the round voyage TCE based on Baltic description to about $32,600 per day. The TC20 route 90kt AG/UKC also rose $206,000 to $3.88 million. The TC15 route 80kt Med/Far East was assessed $126,000 higher last week at $3.32 million.

LR1s
LR1 freight in the Middle East Gulf also saw slight gains last week. The TC5 route 55kt AG/Japan added 7 points to WS150 and is reportedly still under discussion. The corresponding Baltic description TCE sits just under $24,000 per day. The TC8 route 65kt AG/UKC-West gained $100,000 to finish the week at $3.06 million. On the UK Continent, LR1 rates held steady on TC16 60kt ARA/West Africa, maintaining around WS115 last week.

MRs
The Middle East Gulf MRs were reported with an excess of tonnage. Despite this, the TC17 route 35kt AG/East Africa held within the WS205-WS212.5 range. In the UK Continent, MR rates saw a slight recovery last week. The TC2 route 37kt ARA/USAC is now assessed at WS104, up from WS95 mid-week. The Baltic TCE for this trip recovered to over $5,000 per day, reaching $6,400. In the US Gulf, MR rates followed the downward trend we anticipated. The TC14 route 38kt USG/UKC fell from WS200 to WS184. The Caribbean run TC21 38kt US Gulf/Carib fell from $735,000 to $635,000. The MR Atlantic Basket TCE fell from $31,900/day to $29,800/day.

Handy Tankers
In the Mediterranean, the TC6 route 30kt Cross-Mediterranean fell over 50 points to WS140, causing the Baltic TCE for this trip to plunge 62% to just over $8,000 per day round trip. The TC23 route 30kt Cross-UK Continent gained 7.22 points to WS171.

VLCCs
The VLCC market firmed further last week. The Middle East Gulf to China route (TD3C) 270,000mt rose 36.89 points to WS127.83, with the corresponding round voyage TCE at $123,776 per day. In the Atlantic, the West Africa to China route (TD15) 260,000mt also gained 27.56 points to WS117.94, yielding a round voyage TCE of $110,975 per day. US Gulf rates rose $1,097,000 to $13,000,000, with the corresponding round voyage TCE approximately $89,692 per day.

Suezmaxes
Suezmax rates also firmed last week. The Nigeria to UK Continent route (TD20) 130,000mt gained 9.72 points to WS145, with the corresponding round voyage TCE at $71,425 per day. TD27 (Guyana to UK Continent, 130,000mt) rose 5.06 points to close at WS141.17, with a round voyage TCE of $68,999 per day. The TD6 route 135,000mt CPC/Augusta gained 13.17 points to WS159.17, corresponding to a TCE of about $85,921 per day. In the Middle East, TD23 140,000mt Middle East Gulf to Mediterranean (via Suez) gained 4.28 points to WS108.17.

Aframaxes
In the North Sea, the TD7 route 80,000mt Cross-UK Continent gained 5.83 points last week to WS155.83, with the corresponding round voyage TCE nearing $64,495 per day (basis Hound Point to Wilhelmshaven). In the Mediterranean, the TD19 route 80,000mt Cross-Mediterranean gained 0.67 points to WS202.50 (basis Ceyhan to Lavera), corresponding to a round trip TCE of about $64,234 per day. In the Atlantic, Baltic routes continued to rise. TD26 70,000mt US Gulf/East Coast Mexico gained 70 points to WS238.33 (round trip TCE $71,366); TD9 70,000mt Covenas/US Gulf gained 62.81 points to WS229.69 (round trip TCE just over $61,999 per day). The transatlantic voyage TD25 70,000mt US Gulf/UK Continent gained 27.22 points to WS222.5, with a round voyage TCE basis Houston to Rotterdam of $62,604 per day. For Vancouver exports, TD28 (80,000mt Crude Vancouver to China) rose $512,500 to $3,312,500; TD29 (80,000mt Crude Vancouver to US West Coast Pacific light loading point) gained 10 points to WS205.

LNG Carriers
The LNG carrier market saw significant gains last week, with major route rates climbing substantially as tonnage supply tightened and spot demand revived ahead of the winter season.
On the BLNG1-174g Australia–Japan route, rates rose by $10,800 to $42,200 per day, supported by increased Pacific demand and limited spot vessels.
The BLNG2-174g US Gulf–Continent route surged by $20,400 to $60,600 per day, while the BLNG3-174g US Gulf–Japan route increased by $20,100 to $66,500 per day. Both Atlantic routes were driven by robust US export activity and firm chartering sentiment.
For 160,000 cbm vessels, the BLNG1g Australia–Japan route rose by $6,000 to $27,000 per day; the BLNG2g US Gulf–Continent route increased by $16,000 to $39,900 per day; and the BLNG3g US Gulf–Japan route gained $17,500 to $43,200 per day, reflecting the broad upward trend across larger vessel sizes.
In the period charter market, six-month rates rose by $550 to $31,450 per day; 12-month rates increased by $650 to $34,150 per day; and three-year rates climbed by $1,250 to $53,250 per day, indicating sustained improvement in fundamentals and market sentiment ahead of the peak winter demand period.

LPG Carriers
The LPG carrier market strengthened last week, with rates rising across key routes, fueled by increased chartering activity and eased US-China trade tensions.
On the BLPG1 Ras Tanura–Chiba route, rates increased by $5.75 to $57.50 per ton, with TCE earnings rising by $6,506 to $43,211 per day.
The BLPG2 Houston–Vlissingen route rose by $5.25 to $66.00 per ton, with daily earnings up by $7,451 to $70,175 per day, supported by increased inquiries and higher export volumes.
The BLPG3 Houston–Chiba route also firmed last week, gaining $9.75 to $121.67 per ton, with TCE earnings increasing by $7,791 to $54,181 per day, amid a bullish market sentiment.

Containers
Since mid-October, the US and China have been applying reciprocal port fees to each other's relevant vessels. Two weeks later, following a meeting between President Trump and President Xi, these fees were suspended for one year to allow both sides to continue negotiations. They also agreed on other tariff adjustments, which should boost exporters' confidence to continue trade between the two countries. We will observe the impact of these changes on the liner market in the coming weeks, but it is expected to support overall freight rates, potentially even leading to increases as shippers begin to boost container volumes.
Major FBX liner routes for Far East exports remained generally stable last week but showed gains compared to the beginning of the month, as follows: FBX01 (China/East Asia to US West Coast) up $477, FBX03 (China/East Asia to US East Coast) up $345, FBX11 (China/East Asia to North Europe) up $422, and FBX13 (China/East Asia to the Mediterranean) up $190.