MID-SHIP Fertilizer – January 29, 2026

January 29, 2026

Market Overview:

For the Handysize market, extending the upward momentum from the previous session, the market maintained a firm footing, supported by broadly positive sentiment across all key loading areas. The BHSI rose to 609, while the 7TC average climbed by $77 to $10,956, underscoring a gradual but consistent improvement in earnings. Trading in the Continent and Mediterranean remained restrained, with limited cargo flow resulting in only modest rate adjustments across specific routes. Meanwhile, both the South Atlantic and U.S. Gulf continued to register fresh inquiry and fixing activity, lending support to slightly firmer rate levels. Across Asia, fixture details were sparse; however, market participants reported charterers bidding above last concluded levels, signalling a strengthening outlook despite the relatively thin volume of business. This firmer sentiment suggests growing confidence among charterers. Reported activity included the Aurora Trader (37,019 DWT, built 2012), which was heard fixed for a voyage from the East Coast of India to Penang at rates in the mid-to-high $8,000s per day basis delivery Dangjin, although additional fixture details were not made available.

Supramax and Ultramax markets showed a mixed performance across basins. In the Atlantic, sentiment remained more constructive, led by firmer rates on East Coast South America exports and continued momentum in the U.S. Gulf, where increased inquiry translated into several reported fixtures. By contrast, activity in the Continent and Mediterranean was subdued, with limited fresh cargoes allowing rates to ease in thin trading. Pacific trading was split geographically: the northern basin continued to find support from NoPac rounds and trans Atlantic business, while the southern Pacific remained quiet with minimal new inquiry. Period interest added a degree of stability, highlighted by a reported newbuilding Ultramax fixing at around $16,000 daily for a 10 – 14 month duration. Handysize conditions also improved modestly, holding onto recent gains as charterers in both basins appeared more willing to pay above last done levels, pointing to slowly improving sentiment.

The Panamax sector carried a generally positive tone following yesterday’s stronger fixing activity. Fresh grain and mineral cargoes emerged in the Atlantic for mid February positions, including trips out and backhaul business, keeping expectations supported amid tightening tonnage lists. A notable Atlantic fixture saw the 2019 built Bulk Geneva reportedly fixed from the U.S. Gulf to Egypt at $21,000 daily. In the Pacific, however, momentum was steadier rather than sharply firming, with activity slower to surface and the earlier Capesize rally losing steam. While overall rates continued to edge higher, gains were more measured. Capesize rates in ECSA softened slightly on Brazil and West Africa runs to China, with the Tubarão/Qingdao route assessed around $24.00 per tonne, while in the Pacific, steady demand from major miners helped West Australia/Qingdao rates hold near $9.00 per tonne amid firming North Atlantic conditions driven by tight supply.

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