The third quarter of 2025 ended unexpectedly positively for the dry bulk market, which rebounded strongly after a slow start at the beginning of the year and a weak performance in the fourth quarter of 2024.
Freight rates for capesizes and supramaxes were at their highest levels, with the former leading the way thanks to strong Chinese demand for iron ore and bauxite.
Capesizes in 2025 carried 70.9% of China’s bauxite imports, compared to 62.1% in 2024 – up 14%.
Supramax vessels also improved their share, increasing from 3% to 3.7% (+23%).
This recovery is not limited to the freight market but is also reflected in the stock markets, with shares of major shipping companies – such as Genco, Safe Bulkers and Star Bulk – recording a jump due to improved freight rates and profits in this sector.
By last Friday, Genco’s share had strengthened by 31% since the beginning of the year, Safe Bulkers by 30% and Star Bulk by 27%.
The three companies even reached new highs for 2025 earlier this week.
By comparison, shares in the sector have moved at a pace about twice as fast as the broader US stock market.
Increase in freight rates
According to the shipping brokerage Xclusiv Shipbroker, capesize vessels were leading the upward trend in the third quarter of the year, which recorded the strongest performance thanks to their strategic role in transporting raw materials.
These vessels concentrate the largest and most strategic cargoes, in a period when Chinese demand remains a steam engine for global trade, while their performance acts as a barometer for the course of the entire sector.
Capesizes led the charter market, with an average for the third quarter of 2025 at 24,223 dollars/day, the strongest performance since 2024.
It is noted that charter rates for these vessels in the fourth quarter of last year were set at 18,301 dollars per day.
Other types
Kamsarmaxes followed with an average charter rate of 15,888/day, while ultramaxes averaged 16,930/day, the best level since 2024.
In the fourth quarter of 2025, rates for kamsarmaxes were 10,557/day, while for ultramaxes they were 13,865/day.
Handysizes also improved, with an average of 12,818 dollars/day, again recording the strongest result since 2024.
In the fourth quarter of 2024, these ships had a daily rate of 12,244.
These improvements reflect a combination of healthier activity in the Atlantic, steadier demand in the Pacific and strong cargo flows from China, particularly in bauxite and iron ore.
