A Challenging Week at Sea: Dry Bulk Rates Rise as Tanker Earnings Decline
SeaNews- The Baltic Exchange has released its weekly market report covering Week 49 of 2025*, prepared exclusively for FONASBA associations and member companies. The report outlines key developments across major maritime sectors, including dry bulk, crude tankers, and clean petroleum products.
In the dry bulk segment, the Capesize market posted a strong performance. In the Pacific, continuous activity from mining companies combined with a shortage of available vessels kept the C5 index in the lower-to-mid 12-dollar range. In the North Atlantic, a severe vessel shortage drove rates sharply higher, pushing the BCI 5TC to USD 44,000.
The Panamax market began the week on a weak footing. Increased vessel availability in both the Atlantic and Asia boosted owner flexibility in fixing rates, causing the P5TC index to fall to USD 16,767 by week’s end.
For Supramax and Ultramax tonnage, robust demand in the U.S. Gulf supported higher rates, whereas decreased activity in Asia and Brazil pushed the market downward. Handysize vessels enjoyed a particularly active market in the U.S. Gulf and South Atlantic, with rates ranging between USD 20,150 and USD 24,000, while Asia remained relatively quiet.
In the crude tanker sector, VLCCs saw declining rates across all major routes. The Middle East–China route (TD3C) dropped 6.5 points to WS123.42, with daily earnings at USD 125,613. The U.S. Gulf–China route (TD22) also saw a significant decline, with daily earnings down USD 51,000 to approximately USD 94,600.
Both the Suezmax and Aframax markets weakened as well. The Nigeria–Europe route (TD20) settled at WS132.5 with daily earnings around USD 65,000. In the North Sea and Mediterranean, Aframax daily earnings were recorded at USD 70,300 and USD 56,800 respectively, while the U.S. Gulf market slipped 15 points following the Thanksgiving holidays.
In the clean petroleum products segment, LR2 and LR1 tankers in the Middle East Gulf experienced falling rates. The MEG–Japan route (TC1) dropped to WS158.89, while earnings on the Europe route fell sharply from USD 48,851 to USD 38,968. MR tankers in the ME Gulf also posted weaker numbers, though the U.S. Gulf market improved, with daily earnings rising to USD 24,228.
Overall, the report highlights significant volatility across dry bulk and tanker markets, with the week characterized by rising rates in some regions and notable declines in others.
