MID-SHIP Cement Report – October 14, 2025
October 14, 2025
Market Overview:
We ended the week for Capes 180,000 DWT on Friday, October 3, at $22,595. The market moved up during the week. On Monday, last week, we were at $23,453. The average was $24,252 by mid-week and ended the week at $23,216. The Time Charter Average starts this week at $28,122. Monday’s FFA forward curve points to October assessed at $27,996. November is at $29,604. Q4 is at $28,076, indicating some optimism nearby and an improved outlook regarding the Cape market for the year’s end (as compared to just one week ago). 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 $23.70 to start the new trading week, holding steady as compared to last Monday.
The Panamax physical market was improved last week, and the daily average trading was between $14,886 and $15,873. The Trans-Atlantic round is currently assessed at $17,173 (up from $15,045 one week ago). In the Pacific, a round voyage for a Baltic type is estimated at $16,255 (also improved as compared to one week before). On Friday, October 3, the time charter average traded at $14,961. To start the new week, the spot average on Monday was $16,257 per day. The forward curve indicates $16,743 for October, $16,707 for November. Q4 is estimated at $16,411, and Q1 2026 is assessed at $12,785 daily.
The Supramax market traded down within a narrow range last week. We started last week’s physical market with the Supra 63 at $18,239. The segment moved to $17,832 at mid-week and ended the week at $17,719; to start the new session, we are at $17,695. 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 $29,921, down only slightly from the prior week’s $30,950. The October forward assessment is $18,020, November is at $17,655, and Q4 is assessed at $17,485; Q1 2026 is estimated at $13,378.
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 $15,600 to $15,713, and we start the new week at an improved $15,726. The trip from the U.S. Gulf to Europe was assessed at $23,221 (up from $22,229 the prior week). The spot physical market is 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 higher level to finish October at $15,840, and November at $15,260 (up from $ 14,030 a week ago). The Q4 average assessment indicates $15,113 (also up from $14,127 one week ago). Then Q1 disappoints, moving down to $10,973 (down from $12,120 per day one week ago).
Overall, the market was mixed at the start of the new week, due to renewed trade tension between the U.S. and China.
Subscribe below to receive the full report.
