Shipping Market Update (Week 37/2025): Dry Bulk Positive, Tankers Volatile, Containers Stabilize

A summary of the shipping market for the week ending September 12, 2025, from The Baltic Exchange: The dry bulk segment maintained its upward trend, the VLCC market boomed, while container rates began to stabilize after recent falls.

panamax-ship-Nord-Neptune

Bulk carrier Nord Neptune (Photo: FotoFlite/DS Norden / Phaata)

The following is a summary report of the main shipping market developments for the week, provided by The Baltic Exchange for the week ending Friday, September 12, 2025.

DRY BULK MARKET

The dry bulk market showed widespread positive signals, particularly in the larger vessel segments.

• Capesize: Positive sentiment was maintained throughout the week in both the Atlantic and Pacific basins. The average Capesize time charter rate closed at $25,457/day, a gain of $1,944 from the previous week. Active chartering on the Brazil (C3) route and support from miners on the West Australia to China (C5) trade were the main drivers.

• Panamax: An optimistic week with rates rising steadily in both the Atlantic and Asian markets. Good demand for grains and minerals amid tight vessel supply created favorable conditions for owners. Transatlantic round voyages were achieving rates in the mid-$20,000s per day.

• Supramax/Ultramax: A positional market. The US Gulf was the main driver in the Atlantic, with a 60,000 DWT vessel chartered for a trip to India at around $32,000/day. Meanwhile, demand in South Asia eased slightly.

• Handysize: A mixed bag of a week. The South Atlantic maintained its upward momentum, while the US Gulf weakened due to reduced demand. The Asian market was relatively subdued with rates moving sideways.

TANKER & GAS MARKET

The crude tanker market saw a boom, while product and gas tankers had varied developments.

Crude Tankers (VLCC, Suezmax, Aframax):

• VLCC: The market saw a dramatic improvement mid-week and remains very firm. Rates for the Middle East to China (TD3C) route rose from WS76.5 to WS87, equivalent to a Time Charter Equivalent (TCE) of approximately $74,338/day. The West Africa to China (TD15) route also surged.

• Suezmax: The market continued on a firm footing. Rates for the Nigeria to Europe (TD20) route gained further, reaching WS112.22, equivalent to a TCE of around $50,934/day.

Clean Tankers:

• LR2: Rates fluctuated. The TC1 index (Middle East to Japan) rose to WS157.89 before falling back to WS142.78 by the end of the week.

• MR: The market trended weaker in both the Middle East and Europe. The TC2 index (Europe to US East Coast) fell 4.37 points to WS114.38. In the US Gulf, downward pressure continued.

Gas Carriers (LNG & LPG):

• LNG: A stable week, with rates easing slightly on some routes due to limited demand amid steady vessel supply.

• LPG: A more positive week, with rates rising sharply due to a raft of new cargoes appearing on the market while the list of available vessels was limited. The Houston–Flushing (BLPG2) route jumped by $8.75 to $85.00 per ton.

CONTAINER MARKET

Entering mid-September, the market continues to face uncertainty regarding tariff policies. This week, rates have continued to stabilize after the sharp falls from the early summer highs. Carriers' blank sailings and service cuts appear to be having an effect.

A notable piece of news this week was CMA CGM's announcement that it will not apply additional surcharges for U.S. port calls when the new U.S. Trade Representative (USTR) port fees for China-linked vessels take effect in October. The market is still waiting to see if other carriers will follow suit.

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