MID-SHIP Fertilizer – December 15, 2025

December 15, 2025

Market Overview:

We ended the prior week for Capes (180,000 DWT) on Friday, December 5, at $42,151, up from $37,158 the week before. Last Monday, we stood at $41,571 (up from $37,840 the previous Monday), then decreased to $35,527 mid-week, and finished at an even lower rate of $30,731 on December 12. The Time Charter Average begins this week at $30,841. The FFA curve on Monday shows December at $34,375 (up slightly from $34,339 for December a week earlier) and January at $21,293 (down slightly from January a week prior $21,321). Q4 is now at $29,184 (up slightly from $29,172 last week). The benchmark Brazil-to-China voyage decreased since last Monday and opened this week at $22.15.

The Panamax market saw a decrease over last week, with daily averages ranging between $16,313 and $15,194. The Trans-Atlantic round is currently assessed at $17,418 (down slightly from $17,577 one week ago), and the Pacific round for a Baltic type is at $12,908 (down from $16,211 one week ago). On Friday, December 5, the time-charter average traded at $16,530. To start this week, the spot average on Monday is $14,796 per day. Forward levels indicate $15,368 for December and $12,461 for January. Q4 is estimated at $16,191, and Q1 2026 is assessed at $12,858 daily.

The Supramax market traded within a narrow range last week. We started last week’s physical market with the Supra 63 time charter average at $18,075. The segment decreased slightly to $17,760 at mid-week and ended the week at $17,333. We begin this week at $17,189. The U.S. Gulf-to-Asia benchmark front-haul for the Supra 63 is assessed at $27,989. Forward assessments levels show December at $17,195, January at $13,291, and Q4 at $17,475 (down slightly from $17,600 last week). Q1 2026 is estimated at $13,498.

Handy-size rates decreased over the previous week. The daily average rates moved from $15,113 to $14,482, and we start the new week at a slightly lower rate of $14,329. The U.S. Gulf-to-Europe trip is assessed at $22,504 (down slightly from $22,607 the prior week). Forward averages stand at $14,525 for December and $11,000 for January. The Q4 average assessment indicates $14,990. Then, in Q1 2026, the average estimated value decreased slightly from last week to $11,133.

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