China and the US have agreed a three-month truce in their trade conflict, and the effect on financial markets has been galvanizing. You can read up on the cut in US tariffs to 30% from 145% here and here. For the longer term, neither side appears to have made any concessions. This is an agreement to pause and talk.

But investors, who were blindsided by last month’s swift descent into all-out trade war, rejoiced.

The impact on stocks, which gained more than 3%, capped an extraordinary 22-day surge. The gain since April 9, when President Donald Trump announced a similar 90-day pause for countries other than China, now ranks with the biggest such rallies since 1990

• Experts say IMF in urgent need of Funding Process Reforms. Say body must examine why bailouts haven’t worked out for Islamabad in 28 out of 35 years. Ensure funds are not diverted to War or Terrorism, both are not good for International trade and Shipping industry.
• US, China Flag off Talks for Trade War De-escalation, major breakthrough unlikely when the first demand on China was 265% Tariffs, scaled down to 145%, China retaliated with 125% in retaliatory tariffs, and the last reports said the US might finally settle at 80%. Nothing is

confirmed or agreed till today. The Stand-Off continues – Tariffs that high (125%) amount to disrupting trade that last year topped $660 billion. The US Trade deficit with China stood at $263 billion in 2024.

As Trade Talks Begin, Chinese Exporters Prepare to Get Goods Moving to US Again

• China-based shipping agents have resumed buying container space for goods headed for the United States after a series of U.S. tariff-induced cancellations, as Beijing and Washington head for trade talks in Switzerland.
• India on Tuesday reported a further dip in retail inflation to 3.16% in April, with the price level a year earlier as the base for this measure, compared to 3.34% in March.
• Quote of the Day: This is new India, this India seeks peace. But if Humanity is attacked, it also knows how to crush it’s enemy on the battlefield.
• The Commerce India who will be visiting Washington this week as head of a trade delegation signalled New Delhi toughening its posture amid ongoing trade talks with the US. The US farm produce, petchem and med devices face

$1.9 bn tariffs.

• India will retaliate if Pakistan uses military or terror against India, Indian forces remain on high alert ready for any aggressive retaliation on India’s terms.
• India approves Russian insurers to provide marine cover to ships arriving at Indian ports, helping Moscow maintain Oil supplies to a key market. India is Russian seaborne Oil’s top buyer after China since Western nations imposed sanctions on Moscow.
• Cargo handled at major ports in India rises 4.3% to 855mt in FY’25, 819mt were handled in FY24, and hit new mile- stones in operational efficiency and infrastructure modernisation.

• India to speed up new $3 billion scheme for Spy Satellites based surveillance capabilities a rapid make over, as the country navigates a tenuous ceasefire with the neighbour Pakistan after the worst hostilities since the Kargil War of 1999.
• China is building mega-ports in South American countries to feed its need for crops, assuring their citizens they will have enough to eat without US crops. It will have to unclog Latin America’s largest port first. The decrepit port is the main gateway for S. American grain exports of soybeans and other agricultural products that represent China’s only viable alternative supply to U.S. exports.
• GAIL Ltd. Chairman and MD of State run Gas utility said there is potential for import of more LNG from the US and increase its share in India’s energy basket. Currently, the spot price of Natural gas is expected to remain in a range of $3.5-4 per MMBtu in the near term.
• India plans to introduce strict timelines and penalties for winners of critical mineral blocks as the Government seeks to fast-track the production of elements essential for the country’s transition to clean technology. The amended rules include provisions to levy penalties as a percentage of the performance guarantee by the successful bidders for delaying beyond four months after getting the contract.
• According to Goldman Sachs, Trump wants Oil prices in the $40-50 per barrel range.
• The Next Big Shale Boom Could Be North of the Border
• As Permian growth slows, Canada’s Montney Formation is emerging as North America’s top shale play.
• Montney’s key advantages include low breakeven costs, strong natural gas potential, and a slower exploitation pace.
• Producers are currently holding back amid weak gas prices, but Alberta’s carbon pricing freeze and upcoming LNG exports could reignite drilling activity.

• The Permian Basin has been the star of the U.S. shale oil and gas industry for years. But this star is, at least for the time being, dimming as production costs rise with the natural depletion of top-quality acreage. But there is another formation that could take up the torch from the Permian. And it’s in Canada.
• China’s Steel Exports Surge, Impacting ASEAN Markets
• Why India Could Face Higher Oil Prices Amid Pakistan Tensions
• India and Pakistan agreed to a ceasefire on Saturday, preventing escalating tensions from developing into a full- scale conflict–for now. For reasons best known to the US, they claimed they had brokered the ceasefire between India and Pakistan. Did it have anything to do with the Nuclear material lying in some tunnels in Mountain area that India destroyed in counter terrorism attack against Pakistan.
• India is the largest crude oil importer in the region, and any prolonged conflict could threaten its access to energy resources.
• Regional tensions can disrupt key maritime shipping routes, complicating oil imports from the Middle East.
• Norden signs up for two newbuildings amid multipurpose expansion drive. Danish Owner-operator is doubling down on its commitment to its parcelling business. Norden has added two more multipurpose vessel new-buildings to its growing fleet. Norden has agreed to lease the 17,500-dwt pair, which will deliver next year and in 2027 and come with purchase options attached.
• Danaos holds off on new vessel investments amid ‘pay-to- pollute’ IMO rules. The Greek Owner deplores lack of ambition in latest decarbonisation rules. Danaos US listed Owner of about 100 boxships and bulkers on the water or under construction, says it will pause new shipping

investments amid disappointment with the IMO’s latest decarbonisation proposals.

• “We are currently holding off on new vessel investments and are focusing on optimising the performance of our existing fleet.”
• Japan sends “first-ever” cargo of gasoil to Argentina
• Possible emergence of new trade route shows viable arbitrage opportunities despite long sailing time. Japan has sent it’s “first ever” recorded middle distillates cargo to Argentina, in what could possibly be the emergence of a new trade route. The LR1 vessel, 75,000tdw Hafnia Guangzhou, built 2019, as loading a combined parcel of about 68,000mt of Gasoil and Jet fuel from the Sendai and Kashima refineries in Japan during the first half of April.

• CMB. Tech tanker helps diversify crude supply to Africa’s biggest refinery. Suezmax 150,000tdw built 2007 Sienna loaded 1 mio barrels of Oil, shipped in Dangote jetty, as the refinery seeks to secure feedstock to ramp up production, first cargo to Nigeria’s huge new Dangote refinery with Egina crude.

• Suezmax avoids Houthi missiles, but fails to evade Britsh sanctions. Cordelia Moon has hauled Russian Oil since being targeted by the Yemeni rebel group in the Red Sea, because supposedly affiliated to UK. The attack video showed flames and black smoke belching from the 163,300tdw Cordelia Moon built 2006 after the Drone punctured a ballast tank off the coast of Yemen.
• When AID becomes Ammunition across the Border. The IMF’s conditions for Pakistan exclude limits on Defence spending or support to Terror.
• From FATF to BRICS, politics shapes decisions – the IMF may follow its own logic, but so do some others in Pak. The current Chief of the Pak army believes he can hold the world to ransom.

·        India/Pakistan tension could already trigger BIMCO war risk threshold,

• Jiangsu Ocean Shipping orders its largest container ships yet
  • Chinese company splashes out about $180m on 3,000-teu newbuildings
  • China’s Jiangsu Ocean Shipping (Josco) is upsizing the container ships it operates by ordering a series of feeder-max newbuildings worth $180m.
  • The state-owned company has commissioned Jiangsu Soho Innovation & Technology, also known as Jiangsu Soho Chuangke Shipbuilding, to build four 3,000-teu ships to be delivered in 2027.

·        Jiangsu Ocean Shipping breaks new ground with move into Kamsarmax segment

They would be the largest container vessels under Josco’s control.

·        US rolls out new wave of sanctions two days before trade war talks

• Six tankers, a teapot refinery and three Chinese terminal operators targeted
  • The US has announced a new wave of sanctions, targeting exports of crude oil and products from Iran to its biggest buyer, China.
  • The move comes two days before US treasury secretary Scott Bessent is due to meet Chinese officials in Switzerland to discuss a de-escalation of the trade war.

·        Donald Trump warns of new crackdown on buyers of Iranian oil

The Department of the Treasury’s Office of Foreign Assets Control (Ofac) accuses six oil tankers of illegal ship-to-ship transfers to other sanctioned vessels.

• CMB.Tech tanker helps diversify crude supply to Africa’s biggest refinery
  • Suezmax Sienna shipped in Dangote plant’s first cargo of Nigerian Egina crude
  • New AET boss Nick Potter betting on LNG and ammonia in shipping’s energy transition
  • CEO of MISC-backed tanker group also evaluating other future-fuel options to meet climate targets
  • Nick Potters has outlined his “ambitious” de- carbonisation ambitions, with LNG and Ammonia, the key components for now. The experienced Oil man took the top job at the Singapore based crude and shuttle tanker specialist n March AIET, which is part of Malaysia’s MISC, is aiming to cut the greenhouse intensity of its fleet by 40% by 2030, and achieve net zero by 2050. One hundred “dark” tankers face UK sanctions to put pressure on Russia over peace deal.

• How the US can mine its own critical minerals − without digging new holes.
• Every time you use your phone, open your computer or listen to your favourite music on AirPods, you are relying on critical minerals.
• These materials are the tiny building blocks powering modern life. From lithium, cobalt, nickel and graphite in batteries to gallium in telecommunication systems that enable constant connectivity, critical minerals act as the essential vitamins of modern technology: small in volume but vital to function.
• Yet the U.S. depends heavily on imports for most critical materials. In 2024 the U.S. imported 80% of rare earth elements it used, 100% of gallium and natural graphite,

and 48% to 76% of lithium, nickel and cobalt, to name a few.

• Rising global demand, high import dependency and growing geopolitical tensions have made critical mineral supply an increasing national security concern − and one of the most urgent supply chain challenges of our time.
• That raises a question: Could the U.S. mine and process more critical minerals at home?

·        What’s stopping critical minerals from being produced domestically?

• Let’s take a look at rare earth elements.
• These elements are essential to modern technology, electric vehicles, energy systems and military applications. For example, neodymium is critical for making the strong magnets used in computer hard discs, lasers and wind turbines. Gadolinium is vital for MRI machines, while samarium and cerium play key roles in nuclear reactors and energy systems such as solar and wind power.
• Despite their name, rare earth elements are actually not rare. Their concentrations in the Earth’s crust are comparable to more commonly mined metals such as zinc and copper.
• However, rare earth elements do not often occur in easily accessible, economically viable mineral forms or high- grade deposits. As a result, identifying resources with sufficiently high concentration and large volume is crucial for enabling their economic production.

• The U.S. currently has only two domestic rare earth mining locations: Georgia and California.
• In southeast Georgia, rare earths are being produced as a byproduct of heavy mineral sand mining, but the produced rare earth concentrates are shipped out of state and then abroad for refining into the materials used in renewable energy technologies and permanent magnets.
• The other location is in Mountain Pass, California, where hard rock mining extracts a rare earth carbonate mineral called bastnaesite. Yet again, much of the material is sent abroad for refining. As a result, the entire supply chain − from mining to final use in products − stretches across continents.

·        US critical minerals and primary import sources

• The U.S. relies heavily on imports for many of its critical minerals. China has been the primary import source for several of them, including rare earths, according to the

U.S. Geological Survey’s 2024 data. Not all critical minerals are shown.

Meeting the U.S. demand for rare earth elements and other critical minerals from operations within the United States will require more than just opening new mines. It will require developing and scaling up new technologies, as well as building processing operations.

Historically, processing has largely taken place overseas because of the environmental impacts, energy demand and regulatory constraints.

Mining the materials we have already mined

One of the fastest ways to increase U.S. rare earth production may not require digging new holes in the ground − but rather returning to old ones.

The Atlantic coast region stands out on the Earth MRI map as a particularly promising area. What’s even better is that this region has already established extensive mining activities and mature infrastructure, which allows for much faster speed to market.

Georgia has mineral sand deposits that are rich in titanium, zirconium, and rare earth elements. Titanium and zirconium − both used in aerospace, energy and medical applications − are already mined in Florida and Georgia. In southeast Georgia, rare earth elements found with these heavy mineral sands are already being recovered as rare earth concentrates.

US Regulators Recommend Venture Global’s CP2 LNG Project Gets Greenlight

• U.S. federal regulators recommended in a final environmental report that Venture

Global’s VG.N proposed CP2 liquefied natural gas

export project in Louisiana get the go-ahead, according to a government document filed on Friday.

• If constructed, CP2 will be the single largest LNG

export facility in the U.S. and help the country remain the world’s largest exporter of the super-chilled gas.

• Venture Global already obtained approval to construct the 28 million tonnes per annum plant, but was forced to conduct an additional environmental review of air quality impact following a court ruling.
• CP2 has been at the center of a fight between the energy sector and environmentalists seeking to limit future LNG projects on the U.S. Gulf Coast.

·        In Panama, Trump’s New Ambassador Casts China as Threat to Frayed Alliance

• The United States’ new ambassador to Panama pledged on Thursday to strengthen ties with the Central American country while pushing China as a common threat.

• “First among my priorities will be to strengthen our joint work to counter harmful influences in the region, such as that of China,” Ambassador Kevin Cabrera said during a press conference at his official residence.
• Cabrera arrived in the country late last month following an escalation of tensions between Washington

and Panama City.

• China’s presence in Panama has been a point of a criticism from U.S. President Donald Trump, who has said his administration would “take back” the Panama Canal from Chinese influence.
• “China is not a good ally neither for Panama nor for our hemisphere,” Cabrera said on Thursday, adding that the two countries would collaborate on issues of drug trafficking and to boost security at the Panama Canal.
• Later on Thursday, last week, China’s embassy

in Panama rejected the U.S. ambassador’s remarks as “contrary to basic facts,” also citing Panama President Jose Raul Mulino’s denials of Chinese interference in the Panama Canal.

• “The co-operation between China and Panama on the Belt and Road Initiative has achieved fruitful results,” said the spokesperson for the Chinese embassy.
• The embassy also said the relevant Chinese authorities are conducting an antitrust review in accordance with the law, which is fully consistent with international practices.
• In early April, Panama’s Attorney General’s Office opened an investigation into a contract granted to Hong Kong- based CK Hutchison the operation of two ports in the Central American country.
• Shipping companies are sceptical of Donald Trump’s truce with Houthis Shippers aren’t yet confident though, to return to routes through the Red Sea, despite a tentative cease-fire deal between the U.S. and Yemen’s Houthi militia. The top five container shipping companies

said they were assessing the deal announced, but had no immediate plans to return to the area where the Houthis began targeting merchant ships in late 2023 in response to the war in Gaza strip. Hapag-Lloyd said “It’s a good development but it needs a lot of security guarantees for the Red Sea route to be considered safe for big merchant ships. The area remains volatile as long as the war continues in Gaza, even with the Houthis and the US pledged not to attack each other while the cease-fire holds, the agreement is vague and makes no clear mention of ending attacks on commercial shipping. The Houthis who swept out of the mountains of Yemen to take over much of the country a decade ago, started to launch drones and missiles at Israel after Israeli forces entered Gaza, following the deadly Hamas-led October 7, 2023 attacks.

• Trump’s tendency to shoot first and ask questions later appears to be backfiring everywhere. His latest idea to impose 100% import tariffs on films made outside the US ignores the fact that half of Hollywood’s annual spenditure is outside the US, so it will face massive boomerang taxes. Far from strengthening the US movie industry, he might end up destroying it. Hence, this policy is being talked and walked back by wiser heads. The whole Maga, America First, isolationist policy is a case of be careful what you wish for.

• Mark Carney unexpectedly won in Canada on surging anti-Trump sentiment while Anthony Albanese was re- elected in Australia thanks to Trump. The centre-left candidates were seen as a safer bet in an uncertain world of escalating trade wars and geopolitical tensions.

• Washington had threatened to leave Taiwan and its neighbours to fund its defence just as he had asked the same of Ukraine and Europe. He risks prolonging the war in Europe and inadvertently starting a war in the Pacific.

The Trump impact is global but also hits home after a 0.3% contraction in Q1 US GDP. It will be the second 100 days that count as without a reversal of his economically illiterate policies America will contract even further in Q2 and enter a technical recession. He will not be able to blame Biden for that.

At some point his spineless administration may pluck up the courage to put him right and stuff will be rolled back; massive egg on face but global markets will soar.

Conversely, the UK can thank tariffs for helping it conclude three years of tough trade negotiations with India. Others will follow as countries exit US trades to trade with one another.

• On the global stage, Trump has proven to be ineffective at reining in wars despite promises to do so on the campaign trail.
  • Netanyahu plans to annex the whole of Gaza and force two million Gazans into a tiny enclave in the south. The strip is under siege, food aid having been stopped, and Trump is powerless to influence the Israeli premier who needs to keep his military operations alive to stay in power. He may not turn the Gazan coast into a tacky Trump Riviera, but occupation is now on the cards.
  • The Houthis will not stand down their attacks so long as this situation persists, and they are proving better at resistance than the much-weakened Hamas and Hezbollah militias.

• It is no better in Ukraine where each side has unreconcilable objectives, leading US intermediaries to give up and leave Ukraine and Russia to negotiate peace directly.
  • The worsening state of play in Sudan and the DRC, and the dangerous military escalation between India and Pakistan, can be attributed in some measure to a breakdown in the rule of law in America and growing disinterest in foreign affairs. The presidency ignores court rulings and intimidates the courts, judges, lawyers, jurors and witnesses. This sets a poor example to other nations which now feel they can do what they want as the world superpower has abdicated its role as global policeman and upholder of the democratic rules- based order.
  • Another extraordinary development is Trump’s decision to cease bombing the Houthis in Yemen based on the assertion that the Houthis have capitulated, and that Oman has brokered a truce. This would stop Houthi attacks on shipping and return freedom of navigation to the Red Sea. This is inconsistent with what is going on in Gaza and appears to be motivated by Trump’s concerns about Houthi reach when he tours the Middle East next week. He witnessed the Houthis managing to hit Ben Gurion International airport outside Tel Aviv, evading Israeli and US air defences, making the region currently unsafe for such a visit. The IDF responded with an aerial assault on Hodeidah. Field Marshal Mahdi al-Mashat, head of the Houthi supreme political council, said that an end to US bombing is “up to him” (Trump). He added: “We indirectly informed the Americans that the continued escalation will affect the

criminal Trump’s visit to the region, and we have not informed them of anything else.” It looks as if the draft dodger was trying to ensure his own safety with another routinely false claim.

• Only last week the Houthis responded to US air strikes against Yemeni targets by saying it would hit ships carrying US oil “wherever reachable” in the Red Sea, Arabian Sea and Indian Ocean. The brief prospect of a return to safe navigation in the Red Sea caused container shares to sell off in yet another wrong call by stock markets and their Binary Bots. It’s unsurprising that man and machine are being wrong-footed by the chaos that is radiating from Washington. It is chaos breeding chaos and uncertainty reinforcing uncertainty. Something’s got to change.

·        Shipping News

• The Capesize market showed real indifference to any movement, and in spite of a small increase in fresh cargo enquiry, rates fell as the week progressed. In the Far East, spot tonnage lists lengthened as did reports of ballasters. The Panamax was a more productive week for the Panamax market in the Atlantic, which helped levels improve, but this cannot be said for the Pacific basin, where activity was muted.
  • The Supramax market, in the Atlantic improved,

supported by far stronger demands from the US Gulf compared to recent weeks and months.

• The Pacific on the other hand, lost momentum with lack of cargoes to support the increasing tonnage list. There was a dip in Indonesian coal demand despite the Chinese being back to work from their holidays.

• Sentiment for next week remains unclear in parts and weak in others.
  • The Handysize timecharter in the Atlantic, was a much welcome, busier week for the Handysize market. A batch of fresh enquiry was seen, with many new cargoes loading in the US Gulf. Several large operators were seeking period tonnage, with most rating around the $9,000 mark, yet owners’ ideas often exceeded

$10,000. Continent-Mediterranean enquiry also multiplied, although with long tonnage lists, rates stayed low.

• In the Pacific Handysize market, it generally remained rather lacklustre although there were some better levels seen from South East Asia, especially for prompt ships. Otherwise, it was a flat week with long tonnage list especially in the NoPac.
  • There have been no fresh inquiries which resulted in little to no change in the cargo book, and rates are not deviating significantly from the last done levels.

Dry Bulk Sale & Purchase

We have the full house of dry bulk sales candidates to report this week: a Caper, an Ultramax, two Supra’s, four Handies and we have a Panamax. There isn’t much direction to the market.

US trade policy has made it near impossible for anyone to say with any certainty what is coming next. Tepid freight markets have made buyers more-timid and a few want to sit on their cash for a little while longer. This does not mean that the market is either stopped or softening.

Chinese buyers, ironically as they are the main target of US tariffs, remain the most active.

The sole modern sale of the week is of the scrubber-fitted, Ultramax Aquavita Lime (63,591-dwt, 2021 Nantong Xiangyu) for $30.5m. The Korean-built Caper Niholas G S (179,221-dwt, 2010 Sungdong) is sold for $27.5m, despite surveys being due, to Chinese buyers.

The most active sector is the Handysize. The eco Unity Star (37,614-dwt, 2015 Oshima) is sold with surveys due for an as-per last done $18.25m, but at a notable premium to the sister sold in February for $16.7m.

Nisshin have sold another Emerald39 type. Western Miami (39.000 dwt, 2015 JNS) is sold for an unexceptional $14.5m

– again with surveys due. A pair of Imarbari 28’s are sold too. Nymphi (28,215 dwt, 2012 Imabari) is sold for 11.5m, while her younger sister Manticore (28,141-dwt, 2014 Imabari) achieved $12.5m.

The appetite for older Supras remains lively. Jin Tong (56,953-dwt, 2008 Chengxi) is sold for a strong $10.5m with

her surveys passed, while NS Dalian (56,841-dwt, 2010 Guoyu) slumped to $9.9m.

Finally, the lone Panamax sale – Deneb (74,078-dwt, 2000 Imabari) is sold for $5.2m – a thin slice above her scrap price.

BALTIC INDICES 13/05/2025

DRY         INDEX:     1280 (- 24)

CAPESIZE   INDEX:      1671 (- 60)

PANAMAX    INDEX:     1316 (- 26)

SUPRAMAX   INDEX:       977 (+  7)

HANDYSIZE INDEX:      554 (     0)

BCI   TC AVG $/DAY 13859 (- 495) BPI82 TC AVG $/DAY   11844 (- 231) BSI   TC AVG $/DAY   12344 (+ 86) BHSI TC AVG $/DAY    9967 (- 11)

Baltic Exchange Index – 13 MAY 2025

Baltic Exchange Capesize Index    1671 (- 60)

Route   Description                           Value($) Change

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

C2	160000mt Tubarao to Rotterdam	7.900 – 0.036
C3	160-170000mt Tubarao to Qingdao	18.185 – 0.175
C5	160-170000mt W Australia to Qingdao 7.415 – 0.145
C7	150-160000mt Bolivar to Rotterdam        9.886 -0.135

C8_14 180000mt Gibraltar-Hamburg T/A RV 12,679 – 535 C9_14 180000mt Conti/Med Trip China/Japan 35,094 -156

C10_14 180000mt China/Japan T/P RV	13,140 – 756
C14    180000mt China-Brazil RV	13,020 – 597
C16    180000mt N.China to Skaw-Passero	-1.900 – 31
C17    170000mt Saldanha Bay to Qingdao	13.844 -.095

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

5TC    Weighted Timecharter Average           13,859 –   495

Baltic Exchange Index – 13 MAY 2025 Baltic Exchange Capesize 182 Index

Route =====	Description                                  Value   Change ======================================
C8_182		182000mt Gib/Hamburg TA RV	16,129 –	464
C9_182		182000mt Cont-Med trip China-Jpn 38,931 –		69
C10_182		182000mt China-Japan T/P RV	16,544 –	749
C14_182		182000mt China-Brazil roundvoy	17,118 –	478
C16_182		182000mt Backhaul	2,138 –	18

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

C5TC 182 Weighted Timecharter Average     17,623 –   462

Baltic Exchange Panamax 82500mt Index 13 MAY 2025 Baltic Exchange Panamax Index 1,342 (- 11)

Route Description                        Value ($) Change

====== ================================= == P1A_82 Skaw-Gib T/A RV                      11,995 – 371

P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 18,205 – 586 P3A_82 HK-SKorea incl Taiwan, Pacific/RV    9,896 –   35 P4_82 HK-SKorea incl Taiwan to Skaw-Gib     8,444 –   30 P6_82 Dely Spore Atlantic RV               12,355 – 225

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

Weighted Timecharter Average           11,844 – 231

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

Route Description                        Value ($) Change

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

P5_82 S. China Indo RV                      9,839 –    94

P7     66000mt Mississippi Rvr to Qingdao  46,114 + 0.393 P8     66000mt Santos to Qingdao            33.743 – 0.178

Baltic Exchange Panamax 82 Asia Index – 14 May 2025

Route   Description Size (MT)      Value($) Change

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

P5_82   S.China one Indo RV          9,694   – 145

Baltic Exchange Supramax Index – 13 MAY 2025 Baltic Exchange Supramax Index   977 (+ 7)

Route   Description                                 Value ($) Change

====== S1B_63	====================================== Cnkle trip via Med or Blsea to China-
S.Korea	11,725 –   92
S1C_63	US Gulf trip to China-South Jpn    16,479 + 479
BS2_63	North China one Aust or Pacific RV 10,850 –   56
BS3_63	North China trip to West Africa         11,560       0
S4A_63	US Gulf trip to Skaw-Passero 16,089 + 275
S4B_63	Skaw-Passero trip to US Gulf         8,286 +   47
BS5_63	West Africa trip via ECSA to N.China 14,857 +    39
BS8_63	South China trip via Indo to E,C.India 13,554 – 153
BS9_63	W.Afr trip via ECSA to Skaw-Pass 13,450 + 154
S10_63	S.China trip via Indo to South China 10,338 – 143
S15_63	Ind.Ocean trip via S.Africa to F.East   13,958 + 650
======	=======================================
S11TC	Weighted Timecharter Average   12,344 +   86

S10TC   Supramax(58) Timecharter Average 10,310 +   86

Baltic Exchange Supramax Asia Index – 14 May 2025

Route Description                      Value($) Change

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

S2_63 N.China one Austr or Pac RV  10,776 – 74 S8_63 S.China via Indonesia/Ec India 13,500 – 54 S10_63 S.China via Indo/S.China    10,250  – 88

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

S3TC  Weighted Time Charter Average  11,413  – 73

Baltic Exchange Index – 13 MAY 2025 Baltic Exchange Handysize Index 554 ( 0)

Route   Description                                Value ($) Change

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

HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro    6,000 – 71

HS2_38 Skaw-Pass trip Boston – Galveston 8,543 – 43 HS3_38 R. D. Janeiro-Recalada trip Skaw–Pass

15,572 – 39

HS4_38 USGulf trip via USG or NCSA to Skaw-Pass 8,896 + 39

HS5_38 SE Asia trip to Spore – Japan    10,256 +    6 HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn 10,319      0

HS7_38 N.China-S.Kor-Jpn trip to SE Asia 10,006 + 18

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

7TC     Weighted Timecharter Average     9,967 – 11

TIMECHARTER

‘Captain V. Madias’ 2012 79501 dwt dely Dongjiakou 15/20 May trip via North China redel South Korea

$10,000 – GNS Seoul – <recent>

‘Jal Padma’ 2024 64178 dwt dely Dammam 19/23 May trip via Jubail /GOGH redel Morocco $14,000 first 50 days thereafter $16,000 – XO Shipping

‘SSI Dominator’ 2024 63730 dwt dely Saldanha Bay prompt trip redel China intention manganese ore

$20,000 + $200,000 bb – DryDel

‘Strategic Savannah’ 2013 35542 dwt dely Recalada 19/23 May trip redel NC South America $15,500 –

Drydel

‘Transformer OL’ 2009 28375 dwt dely Singapore prompt trip via Australia redel Indonesia intention sugar

$9,350 – cnr

PERIOD

‘Rubina’ 2022 82384 dwt dely PMO 19/25 May 19/21 months redel worldwide $14,500 – Refined Success –

<Scrubber benefit split 50/50>

‘Ruth’ 2021 82046 dwt dely retro Singapore 5 May 5/8 months redel worldwide $14,000 – ADMI

‘Europa Graeca’ 2019 82043 dwt dely CJK 20/25 May 1 year redel worldwide $13,250 – NYK

VOYAGES ORE

‘TBN’ 180000/10 Seven Islands/Luoyu 3/7 Jun $23.00 fio 75000shinc/38000shinc – CSE

‘TBN’ 170000/10 Dampier/Qingdao 29/31 May $7.45 fio 90000shinc/30000shinc – Rio Tinto

‘TBN’ 170000/10 Dampier/Qingdao 29/31 May $7.40 fio 90000shinc/30000shinc – Rio Tinto

‘TBN’ 160000/10 Port Hedland/Qingdao 31 May/2 Jun

$7.40 fio 80000shinc/30000shinc – BHP

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Marex Media

The Author

Mr Bansi Jaising – details you have

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