MID-SHIP Petcoke Report – October 21, 2026

October 21, 2026

General Market Commentary:

The dry bulk market remains mixed, with Capesize continuing to outperform while Panamax rates face further downward pressure. Capesize earnings increased to $34,899/day, supported by stronger demand from Brazil and West Africa into China, although the Pacific rally appears to be losing some momentum. Panamax remains under pressure, with average earnings declining $478 to $19,358/day. The Atlantic continues to struggle with limited cargo demand and an increasing supply of available vessels, particularly from East Coast South America. The Pacific has shown greater resilience, supported by North Pacific grain and Australian cargoes, but overall sentiment remains cautious with charterers anticipating further softening.

The smaller vessel segments continue to perform relatively well, although regional differences are becoming more noticeable. Supramax average earnings increased $253 to $23,891/day, with Asia remaining firm on tight vessel availability, while the US Gulf is beginning to soften as fresh cargo demand slows. Handysize earnings were largely unchanged at $18,357/day, with strength in the South Atlantic and Pacific offsetting weaker conditions in the US Gulf. Looking ahead, we expect continued volatility and a widening difference in performance between vessel sizes and trading regions. While Capesize strength and tight tonnage availability in parts of Asia should provide support, the softer Panamax market and growing pressure in the US Gulf could present more favorable fixing opportunities for charterers in the coming weeks.

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