MID-SHIP Petcoke Report – November 17, 2025
November 17, 2025
Market overview:
We ended the prior week for Capes (180,000 DWT) on Friday, November 7, at $27,709, up from $24,288 the week before. Last Monday, we stood at $27,063 (up from $23,955 the previous Monday), averaged $25,067 mid-week, and finished at $26,968 on November 14. The Time Charter Average begins this week at $27,597. The FFA curve on Monday shows November at $26,786 (up from $25,818 for November a week earlier) and December at $26,368 (up from December a week before $25,411). Q4 is now at $25,866 (up slightly from $25,224 last week). The benchmark Brazil-to-China voyage decreased slightly mid-week, then increased last week and opened this Monday at $23.60.
The Panamax market saw a slight increase last week, with daily averages ranging between $16,601 and $17,071. The Trans-Atlantic round is currently assessed at $16,873 (up slightly from $16,323 one week ago), and the Pacific round for a Baltic type is at $17,643 (up slightly from $17,226 one week ago). On Friday, November 7, the time-charter average traded at $16,501. To start this week, the spot average on Monday is $16,986 per day. Forward levels indicate $16,897 for November and $17,104 for December. Q4 is estimated at $16,746, and Q1 2026 is assessed at $15,103 daily.
The Supramax market traded within a narrow range last week. We started last week’s physical market with the Supra 63 time charter average at $16,777. The segment moved up to $17,255 at mid-week and ended the week at $17,799. We begin this week at $17,989. The U.S. Gulf-to-Asia benchmark front-haul for the Supra 63 is assessed at $31,357. Forward levels show November at $17,570, December at $17,698, and Q4 at $17,658 (up slightly from $17,307 last week). Q1 2026 is estimated at $15,270.
Handy-size rates are increasing slightly from last week. The daily average rates moved from $14,567 to $14,745, and we start the new week at a slightly higher rate of $14,776. The U.S. Gulf-to-Europe trip is assessed at $20,593 (up from $19,246 the prior week). Forward averages stand at $14,594 for November and $14,430 for December. The Q4 average assessment indicates $14,906. Then, in Q1 2026, the average estimated value increased to $11,587.
Cemex’s 5% rise in third-quarter cement volumes offset a weak first half, leaving overall volumes up 1% despite declines in Mexico and the U.S. Growth in EMEA (7%) and SCAC (3%) supported recovery. Nine-month revenue fell 3% to $11.95 billion, and profit dropped 6%, though Q3 revenue and profit rose 5% and 7% on higher prices and lower fuel costs, including reduced petroleum coke expenses. Cemex sold its Panama unit, bought Couch Aggregates, and remains optimistic about U.S. and Mexican demand from infrastructure and the 2026 World Cup, while expecting slight overall volume declines but regional growth and further energy cost reductions.
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