MID-SHIP Cement Report – November 10, 2025

November 10, 2025

Market Overview: 

We ended the prior week for Capes (180,000 DWT) on Friday, October 31, at $24,288, up from $23,811 the week before. The market saw an increase throughout the previous week and ended the week on a positive note. On Monday, we stood at $23,955 (up slightly from $23,534 the previous Monday), averaged $25,573 mid-week, and finished at $27,709 on November 7. The Time Charter Average begins this week at $27,063. The FFA curve on Monday shows November at $25,818 (up from $23,396 for November a week earlier) and December at $25,411 (up from December a week before $24,346). Q4 is now at $25,224 (up from $24,062 last week). The Cape market continues to be driven by iron ore pricing and Chinese import volumes. The benchmark Brazil-to-China voyage increased slightly throughout the week and opened this Monday at $23.30.

The Panamax market saw a decrease last week, with daily averages ranging between $16,207 and $16,501. The Trans-Atlantic round is currently assessed at $16,323 (down slightly from $16,709 one week ago), and the Pacific round for a Baltic type is at $17,226 (up from $16,263 one week ago). On Friday, October 31, the time-charter average traded at $16,389. To start this week, the spot average on Monday is $16,601 per day. Forward levels indicate $16,847 for November and $16,965 for December. Q4 is estimated at $16,683, and Q1 2026 is assessed at $14,647 daily.

The Supramax market traded within a narrow range last week. We started last week’s physical market with the Supra 63 at $16,688. The segment moved down slightly to $16,515 at mid-week, and ended the week at $16,678. We begin this week at $16,777. The U.S. Gulf-to-Asia benchmark front-haul for the Supra 63 is assessed at $28,739. Forward levels show November at $17,016, December at $17,198, and Q4 at $17,307 (up from $16,699 last week). Q1 2026 is estimated at $14,490.

Handy-size rates are dropping slightly from last week. The daily average rates moved from $15,131 to $14,582, and we start the new week at a slightly reduced $14,567. The U.S. Gulf-to-Europe trip is assessed at $19,246 (down from $20,971 the prior week). The spot physical market continued to be positional (regional market specific) and volatile based on cargo size and dates. Forward averages stand at $14,590 for November and $14,340 for December. The Q4 average assessment indicates $14,875. Then, in Q1 2026, the average estimated value increased to $11,383.

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