Panama Canal activity is moving into a post drought recovery phase, with stronger throughput supported by better water conditions, firmer cargo flows and rising booking confidence across containers and gas and energy related trades.
At the same time, capacity management is becoming more market driven, as the upgraded LoTSA 2.5 framework introduces sealed bid auctions and segment specific allocation packages for containers and gas carriers. The recent surge in auction slot prices reflects scarcity in short notice transit capacity rather than a broad rise in canal tariffs, with charterers paying up for faster transit amid longer alternative routes and higher scheduling risk.
The canal is also gaining strategic weight at the intersection of Middle East disruption, US Gulf energy export growth to Asia, and wider US China competition around canal linked infrastructure, keeping slot pricing, allocation participation and lake levels as the key watchpoints.
Dry Bulk Analysis – Week 21 2026
Capesize average earnings were $41,400/day, with the BCI at 4,954 down 4% w o w. Panamax average earnings were $20,000/day, with the BPI at 2,223 down 12% w o w. Supramax average earnings were $19,800/day, with the BSI at 1,567 up 0.1% w o w. Handysize average earnings were $15,200/day, with the BHSI at 843 down 1% w o w.
Dry Atlantic Analysis – Week 21 2026
Capesize South Brazil and West Africa to China stayed subdued with C3 at $36.241/ton and a Tubarao to Qingdao fixed at $36.45/ton.
Panamax weakened as fronthaul and ECSA enquiry slowed, with a Tubarao trip via Brazil to Djen Djen fixed at $43,500/day.
Supramax stayed healthier in the Atlantic with the US Gulf active and a 56,000 dwt fixed East Mediterranean to US East Coast in the mid $13,000s/day.
Handysize remained soft in the Atlantic, with a SW Pass to UK Continent grain trip fixed at $16,000/day.
Dry Pacific Analysis – Week 21 2026
Capesize held support on consistent miner participation with C5 at $15.625/ton and a Port Hedland to Qingdao fixed at $15.35/ton.
Panamax stayed under pressure on limited fresh enquiry, with a Hong Kong delivery via Australia to South China fixed at $22,000/day.
Supramax demand was subdued with tonnage building, with a 63,000 dwt open CJK fixed for a trip to West Africa at $22,500/day.
Handysize remained the most resilient in Asia, with a Kobe open fixed for a trip south at around $17,000/day.
Wet Atlantic Analysis – Week 21 2026
VLCC eased with Atlantic support still the clearest buffer, as TD15 West Africa to China softened to $95,500/day and US Gulf to China eased to $103,700/day.
Suezmax remained under pressure in the West, with TD20 West Africa to UK Continent at $70,650/day and TD27 Guyana to UK Continent at $74,700/day.
Aframax stayed weak, with TD25 US Gulf to Continent at $46,500/day and TD26 East Coast Mexico to US Gulf at $54,700/day, while TD19 Cross Med softened to $33,750/day.
LR clean rates softened, with TC20 ME Gulf to UK Continent at $137,500/day.
MR remained mixed, with TC21 US Gulf to Caribs at $4,500/day and TC2 Continent to US Atlantic Coast at $9,900/day.
Wet Pacific Analysis – Week 21 2026
VLCC weakened in the ME Gulf, with TD3C ME Gulf to China at $392,900/day and TD34 Gulf of Oman to China assessed at WS130, equivalent to $24.27/ton.
Suezmax East of Suez stayed weak with scarce enquiry and continued ballasting toward the Cape.
LR remained under pressure, with TC1 ME Gulf to Japan at $142,300/day and TC5 ME Gulf to Japan at $108,400/day.
MR eased, with TC7 Singapore to East Coast Australia at $32,700/day.
Over the past twelve months, Greece led reported secondhand buying with 234 purchases across sectors, while China recorded 205 purchases. On the selling side, Greece recorded 318 sales and China recorded 164 sales over the same period.