MID-SHIP Fertilizer – March 5, 2026

March 5, 2026

Market Overview:

Handysize trading remained squarely positional, with pockets of firmness emerging particularly in the Atlantic, where the U.S. Gulf and ECSA saw support through the end of March on limited tonnage. The Continent and Mediterranean also ticked higher, reflecting incremental improvements in demand. In the Pacific, sentiment strengthened despite few reported fixtures, though talk circulated of a 38,000 DWT unit securing $12,000 daily for Indonesia–North China business. With fundamentals mixed but generally stable, the Baltic Handysize Index moved up 14 points to 799. Capesizes, meanwhile, continued their upward momentum, with both Atlantic and Pacific major ore routes firming further.

Supramax and Ultramax activity remained steady, though market tone was mixed due to elevated geopolitical risk in the Middle East. In the Atlantic, the U.S. Gulf and ECSA both firmed on the back of decent cargo flow, while the Continent and Mediterranean saw slight upward adjustments, helped in part by increased scrap volumes. Market participants did note rising Indian Ocean ballasters and increasing tonnage counts, tempering bullishness. In the Pacific, sentiment was more cautious as security threats disrupted Persian Gulf cargoes, leading owners to demand premiums for West Coast India-bound business. Despite this, fixtures such as the Amis Brave at $18,000 for a Vietnam–Honduras trip and the Tiger Pioneer at similar levels for a Goa-to-Med run illustrated ongoing trade and a still constructive rate environment. The Baltic Supramax Index added 22 points to reach 1383.

The Panamax sector continued to display a clear East–West divergence, with the Atlantic once again softening under mounting tonnage and a thinning flow of fresh cargo. The Pacific, by contrast, maintained its momentum as tight vessel supply and healthy inquiry supported firmer sentiment. Spot fixtures reflected this divide: Atlantic rounds such as the Ulusoy fixing at $22,250 daily lagged behind a series of mid $22,000s to $23,500 fixtures concluded in the Pacific, including the Taho Virtue and Yangze 26. Period interest also emerged, with Klaveness reportedly taking the Xing Shun Hai for 12 – 14 months at $19,000 daily, signaling cautious optimism but with limited appetite for paying up on duration. Overall, the Baltic Panamax Index rose 23 points to 2002, reinforcing the Pacific-led support.

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