MID-SHIP Cement Report – September 15, 2025
September 15, 2025
Market Overview:
We ended the week for Capes 180,000 DWT on Friday, September 5, at $27,376, up nicely from $24,257 in our last report one week ago. The market was volatile to the upside throughout the week. On Monday, last week, we were at $28,152 compared to $24,455 one week earlier. The average was $29,505 by mid-week and ended the week at $29,302. The Time Charter Average starts this week at $30,170. Monday’s FFA forward curve points to September assessed at $26,182 — October at $28,575. Q3 is estimated at $24,644, and Q4 at $26,573, indicating doubt regarding the Cape market for the year’s balance. This market continues to be heavily influenced by China. The benchmark Brazil to China voyage was mixed throughout the week and assessed at $23.78 to start the new trading week.
The Panamax physical market was firmer last week, and the daily average traded from $16,600 to $18,000, so it was firm to start the new week. The Trans-Atlantic round is currently assessed at $22,955. In the Pacific, a round voyage for a Baltic type is estimated at $14,659. On Friday, September 5, the time charter average traded at $16,221. The daily time charter average started last week at $16,613, traded up to $17,778 at mid-week, and $18,056 to end the week. The spot average is up a tick on Monday, to start the new week at $18,027. The forward curve is indicating $17,079 for September and $16,504 for October. Q3 is estimated at $16,909, and Q4 2025 is assessed at a lower $15,636 daily.
The Supramax market again traded within a firm, albeit in a narrow range, last week, and started the new week slightly improved. We started last week’s physical market with the Supra 63 at $18,499. The segment moved to $18,677 at mid-week and ended the week at $18,856; we are at $18,869. 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 $31,186, up from $30,107 a week ago, and trading in the physical market continues to be volatile depending upon position and cargo size. The September forward assessment is $18,641; October is at $18,445, and Q3 is assessed at $17,105; and Q4 is estimated at $17,048.
The Handy-size market moved up last week. The daily average rates moved from $14,203 to $14,475 as compared to $14,019 to $14,165 a week ago, and we start the new week at a steady $14,482. The trip from the U.S. Gulf to Europe was up at $19,950, down from $20,214 as compared to one week ago. The spot physical market continued to be volatile. The forward average of the daily time charter routes points to slightly softer levels. September is assessed at $14,560. October at $14,240. The Q3 assessment indicates $13,035, up from $12,055 one week ago, and Q4 at $13,640 (steady).
Overall, the market remained optimistic at the start of the new week and the start of what is seasonally a better market.
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