Atlantic Momentum Drives Capesize Rates to New Peaks
The Capesize sector displayed a pronounced rebound last week, led by robust activity across the Atlantic. The Baltic Capesize Index (BCI) jumped 950 points, closing at 6,286, while average C5TC earnings rose by $8,612 to roughly $53,508 per day.
Record‑High Freight on the C3 Route
The standout performer was the C3 Tubarão–Qingdao circuit, where freight climbed $3.19 week‑on‑week, reaching $41.55 per metric ton on 4 September. This level is about 70 % above the September 2025 average of $24.50/mt, underscoring a considerably firmer Atlantic market than a year earlier.
Increasing Southern Hemisphere Sailings
South‑bound traffic from Brazil’s Tubarão to China intensified, with 127 sailings recorded between January and August – a 15 % year‑on‑year rise from 2025 and a notable jump from the 90 sailings logged in 2024. The cadence exceeded 2024 levels in seven of the eight months. Conversely, departures from the northern Ponta da Madeira terminal eased to 234 from 256 in 2025.
New‑Building Orders Signal Renewed Confidence
Owner confidence is reflected in the surge of new‑building contracts. By early September 2026, 123 Capesize vessels have been ordered, surpassing the full‑year totals of 103 in 2024 and 115 in 2025. Chinese shipyards dominate the order book, accounting for roughly 117 of the contracts. While this will expand fleet capacity over the medium to long term, delivery schedules mean the additional supply will not affect current Atlantic availability.
Ballast Vessel Availability Expands Across Regions
Open‑tonnage figures rose across all bulk‑carrier classes. Supramaxes led the growth with a 24 % increase to 772 vessels, driven by strong gains in the North Atlantic (+44 %) and Australasia (+37 %). Panamaxes added 10 % to 820 ships. Both Capesize and Handysize fleets expanded by 9 %, reaching 624 and 714 vessels respectively.
Regionally, Capesize ballast counts jumped 9 % week‑on‑week to 624, with notable rises in Australasia (+17 % to 234), the South Atlantic (+17 % to 54) and the North Atlantic (+16 % to 36). The Indian Ocean/South Africa segment held steady.
Market Outlook
The concurrent rise in freight rates and ballast availability suggests that demand, rather than constrained supply, is driving the current market strength. As Atlantic cargo volumes continue to climb and order books remain healthy, the Capesize segment is positioned for sustained earnings growth throughout 2026.