Dry bulk iron ore freights increase w-o-w post CNY holidays

• Inquiries improve as Chinese buyers return to market
• Rising bunker prices, higher DCE futures support sentiment

Iron ore freights across both Capesize and Supramax segments increased w-o-w on 27 February 2026, supported by improving post-Lunar New Year demand fundamentals and stronger macro signals. Chinese buyers have returned more actively to the market, leading to better enquiry volumes and healthier fixture momentum, which collectively pushed iron ore freight rates higher across key routes.

• Brent crude oil futures gain w-o-w: Brent crude oil futures climbed up by about $1.93/bbl w-o-w to $72.88/bbl (May 2026 contract) on 27 February, supported by stronger demand sentiment and concerns over tighter global supply.
• Higher bunker prices underpin freight rates: Firm fuel prices supported the dry bulk market this week, as rising voyage costs elevated owners’ rate expectations. The increased cost base, particularly on long-haul routes, helped keep freight levels stable despite only moderate cargo enquiries.
• DCE iron ore futures rise w-o-w: Iron ore futures on the Dalian Commodity Exchange rose by around RMB 4.5/t ($0.66/t) w-o-w to RMB 750.5/t ($109.42/t) on 27 February, supported by improved steel demand expectations, restocking interest from mills after recent drawdowns, and firmer spot market sentiment amid stable port inventories.
• Baltic index gains w-o-w: The Baltic index gained 98 points w-o-w to 2,117 on 26 February, supported by improved iron ore and coal fixing activity along with firmer sentiment in both Atlantic and Pacific basins. The Capesize Index increased 50 points to 3,051 on steady Brazil-China and Australia-China iron ore movements, while the Supramax Index surged 139 points to 1,299, aided by stronger minor bulk and coal demand.

Enquiries understood fixed (20-26 Feb’26)

Outlook

In the near term, dry bulk iron ore freights are expected to remain firm, supported by steady Chinese restocking and stable tonne-mile demand, though gains may be capped by vessel availability and macro uncertainty.