Shipping & Freight

The Baltic Exchange main sea freight index rose 60 points or 2.26% to 2,712, its highest since October 13. Capesize rates climbed 204 points or 5.25% to 4,090 with daily earnings up $1,850 to $33,592, supported by firmer iron ore futures and higher Chinese steel mill hot metal output. Read →

As of mid-October, 63% of capacity on Far East-Europe routes by top ten carriers transits the Suez Canal and Red Sea, up from lower levels earlier. Alphaliner data shows 24 of 46 services using the route with 5.5 million TEU, or 63% of 8.7 million TEU deployed. Read →

US shippers paid the most to move freight since 2021 in Q3, with spending up 32.1% year-over-year amid diesel prices above $6 per gallon from Iran-related tensions and fewer truck drivers after immigration enforcement. National shipment volumes rose just 0.5%. Read →

A Sinokor-owned VLCC fixed US Gulf to Asia-Pacific loading late November at $81 million lumpsum, up $17.75 million day-over-day and far above the prior $22.5 million high. Chinese restocking demand and Mideast Gulf disruptions from Iranian attacks plus Red Sea threats drove the surge, with VLCCs facing longer voyages and STS delays. Read →

BDI rose 5.93% week-on-week to 2,660, driven by Capesize index jumping 16.68% to 3,791 on mineral demand rebound. BDTI eased 7.44% to 7,152 but war-risk premiums hit 8% of vessel value and STS demurrage neared $1 million/day from Hormuz and Persian Gulf tensions. Read →

BDI fell 33 points or 1.23% to 2,660 on Friday yet posted a second weekly gain of about 5.9%, supported by Capesize rates up 16.7% for the week. Panamax dropped 8.9% weekly to 2,109 amid weaker grain demand and Atlantic tonnage buildup. Read →

The Baltic Dry Index fell 25 points or 0.95% to 2603 on Oct 27, its lowest in five days and third consecutive decline. Capesize (BCI) slipped 0.64% to 3702, Panamax (BPI) dropped 2.60% to 2021, and Supramax (BSI) eased 0.26% to 1883. The pullback signals softening near-term demand for iron ore, coal and grain cargoes. Read →

The Drewry World Container Index rose 3.5% or $59 to $1746/FEU (or $4585 composite in some reports) for the week ending Oct 23, its second consecutive gain. Shanghai-Los Angeles jumped 4% and Shanghai-New York 6%, while Asia-Europe routes also firmed. Carriers plan November GRIs and blank sailings to support rates ahead of contract negotiations despite easing port congestion. Read →

LNG freight rates recovered this week with BLNG1 Australia-Japan up $4800 to $32800/day and BLNG3 US Gulf-Japan gaining $10300 to $58900/day. Increased fixing activity absorbed some tonnage amid tighter vessel availability for late-November and December cargoes. Competition among owners kept gains measured while eastbound premiums held. Read →

The Baltic Dry Index dropped 32 points or 1.23% to 2,628 on Monday, its lowest in nearly a week. Capesize rates fell 65 points to 3,726 with daily earnings down $585 to $30,292; panamax slipped 34 points to 2,075. Iron ore prices held steady as traders weighed weaker seasonal Chinese demand against possible Beijing stimulus. Read →

Far East-Europe spot rates rose in the week to Oct 23 even as carriers restored Red Sea/Suez services, with Suez Canal container capacity hitting 753,000 TEU weekly, over half pre-disruption levels per BIMCO/Clarksons. US-bound rates appear to have peaked. The opposing moves reflect returning capacity clashing with firm demand on Europe lanes. Read →

Far East-North Europe rates climbed 6.8% week-on-week to $3,698/FEU and Mediterranean 5.8% to $4,442/FEU per Xeneta, despite more services shifting back to Suez. Strong Europe import demand (up 12.2% YTD) offset added capacity; US West/East Coast rates held near peaks at $8,311 and $11,525/FEU. Read →

The Suez Canal Authority reported 166 medium- and ultra-large containerships (>130,000 net tons) transited in Q3 2026 versus 16 a year earlier, with net tonnage rising to 29 million from 2.4 million. CMA CGM executives met SCA leadership to affirm the route as a permanent network element amid higher fuel prices and freight rates; the CMA CGM Pantheon completed its maiden transit. The shift shortens Asia-Europe voyages by 10-14 days versus Cape routing, cutting fuel burn and vessel requirements for carriers and shippers. Read →

The Baltic Dry Index climbed about 1.4% to 2,546 points on Monday after ten straight sessions of losses, led by a 3.6% gain in the capesize index to 3,365 points. The rebound tracked higher iron ore prices tied to stronger Chinese crude steel output and better-than-expected economic growth. Supramax edged up 0.2% while panamax slipped 1.2%. Read →

BIMCO cited Clarksons data showing average weekly container capacity through the Suez Canal at 753,000 TEU in the first two weeks of October, 52% of the 1.457 million TEU benchmark from the same 2023 period. The share of capacity using Suez versus Cape rose to 36% from an 8% average since early 2024; sixteen services have shifted back since July, led by Gemini, Ocean and Premier alliances plus MSC. Read →

The Baltic index rose 3.36% to 2,680 points on Wednesday, its highest since October 13. Capesize surged 7.69% to 3,793 points with daily earnings up $2,453 to $30,895; panamax slipped 1.91%. Iron ore futures stayed flat as higher freight costs offset weak demand signals. Read →

More than 100 ships above 16,000 TEU have transited the Suez Canal since September as carriers restore Red Sea services. Weekly container capacity through Suez averaged 753,000 TEU in early October, exceeding 50% of 2023 levels for the first time. 63% of Asia-Europe capacity now routes via Red Sea loops, cutting Cape diversions to the lowest since January 2024. Read →

The Baltic Dry Index rose 87 points or 3.36% to 2,680 on Oct 21, its highest since Oct 13, led by a 271-point or 7.69% jump in the Capesize Index to 3,793. Panamax fell 43 points while Supramax edged up 2 points. The move reflects stronger demand for larger vessels carrying iron ore and coal amid tightening supply. Read →

Spot VLCC rates eased from record levels, with the Oman-China index down 13% from its early-October peak and the US Gulf-China index down 19%. Suezmax and Aframax rates also retreated double digits on slower chartering. Rates remain far above pre-Hormuz crisis levels despite the pullback. Read →

The Baltic Dry Index rose 1.9% to a near one-week high of 2,593 points on Tuesday, driven by a 4.7% jump in the capesize index to 3,522 points. Panamax fell 1.7% while supramax held steady. The move follows a 10-day losing streak and reflects firmer larger-vessel demand for iron ore and coal cargoes. Read →

Asian refiners are booking more Aframax cargoes and purchasing Middle East crude on a delivered basis to avoid record VLCC freight costs near $40 per barrel on some routes. About 80 VLCCs remain tied up in Hormuz shuttle services, tightening availability and pushing some buyers toward smaller tankers or alternative crudes. Read →

Capital Tankers took delivery of the 155,348 DWT dual-fuel LNG-capable M/T Amor, expanding its sailing fleet to 17 tankers including one VLCC, eight Suezmax, four Aframax and four LR2. The vessel was financed partly via a $64.5 million sale-leaseback. The company also arranged new financing for 11 VLCC newbuilds with structured amortizations and balloons, supporting a pipeline to 33 tankers by mid-2028. Read →

International Seaways agreed to acquire Bruton Limited in a deal valuing the Oslo-listed VLCC owner at approximately $370 million. The transaction adds four 300,000 dwt VLCCs, including the delivered Mount Vision and newbuildings from New Times Shipbuilding, to Seaways' fleet of about 70 vessels. The deal is mostly in new INSW shares with settlement of the initial exchange expected around October 20. Read →

South Korean carrier HMM's board approved a KRW 2.168 trillion ($1.62 billion) investment in eight 13,000 TEU newbuildings and four smaller resale newbuildings totaling 114,100 TEU capacity. Deliveries are scheduled through December 2029 as part of HMM's plan to reach 166 containerships by 2030. Read →

VLCC rates on Gulf of Oman to China fell to WS776 from a record WS841 last week. Lower demand followed attacks in the Middle East and US signals on easing sanctions for shadow fleet tankers. Rates remain elevated near highs, supporting tanker earnings despite the pullback. Read →

The Baltic Dry Index fell 34 points to 2,511, its lowest since June 30 and down 14% for the week. Capesize index dropped 73 points to 3,249 amid weak iron ore demand and ample tonnage. Panamax eased while supramax edged higher. Read →

A Qatari LNG carrier loaded in August is sailing north through the Red Sea toward Poland. The rare transit tests renewed Houthi risks after plant strikes earlier halted some shipments. It signals potential faster deliveries to Europe amid selective route reopenings. Read →

The Baltic Exchange dry bulk index fell 122 points or 4.57% to 2,545 on Thursday, marking its ninth straight decline and lowest level since June 30. The Capesize index plunged 308 points or 8.48% to 3,322, its lowest since early April, with average daily earnings dropping $2,792 to $26,625; Panamax also fell while supramax edged up. Iron ore prices slipped for a third session to multi-year lows amid weak Chinese demand. Read →

Baltic VLCC assessments rose sharply this week with TD3C Middle East Gulf-China reaching WS1,318.75 for a round-trip TCE of $1.41 million per day. Atlantic routes also strengthened, including West Africa-China at WS750.63 ($763k/day TCE) and US Gulf-China surging to a $637k/day TCE. Suezmax and Aframax segments posted broad gains across West Africa, Black Sea, North Sea and Mediterranean routes. Read →

Weekly container-ship capacity through the Suez Canal averaged 753,000 TEU in the first two weeks of October, exceeding 50% of the 1.457 million TEU pre-disruption level for the first time. Large containership activity strengthened October 12-14 with CMA CGM Pantheon making its maiden transit; Suez Canal Authority data showed 166 medium and ultra-large vessels (over 130,000 net tons) transited July-September for 29 million net tons. Recovery follows multiple carriers restoring Asia-Europe services though volumes remain below 2023 peaks. Read →

The Baltic Exchange’s main sea freight index fell 134 points, or 4.78%, to 2,667 points on Oct 14, its lowest since July 29 and eighth straight decline. Capesize rates plunged 364 points or 9.11% to 3,630 points with daily earnings down $3,302 to $29,417, while Panamax slipped 23 points to 2,409. Iron ore futures in Dalian fell amid rising Chinese blast furnace maintenance and ample Australian/Brazilian supply. Read →

Weekly container ship capacity through the Suez Canal averaged 753,000 TEU in the first two weeks of October, exceeding 50% of 2023 levels for the first time since Houthi attacks began. BIMCO data shows 36% of Cape-or-canal routed capacity now uses the canal, up from 8% earlier in 2026, after 16 services from major alliances returned since July. Asian port congestion may delay the full supply impact. Read →

A Sinokor VLCC fixed US Gulf to Asia-Pacific for late November at $81 million lumpsum, the highest since Argus began tracking in 2017 and up $17.75 million day-over-day. Chinese refiners ramped crude restocking from late September to meet Asia-Pacific product demand while Mideast Gulf flows face disruptions. The surge follows earlier all-time highs in Aframax and Suezmax segments and stems from inefficient Hormuz shuttle transfers plus Red Sea rerouting that lengthens voyages. Read →

The Baltic Dry Index fell 51 points to 2,801, its lowest since August 20, as the Capesize sub-index slid 154 points to 3,994 with average earnings down $1,396 to $32,719 per day. Iron ore futures also declined amid ample supply and high Chinese port stocks. Panamax held steady at 2,432 while Supramax rose 12 points to 1,833, showing weakness concentrated in large-bulk iron ore and coal lanes. Read →

Baltic Exchange VLCC, Suezmax and Atlantic Aframax indexes steadied near peaks while Pacific Aframax continued rising. DHT booked 50% of its Q4 VLCC spot days at $509,100 per day, triple its Q3 average, lifting owner stocks. Iranian attacks on Hormuz shuttle traffic sustain high rates but raise concerns rates may stay elevated too long to support sustained demand. Read →

The Baltic Exchange dry bulk index dropped 65 points or 2.23% to 2,852 on Monday, its lowest since August 21. Capesize rates fell 192 points or 4.42% to 4,148, the lowest since late July, with daily earnings down $1,745 to $34,115. Panamax and supramax indexes rose modestly while iron ore prices seesawed on mixed Chinese steel restocking signals. Read →

At least 10 VLCCs and several Suezmax vessels approaching Fujairah have stopped or reversed in recent days, per tanker-tracking data. Escalating Iranian attacks threaten the key transfer hub for wartime oil shipments bypassing the Strait of Hormuz. This adds to global tanker shortages and keeps freight rates elevated. Read →

VLCC charter from US Gulf Coast to China fell to $634,974 per day from over $637,000 on Oct 8. Rates surged earlier due to ship-to-ship transfers bypassing the closed Strait of Hormuz and Atlantic arbitrage flows. Soaring costs now curb Asian demand for US crude despite limited alternatives. Read →

The 6,613-dwt Malta-flagged Ivyan lost propulsion near Kanlica while carrying 6,000 tonnes of vegetable oil from Varna to Monopoli. Turkish authorities suspended traffic both ways, deployed tugs, and towed the vessel to anchorage. Bosphorus reopened after the incident on Oct 11. Read →

The Baltic Dry Index dropped 56 points or 1.9% to 2,917 on Friday, its lowest since Aug 24. Capesize index fell 172 points to 4,340 with daily earnings down $1,560 to $35,860. Iron ore prices hit multi-month lows on weak Chinese steel demand and rising supply. Read →

The Baltic Dry Index fell 21 points or 0.7% to 2,973 Thursday, its lowest since August 25. Capesize earnings dropped $768 to $37,420 amid soft Chinese iron ore demand after the holiday. Panamax and supramax indexes edged higher. Read →

Far East to US West Coast spot rates rose 1.4% to $8,346/FEU and East Coast 0.7% to $11,523/FEU on October 1 per Xeneta. The analyst sees the post-Hormuz peak but expects rates to stay elevated through year-end rather than collapse. Read →

More than 40% of the world's 850 VLCCs sit in or near the Persian Gulf amid Hormuz shuttling and ship-to-ship transfers. Assessed Gulf-to-East Asia rates hit an all-time high of nearly $1.4 million per day on Wednesday, up 540% since before the conflict. The supertanker shortage cascades to Suezmax and Aframax vessels on non-Middle East routes, lifting those rates too. Read →

Premier Alliance becomes the last major grouping to route Asia-Europe services back through the Red Sea and Suez Canal. The move adds effective capacity on shorter voyages, contributing to further declines in container freight rates on those lanes. Carriers cite easing congestion risks and schedule improvements from the return. Read →

Atlantic two-stroke LNG carrier rates stand at $25,750 per day, down sharply from March wartime peaks, as more US cargoes head to Europe and shorten voyages. Spark Commodities data shows the shift boosts vessel availability in the Atlantic basin. Analysts expect the trend plus 80+ annual newbuild deliveries through 2028 to keep a ceiling on winter freight rates unless Asia demand surges. Read →

Russell Hardy told the Energy Intelligence Forum that increased Gulf exports via tanker shuttles have prevented a sharper oil-price spike, yet the limited vessel pool is now the key bottleneck. He noted charter costs have surged dramatically and refineries are suffering as buyers struggle to secure tonnage despite the US Navy route. The system relies on one set of tankers transiting Hormuz and transferring to waiting vessels, keeping roughly 12mn bpd crude moving but highlighting acute scarcity. Read →

The Baltic Exchange dry bulk index fell 90 points or 2.75% to 3,178 points Tuesday, its lowest since early September, driven by weaker Capesize rates that dropped 248 points or 4.63% to 5,103. Average daily Capesize earnings fell $2,249 to $42,775 amid softer iron ore futures and rising Chinese port inventories ahead of National Day holidays. Panamax rates edged lower while supramax held firmer. Read →

Suezmax TCEs on West Africa-Europe and US Gulf-Europe routes jumped 145-150% week-on-week to $567k-$578k/day, while VLCCs on West Africa-China hit $697k/day and Oman-China reached $861k/day. The surge stems from more Middle East crude exiting Hormuz under protection, triggering STS transfers in the Gulf of Oman that soak up VLCCs and cascade demand to smaller tankers. Atlantic aframax rates also hit records, with US Gulf-Europe up 44% w/w to $314k/day. Read →

Trafigura's majority-owned Volare Shipping raised $500 million for eight new VLCCs ahead of its Oslo listing, betting elevated rates from Hormuz constraints, Red Sea diversions and sanctions will persist for years. Spot VLCC rates have reached over $1.2 million/day on Gulf-to-China routes versus a $35,600/day breakeven. The move expands the fleet to 14 ships to gain scale amid a surging orderbook that now equals 35% of the existing VLCC fleet. Read →

Intercontinental Exchange launched new forward freight agreements on TD34 Gulf of Oman-to-China and TD15 West Africa-to-China VLCC routes to help traders hedge amid restricted Hormuz access. The contracts are cash-settled on Baltic assessments and respond to the Iran conflict reshaping flows, with daily volume in ICE freight markets already up 33% year-to-date. Separate container freight options on Asia-Europe and Asia-USWC lanes were also introduced. Read →

VLCC rates on Middle East-Asia routes reached $1.3 million per day, up 43 times from early January levels. Hormuz security risks forced longer voyages, ship-to-ship transfers and war-risk premiums, tying up fleet capacity. Freight now adds $33 per barrel to delivered crude costs, or 27% of the total. Read →

The Baltic Dry Index climbed 8 points to 3,148, with the Capesize sub-index gaining 32 points to 5,042. Average daily earnings for Capesize vessels rose $296 to $42,228. The move follows firmer iron ore and coal demand amid ongoing Middle East disruptions. Read →

A short US-Iran ceasefire failed to normalize container flows through Hormuz or ease port congestion in the Middle East and Asia. Spot rates from China to Jebel Ali neared $6,000 per FEU, up over 270% since February. Ripple effects lifted transpacific rates 37% while schedule reliability remained poor. Read →