MID-SHIP Petcoke Report – August 18, 2025
August 18, 2025
Market overview:
We ended the week for Capes 180,000 DWT on Friday, August 8, at $27,716 (up from $27,331 the prior Friday). The market was down slightly throughout the trading week, but ended on an uptick from Thursday to Friday, similar to the prior week. On Monday, last week, we were at $27,506 (down from $31,296 a week prior). The average was $27,206 by mid-week and ended the week at $27,323. The Time Charter Average starts this week at $26,638. Monday’s FFA forward curve points to August at $26,425 (relatively flat compared to a week ago $26,413). September is assessed at $27,021, up from $26,483 a week ago. Q3 is assessed at $25,151, and Q4 at $26,164, indicating a relatively flat Cape market for the year’s balance. This market is heavily influenced by China, where things are currently tough. The benchmark Brazil to China voyage was mixed through the week and stands at $24,50 to start the new trading week (down from $25,00 the prior week).
The Panamax market was mixed last week and traded within a narrow range. The Trans-Atlantic round is currently assessed at $15,318 (similar to the prior week’s $15,459). In the Pacific, a round voyage for a Baltic type is estimated at $14,000, up from $13,293 last week. On Friday, August 8, the time charter average traded at $14,712, almost the same as the $14,798 a week earlier. The daily time charter average started last week at $14,529 (down from $14,696), inched down a bit to $14,342 (down from $14,791 7 days earlier) by mid-week, and ended the week at $14,601 on Friday (down from $14,712 a week earlier). The spot average is up a tick on Monday, to start the new week at $14,673. The forward curve shows slight optimism, with August assessed at $14,802. The forward curve moves through the year’s balance, indicating $15,407 for September. Q3 is estimated at $15,787, and Q4 2025 paper at $15,227.
The Supramax market again moved along a narrow range and up slightly last week. We started last week’s physical market with the Supra 63 at $16,745 (up from $16,051 one week prior). The segment moved to $16,887 at mid-week and ended the week at $17,100; this Monday, we are at $17,207 to start the new week. We start the week with the benchmark front haul rate in the market (US Gulf to Asia) for the Supra 63 assessed at $27,036 and trading in the physical market as firmer numbers. The August paper for the average of the time charter routes is assessed at $17,042, up a bit from $16,726; September is estimated at $15,407, down from last week’s assessment of $16,809; Q3 is assessed at $15,787 (down from $16,340); and Q4 is estimated at $15,227 down slightly from last week’s $15,425.
The Handy-size market moved sideways to up last week. The daily average rates moved from $12,336 to $12,570 (up a bit from last week’s $12,170 to $12,294), and we start the new week at a better $12,635. The trip from the US Gulf to Europe was up nicely week over week at $16,457 compared to last week’s $14,468. The spot physical was more volatile and positionally firmer. The forward curve of the average of the time charter daily routes points to slightly better levels – August is assessed at $12,800, September at $13,513. The Q3 assessment indicates $12,725, and Q4 at $12,275.
Overall, the market is more optimistic at the start of the new week.
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