The week ending 17 May 2026 was shaped more by policy than by commercial signals, with two events setting the tone for shipping. The Trump–Xi Beijing summit acted as a stabilization move rather than a breakthrough, with no new tariff escalation, export control shock, or immediate disruption to bilateral trade flows, while both sides agreed to continue discussions through trade and investment channels and touched on agricultural access.
China signalled willingness to expand purchases of U.S. agricultural goods, and U.S. officials said possible increases in crude and other energy imports were discussed, though no formal deal was announced. In parallel, OFAC moved from General License 134B to GL 134C, extending legal protection only for older Russian oil cargoes loaded before the April cutoff while not authorising new shipments.
The operational impact is a tighter compliance environment across S&P, insurance, banking, flag and class, sharpening the split between fully compliant tonnage and vessels linked to Russian trade and affecting liquidity, pricing and cover.
Dry Bulk Analysis – Week 20 2026
Capesize average earnings were $43,400/day with the BCI up 4.5% w-o-w to 5,170. Panamax average earnings were $22,700/day with the BPI up 13% w-o-w to 2,520. Supramax average earnings were $19,800/day with the BSI up 3% w-o-w to 1,565. Handysize average earnings were $15,300/day with the BHSI up 2% w-o-w to 850.
Dry Atlantic Analysis – Week 20 2026
Capesize strengthened, with C3 assessed at $36.600/ton and a 170,000 dwt fixed Tubarao to Qingdao at $37.25/ton.
Panamax stayed firm on robust fronthaul demand from North and East Coast South America, with an 82,700 dwt fixed delivery Gibraltar via ECSA redelivery Singapore Japan at $35,000/day.
Supramax activity was limited overall with the US Gulf steady and the South Atlantic gradually improving, with a 63,000 dwt fixed US Gulf to Spain in the mid $20,000s/day.
Handysize was mixed in the Atlantic with only gradual gains, with a 34,000 dwt fixed US East Coast to Denmark at $18,000/day.
Dry Pacific Analysis – Week 20 2026
Capesize held support from steady miner activity, with C5 at $14.80/ton and a 160,000 dwt fixed Port Hedland to Qingdao at $14.90/ton.
Panamax remained firm on steady Indonesia and Australia minerals and improving North Pacific grain enquiry, with an 82,100 dwt fixed open Panjin for an East Coast Australia round trip at $24,500/day.
Supramax was supported by stronger Asian demand across North Pacific, backhaul and Vietnam business, with a 58,000 dwt fixed delivery North China for a trip to Vietnam at $19,500/day.
Handysize remained underpinned by healthy Pacific cargo demand and a tighter tonnage list in the Far East, with a 38,000 dwt open Philippines fixed via West Australia to the Far East at $17,000/day.
Wet Atlantic Analysis – Week 20 2026
VLCC Atlantic activity offered some support but returns eased, with TD15 West Africa to China at $106,200/day and US Gulf to China at $105,900/day.
Suezmax Atlantic activity failed to lift returns, with TD20 West Africa to UK Continent at $81,150/day and TD27 Guyana to UK Continent at $82,800/day.
Aframax correction deepened, with TD25 US Gulf to Continent at $54,100/day, TD26 East Coast Mexico to US Gulf at $66,700/day, and TD19 cross Med at $34,300/day.
LR rates eased, with TC20 ME Gulf to UK Continent at $143,700/day.
MR Atlantic stayed under pressure, with TC21 US Gulf to Caribs at $4,200/day and TC2 Continent to US Atlantic Coast at $15,500/day.
Wet Pacific Analysis – Week 20 2026
VLCC remained elevated overall but eased in the Gulf benchmarks, with TD3C ME Gulf to China at $449,000/day and TD34 Gulf of Oman to China at WS137, equivalent to $25.5/ton.
Suezmax East of Suez remained largely inactive with few cargoes reported and continued ballasting west.
LR rates softened on muted Gulf activity, with TC1 ME Gulf to Japan at $147,600/day and TC5 ME Gulf to Japan at $115,700/day.
MR eased in the Pacific, with TC7 Singapore to East Coast Australia at $34,900/day.
Sale & Purchase Market Analysis - Week 20 2026
Over the past twelve months, Greek interests led reported secondhand selling with 324 vessels across sectors, versus 168 for Chinese sellers. Greek sales were led by 157 dry bulk and 123 tankers, plus 30 containers and 9 gas carriers, while Chinese sales comprised 112 dry bulk, 34 tankers, 12 containers and 5 gas carriers.
On the buying side, Greece recorded 237 purchases and China 214, with Greek buying led by 121 dry bulk and 90 tankers, plus 20 containers and 2 gas carriers, while Chinese buyinrihg was led by 167 dry bulk and 34 tankers, plus 7 containers and 1 gas carrier.