- Bulk freight fell on weak West Africa demand
- Container rates on Gulf trade lanes recovers
India’s rice export vessel freight market was mixed w-o-w on 18 Feb 2026, with bulk rates from the east coast declining due to weaker West African demand, while container freights firmed on improving space availability and steady cargo flows.
Bulk shipments from the east coast, especially Kakinada, stayed active, but spot sentiment softened as charterers delayed fixtures and buyers stayed selective. Container exports saw mixed rate trends, with select routes rising on tighter space and steady bookings.
Bulk market: Slow fixtures and weak buying weigh on rates
Bulk freight rates from Kakinada softened w-o-w amid muted West African demand, as slow fixture momentum kept downward pressure on rates.
Market participants mentioned, “The market does not seem strong, with inquiries at normal levels and overall activity remaining slow, though some improvement is expected soon.”
Despite the weak fixing environment, underlying export demand remained supportive as a source highlighted, “Strong export demand continues from African and Asian markets, keeping shipment programs intact even as spot fixing slowed.”
Container market: Rates firm on select lanes; Gulf corridor remains volatile
Containerized rice exports from Mundra and JNPT remained active, with select routes witnessing firmer freight trends despite uneven rate indications, while exporters noted that competitiveness largely depends on securing timely bookings as last-minute coverage stays uncertain amid equipment shortages and selective space allocation by shipping lines.
“Rates for the Gulf are very high and the market is volatile. This spike is caused by a lack of empty ships in the region and a rush to move cargo before new trade rules are announced”, said a source to BigMint.
Dry bulk market: Stable Supramax sentiment lifts BDI w-o-w
Baltic Dry Index (BDI) rose sharply w-o-w by 213 points to 2,095 points on 17 February 2026, mainly supported by relatively stable Supramax sentiment and steady minor bulk cargo activity across key trade routes.
Rice market: Stable pricing sustains shipment momentum
Rice export sentiment remained supported as Indian rice prices stayed firm, backed by steady demand from key African and Asian markets. Traders indicated that stable pricing has encouraged exporters to maintain shipment programs, providing support to cargo flow despite mixed freight conditions.
Outlook
Freight trends are likely to stay mixed near term, with east coast bulk rates under pressure from cautious West African demand, though improved enquiries could support Supramax fixtures. Container rates may remain firm on select routes, while Gulf corridors could stay volatile due to tight equipment and uneven vessel space.
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