News

BALTIC INDICES 27/05/2025

DRY        INDEX:      1296 (- 44)

CAPESIZE  INDEX:      1809 (- 91)

PANAMAX   INDEX:    1208 (-38)

SUPRAMAX  INDEX:   974 (-9)

HANDYSIZE INDEX:    587 (+6)

BCI   TC AVG $/DAY 15005 (- 752)
BPI82 TC AVG $/DAY                   10869 (- 349)
BSI    TC AVG $/DAY                 12314 (- 112)
BHSI TC AVG $/DAY                  10567 (+ 116)

TIMECHARTER

‘Saphira’ 2021 82577 dwt dely Machong 28/30 May trip via Australia redel S China $11,250 – JSSSC

Nautical Queen’ 2024 82541 dwt dely CJK 26/29 May trip via EC Australia redel India $10,000 – cnr

‘Anna J’ 2022 82279 dwt dely Rotterdam 21 May trip via US Gulf redel Gibraltar $12,000 – ADMI

‘Crimson Empress’ 2014 82250 dwt dely passing Algeciras 25 May trip via EC South America redel Skaw-Gibraltar $11,000 – WBC

‘Shandong Xin De’ 2024 82152 dwt dely CJK 28 May trip via Port Latta redel Japan $11,000 – Jera –

‘Star Nadziye’ 2019 82083 dwt dely CJK 30/31 May trip via EC Australia redel India $11,000 – LSS

‘Delfin’ 2017 81645 dwt dely retro Sunda Strait 13 May trip via EC South America redel Singapore-Japan

$13,700 – SDTR

‘SSI Surprise’ 2013 81631 dwt dely Colombo 22 May trip via EC South America redel Singapore-Japan

$12,000 – Cargill

‘Xie Hai Yong Xin’ 2001 75202 dwt dely Qinzhou 24/25 May trip via Indonesia redel China $5,500 – cnr

‘Liberty Explorer’ 2011 61338 dwt dely Rizhao prompt trip via N China redel SE Asia intention bulk cargo

$11,000 – Perfect Bulk

‘Blue Fin’ 2011 56780 dwt dely Yesilovacik prompt trip redel Continent intention clinker $7,000 – Pacific Basin

‘Marit Selmer’ 2013 37452 dwt dely Canakkale prompt trip redel US Gulf $8,000 – cnr

PERIOD

‘Phaidra’ 2013 87146 dwt dely Tianjin 31 May 7/9 months redel worldwide $9,750 – Swissmarine

VOYAGES
ORE

‘TBN’ 170000/10 Dampier/Qingdao 12/14 Jun $8.25 fio 90000shinc/30000shinc – Rio Tinto

‘TBN’ 160000/10 Port Hedland/Qingdao 14/16 Jun

$8.35 fio 80000shinc/30000shinc – BHP

‘TBN’ 150000/10 Port Cartier/Gijon 7/16 Jun $9.00 fio

60000shinc/30000shinc – ArcelorMittal – <26/5 fixture>

COAL

‘TBN’ 80000/10 Gladstone/Dung Quat 13/19 Jun

$13.25 fio 35000shinc/10000shinc – Hoa Phat

‘Korea Shipping TBN’ 80000/10 Balikpapan/Boryeong 6/15 Jun $6.60 fio 25000shinc/19000lt shinc – Kepco tender

‘TBN’ 75000/10 Gladstone/Go Gia 9/18 Jun $11.25 fio scale/14000shinc – Thuanh

MISC

‘Royal Laurel’ 2019 Louis Dreyfus relet 59000/10 bauxite Kamsar/San Ciprian 3/9 Jun $11.30 fio 24000shinc/15000shinc – Cobelfret

Baltic Exchange Index – 27 MAY 2025 Baltic Exchange Capesize 182 Index

Route    Description                                    Value  Change ========================================== ====
C8_182  182000mt Gib/Hamburg transatlantic RV       17,093 -1878
C9_182   182000mt Cont-Med trip China-Japan          37,181 -188
C10_182 182000mt China-Japan transpacific RV          20,579 -1080
C14_182 182000mt China-Brazil round voyage           19,098 +430
C16_182 182000mt Backhaul                                       2,680 -175
===============================================
C5TC 182 Weighted Timecharter Average               19,174 –   597

Baltic Exchange Index – 27 MAY 2025

Baltic Exchange Capesize Index  1809 (- 91)

Route Description Value($) Change

C2 160000mt Tubarao to Rotterdam 8.057 – 0.050
C3 160-170000mt Tubarao to Qingdao 19.120 + 0.285
C5 160-170000mt W Australia to Qingdao 8.270 – 0.280
C7 150-160000mt Bolivar to Rotterdam 10.357 – 0.472
C8_14 180000mt Gibraltar-Hamburg T/A RV 13,071 – 2250
C9_14 180000mt Conti/Med Trip China/Japan 33,500 – 313
C10_14 180000mt China/Japan T/P RV 16,491 – 745
C14 180000mt China-Brazil RV 14,411 + 217
C16 180000mt N.China to Skaw-Passero -1.406 – 143
C17 170000mt Saldanha Bay to Qingdao 14.228 + 0.120
==================================================
5TC Weighted Timecharter Average 15,005 – 752

Baltic Exchange Panamax 82 Asia Index – 28 May 2025

Route   Description Size (MT)      Value($) Change
=====   ======================     ======== ======
P5_82   S.China one Indo RV         8,150    -611

Baltic Exchange Panamax 82 Asia Index – 27 May 2025

Route   Description Size (MT)      Value($) Change
=====   ======================     ======== ======
P5_82   S.China one Indo RV         8,761    -356

Baltic Exchange Supramax Asia Index – 28 May 2025

Route Description                      Value($) Change
====== =============================== =======
S2_63 N.China one Austr or Pac RV 10,869 -94
S8_63 S.China via Indonesia/Ec India 12,686 -93
S10_63 S.China via Indo/S.China   9,591  -140
====== =============================== =======
S3TC  Weighted Time Charter Average  11,025  -107

Baltic Exchange Supramax Asia Index – 27 May 2025

Route Description                      Value($) Change
====== =============================== =======
S2_63 N.China one Austr or Pac RV    10,963     +63
S8_63 S.China via Indonesia/Ec India       12,779    -50
S10_63 S.China via Indo/S.China                  9,731     -119
====== =============================== =======
S3TC   Weighted Time Charter Average  11,132   -23

Baltic Exchange Supramax Asia Index – 27 May 2025

Route Description                      Value($) Change
====== =============================== =======
S2_63 N.China one Austr or Pac RV    10,963     +63
S8_63 S.China via Indonesia/Ec India              12,779    -50
S10_63 S.China via Indo/S.China                      9,731     -119
====== =============================== =======
S3TC   Weighted Time Charter Average  11,132   -23
(c) Baltic Exchange Information Services Ltd 2025
++

  • After 214 years, Thyssenkrupp is broken up Board of directors radical: Most of the Ruhr icon is sold, jobs are cut – but the boss is to receive a new contract
  • Water Wars Are Just Beginning
    The ceasefire between India and Pakistan appears to be holding after over the disputed Kashmir region. But access to a basic requirement of life highlights just how far apart they remain.
  • One of the more significant if lesser-noticed consequences of the flare- up in fighting between the neighbours was India’s decision to suspend a 65-year-old agreement that governs how each country is allowed to the shared rivers that run between them.
  • The Indus Waters Treaty governs each nation’s use of the vast network of tributaries and waterways of the Indus river system that both draw on for everything from electricity to agriculture.
  • India and Pakistan are water-scarce countries — and becoming more so — with huge populations of subsistence farmers dependent on the Indus.
  • What’s certain is that Pakistan’s dependence on the river is greater than India’s. That likely gives New Delhi the upper hand, and provide leverage in negotiations over other matters of dispute.
  • “Water and blood can’t flow together,” Modi said after the treaty’s suspension.
  • Whether the two sides can keep the water flowing — without spilling more blood — will be the next big test in relations.

Donald Trump warned that Vladimir Putin was “playing with fire” as the US weighs whether to target Russia with additional sanctions over its long-range missile and drone barrage against Ukraine.

Germany is preparing to abolish a fast-track option that allows well-integrated migrants to naturalize after three years in the country. Meantime, US embassies were ordered to stop student visa interviews as the Trump administration weighs stricter vetting of applicants’ social-media profiles.

Emmanuel Macron is trying to position Europe as a viable partner for Southeast Asian countries wary of US-China tensions. The French president has already struck billions in deals and defense cooperation to Vietnam, with stops in Indonesia and Singapore still ahead.

Maritime losses reach historic low amid rising geopolitical and technological risks

“While still posing major challenges and concerns, traditional causes of maritime losses, such as fires and collisions, have decreased over time. However, geopolitical tensions now pose a substantial threat that could offset these gains.,” the Allianz report noted, adding: “The industry faces a complex environment marked by attacks on shipping, vessel detentions, sanctions and damages to infrastructure such as critical sub- sea cables, while reports of vessels experiencing GPS interference and jamming are increasing. Insurers have seen a clear increase in large claims related to conflicts, notably from the war in Ukraine and Middle East tensions.”

In better news, the large annual report reveals a significant milestone in maritime safety: the global fleet experienced a record low of 27 total losses in 2024, a 20% decrease from the previous year and a 75% decline from 2015 levels.

The report highlights that the South China, Indochina, Indonesia, and the Philippines remain the most perilous, accounting for nearly a third of the vessels lost in 2024. Other high-risk areas include the British Isles and the East Mediterranean and Black Sea, each reporting four total losses. Over the past decade, these regions collectively contributed to 681 of the 729 total losses recorded globally.

ONE and Hapag-Lloyd line up more than 30 newbuild contracts

Ocean Network Express (ONE) and Hapag-Lloyd are close to finalising big orders in Asia as the record global container orderbook nears 10m teu.

Singapore-based, Japanese-owned ONE is in discussions with HD Hyundai in South Korea for up to twelve 16,000 teu ships, in a deal estimated to be worth $2.6bn, while Hapag-Lloyd is in discussions with a number of yards for up to twelve 12,000 to 13,000 teu ships and eight 16,000 teu vessels.

Hapag-Lloyd has been shocked at the “outrageous” prices being quoted by South Korea’s big three shipyards in the wake of the US bid to charge Chinese-linked tonnage hiked port fees when calling at American ports.

Other carriers are in the market for megamax 24,000 teu tonnage. “Despite a record-breaking vessel orderbook that is creeping up to 10.0 Mteu, third-party owners and carriers alike are still eager to extend their newbuilding pipeline.”

World’s largest port launches three European green corridor projects

The port of Ningbo-Zhoushan in China, the world’s largest port in terms of cargo throughput, has announced three initiatives it has undertaken with three European ports — Hamburg and Wilhelmshaven in Germany, and Valencia in Spain — to create. green shipping corridors.

The ports involved will work with shipping lines, cargo owners, energy providers, research institutions and other stakeholders to promote zero- carbon technology, clean fuels and smart management systems on designated routes.

Key actions include constructing and utilising shore power infrastructure, optimising freight distribution networks, adopting renewable energy solutions and scaling up clean fuel bunkering, with the goal of creating corridors with net-zero carbon emissions from starting port to terminal port.

As of 2024, there were 62 green shipping corridor initiatives worldwide, marking a 40% increase from the previous year. These corridors are specific maritime routes where public and private stakeholders collaborate to facilitate zero-emission shipping.

However, the expansion of these corridors faces challenges, particularly the feasibility wall—the financial and logistical hurdles associated with transitioning to zero-emission fuels. The lack of national policy incentives to bridge the cost gap is now identified as the primary bottleneck, potentially limiting further development of green corridor initiatives.

Britoil orders up to eight anchor handlers

Offshore support vessel (OSV) owner Britoil Offshore Services has announced a major fleet expansion plan, placing an order for up to eight new anchor handling tug vessels (AHTs) to be built in China.

The Singapore-based company has signed a contract with Jiangsu Zhenjiang Shipyard for six firm AHT newbuilds, with options for two additional vessels. While the financial details and delivery schedule have not been disclosed, Britoil emphasized that the new vessels will mark a significant step forward in its nearly 40-year legacy in anchor handling operations.

The 45-m-long vessels will each offer 80t of bollard pull and come equipped with advanced propulsion systems, optimized hull designs, and increased fuel storage capacity. Britoil said these enhancements are designed to boost operational efficiency and align with the company’s broader strategy of fleet renewal.

BRAZIL :

Brazil’sFinanceMinistryraisedits2025GDPgrowthforecastto2.4percent from2.3percent, citing stronger-than-expected first-quarter performance in agriculture and industry. FX and money markets While the SELI Cratere maintained at 14.25percent throughout April, Brazil’s Monetary Commitee signalled a potential smaller rate increase in its May meeting, emphasizing that future adjustments would depend on the evolution of inflation dynamics. Exports In April, Brazil iron ore exports totalled 30.4milliontonnes, a 7.04percent increase compared to last month’s figures. Compared to the same period in 2024, monthly exports rose by 2.70 percent. During the same period, soybean exports experienced further growth, reaching15.3million tonnes, a 4.08 percent increase over the month prior. Year-on-year, the volumes exported also increased by4.08 percent. Imports In April, Brazil’s chemical fertilizer imports rose to 3.68million tonnes, representing a 38.78 and 20.2 percent increase month-on-month and year on-year respectively. Year-to-date import volumes stood at 11.6million tonnes, marking a 13.84 percent increase over 2024.

• Brazil’s annual inflation rose to 5.53 percent in April 2025, up from5.48 percent in March, remaining above the Central Bank’s 3percent target and signalling persistent inflationary pressures.

• On a monthly basis, the CPI increased by 0.43 percent in April, down from 0.56percent in March, suggesting a modest deceleration in price growth.

  • Key contributors to the annual inflation included food and beverages, which rose by 7.68 percent along with pharmaceuticals which were a major driver, Increasingby2.32percent.

• In March,10 out of the 24 industrial activities surveyed recorded negative price changes compared to February. Among them, Petroleum Refining and Biofuels—ranked as the fourth-largest contributor to the overall index—posted a decline of 0.58percent.

  • Ten out of the 24 industrial activities surveyed recorded negative price changes in March compared to February. Petroleum Refining and Biofuels, with the fourth-largest influence on the overall result, saw a negative change of 0.58 percent.

• The cumulative IPP for the first three months of 2025 stood at-0.59 percent, reflecting the impact of the recent price decreases.

  • In April, Brazil iron ore exports totalled 30.4 million tonnes, a 7.04 percent increase compared to last month’s figures.
  • Compared to the same period in 2024, Brazil’s monthly exports in April rose by 2.70 percent, while cumulative exports for the year reached
  • 115.2 million tonnes—an increase of 1.60 percent year-on-year.
  • Brazilian iron ore exporters remain heavily dependent on the Chinese market. In the first four months, 77.1 percent of Minas Gerais’ iron ore export revenue was generated from shipments to China. On a national level, China accounted for 65 percent export earnings during the same period. 45 40 35 30 25 20 In Million Tonnes 15 10 Brazil – Iron Ore Exports Jan 20
  • In April, Brazil’s soybean exports experienced further growth, reaching 15.3 million tonnes, a 4.08 percent increase over the month prior.
  • Year-on-year the volumes exported also increased by 4.08 percent, while total exports year-to-date were 2.03 percent higher than the same period in 2024.
  • China continued to be the primary destination for Brazilian soybeans, absorbing a significant 75 percent of the total volume exported through April 2025

Western countries are taking a tougher line against Vladimir Putin.

Germany gave Ukraine permission to use weapons supplied by its allies to launch strikes deep inside Russia, with no range limits. Over the weekend, Trump said he’s considering more sanctions against Russia, adding that Putin is “killing a lot of people.” The Russian leader “has gone absolutely CRAZY!,” Trump wrote on Truth Social.

Spotlight on Lift Boats: What They Do & The Dangers They Pose

Picture a vessel that can sail to a jobsite, “plant” three or four giant steel legs on the seabed, and then lift its entire hull clear of the waves— creating a steady offshore work platform. That, in a nutshell, is a lift Boat. Born in the Gulf of Mexico in the 1950s to serve the offshore oil industry, these agile craft now support everything from well-plugging campaigns off Louisiana to turbine maintenance at the first U.S. offshore wind farms.

How a Liftboat Works

A lift boat, or self-elevating service vessel, looks like a wide-bodied supply vessel with long lattice legs protruding skyward. It sails under its own power or by tow to locations generally less than 300 ft deep. Once on site, hydraulic jacking systems lower the legs until they “pin” on the seabed. The hull then climbs those legs, rising anywhere from 15–70 ft above the water so waves can pass harmlessly below. With the deck as stable as dry land, cranes, crew quarters, workshops, and helidecks can support around-the-clock operations.

Lift Boats fulfill several core roles in offshore energy.

  • Transporting heavy equipment to offshore installations
    • While elevated, acting as temporary “flotels” (floating hotels) for work crews
    • Using attached marine cranes to perform a variety of work
    • Plugging idle or abandoned wells
    • Constructing and servicing offshore platforms
    • Supporting commercial diving operations
    • Installing and servicing offshore wind turbines

Because lift Boats can quickly reposition and elevate, they outperform anchored barges in harsh, shallow environments—and they’re far less costly to mobilize than full-size jack-up drilling rigs.

Russian Naval Escorts Guard Shadow Fleet in Gulf of Finland Russia has intensified its maritime operations in the Gulf of Finland, implementing new tactics that include military escorts for its shadow fleet tankers, Finnish Defence Minister Antti Häkkänen said over the weekend.

The escalation involves armed forces protecting vessels in the narrow waters, marking a shift from Russia’s traditional military presence in the region, according to Häkkänen. This development coincides with recent airspace violations by Russian fighter jets near Porvoo, Finland.

The statement follows a recent incident where Russia briefly sent a fighter jet into NATO airspace over the Baltic Sea while attempting to intercept a Russian-bound oil tanker suspected of belonging to a “shadow fleet” that defies Western sanctions on Moscow.

Container Shipping Industry Posts $9.9 Billion Q1 Profit as Red Sea Crisis Impact Wanes

The container shipping industry recorded a net profit of $9.9 billion in the first quarter of 2025, marking a significant decrease from previous quarters while still maintaining historically strong performance.

Container Shipping Sector Quarterly Financial Results report, the Q1 earnings represent a 36.4% sequential decline from Q4 2024’s $15.6 billion. However, when compared to the first quarter of 2024, the industry saw an 82.8% increase from the $5.4 billion profit recorded in that period.

First quarter profits marked the second straight decline after three quarters of growth following Q4 2023’s net loss. These fluctuations largely stem from the Red Sea crisis, with ships rerouting around Africa reducing global shipping capacity by 8%.

Trump Warns Putin “Playing with Fire”

In the wake of Russia’s largest aerial assault of the Ukraine war, U.S. President Donald Trump issued stark warnings to Vladimir Putin, saying the Russian leader has “gone absolutely CRAZY” and is “playing with fire.”

The comments came as Ukrainians endured three consecutive night of massive Russian drone and missile attacks. Ukrainian officials reported over 900 drones and missiles launched over three nights, with the largest barrage including at least 367 weapons and resulting in 12 deaths, including three children in the Zhytomyr region.

Trump, speaking from Morristown, New Jersey, on Sunday, expressed concern about Putin’s actions, stating “I don’t know what’s wrong with him. What the hell happened to him? Right? He’s killing a lot of people. I’m not happy about that.”

US-China Trade Tensions and Shadow Fleet Pose Growing Risks to Maritime Industry

Despite reaching record-low vessel losses in 2024, the maritime industry faces mounting challenges from geopolitical tensions and an expanding shadow fleet.

A report reveals that only 27 large ships were lost worldwide in 2024, marking a 20% decrease from the previous year’s 35 vessels and representing the industry’s lowest-ever total. This improvement is particularly notable when compared to the 1990s, when the global fleet was losing more than 200 vessels annually.

However, the positive trend in maritime safety is being tested by escalating trade conflicts and political risks. US-China trade tensions have significantly impacted global maritime commerce, with approximately 18% of global maritime trade now subject to tariffs as of mid-April 2025, a sharp increase from 4% in early March.

IMO Charts Course for Zero Emissions, But Can Shipping Keep Up?

The International Maritime Organisation’s (IMO) ambitious new policy measures are set to transform the shipping industry’s approach to fuel consumption and emissions, though success hinges on proper incentivization and penalty structures.

According to a new insight brief from the Getting to Zero Coalition and Global Maritime Forum, the maritime sector is poised to become the first industry with globally binding greenhouse gas regulations and emissions pricing. The analysis, based on total cost ownership modeling and extensive stakeholder interviews, reveals a clear trajectory toward zero- emission fuels.

The findings indicate that dual-fuel ships operating on LNG and ammonia will dominate the market before the mid-2030s, with ammonia emerging as the most cost-effective option from 2037 onward. Despite this projected shift, the transition faces significant challenges, particularly in developing e-fuel value chains within the necessary timeframe.

Panama Tightens Ship-to-Ship Oil Transfer Rules in Bid to Combat Shadow Fleet Operations

Panama has implemented stringent new requirements for ship-to-ship (STS) oil transfer operations involving vessels under its flag, marking a significant step in its efforts to combat sanctions evasion and illicit maritime activities.

Through Resolution No. 106-035-DGMM of 2025, published on May 6, 2025, the Panama Maritime Authority (PMA) has established mandatory traceability protocols for offshore STS transfers of hydrocarbons.

The new regulation requires all Panama-flagged vessels with a gross tonnage of 150 or more to provide 48-hour advance notice before conducting any STS operation. Vessels must submit comprehensive technical and operational details, including vessel identification information, operation coordinates, timing, and transfer methods.

US imports of prime scrap surged to a 15-year high in March in response to supply chain concerns stemming from tariff uncertainty and a surge in hot-rolled coil (HRC) prices.

The US imported 260,200 metric tonnes (t) of #1 busheling/bundles in March, up by 370pc from the prior year and the highest level since April 2010, according to US customs data.

President Donald Trump in January threatened a blanket 25pc import tax on Canada and Mexico — the two largest shippers of scrap to the US, especially for prime grades. Trump delayed the implementation of the tariffs several times between February-April before he ultimately lifted the blanket levies on Mexico and Canada. A 10pc reciprocal tariff remains in place on scrap imports from Europe.

Steel mills and scrap suppliers rushed to shore up supply lines of scrap and iron metallics with suppliers outside of the US before the tariffs went into effect.

Imports from Mexico rose to an all-time high of 54,400t, up by 462pc from the prior year. Shipments from Canada totalled 67,400t, up 48pc from the prior year.

US mills also imported four bulk cargoes from the United Kingdom, Poland, Sweden and Netherlands which contained 139,000t of busheling.

Obsolete and prime grade scrap import volumes for May including cross- border and seaborne shipments nearly doubled to 508,600t, up from 264,600t the prior year.

Iron metallic imports also rose sharply because of the tariff uncertainty. Mills imported 566,000t of pig iron, up 65pc and 181,000t of direct reduced iron, up 44pc over the same comparison.

How long do World Wars Last ?

  • WW 1 started in July 1914 until November 1918 lasted almost 52 months
  • WW 2 started in 1st September 1939 till 2nd September 1945 lasted over 6 years and
  • Ukraine-Russia Conflict: The conflict between Ukraine and Russia began in 2014, when Russia annexed Crimea following Ukraine’s Euromaidan protests and subsequent political changes. Hostilities escalated in Eastern Ukraine between Ukrainian forces and Russian-backed separatists in the Donetsk and Luhansk regions.

In February 2022, Russia launched a large-scale invasion of Ukraine, significantly intensifying the conflict. As of now, the war has been ongoing for over nine years, with the full-scale invasion beginning on February 24, 2022. It is almost 8 years now.

·        How long will the wars be fought to satisfy World leaders at the cost of Human lives only to give them land or minerals to capture and satisfy their thirst ? I wonder ? I am not even talking wars fought on basis of conflicts in Religions.

  • Let us pray for wiser counsels amongst our world leaders and they can stop funding such wars to kill people and test their armaments.

Marex Media

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