Capesize investment has moved back into focus during one of the strongest earnings periods in recent years, with activity visible across both newbuilding and secondhand markets since March. Newbuilding orders have clearly outpaced secondhand deals, with contracting accelerating sharply in May while secondhand activity stayed steadier and more evenly spread.
The ordering wave is tied to freight strength, firm Australian and Brazilian iron ore flows, and the early impact of Simandou, where route length matters for Capesize and VLOC demand. Chinese yards dominated newbuilding activity by a wide margin, while the secondhand market showed a more mixed shipbuilding base. Buyer patterns also split, with Chinese buyers more visible in secondhand purchases and Greek linked owners more prominent in forward newbuilding exposure.
Dry Bulk Analysis – Week 24 2026
Capesize average earnings were $33,700/day, with the BCI at 4,107 down 16% w o w. Panamax average earnings were $20,500/day, with the BPI at 2,283 up 2% w o w. Supramax average earnings were $20,800/day, with the BSI at 1,642 up 3% w o w. Handysize average earnings were $16,200/day, with the BHSI at 900 up 4% w o w.
Dry Atlantic Analysis – Week 24 2026
Capesize South Brazil and West Africa to China softened on limited enquiry, with C3 assessed at $35.455/ton and a 180,000 dwt fixed Tubarao to China at $36.00/ton.
Panamax sentiment improved on stronger fronthaul enquiry, tighter prompt supply and better transatlantic grain demand, with an 80,000 dwt fixed Rotterdam via ECSA for a grains fronthaul at $27,500/day.
Supramax gained support from renewed US Gulf demand and limited tonnage availability, with a 64,000 dwt fixed for a transatlantic run in the low $30,000s/day.
Handysize stayed well supported in the US Gulf, with a 38,000 dwt fixed SW Pass to East Coast Mexico with grains at $18,750/day.
Dry Pacific Analysis – Week 24 2026
Capesize remained under pressure on lighter miner participation and insufficient cargo volume, with C5 assessed at $10.89/ton and a 180,000 dwt fixed Dampier to Qingdao at $10.80/ton.
Panamax stayed more cautious on limited Indonesian and Australian cargo volumes and a longer tonnage list, with an 82,000 dwt fixed North China for an Australian round trip at $21,250/day.
Supramax improved as enquiry returned across backhaul and regional business, with a 64,000 dwt fixed Southeast Asia via Australia to Singapore Japan at $23,000/day.
Handysize gained on tighter tonnage and firmer enquiry, with a 38,000 dwt fixed Hososhima to Malaysia with slag at $18,500/day.
Wet Atlantic Analysis – Week 24 2026
VLCC rose, with TD15 West Africa to China at $93,200/day and TD22 US Gulf to China at $105,600/day, while average earnings stood at $201,500/day.
Suezmax strengthened, with TD20 West Africa to UK Continent at $63,200/day and TD27 Guyana to UK Continent at $63,100/day, supported by stronger enquiry and tighter western tonnage.
Aframax corrected sharply, with TD25 US Gulf to Continent at $34,500/day and TD26 East Coast Mexico to US Gulf at $36,300/day, while TD19 cross Med fell to $53,600/day.
LR was mixed, with TC20 ME Gulf to UK Continent at $136,200/day.
MR was mixed, with TC2 Continent to US Atlantic Coast at $5,000/day and TC21 US Gulf to Caribs at $32,700/day.
Wet Pacific Analysis – Week 24 2026
VLCC ME Gulf to China rose to $405,800/day, while TD34 Gulf of Oman to China was assessed at WS 145, equivalent to $27.07/ton.
Suezmax East of Suez sentiment held steady around Fujairah East indications.
LR remained under pressure on ME Gulf to Japan, with TC1 at $134,900/day and TC5 at $99,200/day.
MR eased in the Pacific, with TC7 Singapore to East Coast Australia at $28,000/day.
Sale & Purchase Market Analysis - Week 24 2026
Over the past twelve months, Greek interests led secondhand selling with 317 vessels across sectors, versus 174 sales by Chinese sellers. Greek sales were led by 163 dry bulk and 118 tankers, plus 22 containers and 9 gas carriers, while Chinese sales comprised 117 dry bulk, 37 tankers, 10 containers and 5 gas carriers. On the buying side, Greece recorded 235 purchases and China followed with 215, with Greek buying led by 124 dry bulk and 85 tankers, while Chinese buying was led by 167 dry bulk and 34 tankers
This post provides a high-level view of renewed Capesize investment activity, freight market strength, and evolving dry bulk asset allocation trends.
The full Allied QuantumSea Weekly Market Report – Week 24 includes:
· In-depth analysis of Capesize newbuilding and secondhand investment trends
· Assessment of freight-driven ordering activity and asset value developments
· Simandou's growing influence on long-haul iron ore trade and vessel demand
· Detailed dry bulk and tanker earnings tables across all vessel classes
· Atlantic & Pacific route-level freight analysis with fixture benchmarks
· Baltic indices, TCE calculations & historical trend comparisons
· Secondhand S&P transactions, buyer–seller positioning & asset value trends
· Recycling activity and scrap pricing indicators
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