• Industrial output growth improved marginally in March, led by Electricity and Manufacturing sectors, but mining remained a drag while overall crucial data remained sluggish.
• Indian Govt. was reviewing Air cargo business hit by shut Pak Airspace. Exporters do not see significant fallout, expect freight rates to rise around June. This mostly applies to air cargo from India that is headed to the Persian Gulf, Europe and the US. Whilst most of the cargo moves by sea, around 3-4% of garments are by Air, either on passenger planes or freighters, with some gems and jewellery also taking the route.
• China’s rare-earth controls are the masterstroke they seem: When China imposed export controls on several rare-earth elements (REE) as part of its ongoing trade war with the U.S., many touted it as another geo-political master-stroke since it mines roughly 70pct of the world’s RE’s and refines nearly 90% of them. From Cars, computers to factory robots and defence equipment relies on these REE, the perception was that restrictions would cripple many countries. This argument was superficial but does not hold much weight. If anything, Chinese export controls will ultimately accelerate the end of its dominance in this field with heavy losses to other countries. By restricting shipments, Beijing is lifting prices worldwide and incentivising countries to set up processing elsewhere. Once the capital is sunk into new refining in the rest of the world, even a later U-turn by China cannot quickly claw these customers back.
• The performance of Gold over time highlights that the Indian housewife is the smartest fund manager in the world. •-^•●
• Alphabhet Inc. has initiated talks with its local contract manufacturers – Dixon Technologies and Foxconn to shift part of the global production of Google Pixle smartphones to India from Vietnam, specially devices headed for the U.S.
• The policy chief of Japan’s ruling Liberal Democratic Party on Monday called on U.S. President Donald Trump to reconsider his plans for reciprocal tariffs, saying they could negatively impact Indo-Pacific security.

• Former defence minister Itsunori Onodera said Tokyo was particularly concerned by the effect in Southeast Asia, shown by the current visit there by Japan’s Prime Minister Shigeru Ishiba.

• Speaking at Washington’s Center for Strategic and International Studies think tank, Onodera warned that countries of the 10- member Association of Southeast Asian Nations “may become more distant” from the U.S. because the tariffs.

• Trump hit Japan with 24% tariffs on its exports to the U.S. and ASEAN nations also have been targeted, although, like most of the levies, they were paused until July to allow for negotiations. A 10% universal rate remains in place, as does a 25% duty on cars, a mainstay of Japan’s export-heavy economy.

With China and U.S. at intense economic odds, nations are being forced to choose sides

One went to the United States. The other went to China. It was a sign of the times.

While the Swiss president was in Washington last week to lobby U.S. officials over President Donald Trump’s threatened 31% tariff on Swiss goods, the Swiss foreign minister was in Beijing, expressing his nation’s willingness to strengthen cooperation with China and upgrade a free trade agreement.

As Trump’s trade war locks the world’s two largest economies on a collision course, America’s unnerved allies and partners are cozying up with China to hedge their bets.

• The magnitude of the taxes are already dramatically affecting American imports, with the shipping containers set to arrive at the Port of Los Angeles down nearly 36% over the past two weeks, according to Port Optimizer, which tracks vessels. It’s lending urgency for both the U.S. and China to bolster support from alternate partners.
• Trump says Crimea will stay with Russia as he seeks end to war in Ukraine and secure mineral deal

• Chinese imports of American LNG dry up as trade war

rages

• Cargoes of the key fuel redirected to destinations such as Europe
• In this week’s newsletter, we will take a quick look at some of the critical figures and data in the energy markets this week.

• Market Movers

• Aster Chemicals, a joint venture of Glencore and Indonesia’s Chandra Asri Group, is reportedly keen to take

over ExxonMobil’s (NYSE:XOM) retail business in Singapore, valued at roughly $1 billion.

• Shell (LON:SHEL) agreed to sell its 16.125% interest in Colonial Enterprises to Canada’s investment giant Brookfield Infrastructure Partners for $1.45 billion, operator of the US’s largest gasoline pipeline.

US natural gas major EQT (NYSE:EQT) announced it

would purchase the upstream and midstream assets of Marcellus- focused producer Olympus Energy for $1.8 billion, boosting its output by 500 MMCf/day.

The world’s leading offshore wind developer,

Germany’s RWE (ETR:RWE) has stopped all work on its US projects, citing Trump’s moves against the industry, having paid some $7 billion on its leases in offshore Louisiana and New York.

• Brent prices have dipped below $65 per barrel again as the willingness of Saudi Arabia and other OPEC+ countries to unwind even more production into the summer months depresses market sentiment. A potential Russia-Ukraine negotiations breakthrough or a rapprochement between the US and Iran loom large for oil markets, with bullish factors remaining scarce.
• US Targets Houthis’ Oil Deliveries. The White House imposed sanctions on three tankers delivering oil and refined products to Yemen’s Houthis, with the Tulip, Maisan, and White Whale vessels routinely shuttling to the port of Ras Isa, as the Trump administration ramps up pressure on them.

Iraq Revisits Syria Pipeline Plans. Iraq’s top political brass met with Syrian President Ahmed al-Sharaa this week to

discuss restoring the Kirkuk-Baniyas oil pipeline, out of operation since 2003 when it was damaged by US airstrikes, seeking to avoid intermediaries in supplying the Syrian market.

Bill Gates Splashes the Cash on Congo Cobalt. KoBold Metals, the mining startup backed by Bill Gates, is preparing to announce huge deals in Africa’s heartland of Congo after a successful raise of $537 million in January, seeking to concurrently tap into the emerging US-DR Congo minerals pact.

Tankers Rush to Load Venezuelan Crude. At least six tankers have been queuing next to Venezuela’s oil ports, including 5 vessels chartered by Chevron and one by trading firm Vitol, as the Latin American country is bracing for the May 27 expiry of the US oil major’s production license.

• India Tells Steel Industry to Invest Abroad. Faced with a 60- million-tonne import dependence on coking coal, India’s government has publicly encouraged its steel companies to acquire coking coal and iron ore mining assets abroad, with Indonesia and Australia topping the list of candidates.
• China Eyes Lower Soymeal Demand. Seeking to curb reliance on imported agricultural feedstocks, Chinese authorities will be mandating a slash in soymeal use in animal feed to 10% by 2030,

expanding production capacity in food waste, insect, and animal- based protein instead.

• Putin is said to keep demanding Ukraine Land despite US Pressure.

Putin is demanding that Russia take control of four regions of Ukraine it doesn’t fully occupy as part of any deal to end this war.

President Vladimir Putin insists Russia must take control of four regions of Ukraine it doesn’t fully occupy as part of any agreement to end his war, according to three people in Moscow. The demand deals a blow to President Donald Trump’s efforts to reach a ceasefire. The four regions are: (Donetsk, Luhansk, Zaporizhia and Kherson). Trump’s envoy, Steve Witkoff, sought to persuade Putin that Russia should agree to a ceasefire that halts fighting along the current frontlines during talks at the Kremlin on Friday, but the Russian leader maintained his maximalist position on territory. Negotiations have reached an impasse for now, and further progress requires direct contact between Putin and Trump. US consumer confidence fell to an almost five-year low in April on growing pessimism about prospects for the economy and labour market under Trump. According to Conference Board data released Tuesday, consumer expectations for the next six months plunged to the lowest level since 2011, thanks in large part to the administration’s wide-ranging trade war. The share of consumers that expected business conditions to be worse six months from now rose to the highest level since March 2009, during the Great Recession.

• Corporations meanwhile are battening down the hatches in preparation for rough seas. General Motors and JetBlue this week joined a growing list of companies pulling earnings projections as they grapple with Trump’s new taxes on

their imports. (Trump beat a fresh retreat on Tuesday, this time in favour of automakers.)

UPS, which also backed away from its 2025 financial guidance due to what it diplomatically called “macroeconomic uncertainty,” is planning to be less circumspect with its employees: It plans to fire 20,000 of them—or about 4% of its workforce—while shuttering

dozens of facilities. It’s a move reflected more broadly in the American labour market, given that new data shows job openings fell last

month to the lowest since September.

• Reduce automobile tariffs

US President Trump signed a measure to avoid the cumulative impact of overlapping tariffs on autos and auto parts. The White House posted on social media “X” (formerly Twitter). The measure eliminates “stacking” of tariffs on foreign-made cars and reduces taxes on foreign-made parts used in cars manufactured in the US. According to a senior US Commerce Department official, automakers that produce and sell finished cars in the US will be able to apply for a credit equal to up to 3.75% of the vehicle’s value. US Treasury Secretary

Bessent also indicated that Japan hopes to reach an agreement on trade negotiations with the US before the Upper House elections.

• How China Armed Itself for the Trade War

Beijing’s High-Risk Approach to Its Economic Confrontation With Washington

How did the world’s two largest economies stumble toward a trade war that neither truly seeks and which the rest of the world can’t afford?

Following U.S. President Donald Trump’s “Liberation Day” ceremony on April 2, during which he unveiled tariffs of varying levels on all of Washington’s trade partners, the United States and China have engaged in several rounds of tit-for-tat escalation, driving tariffs between the two countries to prohibitively high levels. By April 11, tariffs on Chinese goods entering the United States had reached 145 percent, while U.S. goods entering China reached 125 percent. Unless the two countries carve out broad exemptions, the $700 billion in annual bilateral trade between them could shrink by as much as 80 percent over the next two years. Markets have responded negatively to the looming trade war, and many economists and analysts have struggled to explain what the Trump administration is trying to achieve.

The best way to understand the current standoff with China is as the product of faulty assumptions and missteps on both sides. Within Trump’s orbit, powerful players and factions misjudged the resilience of China’s economy and wrongly assumed that Chinese leader Xi

Jinping would rush to make a deal in order to avoid a domestic backlash. As a result, China hawks in Washington failed to anticipate how resolutely Beijing would react to Trump’s tariffs.

In China, meanwhile, a deficit of skilled diplomacy has left the country more adept at signalling defiance than at shaping outcomes. Beijing has failed to address the legitimate concerns among many in the United States and beyond that a renewed surge of low-cost Chinese exports would produce a second “China shock” by further eroding the industrial bases of other economies. And bellicose rhetoric—such as the declaration made in March by China’s embassy in Washington that China is “ready to fight till the end” in “a trade war or any other type of war”—does little to sway international opinion and fails entirely to convey the Chinese leadership’s long-standing desire to avoid external conflict. The Trump administration is now trying to salvage a situation of global economic chaos—which, by many indications, it did not plan for—by

pivoting from a full rewiring of the global economic system to a more targeted frontal assault on the Chinese economy. Xi and the rest of the Chinese leadership harbour no illusion that China can win a trade war with the United States. But they are willing to risk one that Trump might lose.

Power Generation Fuels Market Update – April 2025

• India mulls cutting import duties on Petroleum Coke

India, the largest petroleum coke importer, is considering reducing coke import duties after a recent request by cement makers, a key user of imported coke.

Indian authorities recently sought information on trends in imported coke from domestic refiners, a market participant told Argus last week, adding that relevant government departments are studying the possibility of a cut in taxes.

Cement Manufacturers’ Association (CMA), the industry body representing several large producers, had requested that the government remove the customs duty and cess on coke in January- February, said another market participant.

Indian importers pay a 10pc duty on coke and an additional 10pc cess on this duty, taking the total tax incidence to 11pc. This is higher than an import duty of 2.75pc on thermal coal along with a cess of 400 rupees/t ($4.66/t).

The prevailing custom duties and cess increase the cost of cement production, which in turn affects large-scale infrastructure projects and individual home-building. Removing these levies would make cement more affordable, the association told government authorities.

Using coke in cement kilns leads replaces thermal coal usage, indirectly reducing the environmental damage associated with mining, while high temperatures in kilns neutralise harmful pollutants in coke to lower the industry’s carbon footprint, CMA said.

Imports

India’s coke imports rose to a record-high of 14.4mn t in 2024, up from the 10.8mn t imported in 2023, according to shipbroker Interocean data. The increase also made India the largest importer last year, overtaking China.

The US remained India’s largest coke supplier in 2024, shipping about

6.9mn t to the country during the year. This was up by 19pc on the year and the largest volume that India has received from the country since 2017, before the Indian Supreme Court limited all coke imports. Saudi Arabia was India’s second-largest coke supplier during the year at 2.9mn t, up by 36pc from 2023.

Cement makers use coke and thermal coal as fuel in their kilns, and the ratio of the blend depends on the price and supplies. Producers meet part of the requirements through imports since domestic supply is limited.

Kiln fuel is a major cost component for cement producers. Fuel formed 21pc of India’s largest cement producer Ultratech’s production costs over October-December 2024, down from 25pc in the year-earlier quarter.

But this is likely to rise in the January-March quarter as coke prices have risen since January, and prices of thermal coal — cement’s other main fuel — remain higher than average coke prices in recent quarters.

Changes to India’s anode-grade coke import policy also contributed to higher imports last year. Since 2018, India has capped the total amount of anode-grade coke imports into the country each fiscal year. But the Indian government in February 2024 raised this quota to 1.9mn t, allowing calciners to import an additional 500,000 t/yr of green petroleum coke for the April 2024-March 2025 fiscal year.

India readjusts allocation to city Gas firms

The Indian government has reduced state-controlled distributor Gail’s domestic gas allocation to the city gas distribution sector. But the government has also compensated the cut with supplies from new or intervention wells by state-controlled ONGC, effective today.

This keeps the overall allocation to the sector unchanged at 50pc from 70pc at the same time last year, but makes it much pricier as the gas price under Administered Price Mechamism (APM) is presently $6.75/mn Btu, while the price of replacement gas from new wells will be at 12pc of the Indian crude basket or a 20pc premium over the APM price.

The cut for Delhi-based city gas entity Indraprastha Gas is 20pc, for Mumbai-based Mahanagar Gas and for privately owned Adani Total Gas it is 18pc, the firms’ stock exchange filings stated earlier today.

City gas firms had received priority status for gas allotment over the past two years and are expected to be the driving force behind the government’s ambitious target of making India a gas-based economy.

India’s gas regulator the Petroleum and Natural Gas Regulatory Board (PNGRB) sees gas demand increasing by 50mn m³/d by 2030 to a total of 87mn m³/d from the base of 37mn m³/d in April 2023-March 2024. By 2040, this would rise by 129mn m³/d, making the total city gas distribution demand contribute to 216mn m³/d, a recent report said.

While city gas entities are mulling a hike in compressed natural gas (CNG) rates and may raise prices to offset the increased cost, upstream firms would stand to benefit from this reclassification — state-controlled ONGC’s share of the higher-priced new well gas is due to increase to 17pc from 11pc of its standalone production.

ONGC was producing 4.7mn m³/d of additional supply from new wells, the firm said in November last year.

India’s aggregate net gas production stood at 97.7mn m³/d in April 2024- February 2025, largely unchanged compared with a year earlier, data from the oil ministry show. But the country’s APM gas output fell by 2pc to 60mn m³/d over the same period.

• CMA CGM becomes first global liner to run an Indian-flagged vessel
• CMA CGM has welcomed the arrival of the first Indian flagged containership registered by a major foreign carrier With a total capacity of 2,592 teu, CMA CGM Vitoria serves India on the group’s BIGEX network, which offers direct links between India, the Gulf, and the Red Sea, performing weekly calls from Nhava Sheva and Mundra.
• US sanctions three tankers over ties to the Houthis
• The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has targeted three vessels and their owners for allegedly providing support to the Houthis. Marshall Islands- registered Zaas Shipping & Trading facilitated the delivery of LPG

to the Houthi-controlled port of Ras Isa using the San Marino- flagged Tulip BZ.

• India’s peak power demand has been rising year after year. It is projected to reach 270GW in 2025, crossing the previous high of 250 GW on 30^th May, 2024. The Central Electric Authority expects power demand to hit 446GW by 2030 and cross 700GW by 2047. The Centre plans to add 100GW of coal-fuelled power in the next seven years, revising its previous target of 80GW given Indian’s soaring electricity demand and rising coal production. The additional capacity plan will entail an extra investment of Rs.1 trillion, since every 1MW of power costs Rs,5 crore on average. Despite the boom in Solar and Wind power, Electricity from thermal and hydro projects remains critical. Every electricity grid must have a minimum, constant level of power demand called base load.
• Dutch government scales back offshore wind to preserve fisheries
• The Dutch government has reduced its offshore wind targets and removed one of the zones set for offshore wind development to give more room to the fishing sector. The authorities decided to amend their North Sea Programme

Changing grain trades will create congestion in Atlantic

• China is expected to repeat its play from Trump’s first attempt at a trade war and increase soyabean imports from Brazil, creating congestion on South America’s east coast.

Seaborne coal trade has peafied, says SwissMarine chairman

Last year saw China import a record volume of coal.

• Baltic Index Snaps Six-Session winning streak on Lower rates across Vessel sizes. The Index slipped on Tuesday snapping six sessions of gains, due to a fall in prices across all vessel segments. The main index which monitors all sizes of ships, fell by five points to 1,398. The Cape shed to 1,978; Average earnings typically for 150,000-ton cargoes decreased $12 to $16,408.

• Tariff war: Ocean Network Express

predicts net profit could fall to as low as

$250m in 2025

• Pessimistic liner player says current global uncertainties will make it hard to match the $4.2bn it made in 2024

• OOCL splashes out $3.08bn on 14 large container ship newbuildings in China
• Liner company has contracted Dacks and Nacks to build a series dual-fuel, 18,500-teu vessels that can run on methanol
• Hong Kong liner giant Orient Overseas Container Line (OOCL) has ordered 14 dual-fuel container ship newbuildings worth a total of

$3.08bn at two shipyards in China.

• Dalian Cosco KHI Ship Engineering Co (Dacks) and Nantong Cosco KHI Ship Engineering Co (Nacks) have been contracted to build the 18,500-teu, methanol-fuelled vessels.
• Ukrainian secret service seizes cargo ship over Crimea grain claims
• Danube is becoming Kyiv’s favoured hunting ground to settle scores with Russian-trading vessels
• Ukraine’s navy has arrested a second vessel that approached its waters months after it traded in Russian-occupied territories.
• Ukrainian media report that the 5,000-dwt Anka (built 2005), a small general cargo ship flying the flag of Tanzania and listed under the management of
• Of Istanbul based Sima Shipping, is being held in the River Danube.

• George Procopiou returns to Chinese yard for newbuildings as US trade war shows signs of easing
• World’s biggest tanker orderer and world’s biggest tanker builder meet again as anti-China fever seems to be waning
• George Procopiou is returning to New Times Shipbuilding for additional newbuildings in what seems a vote of confidence in the Greek Owners’ favoured Chinese shipyard amid on ongoing US trade war against Beijing. Procopiou company Dynacom Tankers Management inked a pair of 159,000 dwt Suezmax newbuildings at the giant Far Eastern shipbuilder dur for delivery in 2028.

·        INDIA’S CRUDE OIL IMPORTS

India is now again the world’s fourth largest seaborne importer of crude oil, after China, the EU, and ASEAN. India accounted for 10.6% of global seaborne crude oil trade in 2024. Seaborne imports to India increased by +1.6% y-o-y to 228.1 mln t in Jan Dec 2023, and then by

+2.5% y-o-y to 233.7 mln t in Jan-Dec 2024. About 45 percent of crude oil volumes discharged in India in Jan Dec 2024 were carried in VLCCs, about 31 percent were carried in Suezmaxes, and about 23 percent in Aframaxes. Top crude discharge ports in India in Jan-Dec 2024 were Jamnagar (65.7 mln tonnes of crude oil in Jan-Dec 2024), Vadinar (49.9 mln t), Paradip (31.0 mln t), Mundra (18.8 mln t), Mumbai (16.9 mln t), Cochin (16.3 mln t), Visakhapatnam (13.0 mln t), Chennai (8.7 mln t), New Mangalore (8.4 mln t), Mangalore (4.0 mln t). In terms of sources of the shipments, India – Crude Oil Imports by Source in

Jan-Mar there has been understandably a bit of politically driven reshuffling. Seaborne imports from Russian ports (which includes both oil of Russian origin and oil of non-Russian origin such as Kazakh oil), surged by +126.6% y-o-y in Jan-Dec 2023 to 75.4 mln tonnes, from

33.3 mln tonnes in 2022, and were twenty times the 4.1 mln t of 2021. In Jan-Dec 2024, they increase further by +8.6% y-o-y to 82.0 mln t. Russian ports have now moved up to be the second largest source of seaborne oil to India, accounting for 35.1% of volumes in Jan-Dec 2024, behind the Arabian Gulf with 46.7%, pushing West Africa to third place with just 5.2% and the USA to 4.3%. Shipments from the Arabian Gulf to India rebounded by +2.7% y-o-y in 2024 to 109.1 mln t, but this follows a -20.2% y-o-y decline in 2023. Imports from the USA declined further by -3.8% y-o-y in 2024 to 10.1 mln t, and this follows a -33.3% y-o-y decline in 2023. Shipments from West Africa to India rebounded by +20.5% in 2024 to 12.2 mln t, but this followed a -44.3% y-o-y decline in 2023. In Jan-Mar 2025, volumes from Russia to India increased a further +12.5% y-o-y (an extra 2.2 mln t) to 19.9 mln t, whilst volumes from the AG declined by -1.5% y-o-y to 29.9 mln t, and from West Africa declined by -10.7% y-o-y to 3.3 mln tonnes.

India urging firms to acquire overseas iron ore, coking coal assets, official says India is encouraging companies to acquire iron ore, coking coal, and other key raw material assets overseas, Steel Secretary Sandeep Poundrik, as the country ramps up its steelmaking capacity to meet rising demand. “We are encouraging our companies to acquire assets abroad, right from iron ore to coking coal to even limestone and dolomite,” Poundrik said at an industry event in Mumbai. India imposes temporary tariff on some steel to stem cheap imports from China India, the world’s second-biggest producer of crude steel, on Monday imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from

China. A flood of Chinese steel in recent years has pushed some Indian mills to scale down operations and mull job cuts, and India is one of a number of countries to have contemplated action to stem imports to protect local industry.

• Seaborne Iron Ore market braces for bumpy 2^nd Quarter amid trade tensions, thin demand. The Asian iron ore market may see heightened price volatility in the 2^nd quarter of 2025 due to rangebound price sin the first quarter, as global trade tensions intensify while steel demand fundamentals are expected to remain sluggish.
• The Platts Iron Ore Index or IODEX (no not the Indian Pain Balm

😊) averaged $103.64/dry metric tonne CFR North China in Q1, marginally up 0.6% from Q4 2024 but down 16.1% from Q1 2024. Despite disruptions from tropical cyclones, prices remained under pressure Q1 due to intensifying trade tensions, slowing steel demand and the potential for further steel output cuts in China.

Baltic Indices 29^th April, 2025

Baltic Exchange Index – 29 APRIL 2025 Baltic Exchange Capesize 182 Index

Route    Description                                      Value   Change

=====     ==========================================        ======

C8_182   182000mt Gib/Hamburg transatlantic RV         19,393 +    279 C9_182   182000mt Cont-Med trip China-Japan             41,244 –     44 C10_182 182000mt China-Japan transpacific RV          18,943 +    34 C14_182 182000mt China-Brazil round voyage            20,025 –    185 C16_182 182000mt Backhaul                                 2,766 –     65

===================================================

C5TC 182 Weighted Timecharter Average                   20,047 –      6

Baltic Exchange Capesize Index    1980 (+ 91)

Route   Description                              Value($) Change

====== ===================================       ========

C2      160000mt Tubarao to Rotterdam              8.436 – 0.057

C3      160-170000mt Tubarao to Qingdao           19.695 – 0.150

C5      160-170000mt W Australia to Qingdao       8.005 – 0.065

C7      150-160000mt Bolivar to Rotterdam         10.714 – 0.065

C8_14 180000mt Gibraltar-Hamburg T/A RV        16,071 +    285

C9_14 180000mt Conti/Med Trip China/Japan     36,844 –     62 C10_14 180000mt China/Japan T/P RV              15,555 +       5

C14    180000mt China-Brazil RV                 16,190 – 295 C16            180000mt N.China to Skaw-Passero                           -1.213 –            25

C17    170000mt Saldanha Bay to Qingdao         14.739 – 0.067

=============================================

5TC     Weighted Timecharter Average             16,408 –     12 Baltic Exchange Panamax 82500mt Index 29 APRIL 2025 Baltic Exchange Panamax Index               1389 (- 6)

Route Description                          Value ($) Change

====== ================================= ======== P1A_82 Skaw-Gib T/A RV                                        11,423 + 187

P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 18,087 + 2 P3A_82 HK-SKorea incl Taiwan, Pacific/RV        11,529 – 399 P4_82 HK-SKorea incl Taiwan to Skaw-Gib                       9,266 –      22 P6_82 Dely Spore Atlantic RV                              13,437 + 12

====== =================================       =======

Weighted Timecharter Average             12,504 –  51

The following routes do not contribute to the BPI or Weighted TC Average. Route Description                          Value ($) Change

====== ================================= ======== P5_82 S. China Indo RV                                    11,381 –   141

P7      66000mt Mississippi Rvr to Qingdao   46,308 – 0.013 P8           66000mt Santos to Qingdao             35.690 + 0.332

Baltic Exchange Supramax Index – 29 APRIL 2025 Baltic Exchange Supramax Index               967 (- 8)

Route   Description                                     Value ($) Change

====== =========================================        ====

S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 11,908 + 50 S1C_63 US Gulf trip to China-South Japan             14,289 –    75 BS2_63 North China one Australian or Pacific RV                   11,536 – 114 BS3_63 North China trip to West Africa                11,692 – 133 S4A_63 US Gulf trip to Skaw-Passero                                    14,007 – 72 S4B_63 Skaw-Passero trip to US Gulf                                      8,882 – 143 BS5_63 West Africa trip via ECSA to North China                    14,293 + 143 BS8_63 South China trip via Indo to EC.India         15,536 – 307 BS9_63 W.Africa trip via ECSA to Skaw-Passero                       11,443 + 72 S10_63 S.China trip via Indonesia to South China     12,836 – 377 S15_63 Indian Ocean trip via S.Africa to Far East      11,808 +      79

====== =========================================        =====

S11TC   Weighted Timecharter Average                   12,224 – 106 S10TC Supramax(58) Timecharter Average                               10,190 – 106

Baltic Exchange Index – 29 APRIL 2025

Baltic Exchange Handysize Index 567 ( 0)

Route   Description                                   Value ($) Change

====== ========================================        =========

HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro    6,411 – 75 HS2_38 Skaw-Passero trip Boston – Galveston                             9,000 – 79 HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero       15,272 + 183 HS4_38 USGulf trip via USG or NCSA to Skaw-Passero            10,136 – 85 HS5_38 SE Asia trip to Spore – Japan                                    10,021 – 10

HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp    10,389 – 14 HS7_38 N.China-S.Kor-Jpn trip to SE Asia              10,157 + 19

====== ========================================        =========

7TC      Weighted Timecharter Average                    10,199 – 10

BALTIC INDICES 29/04/2025

DRY         INDEX:     1398 (-    5)

CAPESIZE   INDEX:	1978 (-	2)
PANAMAX    INDEX:	1389 (-	6)
SUPRAMAX   INDEX:	967 (-	8)
HANDYSIZE INDEX:	567 (	0)

BCI   TC AVG $/DAY 16408 (- 12) BPI82 TC AVG $/DAY 12504 (- 51) BSI          TC AVG $/DAY 12224 (- 106) BHSI TC AVG $/DAY 10199 (-  10)

TIMECHARTER

‘Panasiatic’ 2005 82962 dwt dely aps NC South America 12 May trip redel Skaw-Gibraltar $22,750 – cnr

‘Alexandria’ 2012 82852 dwt dely Stade 28 Apr trip via NC South America redel Skaw-Gibraltar $11,000 –

Olam Intl

‘Yasa Sapphire’ 2023 82406 dwt dely Yantai 28 Apr trip via EC Australia redel South China $12,000 –

Fullinks

‘Beskidy’ 2013 82138 dwt dely Quanzhou 28 Apr trip via NoPac redel Singapore-Japan $11,000 – Pacific Bulk

‘Atalanta’ 2010 82094 dwt dely Zhoushan 30 Apr trip via EC Australia redel SE Asia $10,500 – Norden

‘Honor Star’ 2007 76939 dwt dely Gunsan spot trip via NoPac redel Singapore-Japan intention petcoke

$13,000 – Klaveness

‘Ocean Faith’ 2024 63592 dwt dely Recalada prompt trip redel SE Asia $13,750 + $375,000 BB – Classic

‘Federal Indus’ 2019 63458 dwt dely Rio Grande prompt trip redel EC Mexico – US Gulf $18,250 –

Centurion

‘Skywalker’ 2015 63056 dwt dely US Gulf prompt trip redel Baltic intention coal $12,500 – XO

‘Karpathos Dawn’ 2010 56700 dwt dely Belawan 1/3 May trip via Indonesia redel CJK $9,250 – cnr

‘Rabea’ 2018 39998 dwt dely Recalada prompt trip redel Algeria intention grains $19,000 – TMC

‘Nordic Dalian’ 2013 37330 dwt dely Imbituba prompt trip redel Persian Gulf intention petcoke $17,000 –

Cobelfret

‘Tomini Alize’ 2016 36046 dwt dely Immingham 25/26 Apr trip redel US East Coast $12,000 – Norden

‘Neptulus’ 2012 33706 dwt dely Les Escoumins trip redel West Mediterranean intention grains $10,000 – WECO

‘Bulktec’ 2009 33345 dwt dely Recalada prompt trip redel Puerto Cabello $17,500 – Sagitta

VOYAGES ORE

‘TBN’ 170000/10 Dampier/Qingdao 14/16 May $8.00 fio 90000shinc/30000shinc – Rio Tinto

‘TBN’ 160000/10 Port Hedland/Qingdao 13/15 May

$8.00 fio 80000shinc/30000shinc – FMG

‘TBN’ 160000/10 Port Hedland/Qingdao 16/18 May

$8.00 fio 80000shinc/30000shinc – BHP

COAL

‘TBN’ 75000/10 Newport News/Visakhapatnam 10/19 Jun $30.60 fio 40000sshex/20000sshex – SAIL

‘TBN’ 75000/10 Taboneo/Visakhapatnam 10/19 Jun

$8.25 fio 18000sshex/20000sshex – SAIL

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Mr Bansi Jaising – photo you have

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