As the first iron ore export ports to service Simandou in West Africa were opened, brokers and analysts have been keen in November to talk up the increase in tonne mile demand for capesize bulk carriers even as the extra supply puts downward pressure on iron ore prices. China’s plan to diversify supply and cut input costs for its steel industry looks set to bear fruit. As if anticipating the extra competition, freight rates on the Australia to China iron ore voyage fell 5% over the month to November 21 to $29,769, though this hides a volatile market that fell from $31,400 on October 21 to a low of $24,014 on November 12, followed by a rally to a peak of $31,219 on November 20. Smoothing the volatility by taking monthly averages shows that, on this voyage, capers earned $27,962 per day so far in November after $26,290 in October, $28,567 in September and $25,345 in August. Profit levels for operators seemingly come down to which day they are fixed – above or below the $25,370 per day average for the second half of the year so far. On the Tubarao to Qingdao voyage, freight rates were up 3% over 30 days to November 21 at $29,769, but this is also a slip from $31,219 just the day before. The month to date average of $27,979 after $26,123 in October, $26,534 in September and $25,777 in August suggests that this market is really quite flat in H2 2025. Optimistic capesize owners could frankly do with the extra tonne-miles that Simandou seems to offer. FFA traders have something to work with Panamax freight markets made small but steady gains over November. In the Atlantic, the round voyage from Europe to the east coast of the Americas and back was paying $17,786 per day on October 21 and $18,057 on November 21, having risen to $18,695 on October 24 but dipped as low as $16,100 on November 6. The voyage out from northwest Europe to Asia via Panama was rated at $24,104 on October 21, and stayed above $23,000 per day over the next three weeks before edging up $24,745 as of November 21. The Mississippi to Qingdao voyage moved similarly, ending the period up 3% at $27,491, while Santos to Qingdao also followed suit, being $16,888 or just 1% higher on November 21 than on October 21. In the Pacific, the South China to Indonesia round voyage added 5% to reach $18,150 on November 21, a few hundred dollars up on the 30-day average of $17,739. The round voyage from northeast Asia to the west coast of north America was up 4% over 30 days at $17,695. The star performer was the trip back from Asia to northeast Europe via Suez which added 9% to reach a still humble $10,475 per day as fewer owners saw the point in relocating, cutting the backhaul candidates. The large, geared bulk carrier freight market was also neither here nor there over the last 30 days. The coal voyage from south China to Indonesia and back added 13% to reach $14,675, representing the clearest upward trend of any route, while the voyage for a ship fixed in the Indian Ocean to sail via South Africa to China with coal was rated 5% higher on November 21 than on October 21 at $15,508 per day. The north China to Australia round voyage (also coal) was flat, being $15,600 on October 21 and $15,819 a month later. The backhaul from China to West Africa fell 9% to $13,150, while ships fixed off West Africa to load in South America and discharge in Europe were rated at $19,071 per day on November 21, up just 2% over 30 days. The Europe to the US Gulf and back voyage was also down 9% at $13,671, offs