Dry bulk fleet growth remained positive during the first half of 2026, supported by new deliveries and limited recycling, while the overall orderbook moved lower. Growth was concentrated in the mid sized segments, with Panamax/Kamsarmax and Hmax/Supra/Ultra accounting for most of the fleet expansion, while Capesize/VLOC remained the largest segment by carrying capacity. Recycling stayed limited as firm freight earnings reduced the incentive to remove older tonnage from service, despite competition among cash buyers and recycling yards.
The wider orderbook declined as deliveries outpaced new contracting, with Handysize recording the largest reduction. Capesize/VLOC was the clear exception, with contracting still supported by expectations for future iron ore and bauxite volumes, including Brazilian exports and Simandou shipments.
The Strait of Hormuz disruption has had limited influence on the segment, as key Capesize trades such as Brazil to China, West Africa to China and Australia to the Far East do not transit the Strait.
Dry Bulk Analysis – Week 34 2026
Capesize average earnings were $37,900/day, with the BCI at 4,552 up 0.3% w o w. Panamax average earnings were $18,900/day, with the BPI at 2,103 down 6% w o w. Supramax average earnings were $20,700/day, with the BSI at 1,640 up 1% w o w. Handysize average earnings were $15,700/day, with the BHSI at 874 up 1% w o w.
Dry Atlantic Analysis – Week 34 2026
Capesize South Brazil and West Africa to China remained steady, with C3 at $36.18/ton as the route retained momentum and supported a stable upward tone.
Panamax softened as ample tonnage availability outweighed demand, although selected fronthaul business still achieved healthy levels, with an 82,000 dwt fixed from the US East Coast to Southeast Asia at $30,750/day.
Supramax North America started firm but softened as fresh enquiry dwindled, while the South Atlantic was the only positive area, with a 63,000 dwt fixed from North America to India Japan with petcoke at $34,000/day.
Handysize remained under pressure in the Continent, Mediterranean and US Gulf, with a 40,000 dwt fixed from Recalada to the US Gulf at $18,500/day.
Dry Pacific Analysis – Week 34 2026
Capesize found support from consistent miner presence and stronger operator demand, although C5 eased to $14.58/ton.
Panamax fundamentals remained relatively stable despite plentiful prompt tonnage, with an 81,000 dwt fixed for an Australia round voyage at $19,000/day.
Supramax showed small gains, supported by North Pacific grains, increased Indonesian coal volume and a firmer Indian Ocean, with a 63,000 dwt fixed from CJK for a NoPac round voyage at $18,750/day.
Handysize held relatively steady in Asia, supported by pockets of activity and tight prompt tonnage, with a 40,000 dwt fixed from Malaysia for an Australia round trip in the $19,000s.
Wet Atlantic Analysis – Week 34 2026
VLCC strengthened sharply, with TD15 West Africa to China at $195,100/day and TD22 US Gulf to China at $176,600/day as Atlantic routes corrected upward.
Suezmax Atlantic rates strengthened, with TD20 West Africa to UK Continent at $162,100/day and TD27 Guyana to UK Continent at $167,100/day as prompt enquiry and tighter tonnage allowed owners to push rates higher.
Aframax was supported by Mediterranean strength, with TD25 US Gulf to Continent at $80,900/day and TD26 East Coast Mexico to US Gulf at $112,000/day, while TD19 cross Med rose to $77,500/day.
LR firmed, with TC20 ME Gulf to UK Continent at $120,500/day.
MR improved overall, with TC21 US Gulf to Caribs at $20,900/day, while TC2 Continent to US Atlantic Coast remained under pressure.
Wet Pacific Analysis – Week 34 2026
VLCC surged in the ME Gulf, with TD3C ME Gulf to China at $603,400/day and TD34 Gulf of Oman to China at WS 226.67, equivalent to $42.32/ton.
Suezmax had no dedicated East of Suez benchmark provided, while Black Sea CPC rates remained elevated although the premium eased compared with last week.
LR strengthened, with TC1 ME Gulf to Japan at $146,400/day and TC5 ME Gulf to Japan at $109,600/day.
MR firmed slightly in the Far East, with TC7 Singapore to East Coast Australia at $23,800/day.
Sale & Purchase Market Analysis - Week 34 2026
Over the past twelve months, Greece led secondhand selling with 319 vessels across sectors, versus 157 sales by Chinese sellers. Greek sales were led by 166 dry bulk and 119 tankers, plus 22 containers and 8 gas carriers, while Chinese sales comprised 103 dry bulk, 35 tankers, 10 containers and 4 gas carriers. On the buying side, Greece recorded 228 purchases and China followed with 210, with Greek buying led by 119 dry bulk and 86 tankers, while Chinese buying was led by 167 dry bulk and 32 tankers.
Get the Full Allied Weekly Market Report – Week 34 (August 2026)
This post provides a high-level view of dry bulk fleet developments during the first half of 2026, orderbook trends, and current freight market performance.
The full Allied QuantumSea Weekly Market Report – Week 34 includes:
In-depth analysis of dry bulk fleet growth, deliveries and recycling activity
Fleet development across Capesize/VLOC, Panamax/Kamsarmax, Supramax/Ultramax and Handysize segments
Orderbook trends, new contracting activity and future fleet supply dynamics
Iron ore and bauxite trade outlook, including Brazil and Simandou-related 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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