FRight market overview
The Baltic Dry Index is approaching the 3,000-point threshold, supported by continued gains in all major vessel segments, with the Capesize market continuing to lead a +149% year-on-year rise. The current index levels represent the strongest performance recorded since 2023, reflecting a marked improvement in shipping market sentiment, particularly in the Capsize sector, which has driven consistent upward momentum since the end of the first quarter of this year.
The Panamax sector is also showing strong year-on-year growth, with index levels up +57% year-on-year. Meanwhile, positive market fundamentals continue to support smaller vessel classes, with the Supramax Index up +58% y/y and the Handysize Index up +47% y/y.
Atlantic shipping
Capesize C3/Panamax P7 is stiffer
C3 | Tubarao to Qingdao | $36.91/metric ton | Today: +1.18 | Week: +3.74 | Year: +17.75
p. 7 | American Gulf to Qingdao Grain | $70.75/metric ton | Today: +0.87 | Week: +2.10 | Year: +24.75
The first week of May confirmed the upward momentum in the Atlantic Capesize freight market that emerged during April, with freight rates now exceeding $35/ton and reaching an annual peak of $37/ton. The continued upward trajectory of rates has been closely supported by continued iron ore export activity from both Australia and Brazil throughout April.
Australian iron ore exports recorded a monthly increase of 5%, while Brazilian volumes showed a more pronounced rise of 11% month-on-month, reaching nearly 33 million metric tons. This represents one of the highest export levels recorded since the previous peak recorded in August 2025, when shipments rose to 41 million metric tons. Strong export performance from both major suppliers continues to provide solid fundamental support to Capesize market fundamentals and shipping sentiment in the Atlantic Basin.
Supramax S4A / Handy Size HS4_38 Mixed
· S4A | American Gulf Cruise to Scao Passero | $26,643/day | Today: -678 | Week: +8,307 | Year: +11,372
· HS4_38 | American Gulf cruise through the American Gulf or the northern coast of South America | $15,336/day | Today: +929 | Week: +2,893 | Year: +5,957
Pacific shipping
Head Size | C5 is firmer
C5 Western Australia – Qingdao
C5 | Western Australia to Qingdao | $15.72/metric ton | Today: +0.0 | Week: +2.28 | Year: +7.92
Panamax P5_82 / Supramax S10 is more stable
P. 5_82 | South China, Indonesia Round Trip | $21,789/day | Today: +564 | Week: +1,322 | Year: +11,528
S10 | South China Journey via Indonesia to South China | $17,191/day | Today: +95 | Week: -247 | Year: +6,228
Ballasts overview
We take a closer look at sinks that increase the number of ballast per fraction of vessel volume.
Head size: The number of ballasts in the Indian Ocean/South Africa rises to 170 (+12% y/y), while the number in Australia is now 220 (+15% y/y).
Panamax: The upward trend in the Atlantic basins has continued since the previous week. In the South Atlantic, the number of vessels exceeded 100, while the North Atlantic number remained at more than 110 vessels, reflecting a slight weekly decline of 3%. At the same time, Pacific market pressures intensified in the Far East/NOPAC region, with the number of vessels rising to more than 200, representing a 10% year-on-year rise.
Supramax: During the current week, the Pacific Basin shows a sharp upward trend in contrast to the Atlantic Ocean. In Australia, the number of ballast vessels rose to over 200 vessels (+49% year-on-year), while the Indian Ocean maintained its previous momentum with the number of vessels exceeding 100 vessels.
Manual Size: The number of Atlantic rams continues to rise, with the North Atlantic exceeding 250 (+15% WoW) and the South Atlantic reaching over 80 (+15% WoW). Meanwhile, the Pacific is facing widespread upward pressure; The number of vessels is close to 160 in the Far East/NOPAC (+18% y/y), exceeds 100 in the Indian Ocean/South Africa (+19% y/y), and exceeds 120 in Australia (+15% y/y).
Request| Ton Mile – 7D MA- View Index
Panamax continues to trade above the 100% threshold, supported by strong ton-mile demand. Capesize has strengthened in recent weeks and is now above 103%. Supramax remains below 100% at around 97%, reflecting demand lag and upward pressure on the suppressor side.
Metric Description: Displays the index (base 100) by total mileage during the selected period.
This facilitates comparisons of relative performance between sectors of different sizes (for example, comparing Supramax versus Capesize growth rate).
Source: Al Ishara Group
