Strait of Hormuz transits have started to recover after the US and Iran memorandum of understanding, but normalization remains slow and incomplete. Traffic has moved off the lows seen after the effective closure on 28 February, supported by a 60 day negotiating window and safe passage commitments, yet war risk premiums and insurance terms remain tight.
Pipeline alternatives through Yanbu and Fujairah have helped absorb part of the disruption, but they cannot replace the normal flow through Hormuz. Recovery also remains uneven by segment, with dry bulk and product tankers improving faster than crude, LNG still the weakest segment, and most oil and LNG flows through the Strait continuing to serve Asian destinations.
Capesize average earnings were $37,600/day, with the BCI at 4,149 up 1% w-o-w. Panamax average earnings were $18,900/day, with the BPI at 2,096 down 8% w-o-w. Supramax average earnings were $21,700/day, with the BSI at 1,718 up 5% w-o-w. Handysize average earnings were $16,800/day, with the BHSI at 934 up 4% w-o-w.
Capesize South Brazil and West Africa to China remained under pressure, with C3 (South Brazil/China) at $31.72/ton and a 210,000 dwt fixed Tubarao to Qingdao at $33.00/ton.
Panamax stayed supported by steady transatlantic and fronthaul enquiry, with an 85,000 dwt fixed for a transatlantic round at $22,500/day.
Supramax strengthened on active North America and firmer US Gulf demand, with a 64,000 dwt fixed SW Pass to Singapore-Japan at $32,000/day.Handysize firmed in the South Atlantic and US Gulf, with a 40,000 dwt fixed Recalada to the Caribbean at $25,000/day.
Capesize recovered on renewed miner activity and stronger cargo volumes, with C5 (West Australia/China) at $12.44/ton and a 160,000 dwt fixed Port Hedland to Qingdao at $11.70/ton.
Panamax remained under pressure from limited cargo volumes, weaker Australian and North Pacific demand and surplus prompt tonnage, with an 82,000 dwt fixed for a North Pacific voyage at around $17,000/day.
Supramax stayed broadly steady in Asia despite softer conditions in parts of the basin, with a 64,000 dwt fixed delivery CJK for a trip to West Africa at $25,500/day.Handysize remained broadly balanced in Asia, with a 40,000 dwt fixed for two laden legs in the $19,000s/day.
VLCC rose strongly, with TD15 (West Africa/China) at $173,400/day and TD22 (US Gulf/China) at $147,000/day, while average earnings reached $270,300/day.
Suezmax strengthened on a tighter Atlantic position list and stronger Americas enquiry, with TD20 (West Africa/UK Continent) at $80,900/day and TD27 (Guyana/UK Continent) at $74,300/day.
Aframax remained under pressure in the US Gulf, with TD25 (US Gulf/Continent) at $30,300/day and TD26 (East Coast Mexico/US Gulf) at $33,100/day, while TD19 (Cross Med) eased to $50,800/day.
LR was softer westbound, with TC20 (ME Gulf/UK Continent) at $126,000/day.
MR was mixed, with TC2 (Continent/US Atlantic Coast) at $6,300/day and TC21 (US Gulf/Caribs) falling to $12,700/day.
VLCC strengthened sharply in the ME Gulf, with TD3C (ME Gulf/China) at $490,400/day and TD34 (Gulf of Oman/China) assessed at WS 218, equivalent to $45.55/ton.
Suezmax East of Suez sentiment was supported by growing attention around the AG.
LR routes held close to last week’s levels, with TC1 (ME Gulf/Japan) at $135,100/day and TC5 (ME Gulf/Japan) at $99,300/day.
MR held broadly flat in the Pacific, with TC7 (Singapore/East Coast Australia) at $27,900/day.
Over the past twelve months, Greece led reported secondhand selling with 320 vessels across sectors, versus 170 sales by Chinese sellers. Greek sales were led by 167 dry bulk and 117 tankers, plus 22 containers and 9 gas carriers, while Chinese sales comprised 117 dry bulk, 33 tankers, 10 containers and 5 gas carriers.
On the buying side, Greece recorded 232 purchases and China followed with 215, with Greek buying led by 122 dry bulk and 84 tankers, plus 21 containers and 1 gas carrier, while Chinese buying was led by 167 dry bulk and 34 tankers, plus 8 containers and 1 gas carrier.
This post provides a high-level view of Strait of Hormuz transit recovery and current freight market developments across dry bulk and tanker segments.
The full Allied QuantumSea Weekly Market Report – Week 25 includes:
· Detailed analysis of Strait of Hormuz transit recovery and post-disruption normalization trends
· Breakdown of war risk premiums, insurance conditions & routing adjustments
· Impact assessment of pipeline alternatives (Yanbu, Fujairah) on regional flows
· Segment-level recovery dynamics across crude, products, LNG & dry bulk
· Full dry bulk and tanker earnings tables with weekly performance changes
· Atlantic & Pacific route-level freight analysis with key fixtures
· Baltic indices, TCE benchmarks & comparative trend data
· Secondhand S&P activity, buyer–seller positioning & asset value trends
· Recycling activity and scrap pricing indicators
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