Dry bulk diverged in Week 41 as Capesize losses outweighed firmer Panamax and Supramax markets: the Baltic Dry Index closed at 2,917, down 7.3% week on week. Dirty tanker strength was pronounced, with the Baltic Dirty Tanker Index climbing 20.9% to 7,964, while the clean index slipped 0.5% to 2,403. Secondhand buying centred on Handysize bulkers and larger crude tankers, against a backdrop of sustained dry bulk investment through September.
September saw 56 dry bulk secondhand sales, taking January–September 2026 activity to 579 vessels, 9% above the 532 recorded a year earlier. Disclosed investment reached US$1.11bn in September and US$10.1bn year to date, a 35% rise from US$7.5bn in the comparable 2025 period. Capital is growing faster than transactions, but differences in vessel mix and reporting mean this is not proof of rising like-for-like prices.
Chinese buyers led September with 17 acquisitions and approximately US$377m in disclosed capital, or 34.1% of the monthly total. Their purchases reached across the five vessel-size groups shown, with Supramax/Ultramax most prominent. Greek buyers acquired seven vessels for approximately US$137m, or 12.3%, focusing on Handysize, Supramax/Ultramax and Kamsarmax/Panamax, with Handysize their largest segment by count.
Together, Chinese and Greek buyers accounted for 24 of September’s 56 sales and approximately US$514m, or 46.4% of disclosed investment. Only one September transaction (1.8%) lacked a stated price, although 58 YTD sales (10.0%) were undisclosed. These purchase profiles signal where demand is concentrated, not the motivations behind individual purchases or a fixed long-term investment strategy.
A South American tonnage overhang and limited C3 enquiry pressured the Atlantic, while Pacific miner activity was sparse late in the week. BCI-TCE fell 15.1% to $35,860/day as the BCI dropped 13.9% to 4,340. C7 Bolivar–Rotterdam lost 15% and C3 Tubarao–Qingdao 12%; C5 West Australia–Qingdao fell 1%. Pyxis Marine (2011-built) reportedly fixed 170,000 tonnes Tubarao/West Africa–Qingdao, 1–4 November, at $34.25/ton for Cosco.
Atlantic grain and mineral demand improved earlier in the week but slowed by Friday, while Pacific grain business supported round voyages. The BPI rose 2.2% to 2,424 and BPI-TCE increased 2.2% to $21,813/day. P3A Pacific rounds gained 4% and P1A Atlantic rounds 3%. Velos Star (81,846 dwt) reportedly fixed from ECSA, 25–28 October, to Skaw–Gibraltar at $38,500/day for Bunge, with scrubber benefit to charterers.
Pacific demand strengthened, with S2 round voyages up 7%, while Atlantic performance was more mixed. BSI rose 1.4% to 1,814 and BSI-TCE gained 1.5% to $20,895/day, both at 12-month highs. In the Atlantic, Akra (61,302 dwt) reportedly fixed Itaqui to Egypt with grains at $36,500/day; Pacific business included Red Cosmos (61,263 dwt) via NOPAC to Southeast Asia at $23,000/day plus a $700,000 ballast bonus.
The BHSI and BHSI-TCE each declined 1.1% to 996 and $17,926/day. Atlantic routes diverged: 4_38 US Gulf–Skaw lost 11%, while 3_38 Rio–Skaw gained 4%. Pacific round voyages were unchanged. Clipper Inception (37,837 dwt) reportedly fixed prompt Savannah–UK Continent with wood pellets at $21,000/day, while UM Mogami (40,631 dwt) fixed Ningde–Continent project cargo at $21,500/day.
Prompt tonnage tightened in the East, with nine VLCCs reportedly fixed over the preceding 12 days, while West African and Brazilian demand competed for Atlantic ships. VLCC-TCE rose 19.1% to $936,646/day; TD22 US Gulf–China gained 49% and TD3C Middle East Gulf–China 10%. On 8 October, TD3C was assessed at WS1,319 and $1,478,500/day; these are route assessments, not reported fixture earnings.
Westbound ballast movements restricted eastern availability while split VLCC stems and Brazilian enquiry supported Atlantic demand. Suezmax-TCE increased 12.9% to $699,887/day, its 12-month high. TD20 West Africa–UK Continent and TD23 Arabian Gulf–Mediterranean each rose 14%. After several failed WS1,000 deals, a West Africa–UK Continent fixture returned on subjects at WS1,000.
Limited genuine North Sea availability helped TD7 North Sea–Continent gain 72%, while Asian scarcity and northwest Australian requirements lifted TD14 Southeast Asia–Australia 50%. Aframax-TCE surged 38.9% to $384,665/day. TD25 US Gulf–UK Continent was assessed at WS956 and $325,000/day on 8 October, and TD7 was placed at WS625.
Tighter LR2 lists sustained westbound clean-product business. On 8 October, TC1 LR2 Middle East Gulf–Japan was assessed at WS928 and $282,000/day; TC5 LR1 stood at WS941 and $206,000/day. A 90,000-tonne Yanbu–UK Continent ULSD movement was on subjects above $12m, while a 90,000-tonne Sikka–UK Continent jet cargo via Bab el-Mandeb approached $16m.
Replenished Gulf tonnage and subdued UK Continent enquiry softened MR rates. The Atlantic MR basket fell 29.6% to $45,238/day and the Pacific basket lost 13.0% to $76,244/day. TC14 US Gulf–Continent declined 39%; TC11 South Korea–Singapore and TC12 Sikka–Japan each fell 14%. TC18 US Gulf–Brazil was assessed at WS354 and $44,750/day, down $21,000/day week on week.
Weekly secondhand dry bulk activity slowed to seven vessels from 16, with four Handysize and three Supramax/Ultramax sales; six priced vessels represented at least $107.5m in reported capital. Asian buyers took two Supramaxes and one Handysize, while Turkish buyers acquired a Handysize. OAK (57,275 dwt) and JUNIPER (57,185 dwt), both 2011-built, were each reported sold to Asian buyers for $16.5m, or $33m en bloc. The 2019-built ASL CRYSTAL (38,582 dwt) was reported sold to Asian buyers for $27.8m, and ZBB SERENITY (37,302 dwt, 2010) to Turkish buyers for $12m.
Tanker sales rose to 17 vessels from 15, led by eight Suezmaxes, four Aframax/LR2s, two VLCCs, two Panamax/LR1s and one MR; at least $538.8m was disclosed across eight priced ships. The 2004-built SOUTHERN EMPEROR (297,376 dwt) was reported sold for $110m as a floating storage unit delivered in trading condition; Suezmax MILITOS (164,751 dwt, 2012) was reported sold for $95.5m. The report also records purchase-option acquisitions and a four-vessel LR2 en-bloc sale. The weekly nationality commentary does not assign Greek or Chinese buyers to these specific tanker transactions; across the past twelve months, Greek interests led tanker purchases and Chinese interests led dry bulk purchases.
As of the report’s 9 October 2026 cutoff, 1,380 secondhand vessels had been sold in 2026, totalling 119.8m dwt. Dry bulk accounted for 602 vessels, tankers 526, containers 133, gas carriers 58 and other vessels 61. Within dry bulk, Supra/Ultramax led at 227 sales, followed by Handysize (136), Pana/Kamsarmax (133), Capesize/VLOC (61), Post Panamax (43) and Small Bulk (2). Tanker sales comprised MR (154), VLCC (124), Small Tanker (71), Suezmax/LR3 (69), Aframax/LR2 (63) and Panamax/LR1 (45).
The report’s separate past-twelve-month buyer figures are not YTD totals: Chinese buyers acquired 169 bulkers and 35 tankers, compared with 109 bulkers and 98 tankers for Greek buyers. On the sell side over that rolling period, Greek interests sold 162 bulkers and 133 tankers, versus 103 and 36 respectively for Chinese interests.
This roundup examines September’s dry bulk secondhand investment trends, this week’s dry and wet freight movements, and reported vessel sales.
The full Allied QuantumSea Weekly Market Report – Week 41 includes:
· September dry bulk transaction volumes, disclosed investment and year-on-year comparisons
· Chinese and Greek buyer profiles, vessel-size preferences and price-disclosure context
· Dry bulk and tanker freight indices, TCE earnings, route assessments and reported fixtures
· Secondhand vessel transactions, indicative asset values and 2026 sales by sector and size
· Past-twelve-month buyer and seller nationality statistics
· Newbuilding orders, indicative newbuilding prices and ship recycling activity
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