MID-SHIP Petcoke Report – September 22, 2025
September 22, 2025
Market overview:
We ended the week for Capes 180,000 DWT on Friday, September 12, at $25,457, down from $27,376 on Friday one week ago. The market was volatile to the upside throughout the week. On Monday, last week, we were at $26,156 (down from $28,152 one week earlier). The average was $27,366 by mid-week (down from $29,505 a week earlier) and ended the week at $28,504 (down from $29,302 the week prior). The Time Charter Average starts this week at $27,903. Monday’s FFA forward curve points to September assessed at $26,704, and October at $30,500. Q3 is estimated at $24,818, and Q4 at $27,506, indicating doubt regarding the Cape market for the year’s balance. This market continues to be heavily influenced by the price of iron ore and by import volumes to China. The benchmark Brazil to China voyage was mixed throughout the week and assessed at $24.85 (up from $23.78 one week ago) to start the new trading week.
The Panamax physical market was mixed last week, and the daily average trading ranged from $18,027 to $16,603 (in a reversal of the prior week’s trend of $16,600 to $18,000). The Trans-Atlantic round is currently assessed at $18,795 (as compared to $22,955 one week earlier). In the Pacific, a round voyage for a Baltic type is estimated at $14,516 (down slightly from $14,659 a week earlier). On Friday, September 12, the time charter average traded at $18,056. The spot average is up a tick on Monday, to start the new week at $16,400 per day. The forward curve is indicating $16,782 for September and $16,154 for October. Q3 is estimated at $16,810, and Q4 2025 is assessed at $15,225 daily.
The Supramax market again traded within a narrow range last week. We started last week’s physical market with the Supra 63 at $18,869. The segment moved to $18,861 at mid-week and ended the week at $18,822; we are at $18,784. We start the week with the benchmark front haul rate in the market (U.S. Gulf to Asia) for the Supra 63, which was assessed at $31,350, up slightly from $31,186 a week ago. The September forward assessment is $18,545; October is $17,573, and Q3 is assessed at $17,073; Q4 is estimated at $15,225.
The Handy-size market was steady last week, continuing its firm trend. The daily average rates moved from $14,482 to $14,671 (up a bit from $14,203 to $14,475 one week ago), and we start the new week at a steady $14,703, up from $14,482 one week prior. The trip from the U.S. Gulf to Europe was up to $20,393, up from $19,950 as compared to one week ago. The spot physical market continued to be volatile. The forward average of the daily time charter routes points to slightly softer levels. September is assessed at $14,490. October at $13,810. The Q3 assessment indicates $13,012, and Q4 at $13,390.
Overall, the market remained optimistic at the start of the new week and was supported by grain and mineral activities.
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