• Kerala takes a historic step towards making India a global maritime powerhouse, with the dedication of India’s first automated, deep-water International Container trans- shipment terminal in Thiruvananthapuram, Kerala at a new port named “Vizhinjam” International Deepwater Multipurpose Seaport which opens a Global gateway for India, dedicated at the hands of our Prime Minister Mr. Narendra Modi in the esteemed presence of the Hon. Chief Minister of Kerala, Shri. Pinarayi Vijayan, on 2^nd May, 2025.
• UK military joins US in targeting Houthis. They launched air strikes with the US targeting Yemen’s Houthi rebels, targeting the Iran backed group.
• Ukraine poised to sign Minerals deal with the US after months of fraught negotiations. It was reported the US was pushing Ukraine to sign two additional documents as well as the Minerals Deal. The Deal would involve preferential access to new Ukrainian natural resources or its Gas infrastructures.
• US economy shrinks 0.3% in first quarter since 2022 due to a monumental pre-tariffs import surge and moderate consumer spending.
• IOC pauses oil sourcing talks with Russia’s Rosneft by hitting the pause button on talks for a term deal to source Oil from Rosenoft in efforts to ramp up energy imports from the US with the aim of reducing its trade surplus. There is no mandate to buy from the US. In another development, Indian Oil signed a five year gas contract valued at about $1.4 billion with global energy trader Trafigura for LNG at prices benchmarked to US rates,

raising the possibilities of shipments from America. The contract envisages sourcing of 2.5 million tonnes of LNG divided in 27 shipments beginning second half of the current fiscal.

• Adani puts on hold $10 billion chip project with Israel’s Tower Semiconductor firm as it did not make strategic and commercial sense for the group. In September 2024 the State government had announced approvals for the facility to produce 80,000 wafers per month and create 5,000 jobs. Tower makes analogue, mixed-signal semi- conductors used mainly in automobiles.
• Japanese Owner Kasuga Kaiun orders Ultramax bulkers at New Dayang Shipbuilding.
• US Trade wars driver weaker demand outlook for dry bulk trade.
• Capesize demand hampered by lower Australian Ore shipments.
• Western Bulk downgraded by DNB Markets as ‘signs of improvement’ needed.
• Weaker Tanker earnings are predicted next year as deliveries take their toll.
• Sales talk around BP MR Tanker sextet as Chinese leaseback deals expire.
• Three ageing VLCC’s. an FSO and Feeder ships : How Venezuela moved one fuel cargo into Asia.
• US Trade Official’s Rules for LNG ships range from ‘Challenging’ to ‘Impossible’.
• Containers Market fears prompt liner giant Hapag-Lloyd to slash costs by $1 bio over next 18 months.
• Ningbo Ocean prepares $192 mio order for four Container Ships.
• Outlook for Container Shipping darkens in Trump 2.0 era.

• US Economic Weakness is being exaggerated for now said Bloomberg
• Oil falls back below $60 as Saudi’s Signal increased OPEC+ Supply.
• US has reached out to China to initiate Tariff Talks.
• The rush to Beat Tariffs is distorting the Economy. There is more to come.
• Venezuela loses 20% of Oil Exports after cargo cancellations to Chevron.
• US LNG exports surge to new highs on strong buying by Europe.
• Yuan’s Worst month since 2019 masked by Resilience Versus Dollar.
• China’s Sinosteel to start Cameroon Iron Ore Exports from 2026.
• Re-introduced US Ship’s Act will target Owners of Chinese new-buildings.
• Denmark Plans 1 Billion War Insurance for Merchant Shipping
• Cosco finalises orders for 32 vessels worth $4.8 billion in Just one week.
• Global Shipping is ‘Divided’ but Sets the Path to Cleaner Fuels.
• Saudi Aramco eyes 20% in two Indian Refineries ONGC and BPCL. Move to mark investment foray by largest Oil firm. This would end the long wait for the world’s largest Oil and Gas Company’s entry into India as an investor. The two refining facilities, each with a capacity to process 12 mio tonnes of crude annually, will be set up at a cost of roughly Rs100,000 crores each. The initial investment in both units by Aramco would be around Rs.24,000 crores (around $2.8 billion at current exchange rate), including a

debt component commensurate with the equity. The investments could later be jacked up to $ 5 billion. Both projects would likely have a debt-equity ratio of 7:3.

• Indian Oil Q4 profit jumps 52% for the last quarter of the financial year. On a sequential basis too, the net profit rose significantly y 289.7% from Rs. 2,147.35 Crores in Q3 of FY25., attributed to increase in market sales and inventory gains in the last quarter compared to an inventory loss last year.
• Mining Major Vedanta on Wednesday reported a 154.4% increase in consolidated net profit to Rs.3,483 crore in the quarter ended March, 2025, driven by lower production cost and higher volume. This compares to net profit of Rs.1,369 crores in the previous year.
• How China’s military mystery can spill into Taiwan strategy. While all eyes are on the tit-for-tat tariff war between Washington and Beijing, this week’s China Up close looks into an internal struggle within China’s military. A recent episode revealed the disappearance of He Weidong, Vice Chairman of the Chinese Communist Party’s Central Military Commission who is well-versed in Taiwan issues. He’s disappearance happened in the wake of suspension of Miao Hua, Chinese leader Xi Jinping’s “agent within the military”. Both He and Miao belonged to the now-defunct 31^st Group Army based in Fujian province, facing the Taiwan Strait. Amid an absence off such high-ranking officials, the PLA held military drills near the democratic Island in early April. The on-going military struggle should be given more attention as it can affect China’s strategy toward Taiwan and eventually China-U.S. relations.

·        Soybean inventories at Chinese ports down to a 2- year low!

• With soybean inventories falling to a 2-year low of 6.5Mt, crushing margins are still positive and have found support at +44$/t.

Soymeal stocks, which have been rising for about a month, still appear to hold significant upside potential compared to 2024 levels. With trade tensions escalating, and lessons drawn from the 2018 trade war, grain traders should be fully prepared to navigate around tariffs and sanctions and soybean imports outlook in China looks promising in 2025!

·        Foreign students who hope to study in the U.S. are facing growing obstacles.

In early April, the Trump administration suddenly cancelled visas for thousands of international students at U.S. universities. It reversed its decision just this past week after

courts across the country determined the terminations did not have merit – but not before some students had already self- deported. In addition, the administration aims to ramp up the vetting and screening of all foreign nationals – students included.

These moves are going to make the U.S. a less attractive destination for foreign students, writes a scholar who specializes in international higher education at the University of Maryland, Baltimore County. International students in the U.S. already face a high level of vetting before entering the country and monitoring once they’re here, he notes.

The competition for international students is increasing. Adding additional bureaucracy to current protocols will make more students think twice about attending an American university – and likely convince more of them to go to countries with friendlier visa policies, like Germany and South Korea.

In the end, this puts American global leadership in science and technology – as well as the U.S. economy – at risk

• Chinese Built BYD Schenzhen transports 9200 Car’s in one trip. What if 9200 cars decide to hitch a ride across the Ocean ? They will simply call the BYD Shenzhen, one of the world’s largest car carriers. You can think of it as the ‘Titanic’ of Car Carriers, but with a much happier ending, of course ! The break down of the features of this ship. This Ro-Ro vessel stretches 219m in length, and 37.7 meters in width. 9200 Cars are transported in one go, which is like picking up the entire vehicular traffic in one single ship.

• Wasaline to Install Largest-Ever Battery Retrofit on Ferry, Aurora Botnia.
• The Maharashtra State Government on Tuesday approved a policy for ship building and constructing a ship breaking yard in the state, which will be called ‘Shipbuilding, Ship Repair and Ship Recycling Policy 2025’.

The state’s sole ship breaking yard at Darukhana, in Mumbai, was closed between 2015-16, as it was contributing to pollution.

Speaking at a press conference in Mantralaya, ports minister Nitesh Rane said, “The policy aims to transform Maharashtra into a major hub for shipbuilding and ancillary industries.”

To spearhead the policy, Prime Minister Narendra Modi has sanctioned ₹25,000 crore as maritime development fund. Chief minister Devendra Fadnavis said, “Each ship

building yard can employ 50,000 to 60,000 persons and ship breaking yard 10,000 to 15,000 persons.”

According to a Central government report, which is referenced in the fine print of the policy, China contributes 50% to global shipbuilding, Japan 15%, South Korea 28%

— together making up over 93% of the global output. India’s share is less than 1%, putting it on 21st position globally in shipbuilding; in ship repair India 20th, but in ship recycling, it holds the second position worldwide, with 32.6% share.

To improve this, the central government’s Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047 aims to being the country in the top 10 slots. The state policy is based on Central government’s blueprint.

India had two major ship breaking yards on the western coast: Darukhana in Mumbai (almost closed) and Alang in Gujarat. “Despite great potential, the sector faces significant challenges, including, low labour productivity, lack of ancillary industries, and a major shortage of capital. Ship repair faces similar issues: like competition from foreign shipyards, limited capacities in Indian companies, and lack of advanced technologies,” said an official.

By 2030, Maharashtra aims to contribute at least one-third of India’s shipbuilding targets. Projected benefits

include: ₹6,600 crore investment and 40,000 jobs by 2030 and ₹18,000 crore investment and 330,000 jobs by 2047.

• Indian Government may harness public sector undertakings to drive Green Steel consumption. The Steel Ministry has asked various Ministries to nudge PSU’s

under them to be the first producers of Green Steel being rolled out by the domestic industry. The Government is looking to make public sector undertakings (PSU’s) the drivers of India’s green steel revolution by becoming the first buyers of the eco-friendly steel produced in the country.

• The Once and Future China: How will change come to Beijing? Under the leadership of Xi Jinping, China has become more repressive at home and more aggressive abroad—putting it at odds with its neighbours and the United States. But eventually, a new generation of leaders will replace Xi, and they may well turn the country into “a softer incarnation of its current self.

The direction China chooses could shape the future of international relations. “As long as a plausible case can be made that China is a military threat, Beijing gives the Western world an argument that can be used against it”.

But if Beijing moderates its authoritarianism and takes “a less confrontational and militarist posture,” – “a version of China could emerge with which the West and the wider world can co-exist”.

·        Japan eyes Greenland icebreaker mission to counter Russia, China

Japan is aiming to counter an increasingly active Russia and China in the Arctic Ocean, dispatching its former top diplomat to Greenland on Thursday to discuss plans for an icebreaker ship research mission to the area.

·        America’s oldest bank looks to Japan amid global uncertainty

BNY sees opportunities in rising JGB yields, growing retail investment.

Bank of New York Mellon is bolstering its Japan operations, seeing opportunities to make money as the country emerges from deflation and its people become more open to investing in the stock market.

·        Tanker Fleet Developments

Amid aging fleets, contracting challenges, and rising demand for modern, efficient vessels, the tanker fleet is set for substantial growth in 2025 and beyond, with approximately

23.2m dwt scheduled for delivery this year, primarily driven by coated product tankers.

In amongst the noise of trade policy, sanctions and geopolitical manoeuvering it is easy to lose focus on some of the underlying fundamentals of our markets. In the day after “Liberation Day” (“Retaliation Day”?), and with oil, gas and energy products excluded from these latest announced tariffs, we feel it is worth

taking a step back to review in more detail the tanker supply picture. We are, after all, in the shipping industry, and the supply of vessels themselves is a fundamental half of the demand/supply picture of our markets.

The tanker fleet is particularly noteworthy for 2025, and beyond. Across all three major broad-brush segments (Crude, Products & Chemical Tankers) the delivery schedule is significantly increased for this year, relative to the very light schedules seen across 2023/24. The total deadweight carrying capacity (dwt), across all three segments, scheduled to be delivered in 2025 is approximately 23.2m dwt, a touch higher than the total deliveries of 23m dwt seen across 2023 and 2024 combined. Just over half of these capacity additions are being delivered in the coated product tanker segments, which is seeing the largest delivery schedule for 2025. The crude tanker delivery schedule is less severe during this year, with the 8.1m dwt scheduled still below the 9.3m dwt delivered as recently as 2023. A much lighter VLCC schedule (with only 6 scheduled this year) is helping to limit capacity additions for this segment.

The supply picture becomes much more significant heading into 2026/27, with a total of 41.3m dwt and 26.2m dwt scheduled for delivery in each year respectively. Assuming no cancellations/slippage, the 2026 delivery schedule will mark the highest single year of capacity additions seen across the tanker fleet since 2011. Again, the higher deliveries are being significantly driven by the coated product tanker segments, with the peak of scheduled crude tanker deliveries (19.8m dwt in 2027) only being the highest level seen since 2019. Chemical tankers are also seeing consistently elevated deliveries, although less dramatic than the more conventional tanker segments. The peak for this segment will be the 2.8m dwt of capacity additions scheduled for 2026, the highest seen since the 3.7m delivered in 2010.

The elevated deliveries scheduled for the near-medium term is on the back of a swathe of new orders being placed across

2023/24. Across the two years combined, a total of 105.9m dwt of tanker capacity was ordered, roughly equivalent to 15% of the currently trading fleet capacity. However, the latter half of 2024 and early 2025 has seen a significant reduction in the pace and scale of new orders. With newbuild pricing still elevated and limited incentives for yards to trim pricing given well-stocked forward books, coupled with remaining uncertainty around propulsion and a delivery window approaching end- decade, notwithstanding the US administrations policy proposals to target Chinese built tonnage, the incentives for placing tanker orders are slightly trickier than in previous years. With many of these factors likely to remain in place for the foreseeable future, this may herald a reduced level of contracting through 2025, helping to limit further significant increases in the delivery schedule.

• At the same time, the existing fleet continues to age, and age rapidly over the next few years. For 2025, the tanker fleet capacity slipping over 20 years of age sits at 29.1m dwt, comfortably outweighing the 23.2m dwt of new capacity being delivered. Whilst new tonnage will help reverse this trend in 2026/27, as the market approaches

the end decade, huge swathes of tankers tip into this overage category. In 2029, as a stand-alone example, a total of 48.5m dwt turn over 20 years old.

• Not only will this help the tanker market to absorb the already increasing deliveries scheduled but also create significant requirements for further fleet renewal longer term, particularly in light of the ever-increasing focus and demand for younger, efficient and less carbon intense tonnage continues to grow.

• China’s Apple Sours: Apple’s declining China sales take the shine off otherwise solid results.
• China took a bite out of Apple’s otherwise solid earnings, with sales in the region falling 2.3% to $16 billion—a bigger-than-expected drop—in the latest quarter. Shares fell in late trading. More underwhelm: Amazon forecast weaker-than-expected operating profit in the current quarter, pointing to a long list of factors including tariffs and trade that may cause consumers to pull back on spending. The wider stock market extended its rebound, with the S&P 500 closing higher for the eighth consecutive day— its longest winning streak since August.

• Nvidia might just get lucky. The US is said to

be weighing easing restrictions on the chipmaker’s sales to the United Arab Emirates, with sources saying

Donald Trump may even announce the start of work on a bilateral chip deal during his upcoming trip to the Gulf.

Though nothing has been officially decided, talks on modifying AI chip curbs for the UAE in particular have been gaining steam across the White House.

• Signs of economic slowdown : The Institute for Supply Management’s (ISM) manufacturing index for April was at its lowest in five months. Tariffs and trade policy uncertainty are hindering the expansion of manufacturing activity. Production fell sharply, new orders contracted for the third consecutive month, and backlogs shrank at a faster pace. The number of new unemployment insurance claims rose last week to its highest since February. This is likely due in part to a sharp increase in claims in New York State due to spring break, but the number of people still receiving unemployment insurance has also increased, suggesting that the labor market may be showing signs of softening.

·        Bipartisan SHIPS Act Aims to Counter China’s Maritime

Dominance with 250-Ship Fleet Expansion

A bipartisan group of legislators has re-introduced the Shipbuilding and Harbor Infrastructure for Prosperity and Security (SHIPS) for America Act.

The landmark legislation, spearheaded by Senators Mark Kelly (D-AZ) and Todd Young (R-IN), along with Representatives John Garamendi (D-CA-8) and Trent Kelly (R-MS-1), aims to address the stark disparity in maritime capabilities between the United States and China.

Currently, the U.S. maintains just 80 flagged vessels in international commerce, while China operates 5,500 ships. This dramatic imbalance has raised concerns about national security and economic competitiveness, prompting what Senator Kelly, a U.S. Navy veteran and the first U.S. Merchant Marine Academy graduate to serve in Congress, describes as “the most ambitious effort in a generation to revitalize the U.S. shipbuilding and commercial maritime industries.”

·        Baltic Indices 1st May, 2025

DRY        INDEX:      1411 (+   25)

CAPESIZE   INDEX:		2043 (+	82)
PANAMAX    INDEX:		1374 (-	6)
SUPRAMAX   INDEX:		956 (-	1)
HANDYSIZE INDEX:		559 (-	5)
BCI	TC AVG $/DAY	16941 (+	676)
BPI82 TC AVG $/DAY		12362 (-	61)
BSI   TC AVG $/DAY		12080 (-	15)
BHSI TC AVG $/DAY		10061 (-	91)
TIMECHARTER

‘Ragnar’ 2013 95750 dwt dely Tanjung Bin 6/8 May trip via WC Australia redel China $12,500 – cnr

‘Ocean Artemis’ 2011 93103 dwt dely Kimitsu 1/5 May trip via Dalrymple Bay redel Korea $10,000 – Five Ocean

‘Atrotos Heracles’ 2014 81922 dwt dely Itaguai 15 May trip via EC South America redel Singapore-Japan

$17,000+$700,000 bb – Bunge

‘BBG Nanning’ 2019 81702 dwt dely passing Taichung 30 Apr trip via Indonesia redel India $11,500 –

Oldendorff

‘Yasa Falcon’ 2012 81488 dwt dely Singapore 4/8 May trip via Indonesia redel India $13,000 – Seapol

‘Panorea’ 2013 81425 dwt dely aps NC South America 9 May trip redel Skaw-Gibraltar $23,000 – cnr

‘Modest SW’ 2012 76483 dwt dely passing Taiwan 4 May trip via Indonesia redel India $8,000 – LSS

‘Shen Hua 806’ 2014 75285 dwt dely Port Dickson 5 May trip via Indonesia redel SE Asia $11,000 – cnr

‘Parla’ 2011 35733 dwt dely Safi prompt trip redel Dakar-Tema intention gypsum $9,000 – Fednav

VOYAGES COAL

‘TBN’ 80000/10 Newcastle/Hoping 22/30 May $12.50 fio 30000shinc/24000shinc – Bocimar

‘TBN’ 80000/10 APCT/HCMC-Campha 1/15 Jun $12.50

fio 40000shinc/7000shinc – Global Transit

GRAIN

‘TBN’ 66000/10 Itaqui/China 24/31 May $35.25 fio 8000shex/8000shex – Louis Dreyfus

Baltic Exchange Index – 01 MAY 2025 Baltic Exchange Capesize 182 Index

Route    Description                                   Value   Change

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

C8_182   182000mt Gib/Hamburg T/A RV         20,771 + 1628 C9_182   182000mt Cont-Med trip China-Japan                   41,951

+   715

C10_182 182000mt China-Japan transpacific RV          19,349

+   258

C14_182 182000mt China-Brazil round voyage            19,541

–    89

C16_182 182000mt Backhaul                              2,768 +    34

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

C5TC 182 Weighted Timecharter Average                 20,365

+   405

Baltic Exchange Index – 01 MAY 2025

Baltic Exchange Capesize Index    2043 (+ 82)

Route   Description                          Value($) Change

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

C2	160000mt Tubarao to Rotterdam	8.436	0
C3     160-170000mt Tubarao to Qingdao		19.375 – 0.075
C5     160-170000mt W Australia to Qingdao		8.061 + 0.036
C7     150-160000mt Bolivar to Rotterdam		11.121 + 0.521
C8_14 180000mt Gib-Hamburg T/A RV		17,821 + 2071
C9_14 180000mt Conti/Med Trip China/Jpn		37,593 +	805

C10_14 180000mt China/Japan T/P RV		15,967 +		290
C14	180000mt China-Brazil RV	15,967 –	57
C16	180000mt N.China to Skaw-Passero	-1.214 –		1
C17	170000mt Saldanha Bay to Qingdao	14.529 –		0.065

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

5TC    Weighted Timecharter Average           16,941 +   676

Baltic Exchange Panamax 82500mt Index 01 MAY 2025 Baltic Exchange Panamax Index   1374 (- 6)

Route Description                        Value ($) Change

================================== ======== === P1A_82 Skaw-Gib T/A RV                      11,839 + 207

P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 17,928 – 117 P3A_82 HK-SKorea incl Taiwan, Pacific/RV   10,769 – 274 P4_82 HK-SKorea incl Taiwan to Skaw-Gib     8,880 – 128 P6_82 Dely Spore Atlantic RV               13,431 –   64

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

Weighted Timecharter Average           12,362 –   61

The following routes do not contribute to the BPI or Weighted TC Average.

Route Description                        Value ($) Change

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

P5_82 S. China Indo RV                     11,008       0

P7     66000mt Mississippi Rvr to Qingdao  46,171 – 0.050 P8         66000mt Santos to Qingdao            35.525 – 0.175

Baltic Exchange Supramax Index – 01 MAY 2025 Baltic Exchange Supramax Index   956 (- 1)

Route   Description                                 Value ($) Change

======	=========================================
S1B_63	Cnkle trip via Med or B.Sea to China-S.Kor 11,983 +
133
S1C_63	US.Gulf trip to China-S.Japan	14,200 –	50
BS2_63	N.China one Australian or Pacific RV	11,329	–		34
BS3_63	North China trip to West Africa 11,713	+ 105
S4A_63	US Gulf trip to Skaw-Passero	14,000 +	14
S4B_63	Skaw-Passero trip to US Gulf	8,557 –	93
BS5_63	West Africa trip via ECSA to N.China	14,264	–		22
BS8_63	S.China trip via Indo to EC.India	15,000 –	121
BS9_63	W.Africa trip via ECSA to Skaw-Pass	11,593 +		7
S10_63	S.China trip via Indonesia to S. China	12,314 –		167
S15_63	Ind. Ocean trip via S.Africa to F. East	11,950 +		83
======	=========================================

S11TC   Weighted Timecharter Average 12,080 –  15 S10TC              Supramax(58) Timecharter Average 10,046 –  15

Baltic Exchange Index – 01 MAY 2025 Baltic Exchange Handysize Index 559 (- 5)

Route   Description                               Value ($) Change

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

HS1_38 Skaw-Pass trip Recalada-Rio de Janeiro 6,268 – 57 HS2_38 Skaw-Passero trip Boston- Galveston     8,821 – 90 HS3_38 R.D.Janeiro-Recalada trip Skaw- Pass 15,517 + 103 HS4_38 USGlf trip via USG or NCSA to Skaw-Pass 9,779 -185

HS5_38 SE Asia trip to Spore – Japan                  9,600 – 356 HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-

Jpn 10,392 + 29

HS7_38 N.China-S.Kor-Jpn trip to SE Asia     10,142 + 29

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

7TC     Weighted Timecharter Average                 10,061 – 91

(c) Baltic Exchange Information Services Ltd., 2025

Marex Media

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Mr Bansi Jaising – photo and details you have

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