Baltic Exchange Capesize 182 Index
Route Description Value Change
C8_182 182000mt Gib/Hamburg transatlantic RV 15,721 + 200
C9_182 182000mt Cont-Med trip China-Japan 39,469 + 94
C10_182 182000mt China-Japan transpacific RV 15,105 – 222
C14_182 182000mt China-Brazil round voyage 17,840 – 15
C16_182 182000mt Backhaul 1,844 0
C5TC 182 Weighted Timecharter Average 17,269 – 40
Baltic Exchange Index – 22 APRIL 2025 Baltic Exchange Capesize Index 1661 (- 17)
Route Description Value($) Change
| ====== =================================== ==== | ==== | |||
| C2 | 160000mt Tubarao to Rotterdam | 8.064 – 0.036 | ||
| C3 | 160-170000mt Tubarao to Qingdao | 18.685 – 0.140 | ||
| C5 | 160-170000mt W Australia to Qingdao | 7.085 – 0.055 | ||
| C7 | 150-160000mt Bolivar to Rotterdam | 9.743 – 0.007 | ||
| C8_14 180000mt Gibraltar-Hamburg T/A RV | 12,536 + | 72 | ||
C9_14 180000mt Conti/Med Trip China/Japan 35,156 + 31
| C10_14 180000mt China/Japan T/P RV | 11,709 – | 350 | ||
| C14 | 180000mt China-Brazil RV | 14,258 – | 217 | |
| C16 | 180000mt N.China to Skaw-Passero | -1.969 – | 150 | |
| C17 | 170000mt Saldanha Bay to Qingdao | 14.128 – | 0.039 | |
| ========================================== | ==== | |||
| ==== | ||||
| 5TC | Weighted Timecharter Average | 13,774 – | 139 | |
Baltic Exchange Panamax Index 1292 (+ 19)
Route Description Value ($) Change
================================= ========
P1A_82 Skaw-Gib T/A RV 9,312 + 227
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 16,665 + 97 P3A_82 HK-SKorea incl Taiwan, Pacific/RV 11,975 + 198 P4_82 HK-SKorea incl Taiwan to Skaw-Gib 9,029 + 122 P6_82 Dely Spore Atlantic RV 12,461 + 137
====== ================================= =======
Weighted Timecharter Average 11,629 + 169
The following routes do not contribute to the BPI or Weighted TC Average.
Route Description Value ($) Change
================================= ========
P5_82 S. China Indo RV 10,761 + 261
P7 66000mt Mississippi Rvr to Qingdao 45,186 + 0.129
P8 66000mt Santos to Qingdao 33.942 + 0.017
Baltic Exchange Panamax 82 Asia Index – 22 April 2025
Route Description Size (MT) Value($) Change
===== ====================== ======== ====
P5_82 S.China one Indo RV 10,761 +261
Baltic Exchange Supramax Index – 22 APRIL 2025 Baltic Exchange Supramax Index 954 (+ 4)
Route Description Value ($) Change
====== =========================================
S1B_63 Cnkle trip via Med or Blsea to China- S.Korea 11,546 – 112
S1C_63 US Gulf trip to China-South Japan 15,014 – 200
BS2_63 North China one Australian or Pacific
| RV 11,338 + 82 | |||
| BS3_63 North China trip to West Africa | 11,750 | + | 125 |
| S4A_63 US Gulf trip to Skaw- | |||
| Passero 14,400 – 214 | |||
| S4B_63 Skaw-Passero trip to US Gulf | 9,307 | – | 111 |
| BS5_63 West Africa trip via ECSA to North | |||
China 13,943 + 25
BS8_63 South China trip via Indo to EC.India 14,879 + 211
BS9_63 W.Africa trip via ECSA to Skaw- Passero 10,443 0
S10_63 S.China trip via Indonesia to South China 11,816 + 191
S15_63 Indian Ocean trip via S.Africa to Far East 11,233 + 45
====== =========================================
S11TC Weighted Timecharter Average 12,053 + 47 S10TC Supramax (58) Timecharter Average 10,019 + 47
Baltic Exchange Handysize Index 566 (- 3)
Route Description Value ($) Change
====== ========================================
HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 6,629 – 67
HS2_38 Skaw-Passero trip Boston – Galveston 9,307 – 97
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 14,358 + 111
HS4_38 USGulf trip via USG or NCSA to Skaw- Passero 10,614 – 33
HS5_38 SE Asia trip to Spore – Japan 9,894 – 100 HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-
Jp 10,413 – 81
HS7_38 N.China-S.Kor-Jpn trip to SE Asia 10,081 – 57
====== ========================================
=========
7TC Weighted Timecharter Average 10,183 – 53
BALTIC INDICES 22/04/2025 DRY INDEX: 1261 ( 0)
CAPESIZE INDEX: 1661 (- 17)
PANAMAX INDEX: 1292 (+ 19)
SUPRAMAX INDEX: 954 (+ 4)
HANDYSIZE INDEX: 566 (- 3) BCI
TC AVG $/DAY 13774 (- 139)
BPI82 TC AVG $/DAY 11629 (+ 169) BSI
TC AVG $/DAY 12053 (+ 47) BHSI TC AVG $/DAY 10183 (- 53) TIMECHARTER
‘Loxandra’ 2007 92576 dwt dely Tianjin 18/19 Apr trip via NoPac redel Singapore-Japan $9,250 – ST Shipping
‘Unity Neptune’ 2017 84808 dwt dely Taichung 20/21 Apr trip via EC Australia redel Vietnam $13,750 – Koch Trading
‘Seiyu’ 2021 82426 dwt dely Lanshan 23 Apr trip via EC Australia redel Singapore-Japan $11,700 – cnr
‘Shandong Peng Cheng’ 2010 82154 dwt dely Taichung 17 Apr trip via Indonesia redel Mariveles
$10,000 – Cobelfret
‘Jag Amar’ 2017 82084 dwt dely Dafeng 23/29 Apr trip via EC Australia redel India $14,250 – Propel Shipping
‘Medi Nagoya’ 2018 81671 dwt dely Tomogashima 25/26 Apr trip via EC Australia redel Japan $13,000 – NYK
‘BW Japan’ 2019 81609 dwt dely Haldia 17 Apr trip via EC South America redel Singapore-Japan $13,750 –
Kline
‘Star Genesis’ 2010 80705 dwt dely Tianjin 18/19 Apr trip via NoPac redel AG-China intention petcoke
$11,000 – Klaveness –
‘Arrow Lady’ 2005 76752 dwt dely aps EC South
America 7 May trip redel Skaw-Gibraltar $17,000 –
Louis Dreyfus
‘Zoe’ 2013 75005 dwt dely Cai Lan 21/22 Apr trip via EC Australia redel Japan $11,750 – Kline
‘Kamares’ 2004 74444 dwt dely Hong Kong prompt trip via Indonesia redel China $7,500 – cnr
‘SSI Invictus’ 2024 63735 dwt dely Kandla prompt trip via WC India redel China intention salt $14,000 – cnr
‘Tomini Liberty’ 2018 63510 dwt dely Port Elizabeth prompt trip redel China intention manganese ore
$17,000 + $170,000 bb – Norvic
‘ASC Glory’ 2009 58018 dwt dely Bing Thuan 23/26 Apr trip via Indonesia redel Brunei $14,000 – Transtech
‘PVT Diamond’ 2011 55623 dwt dely Koh Sichang 21 Apr trip via E Kalimantan redel Thailand $13,000 – WBC
‘Lucky Luke’ 2025 42083 dwt dely SW Pass prompt trip redel WC Central America $14,250 – Drydel
‘Rostrum Europe’ 2021 40002 dwt dely San Antonio 30 Apr/3 May trip redel Peru $10,100 – Drydel
‘Nordic Dalian’ 2013 37330 dwt dely Imbituba prompt trip redel Arabian Gulf intention petcoke $17,250 –
Cobelfret
‘Global Fortune’ 2011 33701 dwt dely EC South America prompt trip redel West Africa $13,500 – cnr
VOYAGES
ORE
‘Douga’ 2002 180000/10 Freetown/Qingdao 22/26 May
$18.50 fio 15000shinc/30000shinc – Sinoafrica
‘TBN’ 170000/10 Dampier/Qingdao 8/10 May $7.05 fio 90000shinc/30000shinc – Rio Tinto
COAL
‘TBN’ 135000/10 Roberts Bank/Taiwan 13/17 May
$11.75 fio 30000shex/28000shinc – CSE
GRAIN
‘TBN’ 63000/10 Itaqui/N China 1/7 May $33.00 fio 8000sshex/8000sshex – CHS
![]()
BALTIC FORWARD ASSESSMENTS – 22 APRIL 2025 BFA CAPESIZE
PERIOD VALUE CHANGE
| Apr 25 | 15,733 $/day | -363 |
| May 25 | 17,363 $/day | -779 |
| Jun 25 | 18,996 $/day | -692 |
| Jul 25 | 19,054 $/day | -479 |
| Aug 25 | 19,350 $/day | -325 |
| Sep 25 | 19,767 $/day | -266 |
| Q2 25 | 17,364 $/day | -611 |
| Q3 25 | 19,390 $/day | -357 |
| Q4 25 | 20,621 $/day | -262 |
| Q1 26 | 11,975 $/day | -138 |
| Q2 26 | 17,358 $/day | -155 |
| Q3 26 | 21,100 $/day | -129 |
| Q4 26 | 21,617 $/day | -125 |
| Cal 26 | 18,013 $/day | -136 |
| Cal 27 | 19,058 $/day | -117 |
| Cal 28 | 18,904 $/day | -79 |
| Cal 29 | 18,754 $/day | -17 |
| Cal 30 | 18,617 $/day | 0 |
| Cal 31 | 18,613 $/day | -4 |
| Cal 32 | 18,613 $/day | -4 |
BFA PANAMAX 82
PERIOD VALUE CHANGE
| Apr 25 | 11,853 $/day | -75 |
| May 25 | 12,311 $/day | -146 |
| Jun 25 | 12,144 $/day | -125 |
| Jul 25 | 12,115 $/day | -38 |
| Aug 25 | 12,136 $/day | -44 |
| Sep 25 | 12,186 $/day | -8 |
| Q2 25 | 12,103 $/day | -115 |
| Q3 25 | 12,146 $/day | -30 |
| Q4 25 | 11,590 $/day | -71 |
| Q1 26 | 10,103 $/day | -87 |
| Q2 26 | 12,011 $/day | -75 |
| Q3 26 | 11,719 $/day | -125 |
| Q4 26 | 11,394 $/day | -142 |
| Cal 26 | 11,307 $/day | -107 |
| Cal 27 | 11,557 $/day | -54 |
| Cal 28 | 11,890 $/day | -9 |
| Cal 29 | 12,482 $/day | 0 |
| Cal 30 | 12,811 $/day | 0 |
| Cal 31 | 13,007 $/day | 0 |
| Cal 32 | 13,024 $/day | 9 |
BFA SUPRAMAX
PERIOD VALUE CHANGE
| Apr 25 | 12,276 $/day | -66 |
| May 25 | 12,951 $/day | -166 |
| Jun 25 | 12,830 $/day | -187 |
| Jul 25 | 12,701 $/day | -125 |
| Aug 25 | 12,734 $/day | -54 |
| Sep 25 | 12,647 $/day | -62 |
| Q2 25 | 12,686 $/day | -139 |
| Q3 25 | 12,694 $/day | -80 |
| Q4 25 | 12,209 $/day | -113 |
| Q1 26 | 10,842 $/day | -50 |
| Q2 26 | 12,634 $/day | -54 |
| Q3 26 | 12,709 $/day | -125 |
| Q4 26 | 12,347 $/day | -66 |
| Cal 26 | 12,133 $/day | -74 |
| Cal 27 | 12,426 $/day | -58 |
| Cal 28 | 12,705 $/day | 21 |
| Cal 29 | 13,267 $/day | -9 |
| Cal 30 | 13,809 $/day | -8 |
| Cal 31 | 13,892 $/day | 0 |
| Cal 32 | 13,576 $/day | 0 |
BFA HANDYSIZE
PERIOD VALUE CHANGE
| Apr 25 | 10,525 $/day | 0 |
| May25 | 10,538 $/day | -112 |
| Jun 25 | 10,400 $/day | -188 |
| Jul 25 | 10,513 $/day | -125 |
| Aug25 | 10,463 $/day | -87 |
| Sep25 | 10,550 $/day | -38 |
| Q2 25 | 10,488 $/day | -100 |
| Q3 25 | 10,508 $/day | -84 |
| Q4 25 | 10,188 $/day | 13 |
| Q1 26 | 8,825 $/day2 | -13 |
| Q2 26 | 10,325 $/day | 0 |
| Q3 26 | 10,500 $/day | -38 |
| Q4 26 | 10,238 $/day | -75 |
| Cal 26 | 9,972 $/day2 | -32 |
| Cal 27 | 10,313 $/day | -12 |
| Cal 28 | 10,525 $/day | -13 |
| Cal 29 | 11,288 $/day | 0 |
| Cal 30 | 11,450 $/day | 0 |
| Cal 31 | 11,431 $/day | 0 |
| Cal 32 | 11,175 $/day | 0 |
- Baltic Exchange Information Services Ltd., 2025
SHIPPING NEWS:
· Looming US tariffs see transpacific rates soar, says OOCL
- Big jump in Asia to US shipments contrasts with single- digit growth on other key trades
- Orient Overseas Container Line (OOCL)’s transpacific volume and revenues soared in the first quarter ahead of the initial US tariff deadline.
- Volumes and revenues on the transpacific were up more than one-fifth, compared with first three months of 2024, according to an unaudited reported.
‘Heading in wrong direction’: Container ship emissions hit all-time high
- Data raises fundamental questions whether the IMO’s target of net zero is remotely achievable, says analyst
- Container shipping emitted all-time high carbon emissions in 2024, driven largely by the impact of conflict in the Red Sea.
- Global container emissions increased 14% in 2024 to 240.6m, comfortably surpassing the previous record of
218.5m tonnes of carbon set in 2021,
HMM hunts container ship newbuilds with huge war chest after SK Shipping takeover
- South Korean shipping giant sets aside $13.5bn to grow container ship business
- To further strengthen its container shipping business, HMM plans to invest $13.5bn by 2030. This investment will be used for placing new orders, upgrading existing terminals and acquiring additional containers.
- HMM reveals huge expansion plan with 240 vessel fleet in its sights.
Bigging up bio and e-LNG: Shell Marine unpacks LNG’s pathway decarbonisation
- General manager, Shell Marine, Alexandra Ebbinghaus is happy not to be a shipowner but knows the fuel she would choose
- When industry participants talk about pathways to decarbonisation, they mention methanol and ammonia, but why not methane?
· What does landmark IMO emissions agreement mean for LNG as a marine fuel?
- “Fossil is just one colour of methane,” Ebbinghaus said.
- She urged those looking at decarbonisation to review how bio-LNG compares with the other dual-fuel options, such as bio and synthetic-methanol and, in the future, ammonia, on availability, pricing and the ability to cut greenhouse gas emissions.
VLCC rates hit four-week high as sanctions boost mainstream fixing
- Greek consultancy Novisea notes strained supply chains as Charterers moved to secure ships before Easter break
- Spot VLCC rates have jumped to one-month highs as activity increased before the Easter break, spurred by more US sanctions depleting the tonnage pool.
- Novisea said there was a notable firming trend for voyages from the Middle East to China.
- This tightening in the freight market was driven by a combination of pre-holiday cargo demand and speculative activity linked to renewed US sanctions on Iranian crude exports.
CMB.Tech strikes deal to swallow up Golden Ocean to form 250-ship giant
- Transaction comes seven weeks after Belgian company took over Fredriksen’s stake.
- CMB.Tech has reached a deal to merge with Golden Ocean Group seven weeks after buying the largest stake in the bulker owner from John Fredriksen.
- The New York- and Brussels-listed CMB.Tech, which is Golden Ocean’s largest shareholder, said the two companies signed a term sheet for an all stock merger that will create one of the largest diversified maritime groups in the world, with a fleet of 250 ships.
· Cruise ship fire caused by catastrophic engine failure, NTSB reports
- Failure possibly due to the crew exceeding recommended intervals for changing the lube oil and oil filter elements
- A US National Transportation Safety Board (NTSB) investigation has found that an engine room fire on board a Bahamian-flagged cruise back was caused by a mechanical failure of one of its diesel generators.
- Victory Cruise Lines’s 5,000-gt cruise ship Ocean Navigator (built 2005) was docked in Portland, Maine, on 18 October 2023 when the failure of one of the ship’s two auxiliary generators led to the ejection of components from the engine and resulted in a fire in the engine room.
US sanctions Iranian gas magnate after LPG carrier tries, but fails, to load cargo in Texas
- VLGC has remained anchored off US coast since July
- The Trump Administration announced sanctions against an Iranian LPG magnate after a ship that he allegedly controls attempted to load a cargo in US waters.
- The US Treasury Department added Seyed Asadoollah Emamjomeh and his business network to its sanctions
blacklist as the latest application of US President Donald Trump’s order to apply “maximum pressure” on Iran.
- That network includes a VLGC, the 93,000-cbm Tinos I (built 2024), which the US accused of attempting to load cargo off the coast of Houston.
Owners to move ahead with pending orders at Chinese yards as US exempts more tonnage, HSBC says
- Analysts believe scaled-back port fee scheme has reduced uncertainty over newbuildings
- Shipowners are set to head back to Chinese shipyards as scaled-back US port fee proposals reduced uncertainty over newbuilding deals, analysts believe.
- The US trade representative, Jamieson Greer, announced revised measures significantly cutting the scheme’s scope last week.
US port fees take hard line on Chinese owners, operators and even lessors
- Key among the changes was the exemption of most Chinese-built tonnage or newbuildings owned by non- Chinese companies from the extra levies.
· South Korean shipbuilder Hanwha eyes first US-built LNG carriers after port fee ruling
- Shipbuilder owns Philly Shipyard in Philadelphia after December takeover
- South Korean shipbuilder Hanwha Ocean is plotting a move to construct the first LNG carriers in the US following new proposals, according to a report from Bloomberg.
- The US Trade Representative has demanded that 1% of US gas exports be carried on US-built carriers in 2029, rising to 15% by 2047.
· Excelerate Energy selling $700m of bonds after sealing $1bn New Fortress deal
- Ryan Lynch, vice president of Texas-based Hanwha Shipping, told. “Under the USTR regulation, five to seven US-flagged LNG carriers will be needed by 2030.”
· Adani Ports strikes $2.5bn deal for Australian coal terminal
- India’s largest private ports and logistics company, Adani Ports and Special Economic Zone (APSEZ), has acquired the North Queensland Export Terminal (NQXT) in Australia in a non-cash deal worth about $2.54bn.
- The transaction involves the purchase of Abbot Point Port Holdings (APPH), a Singapore-based entity currently owned by Carmichael Rail and Port Singapore holdings, which is a related party and owns and operates the NQXT deepwater coal export facility.
- The terminal, with a nameplate capacity of 50 mtpa, is located at the Port of Abbot Point, some 25 km north of Bowen, in North Queensland on Australia’s east coast.
- It is under a long-term lease from the Queensland Government and currently supports eight major customers through long-term “take or pay” contracts and exports to 15 countries, with 88% of shipments going to Asia.
- Ashwani Gupta, CEO of APSEZ, said the acquisition is a “pivotal step” in the group’s international strategy, opening new export markets and securing long-term contracts, adding that the terminal is well-positioned for strong growth, backed by increased capacity, upcoming contract renewals, and future opportunities in green hydrogen exports.
- As part of the deal, Adani Ports will also assume other non-core assets and liabilities on Abbot Point Port’s balance sheet, which the company will realise within a few months of the deal and aims to take the port’s EBITDA growth to A$400m within four years.
· Fear of grey boxes
Timor arcium griseorum. I hope I have got the Latin for “Fear of grey boxes” correct, because it is the widespread fear – almost a medical condition – of container shipping.
There was a time when fear of the grey box was widespread in the liner shipping industry, and with good reason. Liner shipping companies operated in so-called conferences which promised exporters a reliable service in exchange for restrictive practices aimed at limiting competition. This was because mid- Victorian shipowners had very soon discovered that in the absence of controls on competition liner shipping companies compete to the point of bankruptcy, and the entry premium into conventional liner shipping is low.
The conferences had conference tariffs which were based on the useful insight that a given commodity on a given route always had a maximum freight rate which it could stand – i.e., if the shipping line charged more than ‘x’ the delivered cost of the commodity would be too high for it to sell, and thus to be worth shipping.
The freight rate on wool was different to the freight rate on soap, and so on. Each tariff rate was set at a point that made it worthwhile to ship whatever it was, and these rates did not change by much, so an export industry could plan ahead. I will not spend more time on this huge subject, but I will recommend the excellent Wikipedia page on the Far East Freight Conference.
The first form of ‘Timor arcium griseorum’ occurred amongst liner shipping companies of the old school when they realised that one ISO container is just the same as another, that being, in the immortal words of President Obama, the whole idea, and that, this being the case, it was impossible to apply different tariffs to different cargoes when they were all being carried in the same grey boxes and treated in exactly the same way.
That is one reason why the container revolution literally ate its parents – the traditional liner companies. Today, the only survivors of the hundred and more liner shipping companies that operated under the conference system in its glory are Hapag-Lloyd, Mitsui OSK, NYK, and K Line. Maersk began as a conference outsider. It was allowed in, eventually, but it was always basically piratical – their hearts were never really in it.
The liner conference era is generally held to have come to an end on October 17, 2008, when the Far East Freight Conference wound itself up following the withdrawal of the EU exemption of the conference system from antitrust rules.
· A clear win for the grey box
So much for the first outbreak of fear of grey boxes, that occurred within our industry. The current outbreak is taking place outside shipping and involves the public and in particular the politicians. It is unlikely to result in a win.
Readers who read “on sea blindness” correctly observed that it is possible to move military stores and equipment through a container terminal if the stuff is in ISO containers, although, for big stuff like tanks and armoured fighting vehicles, a RoRo terminal is preferable, and that it is possible to fit a cruise missile and the hardware needed to launch it into an ISO container, but we all know just how very vulnerable a gantry container crane is. I still think that container terminals are more military targets than military assets, but equally these places seem able to inspire fear in the general public and in the sorts of people, be they journalists, influencers, or actual politicians, who prey on the fears of the public in every land.
At Port of Long Beach: As general cargo jumped into grey boxes, leaving the Port of Long Beach’s ample estate of warehouses and quays with less and less to do, the port found a new income stream in renting out its property to the almost adjacent film industry, as locations for action films. We have all
seen some of these. For the first time, ports became scary places where nefarious activities went on.
A container terminal is even more scary than a deserted general cargo berth. There is no human scale. Immense machines, many of them made in China, move big metal boxes around rapidly in what is clearly a planned and organised system, but the casual observer has no idea of what the plan is. It is like watching a colony of gigantic ants. There is absolutely no way to let the public see for themselves and explaining it all to politicians of the calibre of Vance and Hegseth would be counterproductive, as their power depends on stoking the fear of the unknown. People who seriously propose to look for the kill switch in a container crane are capable of any amount of nonsense.
Timor arcium griseorum is a virulent form of sea blindness.
- What orders from the White House mean for Global Tanker Trades
Tariffs on, tariffs off, tariffs on, tariffs off… the world’s traders are dancing the commodity hokey-cokey to the hurdy-gurdy daily churn of US trade and foreign policy. The one conclusion that everyone can agree on is that life is going to become more expensive in the coming few years as the cost of doing business with the US, or in US dollars, goes up. Tanker owners have caught up with the idea that they may be on the hook for the egregious port surcharges that the US may impose on operators calling at US ports with Chinese owned or built oil tankers.
S&P Industry sources are salivating at the potential shuffling of the global tanker fleet as some owners with significant US business but significant Chinese content in their fleets may seek to substitute in ships built in, say, Japan or South Korea.
Careful : There is no guarantee that the Dept of Trade’s Tariff Eye of Sauron will not alight on vessels built in other countries in due course. After all, we are still not yet three months into this US presidency; there is plenty of time yet before the MAGA Republicans get destroyed in the mid-terms.
As the US EIA publishes data showing that US shale oil production is peaking and will probably decline after 2026, we will let wiser heads answer the question, how quickly can the US build enough oil tankers to manage its future oil imports and exports?
Elsewhere, the demand and supply balance of oil markets is pointing to oversupply and lower prices. In China, Sinopec has announced a 16% fall in profits blaming a nationwide fall in demand not just for transport fuel but also for petrochemicals, which were supposed to be the key future driver of Chinese oil demand. Sinopec’s chemicals unit operating loss widened by 66% to RMB10b ($1.38bn).
OPEC+ has announced plans to rein in quota-busting over- production particularly in Iraq, Kazakhstan and Russia (good luck with that guys). Trump is doing his part to help by tightening US sanctions on Iranian oil production and oil tankers and asking Russia for help in stopping Iran’s nuclear weapon programme. Good luck with the anti-proliferation scheme as Poland, German, South Korea and Japan are thinking seriously about acquiring their own ultimate deterrents.
As oil prices bottomed out earlier in March with WTI going as slow as $66.03 before recovering to over $68.20, crude oil and refined products tanker markets lifted shipowners’ sentiment via higher day rates. Over 30 days to 21 March, the Baltic Dirty Tanker Index improved 9% to 990 points, while the Baltic Clean Tanker Index rose 18% to 848 points, its highest level since last July.
Assessed time charter equivalents on the US-China VLCC route slipped from around $43,000 per day in late February to a low of $36,654 on March 12 before recovering to $43,446 on March 21. Brisker fixing on the Middle East to China voyage led to a 12% improvement in rates between February 21 and March 21, to $46,589, though the market peaked two days earlier at $52,126.
Suezmaxes continue to be the darlings as rates on the shiny new Guyana to ARA route gained 19% to $39,922 over 30 days to March 21, via a peak of $42,913 four days earlier. The more mature cross Med route added 11% to a comfortable $42,923 while the Dangota-defying WAF to UKC voyage added 13% to reach a commendable $40,975.
Aframaxes were more muted, as a range of regional differences cancelled each other out. Recent excitement on North Sea- Germany discharge dissipated in the Spring sunshine as rates lost 11% to land at $25,230, though Afras loading from North Sea platforms to discharge in the UK added 30%, rising to a stonking $62,939. In the Middle East, ships loading in Kuwait for Singapore discharge enjoyed a 9% increase over the 30 days to March 21 when the TCE was assessed at $33,735.
In defiance of tariffs, Aframaxes loading in the US Gulf for ARA discharge enjoyed a steady improvement in earnings in March adding 11% by the 21st to an assessed $35,548 a day. The star performer however was the Singapore to Australia voyage which added 48% to recover from lows of around
$21,000 a day in February to $31,045 on March 21. The MR tanker sector enjoyed that trend too, with rates from Singapore to the Aussie east coast up 14% at $23,034 and the TCE from South Korea to Australia up 10% to $20,334.
- Oil products tanker markets followed up a volatile February with a glamorous March. the benchmark LR2 voyage from the Middle East to Japan spiked by 69% over the month to March 21, reaching a tidy $38,714 via a peak of $40,100 on March 18. Daily TCEs for LR1s on the same voyage rose 68% to $29,844 on March 21 via a peak of $30,028 a day earlier.
TCEs for LR2s on the voyage from the Mid East to UK/Cont added 61% over the same period to achieve a tasty $42,076, while LR1 earnings for that voyage rose 62% to $33,779. The MR Atlantic basket added 26% to reach $28,283 on March 21, while the Pacific basket rise faster, by 30% to $24,317.
All in all, March has been a rewarding month for tanker owners.
· Chinese goods evade Trump tariffs via false ‘Made in Korea’ labelling
South Korea reports spike in fraudulent practice ahead of trade talks with US. Chinese companies are increasingly shipping US-bound goods to South Korea and then fraudulently exporting them as South Korean products in order to avoid steep American tariffs on imports from China.
Exports falsely labelled as made in South Korea amounted to
29.5 billion won ($20.7 million) for the Jan-March quarter, with goods for the US accounting for 97% of this in value terms, the Korean Customs Service said.
- IMF slashes China, US, global growth forecasts on trade war
- Chinese economy to expand 4% this year, a full point below government target
- IMF lowered its 2025 growth forecasts for the world and its two largest economies, as the global trading system undergoes what the lender described as a historic ‘reset’ triggered by the US tariff policy. The US econom is now expected to grow 1.8%, nine-tenths of a percentage point lower than the previous forecast in January. Higher tariffs are forecast to cost 4-10th’s of a point, the IMF said.
Vance says US wants India to buy more of its defense equipment, energy
- American VP warns of ‘very dark time’ if the two nations fail to work together. He made a strong pitch on Tuesday
at his meeting in India with the PM Modi, for further deepening bilateral ties with India, saying his country is willing to sell more defence equipment and energy to India. In India, America has a friend, and we seek to strengthen the warm bonds our great nations already share. This was stated in a speech at the Rajasthan International Centre in Jaipur, capital of Rajasthan.
- The European Central Bank’s Francois Villeroy criticized Trump’s tariff policies, saying the US president has signed the world up to a “lose-lose game” on trade based on flawed economic arguments. “It’s more crucial than ever, across the Atlantic, to tell the truth, to fully assess the damage of a trade war, and to open the way for a possible positive dialog,” he said.
- Ukraine Talks | Ukrainian leader Volodymyr
Zelenskiy said he’d like to meet Trump at the Vatican on Saturday, where global leaders will attend the funeral
of Pope Francis. Zelenskiy said his team would be ready to discuss an “unconditional ceasefire or partial ceasefire” during talks set to take place in London with Ukraine’s allies today.
- Gas Plan | Despite talk of peace, the EU is still working on its plans to phase out the last remaining Russian fossil fuels still coming into the bloc. The bloc is preparing to discuss a possible ban on spot purchases of natural gas from Russia, one of a number of options due to be presented May 6 to EU members by the commission, we’re told.
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