MID-SHIP Alumina/Bauxite – August 26, 2025
August 26, 2025
Market Overview:
We ended the week for Capes 180,000 DWT on Friday August 15th at $27,323 (down from $27,716 the prior Friday). The market was down slightly throughout the trading week, with reoccurring theme of an uptick from Thursday to Friday similar to the prior week. On Monday, last week we were at $26,638 (down from $27,506 a week prior). The average was $23,778 down from $27,206 by mid-week and ending the week at $23,160 (down from $27,323 the Friday before). The Time Charter Average starts this week at $25,140. Tuesday’s FFA forward curve points to August at $25,917 (down from $26,425). September is assessed at $28,783 (up from $27,021 a week ago). Q3 is assessed at $25,568 (up from $25,151), and Q4 at $27,068 (from $26,164), indicating some improvement to come in the 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 $24.72 – up a tick from $24.50 to start the new trading week.
The Panamax market was improved last week and traded within a narrow range last week and improved to start the new week. The Trans-Atlantic round is currently assessed at $17,855 (up from $15,318). In the Pacific, a round voyage for a Baltic type is estimated at $14,402 (up a bit from $14,000 last week). On Friday, August 15th, the time charter average traded at $14,601. The daily time charter average started last week at $14,673 (up a bit from $14,529) inched up a bit to $14,985 by mid-week and ended the week at $15,932 (up from $14,601) on Friday. The spot average is up a tick on Tuesday, to start the new week at $16,363 from $14,673. The forward curve shows optimism for September, with August assessed at $15,174 (up from $14,802). The forward curve moves through the year’s balance, indicating $17,644 up from $15,407 for September. Q3 is estimated at $16,657 up from $15,787 and Q4 2025 paper at $16,204 also up from $15,227 last week.
The Supramax market again moved along a narrow range last week and up nicely to start the new week. We started last week’s physical market with the Supra 63 at $17,207 (up from $16,745 one week prior). The segment moved to $17,550 up from $16,887 at mid-week and ended the week at $17,994 (up from $17,100); this Tuesday, we are at $18,165 up from $17,207 to start the new week. We start the week with the benchmark front haul rate in the market (U.S. Gulf to Asia) for the Supra 63 assessed at $28,454 (from $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 $17,224 (up a bit from $17,042); September is estimated at $19,042 up substantially from $15,407 last week); Q3 is assessed at $17,250 (up from $15,787); and Q4 is estimated at $17,185 up from $15,227 last week.
The Handy-size market moved up last week. The daily average rates moved from $12,635 to $13,054 – up from $12,336 to $12,570 last week, and we start the new week at a better $13,236 (up from $12,635). The trip from the U.S. Gulf to Europe was up nicely week over week at $17,721 (up from $16,457 compared to last week’s and $14,468 two weeks ago). The spot physical market continued more volatile positionally to the upside. The forward curve of the average of the time charter daily routes points to slightly lower levels to end August and then better levels – August is assessed at $12,763, September at $14,113 (up from $13,513). The Q3 assessment indicates $12,913 (from $12,725) and Q4 at $ 13,334 (up from $12,275).
Overall, the market is more optimistic at the start of the new week.
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