Bulk Freight Report - 25 December 2025

The last week has shown stability in chartering rates for Handysize tonnage in the Black Sea region. However, the market is not providing enough cargo orders to meet Shipowners’ expectations for December 2025 and January 2026. As a result, Shipowners are not in a position to wait for the spot market and are forced to consider voyages with end-January laycan dates. In this environment, distant voyages from the Black Sea to ECSA or Asia are preferable for Shipowners.

Handysize (~30,000 DWT) remains broadly stable, but cargo volume is insufficient to support higher ideas. Owners increasingly look at end-January laycans and prefer longer-haul destinations (ECSA / Asia) over short voyages.

Coaster (~5,000 DWT) continues to soften. The coaster wheat market has kept a decreasing trend for the last few weeks, with rates down by about USD 2/MT last week. Owners aim to cover spot open tonnage before the New Year holidays, while Charterers cannot provide stable order supply due to low regional trading activity.

Key observations of the week

• Handysize: stable levels, but not enough cargo to support Owners’ expectations; end-January laycans increasingly considered; longer-haul voyages (ECSA / Asia) preferred.
• Coaster: ongoing downward trend; rates slipped last week; low trading activity limits order flow; pre-holiday covering continues.

Handysize (~30,000 DWT)

For batch around 30,000 mt of Wheat (SF ’47)

Coaster (~5,000 DWT)

For batch around 5,000 mt of Wheat (SF ’47)