Freight shipments of iron ore on key dry cargo routes in the Capsize class and small vessel segment increased in the week ending November 21, 2025. Although cargo demand in China remained stable rather than aggressive, freight activity stabilized and ship availability decreased, which helped support the upward trend in freight traffic.
Market activity has been more stable this week, with more inquiries in the Atlantic and Pacific basins. Increased export interest and improved cargo visibility have bolstered sentiment, especially as winter resupply continues and forward demand becomes clearer.
Capesize market stabilizes amid improved queries
Capesize rates on the main iron ore routes - Australia-China, Brazil-China and South Africa-China - showed the first signs of recovery as charterers returned with new demands. A slight reduction in ship shipments, improved weather conditions and increasing supply dynamics have contributed to a more stable tone with expectations for further growth as Chinese buyers step up purchases ahead of peak winter operations.
Supramax segment company demonstrates steady flows of small bulk cargoes
Supramax rates on the India-China and Southeast Asia routes remained high, supported by stable low volume shipments. Balanced supply and demand conditions in the Indian Ocean and continued market activity have kept this segment afloat, despite recent volatility in the larger vessel categories.
FFAs signal optimism
Forward freight agreements (FFAs) for Capesize and Supramax contracts tended to grow reflecting expectations of tightening fundamentals and improving cargo demand in late November and December.
Meanwhile, bunker fuel prices have been declining in recent sessions, easing price pressure on shipowners in key regions. The decrease is largely due to lower crude oil prices and improved availability of marine fuel, which together have slightly lowered prices. This decrease led to a slight decrease in operating costs, especially for ships on long-haul routes, contributing to a somewhat calmer mood on the cost side.
