MID-SHIP Cement Report – January 20, 2026

January 20, 2026

Market Overview: 

The dry bulk markets showed a firmer tone midweek, led by notable gains across the Supramax/Ultramax and Panamax segments. Supramax/Ultramax rates moved upward, supported by improved sentiment in both the Atlantic and Pacific. While the South Atlantic remained steady on abundant tonnage, Mediterranean activity strengthened, helped by accumulating cement cargoes. Period interest was also visible, with 6 – 8 months fixed from Xiamen at $15,500 daily. Handysize markets held steady-to-improving, with firmer U.S. Gulf sentiment and further gains in ECSA, despite lighter Pacific activity. The Baltic indices reflected the general uptick, with the Supramax Index at 996 and Handysize at 594. Notable fixtures included the Izumo Hermes at $20,250 daily from Recalada to Nigeria and Cargill fixing the Nordsun at $19,000 daily from North Brazil to the Mediterranean.

Panamax and Capesize markets continued to advance, with fresh inquiry and tightening tonnage driving improved numbers across both basins. The Panamax index rose to 1606, supported by stronger Atlantic fundamentals and a series of fixtures — Harvest Frost securing $27,000 daily from Algeciras for a U.S. East Coast–India run, and Oldendorff fixing the Troodos Oak at $25,000 daily from Ijmuiden for U.S. East Coast/Gulf options to India. Capesizes also held firm, with Brazil/West Africa to China rates climbing to the $21.80 – $22.00 PMT range and Pacific C5 levels in the $8.55 – $8.65 PMT band, pushing the Baltic Capesize Index up to 2732. In the Atlantic, Classic Maritime was linked to the Philippos A for a Tubarao–China run at around $22.00 PMT, underscoring continued strength in the larger vessel classes.

Subscribe below to receive the full report.