Baltic Exchange Market Report (25 April 2025)
Capesize
The Capesize market showed a clear upward trajectory this week following a subdued start due to the Easter holidays. The BCI 5TC rose steadily, closing the week at $15,667, up from $13,774 on Tuesday. In the Pacific, sentiment improved significantly mid-week as C5 rates climbed from early lows, supported by growing cargo volumes and increased miner activity. By week’s end, a tightening tonnage list and firmer fixing levels pointed to a strengthening market, with the C5 index rising from $7.085 to $7.815. The Atlantic basin mirrored this positive trend, buoyed by a firmer FFA market and strong demand from South Brazil and West Africa to China. A mid-week flurry of fixtures pushed rates higher, resulting in the C3 index climbing from $18.685 to $19.755. In the North Atlantic, the fronthaul market also saw solid activity, particularly on EC Canada to China cargoes, contributing to a reduced tonnage list.
Panamax
This week, the Atlantic market was once again the centre of attention, possibly influenced by the easing of US tariffs before Easter. Strong demand across the basin significantly impacted rates, which surged forward with reports of various fronthaul fixtures from North Coast South America. It was rumoured that $20,000 was fixed a few times for North Coast South America to China runs on 82,000-dwt vessels, pushing headline rates higher. Additionally, the increasing demand for North Atlantic Transatlantic grain added further momentum. In Asia, the market rose steadily throughout the week, supported by the positive sentiment from the Atlantic market for southern tonnage. Meanwhile, in the North, consistent NoPac demand kept rates stable at around the $12,000 average mark. Although limited period fixtures were reported, the outlook improved with rising paper values. Towards the end of the week, there were rumours of $15,500 being fixed on a well-described 82,000-dwt vessel for delivery in Indonesia, trading for 5 to 8 months.
Ultramax/Supramax
Two sides of a coin this week. Whilst the Atlantic was a rather muted affair, the Asian arena saw renewed interest. The Atlantic was described generally as very slow although as the week closed there was better activity from the South Atlantic. The Continent-Mediterranean lacked fresh impetus and rates struggled. Similarly, the US Gulf remained rather dull, and an Ultramax was heard fixed in the mid-$14,000s for a Transatlantic run. From Asia, it was a more buoyant affair. Better levels were being achieved from South Africa, a 63,000-dwt fixing from here for a trip to China at $17,000 plus $170,000 ballast bonus. Demand remained from Indonesia, a 54,000-dwt fixing delivery Bontang trip via Indonesia redelivery China at $16,000. Whilst a 63,000-dwt open South China fixed a trip via Indonesia redelivery WC India at $17,000. Period activity remained sluggish, but a 58,000 open North Asia was heard fixed in the mid-$11,000s for 4/6 months trading.
Handysize
The market this week saw minimal visible activity across both basins, with the overall sentiment remaining flat. The Continent and Mediterranean market appeared generally weak, with rates drifting slightly below previous levels. A 33,000-dwt fixed for a trip delivery Damietta to redelivery NC South America at $7,000. In the South Atlantic, activity continued at a steady pace with tonnage counts remaining stable and supported by some fresh demand, leading to a slight upward trend in rates. A 36,000-dwt heard fixed delivery South Brazil redelivery Continent - UK at $13,500. In the US Gulf, sentiment remained unchanged, with the tonnage count maintaining its length, which continued to put pressure on rates. A 42,000-dwt vessel was fixed for delivery SW Pass and redelivery WC Central America at $14,250. The Asian market also remained flat, despite a gradual increase in tonnage, some fresh demand has helped to maintain current rates, with no significant changes in cargo volumes to drive rates higher. A 36,000-dwt delivery Hakata trip via Far East redelivery SE Asia at $9,750.
Clean
LR2
MEG LR2s improved modestly this week. The TC1 75kt MEG/Japan index ticked up from WS117.22 to WS126.67 and a TC20 90kt MEG/UK-Continent held flat around the $3.5m.
West of Suez, Mediterranean/East LR2s remained sedate with the TC15 index dipping $35,000 to just under the $3.1m mark.
LR1
MEG LR1 freight also climbed this week, and a little more optimistically that the LR2s. The TC5 55kt MEG/Japan index gained 19.88 points to WS149.88. A voyage west on TC8 65kt MEG/UK-Continent went from $2.65m to $2.84m.
On the UK – Continent, LR1s continued along their current path for the second week on week. The TC16 60kt ARA/West Africa index remained at around the WS130 level with the Baltic TCE just under $24,000 /day round-trip.
MR
MRs in the MEG also pushed upwards this week. The TC17 35kt MEG/East Africa index climbed from WS198.93 to WS211.43 tanking the Baltic TCE for the run-up and over $20,000 /day round-trip.
UK - Continent MRs were a little sluggish this week. The TC2 37kt ARA/US-Atlantic coast trip came down 4.38 points to WS147.5 but late week activity is currently reported to be on subjects at higher levels at time of writing. The Baltic description round-trip TCE for the run dropped to $16,231 / day (-$878). The TC19 voyage of 37kt ARA/West Africa index as usual continued to follow TC2 and went from WS172.19 to WS167.5.
USG MRs ultimately sunk back down again this week. The TC14 38kt US-Gulf/UK-Continent went from WS128.57 to WS107.56. The TC18 the 38kt US Gulf/Brazil index dropped 21.43 points to WS155 and a Caribbean run on TC21, 38kt US-Gulf/Caribbean came off 23% to $503,571.
The MR Atlantic Triangulation Basket TCE went from $26,808 to $22,498.
Handymax
Baltic Clean Handymaxes remained relatively flat in the Mediterranean this week; the TC6 index did however drop from WS175.56 to WS169.72. Up on the UK – Continent, the TC23 30kt Cross UK-Continent also shed 10.28 points to WS170.
VLCC
The market has turned around again, and gains have been made on all routes this week. The rate for the 270,000 mt Middle East Gulf to China trip (TD3C) has climbed 5 points since Easter to WS70.93 corresponding to a round-trip TCE of $55,010.
In the Atlantic market, the rate for 260,000 mt West Africa/China (TD15) rose 4 points to WS68.41 giving a round voyage TCE of $52,418 per day. The rate for 270,000 mt US Gulf/China (TD22) has been steadily recovering and is now $237,942 higher than just before the Easter break at $8,347,667 which shows a daily round-trip TCE of $45,941.
Suezmax
Suezmax owners continued to push on upwards in West Africa. The rate for the 130,000 mt Nigeria/UK Continent voyage (TD20) climbed 9 points to WS120.28, meaning a daily round-trip TCE of $57,338 while the TD27 route (Guyana to UK Continent basis 130,000 mt) only rose 4 points to WS115.28 translating to a daily round-trip TCE of $54,152 basis discharge in Rotterdam. The CPC terminal issues seem to be very much in the rear view, and the rate for the TD6 route of 135,000 mt CPC/Med has been steady this week at about the WS135 level showing a daily TCE of about $67,939 round-trip. In the Middle East, the rate for the TD23 route of 140,000 mt Middle East Gulf to the Mediterranean (via the Suez Canal) has continued to be steady at the WS91 level.
Aframax
In the North Sea, the rate for the 80,000 mt Cross-UK Continent route (TD7) has had 2 points added, reaching a whisker away from WS140, giving a daily round-trip TCE of $55,065 basis Hound Point to Wilhelmshaven.
In the Mediterranean market, the rate for 80,000 mt Cross-Mediterranean (TD19) has slid down 8 points to WS181.11 (basis Ceyhan to Lavera, that shows a daily round-trip TCE about $61,100).
Across the Atlantic, the peak has been reached, and rates have started to tumble. For the 70,000 mt East Coast Mexico/US Gulf route (TD26) and the 70,000 mt Covenas/US Gulf route (TD9) the rates are 28 and 27 points down since Thursday 17th April at about WS193 and WS190, respectively, which shows a daily round-trip TCE of around $52,500 and $48,100.
The rate for the Transatlantic route of 70,000 mt US Gulf/UK Continent (TD25) has had 17 points cut away this week to WS176.39, giving a round-trip TCE basis Houston/Rotterdam of $46,507 per day.
LNG
The LNG market showed a notable shift this week, with a strong recovery in the Atlantic basin while the Pacific was mixed.
On the BLNG1 Gladstone-Tokyo route, 174k cbm vessels declined by $1,000, closing at $22,200 per day, while 160k cbm vessels edged up by $200, settling at $13,800 per day. The continued decline for larger vessels highlights ongoing sluggishness in Pacific demand.
In the Atlantic, rates surged across key routes. The BLNG2 Sabine-UK Continent route jumped by $15,100 for 174k cbm vessels, reaching $36,500 per day, while 160k cbm vessels increased $7,300 to $19,200 per day. The BLNG3 Sabine-Tokyo route also saw a strong rally, with 174k cbm vessels gaining $13,900 to $41,500 per day, and 160k cbm vessels rising $7,800 to $22,900 per day, reflecting a tightening Atlantic market and renewed demand.
The time charter market strengthened. Six-month charters rose by $3,200 to $31,050 per day, while one-year rates climbed by $1,325 to $34,400 per day. Three-year time charters also edged up by $550, reaching $53,850 per day, indicating improved confidence across the curve.
LPG
The LPG market has been relatively quiet this week, following the hectic, tariff-driven pricing of recent weeks. Fixing activity has slowed noticeably, and while rates remain below pre-tariff levels, the pace of decline has eased. This may suggest a tentative stabilisation in the market, though underlying sentiment remains fragile.
On the BLPG1 Ras Tanura-Chiba route, rates slipped by $2.26 to settle at $51.333, while TCE earnings fell $2,676, ending at $35,002/day. The decline was milder compared to recent weeks, with Middle East tonnage lists thinning slightly but not yet enough to lift sentiment.
In the Atlantic, the BLPG2 Houston-Flushing route dropped $1.25 to $53.75, with TCEs down $1,963 to $53,316/day.
The BLPG3 Houston-Chiba long-haul route also moved down, losing $1.67 to close at $101.667, with TCE earnings off $1,458, settling at $37,243/day. The arbitrage to the East remains under pressure along with excess freight, and without improvement the market is likely to remain static.
Container
Despite some relaxation from original positions on port costs for Chinese-built ships and an exemption of many electronics from reciprocal tariffs, the steep decline in China-US container trade continues. Many US-bound vessels are departing China half full as shippers cancel orders due to increased costs. Carriers are blanking sailings rapidly, reminiscent of the early pandemic period. Importers are relying on built-up inventories and bonded US warehouses to wait out the tariff hike. However, despite a slight increase in rates to the US from origins like Vietnam, prices from China have not collapsed despite reduced demand.
FBX01 (China/East Asia – USA West Coast) increased modestly by $35 ending the week at $2,327/FEU. FBX02 (USA West Coast – China/East Asia) rates increased from $2,366/TEU to $2,407 at the end of the week. FBX03 (China/East Asia – USA East Coast) remained mostly unchanged finishing the week at $3,395/FEU. FBX11 (China/East Asia – Mediterranean) rates increased from $2,310/FEU, finishing the week at $2,355/FEU. FBX12 (North Europe – China / East Asia) is unchanged at $462/TEU. FBX13 (China/East Asia – Mediterranean) has fallen by $23/FEU finishing the week at $3,070/FEU.
The BDI moved from 1,261 on April 17, 2025 to 1,261 on April 22 and 1,373 on April 25.
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