Affinity Dry Cargo Weekly 23 October 2026

The Capesize market exhibited a strong recovery, with the 5TC increasing from USD 30,518 to USD 34,899 by Thursday's close, driven by robust demand particularly from the Pacific and South Atlantic routes. In contrast, the Panamax sector faced downward pressure due to oversupply and weak demand in the Atlantic, leading to a decline in the P5TC to USD 18,981. The Supramax market remained somewhat firm, supported primarily by activity in Asia, while Handysize rates improved due to tight tonnage in South Atlantic, despite weakness in the US Gulf. Geopolitical pressures are impacting Australia's iron ore sector, with China's tightening procurement affecting negotiations and supply dynamics, compounded by rising competition from Guinea's Simandou project poised to disrupt Australia’s dominance in iron ore exports.