One Ship, $417 Million in New Tariffs:
The Cost of Trump’s Trade War
The OOCL Violet, docked at the Port of Long Beach, Calif. On 25th April, is one of the first ships to arrive in the US with Chinese cargo subject to 145% tariff, carrying thousands of Containers full of goods for the U.S.
· The Ultimate Tariff Buying Guide
Worried that President Donald Trump’s policies might make stuff more expensive? You’re not alone. People are panic- buying; in March, retail sales increased 1.4%, the most in two years.
Feeding the financial anxiety are headlines about companies urging shoppers to “buy before it’s too late” – not to mention that a recession could be coming. Yes, there’s no denying many goods will become pricier. But that doesn’t mean you should pack your shopping cart until it’s overflowing.
- Cardinal Robert Francis Prevost was elected as Roman Catholic pontiff, the first ever pope from the US and a possible bridge between the moderate and hardline sides of a divided Church. Prevost, 69, chose the name of Leo XIV for his pontificate and was greeted by thousands of cheering faithful as he stepped out onto a balcony overlooking St. Peter’s Square to be presented to the world.
- Trump is pushing lawmakers to increase tax rates on some of the wealthiest Americans as a way to offset other cuts in his signature economic package. The president’s proposal calls for creating a new 39.6% tax bracket for individuals earning at least $2.5 million, or couples making $5 million, according to people familiar.
- The Gates Foundation plans to give away $200 billion over the next 20 years before shutting down entirely in 2045, marking a new deadline for one of history’s largest and most influential charities. That target would represent a doubling in spending for the nonprofit, which has disbursed more than $100 billion since it was co- founded by Bill Gates and Melinda French Gates in 2000.
THE NON-DEAL
OK, so! After a month of negotiations, we finally have a “full and comprehensive” trade agreement with our old pals across the pond.
Huge news! What a relief, right? Pop the champagne, the trade war nightmare is almost over…
What’s that? What’s in it, you ask? Like, what is the “deal” part of the deal?
OK, so it’s more of a concept of a deal. If a trade deal is, like, Michelangelo’s David, this is more like a block of marble. Or really it’s like a receipt from the marble guy that says we’ve placed an order for a block of marble.
Maybe put the champagne back in the fridge.
Here is what the US and the UK announced Thursday: President Donald Trump’s team took the US tax on British imports from 10% to *checks notes* 10%. Yes, it is the exact same tariff rate that Trump announced on April 2, but with some fun new carve-outs:
- British cars: That Bentley you’ve had your eye on was going to be taxed at 27.5%, but now it’s only 10%. Great news for that sliver of Americans in the market for a Land Rover, Jaguar, Rolls-Royce or Aston Martin. No other consumer goods were mentioned.
- Planes: British companies can now send plane parts to the US tariff-free. In return, British Airways is expected to order 30 Boeing 787 Dreamliner jets
- Steel and aluminium: Taxes on steel and what the Brits call “aluminium” (adorable) will be scrapped.
That’s honestly it — there are no more details, as both sides said specifics are still being ironed out. It’s not all that surprising, given that traditionally trade deals require months or even years of painstaking talks. To hear the White House announce it on Thursday, though, you’d think they just won a Nobel prize and a gold medal. In a Truth Social post, Trump said it was “a very big and exciting day.”
UK Prime Minister Keir Starmer called it “historic” with what sounded like a straight face, though it should be noted he joined the Oval Office event via speakerphone, because the Trump administration cobbled this whole spectacle together at the last minute.
Donald Trump is casting his sights on California again, this time zeroing in on Hollywood and the kind of stuff Tinseltown dreams up.
The President announced a directive on Sunday to slap
a 100% tariff on movies made overseas, ostensibly to give America’s film and TV industry an edge over foreign competition.
- Consideration of lowering the Tariff : President Trump said he expects trade talks with China , which are due to begin this weekend, to be “substantial,” predicting a willingness to compromise on China and saying that if negotiations go well, he could consider lowering the 145% tariffs he has imposed on many Chinese products.
- Tariff List : The European Union (EU) has
announced plans to increase tariffs on the United States to 95 billion euros (about 15.48 trillion yen) in case trade negotiations with the Trump administration fail. The retaliatory measures proposed by the European Commission specifically target industrial products that were removed from the initial list, such as Boeing aircraft, American-made cars, and bourbon. The European Commission plans to begin full-scale negotiations with the U.S. government this week to seek an amicable solution. In a statement, European Commission President Ursula von der Leyen indicated her intention to seek an amicable agreement with the United States, but emphasized that “at the same time, we will continue to prepare for all possibilities.”
· Torm sells off ageing LR2
Danish product tanker owner and operator Torm has continued the disposal of older tonnage with the sale of one of its two oldest LR2 vessels.
The New York and Copenhagen Nasdaq-listed company has revealed the sale of an unnamed 2008-built LR2 unit with delivery to new owners expected during the second quarter of this year.
The buyer and sales price of Torm’s 109,700 dwt Torm Maren or Torm Mathilde has not been disclosed. The ships, estimated at about $32m each, are the oldest of the company’s 15 owned LR2s and both built at Dalian Shipbuilding Industry Corp.
Earlier this year, the Jacob Meldgaard-led company offloaded three of its oldest ships – all MRs built in 2005 – for $44.9m at a profit of $9.4m.
Once the latest transaction is closed, Torm will have 90 tankers, of which 66 are owned and the rest are on sale-and- leasebacks with purchase options.
· Capital Clean Energy Carriers lands long-term fixtures for LNG newbuilds
Evangelos Marinakis-backed Capital Clean Energy Carriers (CCEC) has secured long-term employment for two of its LNG carriers under construction in South Korea.
The Nasdaq-listed company has fixed the 174,000 cum at vessels to be named Athlos and Archon for five and seven years, respectively, with a five-year extension option for each ship.
The charters are set to kick in after delivery from HD Hyundai Samho in the first quarter of 2027, with brokers naming French energy major Total Energies behind the deal.
CCEC said it also has the option to substitute the two vessels with other LNG carriers from its fleet.
The company currently has 12 LNG carriers, with six more newbuilds set to join the fleet and three legacy box-ships fixed on long-term charters.
The latest deals have lifted CCEC’s charter backlog duration to 7.3 years with $3.1bn in contracted revenues, excluding options, which, if exercised, would lift the company’s backlog to $4.5bn.
“In our view, these fixtures signal that the long-term fundamentals of LNG shipping remain robust for high-quality Owners like CCEC, operating the latest generation of LNG carriers, despite the challenges in the short-term market,” said the Chief Executive of CCEC, adding that the company is in talks with multiple Charterers for potential fixtures of its four remaining newbuilds.
· ARO Drilling agrees extensions for five jackups with Saudi Aramco
ARO Drilling, a joint venture of New York-listed offshore driller Valaris, has signed extensions for five jackup rigs with Saudi giant Aramco.
The extensions, all for five years, were signed for the Valaris 250, Valaris 116, Valaris 146, Valaris 140, and Valaris 141 or as ARO Drilling referred to them in its statement, the Bob Palmer 50, Rowan Mississippi, Rowan EXL IV 83, Ensco 140, and Ensco 141, respectively. All five listed rigs are leased to ARO Drilling by Valaris.
In its most recent fleet status report, Valaris said that it agreed short-term bareboat charter agreement extensions for the Valaris 116, Valaris 146, and Valaris 250 jackups until April 30.
The fleet status report noted at the time that Valaris and ARO were negotiating with Saudi Aramco regarding longer-term contract extensions for those three rigs.
The three rigs will all be out of service at one point or another due to planned maintenance. Valaris 116 will be out for 180 days across the fourth quarter of 2025 and the first quarter of 2026, Valaris 146 will be out for 50 days across the second and third quarter of 2025, while the Valaris 250 will also be out for maintenance for some 180 days at the end of 2025 and the beginning of 2026.
· World Container Index
- Drewry’s World Container Index decreased 1% to $2,076 per 40ft container this week.
- Maersk sees 30-40% drop in China – US trade and ‘race’
- for inventories.
- Shipping Lines start to bypass Karachi as India-Pakistan tensions rise.
- Enquiries for new box-ships surge at HD KSOE as US port fees shift orders from China.
- Costamare completes bulker spin-off as boxship demand remains buoyant.
· Time for change in crew management
THE maritime industry, responsible for transporting 90% of global trade, relies heavily on a vast network of skilled and knowledgeable seafarers.
Ensuring vessels are properly crewed with personnel available in the right places at the right time presents a global and complex challenge. One single vessel delay because of crew documentation issues can cost tens of thousands of dollars,
highlighting the need for efficient and adaptable crew management practices.
With advancements in maritime connectivity and digital technology, new solutions are revolutionising that essential aspect of maritime operations, improving efficiency, safety and positively impacting seafarer experience.
· Chinese terminals and teapot sanctioned as US increasingly targets buyers of Iranian oil
- to The US sanctioned another Shandong-based ‘teapot’ refinery, as well as three terminal operators and an oil broker
- Five ‘shadow fleet’ Tankers and two Masters also designated
- Ownership of one of the terminals sanctioned on Thursday changed amid growing sanctions threat earlier this year, Lloyd’s List has previously reported
- Sanctioned teapot imported over 3.3m barrels of Iranian oil since 2023, according UANI
- The US introduced new sanctions on Thursday targeting Chinese buyers and facilitators of Iranian oil shipments and ‘shadow fleet’ vessels and masters.
Clean Shipping Commitment
Commitment to a cleaner industry
The need to improve sustainability in the shipping industry is accelerating. The global industry must cut carbon emissions, protect marine biodiversity and leverage the use of data for smarter decision making. With nearly 100 years of experience of charting through unknown waters, Jotun is committed to continuously innovate and develop advanced products and solutions designed to protect biodiversity and cut carbon emissions to support global sustainability ambitions and achieve cleaner operations for all industry players. A clean hull ensures cleaner operations.
- Cut carbon emissions: Bio-fouling is responsible for one fifth of the shipping industry’s total GHG emissions and its contribution is massively under-estimated. Protecting ships from biofouling would enable the industry to cut CO2 emission by as much as 19%.
- Protect bio-diversity: The world’s biodiversity is at risk from climate change, and the shipping industry is a major emitter of CO2, as well as responsible for transfer of aquatic invasive species. Global transparent regulation will be a success factor to protect marine environments.
- Preserve Fuel: Protecting against bio-fouling will mean that the shipping community will spend less on fuel – shipping’s biggest expense representing as much as 50- 60% of total operating expenditure. A clean hull ensure clean operations. Clean operations save fuel.
· Mining magnate linked to eight-ship bulker order in Japan
Jhonlin Group company could be behind $320m dry cargo ship deal at Oshima.
Reported a big new bulker order in Japan that is believed to have been placed by Indonesian mining magnate Samsudin Andi Arsyad.
A company named as Jhonlin Marine Lines (JML) is said to have contracted eight, 64,000-dwt ultra-maxes at Oshima Shipbuilding for delivery in 2028 and 2029. The vessels are reported to be costing $41 mio each or a total of $328 mio.
· Precious Shipping posts first-quarter loss of $4.14m in 2025
Losses stemmed from a very weak freight market in January and February
Thailand’s Precious Shipping has posted a net loss of $4.14m for the first quarter of 2025.
The bulker owner’s financials were impacted by a 32% slump in net operating income “due to a very weak freight market,
particularly in the months of January and February”, the company said in its first quarter newsletter. Average earnings per day per vessel declined to $8,641 in Q1 2025 from $12,433 in Q1 2024”.
· Should Teekay Tankers buy shares, more ships or both with its cash pile?
Chief executive Kenneth Hvid said tanker owner considering adjacent sectors MRs and VLCCs, but analyst wants buybacks
Teekay Tankers has an enviable problem: figuring out what to do a large pile of cash.
The New York-listed tanker owner is looking to use its capital to modernise its fleet, or possibly move into adjacent sectors, but a financial analyst has urged the company to buy up its own shares. Teekay Tankers buys modern Metrostar lR2 tanker as it offloads six older ships.
- China’s Clean Energy Boom Spells Trouble for Central Asia’s Gas Giants
- China is rapidly expanding its renewable energy capacity, aiming for 2461 GW by 2030, largely dominating global clean technology manufacturing.
- This shift is affecting Central Asian gas exporters like Russia, Turkmenistan, and Kazakhstan, as China moves away from natural gas dependency.
China’s rapid embrace of renewable energy is bad news for natural gas producers like Russia, Turkmenistan, and Kazakhstan. But it might have decent ramifications for Uzbekistan’s clean energy agenda.
China controls over 70 percent of global manufacturing capacity in every major category of clean energy production except hydrogen electrolyzers, according to a recently published report produced by Bloomberg finds that “mainland
China also dominates in attracting new capital for plants to produce clean technology goods such as batteries, solar modules and wind turbines, with 76 percent of such investment in 2024 underwriting plants there.”
Along with enjoying a stranglehold on manufacturing capacity, China has registered explosive growth in clean-power production, especially solar-generated electricity. Renewable energy sources can now meet 80 percent of China’s growing demand for energy and electricity.
“China is on track to have at least 2461 GW of renewable electricity capacity installed by 2030, doubling the 2022 figure, with solar capacity nearly tripling,” according to an analysis by Ember, a think-tank dedicated to producing “targeted data and policy insights that accelerate the transition to a clean, electrified energy future.”
Fossil fuels still account for roughly 62 percent of China’s energy usage. But that share is set to fall in the coming years, due to a slowing Chinese economy, the rise of renewables and Communist Party leader Xi Jinping’s plan for the country to achieve carbon neutrality by 2060.
All of these factors help explain recent energy developments in Central Asia involving natural gas. China was long seen as the world’s major driver of rising global gas demand, but now its energy calculus is shifting toward renewables.
These changing circumstances likely prompted Chinese leaders to balk at a Russian plan earlier in 2025 to send additional volumes of gas to China via Kazakhstan. It additionally explains why the Power of Siberia 2 pipeline project remains stuck on the drawing board.
China’s slackening thirst for gas also may have played a role in Turkmenistan’s recent decision to start sending gas westward via a swap deal with Turkey. Somehow, Ashgabat might have gotten a sense that China will not need such high volumes of Turkmen gas in the future.
· The Market Is Well Supplied – So Why Is Saudi Arabia Raising Oil Prices?
- OPEC+ unexpectedly increased its supply additions for May and June by 411,000 bpd each, contradicting earlier efforts to tighten the market.
- Saudi Arabia raised oil prices for Asia even as demand appeared weak, fuelling speculation about its motives and signalling a potential rift within OPEC+.
- Despite confusion and falling prices, oil rebounded slightly as traders adjusted to the cartel’s unpredictable strategy and market fundamentals.
OPEC+ served two surprises to the oil trading world in a matter of weeks. First, it said it would bring back three times the amount of oil supply it planned to originally in May. Then, it said it would repeat the exercise in June. And then it emerged that Saudi Arabia is raising selling prices for Asia when it would have made more sense to cut them, on the face of it. OPEC+ is in the spotlight and it’s probably enjoying it as prices slide further down and U.S. shale drillers curb activity.
OPEC+ said in April it would add 411,000 bpd to its collective output in May, throwing the oil market in disarray after curbing supply for months in a bid to prop up oil prices. The move was such a reversal of tactics that it was quite understandable that it took everyone by surprise. Prices fell. Speculation abounded, with analysts suggesting anything from Saudi Arabia doing Trump’s bidding to being so desperate they’d opted for flooding the market in the tried and tested method of dealing with competition in a rather final way.
Officially, OPEC+ members that have been cutting their output said that the market fundamentals were healthy enough to absorb not one but two monthly boosts of 411,000 bpd each.
Unofficially, the story is that the Saudis got fed up with the Iraqis and the Kazakhs who have been overproducing pretty much since the production cuts began. Kazakhstan really annoyed Riyadh, per that story, by not just overproducing but reaching record-high output levels earlier this year.
Some cited data about Asian crude oil imports as evidence that OPEC+ is trying to pump up a narrative that does not reflect reality. The argument is that imports into the biggest demand region are weakening and global inventories are only slightly below the five-year average. So, we have a pretty well-supplied market, and OPEC+ is shooting itself in the leg with the output additions.
Of course, there is also the oil demand outlook. The oil demand outlook is grim if one follows the International Energy Agency.
But Saudi Arabia, OPEC’s leader, does not follow the International Energy Agency. In fact, Saudi Arabia has a serious issue with the IEA and its forecasts, which the Saudis have slammed as blatantly biased in favour of the energy transition.
Right now, the demand outlook is widely believed to be grim because of Trump’s tariff offensive against the world of trade. This outlook was a big reason why traders started the selloff in oil that brought prices down and then extended it as OPEC+ surprised said market with its two consecutive decisions to add more to that well-supplied market than initially planned.
And then the news came that Saudi Arabia is raising its official selling price for crude for Asian buyers. In other news, OPEC’s total for April was down by 200,000 bpd, and not just because of the sudden slump in Venezuelan production after Chevron was kicked out by Trump. The UAE and Saudi Arabia also cut
—and the UAE was given the green light to actually raise production.
While traders and analysts try to wrap their heads around the logic guiding OPEC+, oil prices have rebounded because lower prices always and invariably stimulate greater demand for an essential commodity such as crude oil. Brent is back above $60 per barrel, and WTI has recovered to $58.
This, of course, does not mean prices can’t fall again and stay fallen for an extended period of time. Perhaps at some point, it would even become officially clear whether the Saudis are doing Trump’s bidding or simply looking after their own interests as they have done repeatedly over the years. In the meantime, OPEC’s competitors will be suffering. This might even be one big reason why the cartel is adding supply if history is any indication.
· Why Peace Talks Fail in Ukraine
Learning the Right Lessons From Three Years of Grinding War and Faltering Negotiations
It has been nearly three months since U.S. President Donald Trump launched a major effort to bring the war in Ukraine to an end. The diplomatic exchanges that followed have yet to produce meaningful results. In Russian President Vladimir Putin, Trump faces a crafty, experienced adversary who hopes to capitalize on the American president’s impatience with the war to coerce Ukraine into signing away what the Russians have failed to win by force on the battlefield.
There is no reason to think that Trump will acquiesce to Putin’s list of demands. In fact, he has repeatedly voiced frustration with the lack of progress in the talks and has threatened to walk away, as Russia continues to creep forward, inch by bloody inch, in a long war of attrition with no end in sight.
The core bargain in the framework would have entailed Ukraine embracing permanent neutrality, foreclosing its possible membership in NATO, in return for ironclad security guarantees. The sides failed to finalize the deal in the subsequent months, and the war has now entered its fourth year.
The lack of Western willingness to provide Ukraine security guarantees has been a major challenge to reaching a settlement; it remains an impediment. A belligerent’s optimism about its battlefield prospects can also diminish its interest in making a deal. And finally, the humdrum mechanics of a cease- fire are no less crucial than the high politics of agreeing on the postwar order. Both must be pursued simultaneously if the parties expect to bring this bloody, grinding war to a stop.
++
BALTIC INDICES 08/05/2025
DRY INDEX: 1316 (- 58)
| CAPESIZE INDEX: | 1752 (-183) |
| PANAMAX INDEX: | 1363 (+ 1) |
| SUPRAMAX INDEX: | 968 (+ 7) |
| HANDYSIZE INDEX: | 554 (- 4) |
BCI TC AVG $/DAY 14532 (- 1518) BPI82 TC AVG $/DAY 12269 (+12)
BSI TC AVG $/DAY 12230 (+ 79) BHSI TC AVG $/DAY 9979 (- 68)
TIMECHARTER
‘Pedhoulas Leader’ 2007 82050 dwt dely retro Haldia 22 Apr trip via EC South America redel Singapore-
Japan $14,250 – Trafigura
‘Ithaki I’ 2025 82000 dwt dely Yeosu 13 May trip via EC Australia redel Indonesia $11,500 – Richland
‘Red Lily’ 2017 81855 dwt dely Tuticorin 10/11 May trip via South Africa redel India $14,750 – Oldendorff
‘Navios Citrine’ 2017 81626 dwt dely aps EC South America 18 May trip redel Singapore-Japan $17,000 +
$700,000 bb – Bunge
‘CL Foshan’ 2025 64744 dwt dely Port Elizabeth prompt trip redelivery China $20,000 + $200,000 bb –
Polaris
‘Apex’ 2017 63403 dwt dely CJK 5 May trip via Australia redel Arabian Gulf $14,000 – Western Bulk Carriers
‘Hong Run 26 ‘ 2006 53466 dwt dely Arabian Gulf prompt trip redel WC India $13,600 – Allianz Bulk
VOYAGES ORE
‘Eastern Freesia ‘ 2010 170000/10 Sudeste/Qingdao 23 May onwards $19.00 fio 80000shinc/30000shinc –
Trafigura
‘TBN ‘ 170000/10 Dampier/Qingdao 26/28 May $7.65 fio 90000shinc/30000shinc – Rio Tinto
‘TBN ‘ 170000/10 Dampier/Qingdao 25/27 May $7.70 fio 90000shinc/30000shinc – Rio Tinto
‘Pacific South ‘ 2012 150000/10 Port Cartier/Qingdao 21/30 May $27.90 fio 60000shinc/30000shinc – Mittal
COAL
‘NYK TBN ‘ 160000/10 Abbot Point/Rotterdam 26 May/5 Jun $12.90 fio 50000shinc/25000shinc – TKS
‘Omicron Atlas’ 2008 70000/5 Lamberts Point/Jorf Lasfar (13m sw) 25/29 May $13.25 fio 25000shinc/30000shinc – Bulk Trading
Baltic Exchange Index – 08 MAY 2025
Baltic Exchange Capesize 182 Index
Route Description Value Change
===== =========================================
C8_182 182000mt Gib/Hamburg transatlantic RV 16,786 – 3157
C9_182 182000mt Cont-Med trip China-Japan 39,031 – 1750
C10_182 182000mt China-Japan transpacific RV 17,682 – 505
C14_182 182000mt China-Brazil round voyage 17,823 – 1020
C16_182 182000mt Backhaul 2,156 -160
================================================
C5TC 182 Weighted Timecharter Average 18,311 – 1144
Baltic Exchange Index – 08 MAY 2025
Baltic Exchange Capesize Index 1752 (-183)
Route Description Value($) Change
====== =================================== ===
C2 160000mt Tubarao to Rotterdam 8.043 – 0.178
C3 160-170000mt Tubarao to Qingdao 18.405 – 0.505
C5 160-170000mt W Australia to Qingdao 7.690 – 0.110
C7 150-160000mt Bolivar to Rotterdam 10.079 – 0.878
C8_14 180000mt Gibraltar-Hamburg T/A R 13,143 – 3678
C9_14 180000mt Conti/Med Trip China/Japa 35,375 – 1469
C10_14 180000mt China/Japan T/P RV 14,359 – 468
C14 180000mt China-Brazil RV 13,822 – 1106
C16 180000mt N.China to Skaw-Passero -1.769 – 169
C17 170000mt Saldanha Bay to Qingdao 13.986 – 0.281
========================================== ====
5TC Weighted Timecharter Average 14,532 – 1518
Baltic Exchange Panamax 82500mt Index 08 MAY 2025
Baltic Exchange Panamax Index 1,363 (+ 1)
Route Description Value ($) Change
================================ ======== ===========
P1A_82 Skaw-Gib T/A RV 12,464 + 264
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 18,725 + 567
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 10,062 – 135
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 8,556 – 69
P6_82 Dely Spore Atlantic RV 13,031 – 218
================================= ======= =====
Weighted Timecharter Average 12,269 + 12
The following routes do not contribute to the BPI or Weighted TC Average.
Route Description Value ($) Change
P5_82 S. China Indo RV 10,092 – 169
P7 66000mt Mississippi Rvr to Qingdao 46,529 + 0.379
P8 66000mt Santos to Qingdao 34.464 – 0.286
Baltic Exchange Supramax Index – 08 MAY 2025 Baltic Exchange Supramax Index 968 (+ 7)
Route Description Value ($) Change
S1B_63 Cnkle trip via Med or Blsea to China- S.Korea 11,883 – 55
S1C_63 US Gulf trip to China-South Japan 15,489 + 396
BS2_63 North China one Australian or Pacific RV 10,988 – 50
BS3_63 North China trip to West Africa 11,560 0
S4A_63 US Gulf trip to Skaw-Passero 15,589 +318
S4B_63 Skaw-Passero trip to US Gulf 8,293 -14
BS5_63 West Africa trip via ECSA to N.China 14,707 +221
BS8_63 South China trip via Indo to EC.India 14,096 – 233
BS9_63 W.Africa trip via ECSA to Skaw-Pass 12,954 + 622
S10_63 S.China trip via Indonesia to S.China 10,797 – 166
S15_63 Indian Ocean trip via S.Africa to F.East 12,846 + 288
====== =========================================
S11TC Weighted Timecharter Average 12,230 + 79
S10TC Supramax(58) Timecharter Average 10,196 + 79
Baltic Exchange Index – 08 MAY 2025 Baltic Exchange Handysize Index 554 (- 4)
Route Description Value ($) Change
====================================================HS1_38 Skaw-Pass trip Recalada-Rio.D.Janeiro 6,118 -75
HS2_38 Skaw-Pass trip Boston-Galveston 8,643 -64
HS3_38 Rio de Janeiro-Recalada trip Skaw- Pass 15,494 – 6
HS4_38 USG trip via USG or NCSA to Skaw-Pass 9,014 -365
HS5_38 SE Asia trip to Spore – Japan 10,081 +75
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn 10,269 – 62
HS7_38 N.China-S.Kor-Jpn trip to SE Asia 10,000 -75
====== ==============================================
7TC Weighted Timecharter Average 9,979 – 68
(c) Baltic Exchange Information Services Ltd., 2025
Marex Media
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