Dry bulk fleet growth remains the key theme at the start of 2026, as deliveries continue to outweigh removals and keep net expansion positive.
The newbuilding orderbook is close to one tenth of the active fleet by vessel count, with deliveries concentrated in the near term rather than pushed far into the future. Ageing is most pronounced in the smaller and mid size segments, with the largest pools of vessels aged 20 years or more in Supramax, Handysize and Panamax.
Fleet growth remains led by mid size segments, while larger segments have expanded more modestly and Post Panamax edged lower on a net basis. Demolition remains limited versus deliveries, with ship recycling concentrated in the mid size groups, while orderbook intensity is higher in Panamax and also in Capesize and VLOC, which could limit upside if new capacity grows faster than cargo demand.
Capesize average earnings rose to $31,800 per day, up 36% week on week. Panamax average earnings increased to $15,700 per day, up 8%. Supramax average earnings improved to $13,500 per day, up 4%. Handysize average earnings edged up to $11,100 per day, up 3%.
Dry Atlantic Analysis – Week 05 2026
Capesize strengthened, with C3 finishing in the low $26.00s per ton after midweek momentum eased on delayed cargoes, including Tubarão to Qingdao at $24.00 per ton.
Panamax stayed supported by fronthaul and longer employment, including an 81,000 dwt fixed basis Colombo via ECSA to Singapore Japan at $19,200 per day.
Supramax was positional with mixed follow through, including a 56,000 dwt fixed delivery Onne for a trip to China at $14,500 per day.
Handysize improved on stronger transatlantic demand, including a 41,000 dwt fixed US Gulf to Mediterranean grains at $19,000 per day.
Capesize held firmer levels, with C5 ending in the upper $9.00s per ton and a Port Hedland to Qingdao stem fixed at $9.00 per ton.
Panamax sentiment improved on NoPac activity, including an 82,000 dwt fixed basis Yosu for a trip with redelivery Singapore Japan at $16,500 per day.
Supramax returns improved as North Asia demand reduced prompt availability, including a 59,000 dwt fixed delivery Indonesia with redelivery China in the high $9,000s per day.
Handysize stayed selective with limited fresh push, including a 38,000 dwt fixed passing Singapore via Australia with redelivery Far East at $10,000 per day.
VLCC rates were shaped by uneven fixing flow and selective availability, with TD15 assessed at WS98 averaging $107,200 per day.
Suezmax levels were supported in the West basin, with TD20 assessed at WS156 averaging $70,500 per day and TD27 assessed at WS155 averaging just over $71,000 per day.
Aframax was driven by tight availability in the Atlantic short haul, with TD25 assessed at WS317 averaging $94,800 per day and TD26 assessed at WS361 averaging $114,000 per day.
LR West of Suez remained quieter on the reference route set.
MR TC2 was assessed at WS132.5 averaging $8,800 per day, with TC21 assessed at $950,000.
VLCC TD3C was assessed at WS95 averaging $80,000 per day, with a softer close versus earlier levels.
Aframax positioning reflected the cleaner Atlantic pull, while TD19 was assessed at WS258 averaging $94,500 per day.
LR remained MEG led, with TC1 assessed at WS214 averaging $54,800 per day, TC20 assessed at $4.6m averaging $42,500 per day and TC5 assessed at WS219 averaging $39,500 per day.
MR Asia held the stronger signal, with TC7 assessed at WS247 averaging $29,250 per day.
Over the past twelve months, Greek interests remained the leading sellers with 304 vessels sold across sectors, versus 138 sales by Chinese sellers. Greek selling was led by 145 dry bulk and 109 tankers, plus 40 containers and 4 gas carriers, while Chinese selling comprised 86 dry bulk, 35 tankers, 9 containers and 5 gas carriers. On the buying side, China ranked first with 228 purchases and Greece followed with 192, with Chinese buying led by 165 dry bulk and 48 tankers and Greek buying led by 110 dry bulk and 59 tankers, alongside 17 container acquisitions.
This post provides a high-level snapshot of dry bulk fleet growth dynamics and current freight market performance.
The full Allied QuantumSea Weekly Market Report includes:
· In-depth dry bulk fleet and orderbook analysis by vessel segment
· Age profile breakdowns and demolition versus delivery trends
· Supply-side risk assessment and implications for freight upside
· Full dry bulk earnings tables across all vessel classes
· Route-level Atlantic & Pacific freight coverage with fixture examples
· Dirty & clean tanker benchmarks and earnings analysis
· Baltic indices, TCE tables & historical comparisons
· Secondhand S&P activity, buyer–seller behaviour & asset value trends
· Recycling market activity and scrap pricing benchmarks
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