Front Topic
Ship finance expanded in 2025, with Greek bank finance growing faster than the wider global bank lending market. Bank finance to Greek owners reached $59.69bn at year end 2025, up 11.5%, led by Greek and Cypriot lenders, whose financing rose by 33.6% to $24.80bn. Their share of bank finance to Greek owners increased from 34.7% to 41.5%, while international bank exposure was broadly unchanged. Globally, the top 40 bank shipping portfolios rose by 6.0% to $300.6bn, with Europe still the largest lending region and Asia Pacific close behind. Including local banks, global bank lending to shipping is estimated at around $425bn, while the wider ship finance base, including leasing, export finance and alternative providers, is estimated at around $680bn. Sustainability linked finance remains part of credit assessment, but cash flow, asset quality and leverage continue to drive lending decisions.
Dry Bulk Earnings
Capesize average earnings were $51,600/day, with the BCI at 6,080 down 5% w o w. Panamax average earnings were $21,700/day, with the BPI at 2,407 down 2% w o w. Supramax average earnings were $21,700/day, with the BSI at 1,719 up 3% w o w. Handysize average earnings were $16,900/day, with the BHSI at 940 up 4% w o w.
Dry Atlantic
Capesize South Brazil to China held firm, with C3 at $42.12/ton as bullish owners and tighter tonnage helped limit the wider Capesize correction.
Panamax softened as prompt tonnage built in the North Continent and fresh transatlantic enquiry slowed, although fronthaul stayed firmer, with an 82,000 dwt fixed for a transatlantic round voyage at $20,750/day.
Supramax strengthened as North America led the Atlantic gains, supported by active fronthaul demand, grains and petcoke cargoes, with a 63,000 dwt fixed from the US Gulf to the East with grains at $34,000/day.
Handysize improved in the US Gulf and South Atlantic as tighter tonnage and steady demand pushed rates higher, with a 37,000 dwt fixed Mobile to Ushant Skaw with wood pellets at $19,000/day.
Dry Pacific
Capesize remained volatile, with regular miner participation and active fixing, although late week levels softened and C5 eased to $17.845/ton.
Panamax held better than the Atlantic, supported by Australian and Indonesian coal demand, North Pacific grain and Capesize stem splits, with an 85,000 dwt fixed for an Australian round voyage at $27,000/day.
Supramax was relatively flat, with North Pacific grains and backhaul activity offering support while Southeast Asia softened slightly, with a 55,000 dwt fixed Singapore via Indonesia to China at $17,000/day.
Handysize was uneven but active, with selected regional demand partly offset by a slight increase in Southeast Asian tonnage, and a 38,000 dwt fixed Jakarta via Dampier to China with salt at $19,000/day.
Wet Atlantic
VLCC strengthened sharply, with TD15 West Africa to China at $410,800/day and TD22 US Gulf to China at $269,700/day as long haul crude demand improved.
Suezmax surged, with TD20 West Africa to UK Continent at $238,300/day and TD27 Guyana to UK Continent at $221,900/day, supported by stronger enquiry, tighter tonnage and VLCC stem splitting.
Aframax rose strongly, with TD25 US Gulf to Continent at $142,700/day and TD26 East Coast Mexico to US Gulf at $154,800/day, while TD19 cross Med climbed to $147,900/day.
LR rates surged, with TC20 ME Gulf to UK Continent at $246,300/day on tight available tonnage and stronger Middle East freight levels.
MR was mixed, with TC21 US Gulf to Caribs easing to $13,900/day while TC2 Continent to US Atlantic Coast remained under pressure.
Wet Pacific
VLCC surged in the ME Gulf, with TD3C ME Gulf to China at $982,100/day and TD34 Gulf of Oman to China at WS 542.86, equivalent to $101.35/ton.
Suezmax had no dedicated East of Suez benchmark provided, while West Africa activity and stronger VLCC rates pushed more enquiry into the sector.
LR strengthened, with TC1 ME Gulf to Japan at $227,900/day and TC5 ME Gulf to Japan at $166,100/day as ME Gulf clean rates rose across LR segments.
MR strengthened in the Far East, with TC7 Singapore to East Coast Australia at $46,900/day, supported by Singapore enquiry and tighter prompt tonnage.
SnP
Over the past twelve months, Greece led secondhand selling with 322 vessels across sectors, versus 163 sales by Chinese sellers. Greek sales were led by 165 dry bulk and 124 tankers, plus 21 containers and 8 gas carriers, while Chinese sales comprised 104 dry bulk, 38 tankers, 11 containers and 5 gas carriers. On the buying side, Greece recorded 228 purchases and China followed with 207, with Greek buying led by 110 dry bulk and 92 tankers, plus 19 containers and 1 gas carrier, while Chinese buying was led by 160 dry bulk and 36 tankers, plus 7 containers and 1 gas carrier.