MID-SHIP Alumina/Bauxite – October 27, 2025
October 27, 2025
Market Overview:
We ended the prior week for Capes 180,000 DWT on Friday, October 17, at $25,882 (up from $23,216 a week earlier). The market moved up from Monday to Wednesday and then trailed off a bit during the balance of the week. On Monday, last week, we were at $25,944 (down from $28,132 the prior Monday). The average was $26,199 by mid-week and ended the week at $23,811 on October 24. The Time Charter Average starts this week at $23,534. Monday’s FFA forward curve points to October assessed at $24,400 (down from $25,675 a week ago). November at $24,721 (down from $27,507). Q4 at $24,583 (down from $26,290 one week earlier), indicating some apprehension nearby and a relatively good outlook regarding the Cape market for the year’s end. 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 $22.76 to start the new trading week, with indications of positional strength.
The Panamax physical market was improved last week, and the daily average trading was between $16,460 and $17,318. The Trans-Atlantic round is currently assessed at $18,623 (up from $17,173 one week ago). In the Pacific, a round voyage for a Baltic type is estimated at $17,565 (also improved as compared to one week before). On Friday, October 17, the time charter average traded at $16,446. To start the new week, the spot average on Monday was $17,292 per day. The forward curve indicates $16,179 for October, $16,243 for November. Q4 is estimated at $15,911, and Q1 2026 is assessed at $12,857 daily.
The Supramax market traded within a narrow range last week. We started last week’s physical market with the Supra 63 at $17,969. The segment moved to $17,653 at mid-week and ended the week at $17,303; to start the new session, we are at $17,208. 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 $26,689. The October forward assessment is $17,684, November is at $15,877, and Q4 is assessed at $16,366, down from $16,828 one week ago; Q1 2026 is estimated at $12,901.
The Handy-size market improved last week, continuing its firm trend, but trading within a very narrow range on average. The daily average rates moved from $15,914 to $15,812, and we start the new week at slightly reduced $15,736. The trip from the U.S. Gulf to Europe was assessed at $22,450 (down a tick from $23,814 the prior week). The spot physical market continued to be positional (regional market specific) and volatile based on cargo size and dates. The forward average of the daily time charter routes points to a slightly lower level to finish October at $15,660 and November at $14,340. The Q4 average assessment indicates $14,693. Then Q1 disappoints, moving down to $10,787.
Overall, the market was mixed at the start of the new week, with continuing concern for trade tensions between the U.S. and China and a distraction in the form of spirited IMO debate about the speed and quality of emissions reduction.
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