In a week dominated by miners’ quarterly and annual economic results, the Reserve Bank of Australia (RBA) made headlines with a pivotal policy decision. Australia’s central bank cut interest rates by 25 basis points to 4.1 percent for the first time in more than four years on Tuesday but warned that it was too early to declare victory over inflation, maintaining a cautious stance on further easing.

The central bank expressed growing confidence that inflation is moving sustainably toward the midpoint of its 2-3 percent target range, attributing this progress to the impact of higher interest rates in balancing aggregate demand and supply. However, policymakers highlighted an uncertain economic outlook, noting a slower-than-expected rebound in private demand and persistent structural headwinds.

Australia’s economy is growing at its slowest pace since the early 1990s, excluding the Covid-19 pandemic, and continues to lag many of its global peers. The nation’s gross domestic product (GDP)

expanded by just 0.8 percent year-on-year during the first three quarters of 2024, in stark contrast to the United States’ 3.1 percent growth and the European Union’s 1 percent expansion over the same period. The RBA also underscored significant global risks, including heightened geopolitical tensions and policy uncertainties that could weigh on economic sentiment. While most central banks have been easing monetary policy as inflation moves closer to their respective targets, market expectations for further rate cuts have moderated in recent months, particularly in the United States, where inflation remains a key concern for policymakers.

As the RBA moved to ease borrowing costs, BHP released its half-year results, reflecting the impact of weaker commodity prices on the miner’s profitability. BHP Group reported a 23 percent decline in first-half profit as lower prices for iron ore and steelmaking coal eroded earnings. The Australian mining giant declared an interim dividend of 50 cents per share, the lowest in eight years, underscoring the challenging price environment.

Demand for commodities in developed economies remained subdued in 2024 due to sluggish industrial activity, weighing on global resource markets.

Looking ahead, central banks’ ongoing rate cuts are expected to facilitate a gradual recovery in steel and copper demand across the OECD in the near term. However, potential trade tensions pose a risk to the sustainability of this recovery, with supply chain disruptions and shifting trade policies adding to the complexity of the global outlook, according to the BHP.

Meanwhile, China has reiterated its commitment to a pro-growth policy stance, deploying more accommodative monetary measures alongside proactive fiscal interventions. In response to external trade uncertainty, Chinese policymakers have pledged to stimulate domestic demand through various initiatives designed to support steel and metals-related manufacturing sectors.

While China’s property sector remains a key source of weakness, recent data suggests that housing sales have shown tentative signs of stabilization, offering a glimmer of hope for a sector that has been under sustained pressure, according to the Australian multinational mining company.

India, on the other hand, continues to be a bright spot for commodity demand. While a marginal cyclical slowdown is anticipated in the Indian economy over the next two years, its structural growth prospects remain robust, underpinned by

strong infrastructure investment and industrial expansion.

Following BHP, Rio Tinto reported its smallest full- year underlying earnings in five years on Wednesday, with weaker iron ore prices overshadowing gains in its copper and aluminum businesses.

The world’s largest iron ore producer posted underlying earnings of $10.87 billion for 2024, down from $11.76 billion a year ago. Rio Tinto, which continues to derive most of its profits from iron ore but is increasingly expanding its copper portfolio, declared a final dividend of $2.25 per share, below the previous year’s $2.58 per share. The company acknowledged the complex macroeconomic environment and the mixed demand picture for its products, with significant divergence across end- use markets.

Globally, the property sector has remained under pressure, contributing to weaker steel demand. In China, the downturn in real estate has persisted for several years, with steel consumption down as much as 30 percent from its peak in 2020. However, traditional consumer and industrial sectors have remained relatively stable, providing some support for metals demand. Additionally, demand from the energy transition has emerged as a bright spot, driving growth in copper and aluminium markets

while also sustaining investment in finished steel through renewable energy and power grid expansions.

Despite these tailwinds, Rio Tinto emphasized that its financial results do not reflect a global economy operating at full capacity, highlighting the ongoing uncertainty surrounding commodity demand.

Vale followed with its fourth-quarter and full-year earnings, reporting a sharp decline due to lower iron ore prices and reduced sales volumes. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached

$4.1 billion in the fourth quarter, marking a 9 percent increase quarter-on-quarter but a significant 40 percent decline year-on-year. For the full year, Vale’s EBITDA stood at $15.3 billion, down 22 percent from the previous year. The average realized iron ore fines price was 21 percent lower year-on-year at $93 per tonne, reflecting the downward trajectory of benchmark prices. Iron ore shipments, which remain Vale’s core revenue driver, were flat quarter on-quarter but declined by

9.1 million tonnes year-on-year due to a strategic shift towards higher-margin products. In terms of production, Vale saw a 5 percent year-on-year decline in iron ore output during the final quarter of 2024, bringing total quarterly production to 85.3 million tonnes. However, full-year production reached 328 million tonnes, marking a 2 percent

increase year-on-year and the highest annual output since 2018. The company reported a net loss of $694 million for the fourth quarter, compared to a net profit of $2.41 billion in the prior quarter, primarily due to impairments on base metals assets in Canada. Excluding these impairments and one- off charges, Vale’s net profit for the quarter would have been $872 million, still representing a significant year-on-year decline. Net revenue for the quarter was reported at $10.1 billion, a 22 percent decrease from the same period last year, underscoring the challenging market conditions facing the industry.

Amidst a difficult landscape for both mining companies and dry bulk shipping, the Baltic indices have staged a strong rebound from the seasonal lows recorded earlier this month. The Supramax segment has led the recovery, posting a month-to- date increase of 47.3 percent to $11,205 per day.

Similarly, the Handysize Baltic indices have climbed by 43.5 percent since the first trading day of February, closing at $9,616 per day. The Panamax sub-market, which had been under significant pressure, returned to five-digit territory this week, concluding at $10,527 per day, representing a 40 percent increase month-to-date.

The Capesize segment, while lagging in terms of monthly gains, still managed a notable rebound,

settling at $8,216 per day, up 15 percent month-to- date. However, the forward market has been particularly active, with the prompt months of the Capesize forward curve attracting significant attention.

Both March and April contracts have seen strong upward momentum, reflecting improving market sentiment and growing expectations for a recovery in iron ore shipments. While the dry bulk market remains exposed to macroeconomic headwinds and evolving trade dynamics, the recent uptick in freight rates suggests a more optimistic outlook for the months ahead.

Capesize

The world’s leading iron ore producers are bracing for their weakest earnings in five years, as declining demand from China’s beleaguered property sector and increased global supply exert downward pressure on prices. Analysts foresee a difficult year ahead, with expectations of further declines in iron ore and broader commodity values. This trend is being compounded by U.S. tariffs weighing on global economic growth and persistent sluggishness in Chinese domestic demand. Additionally, analysts anticipate a prolonged price downturn, citing record-high stockpiles and the impending entry of substantial new supply from Guinea’s Simandou project.

Meanwhile, the Baltic Capesize Index surged by

38.3 percent over the week to $8,216 per day, albeit from low levels.

The Capesize forward curve at the front end experienced notable gains, suggesting promising prospects for the market in the weeks ahead.

Panamax

The week ending today saw significant positive movements across all routes, with the P82 average index rising approximately 19.4% week-on-week, settling at $10,527 per day.

Pacific

In the Pacific commodity news, China’s recent 15% tariff on U.S. coal is expected to significantly impact the seaborne metallurgical coal market. In 2024, China imported 43.02 million metric tons of seaborne coking coal, with the U.S. supplying 5.02 million tons, or 11.7%.

If U.S. coking coal becomes uncompetitive, China’s steelmakers will need alternative sources. Mongolia, China’s top overland supplier, cannot easily replace seaborne shipments to coastal steel plants, while Russia may struggle with production and rail capacity constraints.

This leaves Australia and Canada as the primary alternatives, though Chinese steelmakers may need to pay higher prices to outbid other buyers, particularly India, which imported 67.6 million tons in 2024, with Australia supplying more than 50%.

A trade shift is possible, where China increases imports from Australia while India compensates by buying more from the U.S., though at a potential price premium.

The last time China restricted a major coal supplier- banning Australian coal in 2020 – prices surged as China sought alternative sources. Currently, coking coal prices have been declining, with Australian  benchmark  contracts  dropping  from

$363 per ton in October 2023 to $188 in February 2025.

If China redirects its demand to Australia and Canada, Australian prices could rise above U.S. prices, as U.S. exporters scramble to find new markets.

On the fixtures front, the market in Asia saw a powerful surge throughout the week, with momentum building and rates strengthening across the board.

The P3A_82 HK-SKorea Pacific/RV and the P5_82

S. China Indo RV recorded an increase of 31.8% and 53% respectively.

From NoPac we heard of ‘Wen De’ (82,097 dwt, 2013) fixing at $12,500 basis Dongjiakou back to Singapore – Japan with Messrs Panocean.

From Australia, the ‘BBG Beihai’ (81,572 dwt, 2019) was agreed at $10,500 from Kunsan for trip via Australia and redelivery India with Messrs Oldendorff.

On Indonesian coal runs, ‘Xenia’ (82,019 dwt, 2016) was reported at $8,000 from Tieshan for a run to West Coast India with option for East Coast India at $9,000.

Atlantic

In the Atlantic commodity news, Brazil’s 2023/24 soybean exports totalled 97.4 million tons, down from 103.88 million tons the previous season. The new crop entered the market in February, but shipments have been slower than usual due to harvest delays, with only 1.19 million tons shipped so far.

However, a strong demand persists, as an additional 9.9 million tons are scheduled for delivery this month. China remains the dominant buyer of Brazilian soybeans, and unless a new U.S.- China agricultural deal emerges, Brazil’s 2024/25 soybean exports could reach 110.2 million tons.

Meanwhile, China’s soybean imports from the U.S. are expected to decline due to weak domestic consumption, low hog prices, slow economic growth, and high inventories.

U.S. soybean exports have dropped for the second consecutive month, with January shipments down 12% year-over-year to 4.93 million tons. Weekly export sales have hit five-year lows, and total outstanding sales of 8.88 million tons lag behind last year’s 9.50 million.

With a bumper crop in Brazil and declining demand from China, U.S. soybean exports are projected at

48.8 million tons for 2024/25, below USDA’s 49.7 million forecast.

Argentina’s soybean product exports surged in 2023/24 due to improved production, while raw soybean exports remained low. Projections indicate a rise from 4.6 to 5.5 million tons for 2024/25.

In the global trade landscape, U.S. corn exports surged 30% year-over-year, while China’s imports

have dwindled. Argentina’s tariff cuts boosted grain competitiveness, while EU/Black Sea exports were limited by tightening supplies and adverse weather conditions.

On the fixtures front, the South Atlantic remained the main point of interest, with considerable improvement observed for second-half March dates through Wednesday. By the end of the week, the focus had shifted toward end-March dates.

The representative P6 route closed the week with a 20.4% increase. ‘Eco Czar’ 2009 (82,372 dwt, 2009) concluded at $10,250 basis Tuticorin for a grains trip via ECSA to Singapore – Japan with Messrs Norden.

The P1_82 route increased 8.1% W-o-W to $7,350 pd. The P2_82 also recorded an Improvement of 7.5% W-o-W to $15,029 pd. On one such run ‘YM Mascot’ (82,127 dwt, 2023) was fixed at $17,000 basis Liverpool for a trip via US East coast to India with Messrs WBC. Activity on the period desk remained robust, sustaining strong momentum for yet another week. ‘Pedhoulas Farmer’ (82,900 dwt, 2024) was reported fixing for 5 to 7 months at $15,750 basis Phu My with Messrs Koch. China’s recent 15% tariff on U.S. coal is expected to significantly impact the seaborne metallurgical coal market.

Supramax

The Supramax market sustained its positive trajectory during week 8, with the BSI 10TC average climbing to $11,205, reflecting a 15.9% week-on-week increase.

Both the Atlantic and Pacific basins demonstrated strong sentiment, driven by robust demand and active chartering across key routes. Despite some regional volatility, upward pressure on rates persisted as Charterers sought to secure tonnage amidst tightening supply. Period activity also gained traction, as market participants positioned themselves for anticipated further rate hikes. Although the U.S. Gulf showed early signs of softening towards the week’s end, overall market fundamentals remained bullish.

Pacific

The Pacific Basin continued to gain momentum, underpinned by steady coal demand and strong

regional activity. The BSI Asia 3TC surged by 32.7% week-on-week, finishing at $12,363. Indonesian coal shipments remained a significant driver, with China’s robust power sector demand maintaining consistent flows.

According to the International Energy Agency (IEA), global electricity demand is expected to grow by 4% annually through 2027, with over half of this growth coming from China, further solidifying its position as the primary driver of coal markets.

Additionally, India’s electricity demand is forecasted to grow at 6.3% annually, further supporting regional coal flows despite a temporary dip in India’s thermal coal imports, which fell 12.6% year-on-year in January 2025 due to increased domestic production.

The Australian market also felt the impact of the Reserve Bank of Australia’s decision to cut interest rates for the first time in over four years, signalling potential economic stimulus that could bolster commodity trade volumes. On other regional developments, in South Korea, provisional anti- dumping duties of up to 38% on Chinese steel plates are expected to reshape regional steel trade flows, with possible implications for Supramax shipments.

On the spot market arena, fixtures included the ‘SSI Dominion’ (63,896 DWT, 2024) fixed for a NOPAC round at $13,750 and the ‘SSI Dauntless’ (57,200 DWT, 2013) fixed from Longkou for a trip to the Mediterranean at $14,000 for the first 65 days and

$14,500 thereafter.

From SE Asia, the ‘Belisland’ (61,252 DWT, 2016), open Campha, was fixed for Australian grains at high $11,000’s, although reports later indicated a failure.

From the Indian Ocean, the ‘Klima’ (56,753 dwt, 2013) was fixed at circa $5,000 daily with delivery Kandla for a trip with salt to Persian Gulf.

In the Persian Gulf, ‘Zhong Chang Yu’ (56,874 dwt, 2012) open in Jubail was linked with a charter to Thailand with urea at $8,000 daily and the ‘Belatlantic’ (63,318 dwt, 2016) fetched $10,500 daily with delivery Mina Saqr for a trip to Bangladesh. In South Africa, the ‘Eternity SW’ (58,098 DWT, 2011) was fixed basis APS Durban for a trip to Vietnam at $10,000 plus a $100,000 ballast bonus.

Atlantic

The Atlantic market remained firm, particularly in the South Atlantic and the Continent. The U.S. Gulf, however, experienced some softening as wheat sales slowed, with outstanding sales totalling 4.975M tons as of early February, down from 6.16M tons a year ago.

Fixture-wise, the ‘Feng Ze Hai’ (63,413 DWT, 2018) was placed on subjects for a trip from New Orleans to India in the mid $17,000’s, while the ‘Market Porter’ (61,208 DWT, 2019) fixed a petcoke run from Puerto Barrios to Egypt at $14,500. In the ECSA region, Brazil’s soybean exports faced logistical challenges due to heavy rainfall delaying harvests. Although February shipments are expected to reach 11M tons, this figure was revised down from earlier estimates of nearly 12M tons. Argentina’s  wheat  exports,  meanwhile,  rose  to

1.66M tons in January, supported by a tariff reduction   from   12%   to   9.5%,   increasing

competitiveness in global markets. Despite the significant export flows, fixture reports were scarce.

The Continent extended last week’s gains with the ‘HTK New Sky’ (58,078 DWT, 2014) being fixed for a scrap run to the East Mediterranean at $12,000, while the ‘Yannis’ (50,779 DWT, 2009) fixed from Tallinn for a trip via Ust Luga to the U.S. Gulf at

$14,000.

The Mediterranean and Black Sea regions, on the other hand, remained lackluster. Russia’s February grain export slowdown had a notable impact on the Black Sea market, with only 704,000 tons shipped by mid-February and 1.3M tons scheduled for the remainder of the month.

Among scarce fixture reports, the ‘Yangtze Dora’ (55,542 dwt, 2004), open in Ashdod was heard fixed at $8,250 daily with delivery Annaba for a trip to Lome with clinker. Period activity remained steady as market participants sought longer term coverage.

A Dacks 64 Ultramax was reportedly fixed for one year’s trading at $13,500 basis delivery in the Far East with worldwide redelivery. On short period deals, the ‘KN Fortune’ (61,028 DWT, 2020) secured a fixture basis delivery Lome for 2/3 laden legs at $13,000 with worldwide redelivery.

Both the Atlantic and Pacific basins demonstrated strong sentiment, driven by robust demand and active chartering across key routes.

Handysize

The Handysize is slowly returning to normality.

Positive sentiment is back on the Handysize market, with activity picking up in most areas along with the rates. We are returning into more sustainable and logical levels, especially when compared with the levels reached at the beginning of the month.

The 7TC average climbed almost $3,000 in 3 weeks. The earlier shock from the first announcements of President Trump were followed from bliss in the stock markets, gold prices and commodities in the ‘a trader President is always good for trade’ mood. Will this trend last for long or it will disappear in thin air after losing support from hard facts, it remains to be seen. But this week, looking at the hard facts of the numbers in the market we can say that the 7TC Average closed the week at $9,616 adding a vigorous 11.6% W- o-W.

Pacific

A bullish tone from Owners spread out the Pacific backed from an elevated activity throughout the

most of past week. As a result, the 3 routes on average added a neat 12.4% W-o-W and all the routes today are hovering around the $9,500 mark. A fairly active start of the market in South East Asia this past week raised the hopes of Owners for gaining a strong advantage in negotiations.

As the days passed the realisation hit that Australian cargoes are still dormant and the rates talked and fixed were not that far better than the ones of last week. Don’t take this wrong, gains did exist, just not at the levels originally expected from Owners, although some pointed to the bad weather present in the area which disrupted schedules.

Regardless of all that, positivity for next week remains, since the end of the month might bring a fresh flow of enquiries and the tonnage list is not extremely long. A bit more firm was the market in the North, with Korean and Japan steel cargoes in ample supply and tonnage list getting slimmer and slimmer by each day that passed. The several backhaul trips on offer, added a bit of strain to Charterers looking for prompt tonnage compelling them to raise their bids.

Sentiment for next week remains firm. A raised activity felt in the Indian Ocean was not matched by an increase in rates. Not a bit surprised one could say, for an area remaining in the doldrums for so long. The upcoming Ramadan could push market either way, but from the current low levels, only the thought for lower is making Owners sweating heavily.

Atlantic

For a consecutive week, the Atlantic followed suit to the Pacific although the market here appeared more positional than anything else. The 4 routes on average gained 12.6% W-o-W. And for another week the big ‘winner in real numbers’ was ECSA which gained this week on the route $1,400. In reality, rates inched higher but activity remained strong and it is expected to remain so as we approach the end of the month which is giving a positive mood in the area.

Another steady week ended for the USG with rates remaining relatively flat. A large spread is building up between the rates for inter-Caribs trips and the usual T/A, with Owners discounting their rates for

the former. Sentiment for next week remains slightly positive.

Across the ocean in the Continent, we noticed a sharp U-turn to last week’s market. A shortage of prompt tonnage with an influx of fresh cargoes with February dates changed the dynamics rapidly and significantly, producing some strong numbers. We even saw Charterers expanding their search for tonnage into the W.Med and accepting numbers ‘dop’. But at this point, it is uncertain if this trend will continue in the weeks to come.

Finally in the Med seems like the market is slowly and gradually returning into ‘the green’ with demand steadily improving and supply stabilizing on sustainable numbers. It was the area that hit the worst in this drop, so every little improvement is more than welcome. Sentiment for next week remains slightly positive.

Period activity is on the rise, a direct result of the more positive mood in the air. Fixtures reported were the ‘Bunun Unicorn’ (40,045dwt, 2023blt) which fixed at 120.5% of the BHSI for 11-13 months from Brownsville and the ‘Paiwan Wisdom’ (31,967dwt, 2010blt) that fixed from Turkey 5 to 7 months at $8,800.

Optimism is allowing Owners to timidly aim towards higher numbers.

Sale & Purchase

With the market showing glimpses of improvement, albeit with no hint at the brevity of this improvement, some sellers are quick to point it out and link it to potential firming of asset values.

However, buyers are not convinced and certainly not affected by this; they will likely need to see a longer development before becoming willing to pay higher prices for ships.

In the meantime, the more recent status quo of weaker or (at best) stagnant vessel values continued to exert its influence on buying attitude. While the market has been on its back, buyers have

had some bargaining power, and sellers, much to their dislike, have had to water down their wine in many cases.

As such, conversations with parties on either side tend to yield opposing (and often self-serving) views on the direction in which the market will move. Many buyers opine that the market will continue on its pedestrian path, while a number of sellers are expressing some optimism for things to come. If the freight market picks up, the second-hand market dynamic may turn grey or unclear (and difficult to identify), but for the time being things are black and white for sellers for the most part; that is, to face current market levels or not. And as values for many ships continue to soften, sellers continue to pull some ships off the sales shelves; many are re- thinking their plans to sell, instead opting (at least for now) to hold on to their ships and continue trading them.

If the market heats up, they can either take advantage of better rates on the chartering side or better second-hand prices in the sales arena. If the pedestrian market persists, they may revisit the idea of selling with a ‘cut your losses’ frame of mind.

The Handysize “Liberty C” (32K DWT, BLT 2012, Jiangsu Zhenjiang) has been reported sold in the low $9s mio, with a DD due later this year. The deal illustrates a continued slide in Handy asset values.

Likewise, older, mid-aged Supras are seeing their values slip further south; news of the River Globe (53K DWT, BLT 2007, DAYANG, CHINA) being sold

for abt $8.5 million supports this idea. Several enquiries for modern Supra’s and Ultras have been emerging out of China lately.

There is also demand for mid-aged Capes out of the F.E.

Requirements for early-mid 2000’s built Handies continue to enter the market, as well as for similarly- aged Panamaxes. Not many new/fresh ships are appearing in the market, apart for a few large Handies ex Japan.

As values for many ships continue to soften, sellers continue to pull some ships off the sales shelves; many are rethinking their plans to sell, instead opting (at least for now) to hold on to their ships and continue trading them.

Market Snippets

• Tata Steel UK announced that it’s state-of-the- art Electric Arc Furnace for Greener Steel- making plant in Port Talbot, South Wales, has got the requisite approval from the local council. The Business and Trade Secretary welcomed the :major step forward” in the Stg.1.25 billion joint investment plan for the transformation of Britain;s largest steel works with the Indian Steel Giant.
• Indian fertilizer importer and producer Fact has issued a tender to buy up to 12,000t of phosphoric acid, that were closing on 18th February.

• Fact is seeking phosphoric acid containing 46- 53pc P2O5 for laycan during 20 March-10 April and shipment to Kochi on India’s southwest coast. Offers are to be valid for seven days after opening and will include 30 days’ credit. Offers will be given as a premium or discount to the first-quarter phosphoric acid contract price of $1,055/t P2O5 cfr India.
• Genco Shipping has some strong thoughts on returning to Suez Canal transits.
• China is buying Capesize and Newcastlemax’s because it looks like modern, big vessels are in demand, so asset values are readily holding up in spite of a softer freight environment. Simandou will help China diversify its iron ore supply and decarbonise its steel industry with high-grade iron ore. These sizes are leading the frentic rally in the S&P Market for these sizes.
• More than 90% of Belships shareholders have agreed to sell their shares, sealing the take over of the Bulker Owner by a fund managed by EnTrust Global.
• Okeanis Aristidis Alafouzos says Red Sea return ‘Positive’ with safe passage through Suez which will allow million-barrel ships to recapture cargoes lost to the VLCC’s.
• Tanker Owners eye re-opening of Iraq’s Kurdish crude pipeline.

• According to Michalopoulos of Performance Shipping against the backdrop of declining freight rates, the modern Aframax spot daily charter rates dropped to an average $29,328 in early 2025, down from $38,746 in the 4^th quarter of 2024 and $61,277 in the same period of 2023.
• Adhart Shipping tied to new building debut with product tanker series in China. Adhart Shipping is believed to have turned to the shipbuilding market for the first time to grow its fleet. The Singapore-incorporated company has been named the buyer of a series of MR tankers at China’s New Dayang Shipbuilding.
• Bruton bullish on VLCCs as new building slots for 2027 all but gone … construction slots are largely unavailable before 2028 and beyond .
• Gianluigi Aponte’s MSC Mediterranean Shipping Co has splashed out around $1.76bn on ultra-large container ship new buildings in China.

·      The Swiss based liner giant MSC has signed up for for firm 21,700 teu newbuilds with options for upto 4 additional vessels at Zhoushan Changhong International Shipyard in China for a new series of LNG duel-fuel containerships.

• Danaos projects $34 million revenue backlog and expands The Company has arranged a new $850 million with lead bank Citigroup syndicated loan facility to fully finance all vessels under construction, highlighting a continued focus on fleet modernisation and expansion.
• The Italian shipping group Grimaldi extends its network of maritime connections to India going live starting this month a regular service with two monthly departures from Europe to the Indian subcontinent. The new connection includes stopovers in some of the main ports of Northern Europe and the Iberian Peninsula, according to the route Southampton – Antwerp

– Bremerhaven – Setubal/Vigo – Mumbai. After reaching India, the ships will continue their sailing to the Far East, touching Taiwan, Japan, South Korea and China. Each month, the service also includes the connection between India and the main ports of the Persian Gulf, in Oman, United Arab Emirates, Qatar, Bahrain, Saudi Arabia and Kuwait.

Marex Media

Disclaimer

The reported fixtures and Sale and Purchase

deals concluded, reported above are obtained from market sources.

All information supplied in this report is supplied in good faith, I do not accept responsibility for any errors and omissions arising from this report and cannot be held responsible for any action taken, or losses incurred, as a result of the details in this report.

You may view or use the information, prices, indices, assessments, and other related

information, graphs, tables, and images in this report only for your personal use if you are an authorised user for internal use only and not for sale.

Data in this publication, includes independent and verifiable data collected from market participants.

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