In such a flip-flop geopolitical world, where US tariffs are suspended and then they’re not, it’s hard to keep track of what’s up and what’s down. Just weeks ago, markets rejoiced as a de-facto trade embargo between the world’s two largest economies was called off — with US President Donald Trump declaring a “total reset” with China. Yet, the reality of that reset is starting to look awfully familiar.
Trade talks appear to be going nowhere, with US Treasury Secretary Scott Bessent calling them “a bit stalled.” Washington is continuing to tighten policies toward China — through revoking student visas for Chinese citizens and introducing new curbs on the sale of chip design software, in just two examples. Adding risk, Trump is planning to ramp up weapons sales to Taiwan to a level exceeding the pace set during his first term, Reuters reported.
For its part, Beijing has launched an anti-spying campaign that casts a wide net of suspicion on foreigners, particularly from the US.
Some large trade deals are near, according to Bessent, who spoke in an interview with Fox News. Among talks in more advanced stages, he plans to meet with a Japanese delegation Friday in Washington.
Yet for China and US to reach some sort of rapprochement will require President Xi Jinping and Trump to engage directly — something that still hasn’t happened since the start of this US presidency. For Bessent, this is essential for progress to happen. “I think that given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other,” he said. In the meantime, expect the bumpy ride to continue.
The past four months have proven that some branches of the US government move faster than others. While President Donald Trump sprayed the world with repeated barrages of tariffs, litigation challenging his ability to do so quietly advanced in the background. Last night, the first ruling came down, and it immediately upended the signature effort of the 78-year-old Republican’s second term. The US Court of International Trade ruled that the bulk of Trump’s new import taxes were issued illegally because the administration wrongfully invoked an emergency law to justify them. While a federal appeals court temporarily paused the ruling from taking effect, the case will likely end up before the US Supreme Court. Separately, a second federal judge declared a number of Trump’s levies unlawful. US Economy Struggled to Start the Year :
Trump has argued that his trade policies will stoke economic growth in the future, though many economists predict the opposite. And on Thursday, more data appeared to affirm their suspicions. The US economy shrank at the start of the year, restrained by weaker consumer spending and an even bigger impact from trade. Gross domestic product decreased at a 0.2% annualized pace in the first quarter. And there were also warning signs from the labour market. India, US may tie up early harvest deal by June 3rd week, that could not only revoke the 10% baseline tax already imposed by Trump administration from 5th April but also annul the proposed additional reciprocal tariffs on Indian goods that will come into effect from 9th July. Steady growth on multiple positives: India’s economy is expected to grow in the range of 6.3-6.8% in FY26, as noted in the Economic Survey, and may sustain this level of growth over a longer period despite the uncertain global and political environment, the Chief Economic advisor (CEA) Mr. V. Anantha Nageswaran said. India’s power demand to grow 5.5% in FY26. Power demand is expected to grow in the current fiscal year. Although this is higher than the 4.2% growth last fiscal FY25, it would be slower than the 7-9% growth seen in FY2022-24. Had the country not seen an early onset of the monsoon, the power demand would have been much closer to the GDP growth rate. Chief Economists from across the world are the most optimistic about a strong economic expansion in South Asia, with India looking set to be the primary engine of growth in 2025 and 2026. The overall growth globally has come under strain from trade policy shocks and AI disruption, the World Economic Forum said in a report. If America doesn’t want Harvard, Somebody else will, may be some other countries. Defunding academic research is a spectacular act of self-harm. If the US persists, other countries are right to step in.
Investigations show how innovative financial companies have supplanted banks atop Wall Street. We live in an age not just of behemoth banks, but of giant asset managers, hedge funds, private-equity firms and trading firms. They have channelled capital towards world-beating ideas, contributing to America’s economic and technological outperformance. As well as hailing this dynamism, report warns against hubris—and lays out how this new era could spark the next financial crisis.
A toxic combination of uncertainty, institutional conflict, volatile asset prices, higher capital costs and economic weakness threatens this new-look financial system. The financial revolution is encountering the MAGA revolution, and Donald Trump is playing havoc with trade, upending America’s global commitments and prolonging the government’s borrowing binge. In doing so he is flirting with disaster. America’s financial system has long been dominant, but the world has never been as exposed to it. Everyone should worry about its fragility. Indian push for “Buddha Rice” exports to Thailand, Vietnam, Sri Lanka, Japan, Nepal and Singapore. The UP government, in consultation with the Commerce Ministry, plans to promote the export of locally called “Kalanamak Rice” also known as “Buddha Rice” to countries with majority or large Buddhist populations. India’s first AI SEZ to come up in Chattisgarh’s capital city Nava Raipur for Rs.1,000 Cr. towards positioning India as a global technology hub. Putin has re-tooled Russia’s economy to focus only on War. Moscow has expanded military recruitment and boosted weapons production. Peace could jeopardise the economic gains. Russia’s successes on the front lines in Ukraine are a big reason why Pres. Putin isn’t ready to sign up to Pres. Trump’s peace efforts have failed and his posts on social media that the Russian leader had gone crazy, that he is killing a lot of people, expressed the frustration in another post. In the meantime, Ukraine draws financial, technical, and armament support from the US and Nato countries at the cost of the Financiers from these countries. The declining price of Oil adds another- note of uncertainty for the future of the world. Starship explodes again in test flight. SpaceX’s rocket suffered a leak, tumbled out of control in space and exploded on Tuesday, in a third straight major setback for Elon Musk led company. His company wanted to enter India’s space for wireless connectivity in the huge Indian market. A mission to deploy a slate of dummy satellites failed. L&T to ramp up Defence Play to Billion-dollar Business. L&T is aiming to create a multi-billion-dollar defence business, a sharp rise from Rs.6,185 crore (about $726 million) of orders in the previous fiscal year, enthused by the Government’s push to upgrade and modernise the military. There is already a broad presence in the manufacture of warships, patrol vessels, armoured vehicles, artillery guns and missile systems, amongst others. India’s 5th Gen Fighters all set to take off at Jet Speed. Dhaka remains tense on the Eastern Border as government employees continued with their protests demanding elections within 2025 which the caretaker Mohd. Yunus is not giving in. It’s a matter of time when their streets will be flooded in rioting between their own population. Meantime, Indian BSF thwarts infiltration bids by Bangladeshi’s who are not seeing future ahead under the present caretaker Government. Elon Musk: The billionaire confirmed that he is leaving Washington to concentrate on his Tesla Car project. Higher education: The US said it would “aggressively” revoke visas of Chinese students. When Trump became President, Vladimir Putin seemed to think he had gained a friend in the White House. Trump pulled back support for Ukraine and echoed Kremlin talking points, claiming that Ukraine had started the war. On Sunday, Trump wrote on social media that Putin “has gone absolutely CRAZY!” He said yesterday that he was “very disappointed” that Russia had continued to bomb Ukraine during peace negotiations. Trump wants peace, and he increasingly views Putin as an obstacle. Russia’s leader now faces two conflicting options: Total victory in Ukraine: Putin thinks he can outlast Western support for Ukraine and eventually break Ukraine’s defensive lines. He wants to force his maximalist demands: a demilitarized Ukraine that doesn’t join NATO — eliminating any potential threat to Russia. But it will take time to wear down Ukraine’s defences. Compromising with the Americans: Putin has given little in peace talks, and Trump has grown impatient. Trump’s allies in Congress want more sanctions on Russia. He said yesterday that he first wants to see another two weeks of negotiations. If Putin doesn’t give in, he may face a revitalized American effort against him. What will Putin do? He could try to find a middle option, offering small concessions to Trump to buy time. He could accept Trump’s peace terms, which are, after all, favourable to Russia. Or he could discard Trump’s overtures and go for total victory. He apparently has two weeks to decide.
US to ‘aggressively revoke’ Chinese and Hong Kong Student visas. Announcement intensifies Trump crackdown on higher education.
The U.N. denounced a new Israeli-backed operation to distribute aid in Gaza, a day after a chaotic start. The operation, which bypasses the U.N., is run by private U.S. contractors and secured by Israeli soldiers.
To please his US Master’s Democrat Party, Bangladesh offers to buy more US Cotton and Oil and the Government of Bangladesh will use $12bn in Hasina’s cash to create Sovereign wealth funds.
Bangladesh’s Yunus in his latest trip overseas since he took power (8 trips in 9 months), expressed ambition for his country to play a bridging role between regional groupings, enhancing international cooperation in turbulent times. He emphasised that his country borders with the ASEAN, he expressed his desire to join the bloc.
The Chinese government has sent thousands of Uyghurs to work in factories that supply brands like Tesla, McDonald’s and Samsung.
LR and HD Hyundai MIPO sign strategic agreement to advance digital manufacturing for Type C tanks The partnership marks a significant step forward in the application of digital shipyard technologies. PIL takes delivery of first 8,200 TEU LNG dual-fuel container ship. LR classed ammonia-ready design was jointly developed by Shanghai Merchant Ship Design & Research Institute (SDARI) and New Yangzi Shipbuilding. Japan defence equipment outlays may ease U.S. trade gap, said the Tariff Chief’s negotiator on Thursday, this will help reduce the trade deficit, suggesting it could be used as a bargaining chip in bilateral talks about levies. In the rounds of negotiations so far, the Trump administration has balked at the complete removal of the new levies, including the 25% tariff on imported cars. Against that backdrop, an idea has emerged within the Japanese Govt. to consider backing off from seeking full removal of tariffs and instead concede lower duty rates to strike a trade deal. The Trump administration has already reached tariff-cutting agreements with China and Britain. University of Tokyo is considering accepting Harvard foreign students if barred in the US.
CMB.TECH and Golden Ocean press ahead with merger
CMB.TECH and Golden Ocean have officially announced a definitive agreement to merge, creating one of the world’s largest listed diversified maritime shipping groups. The all-stock transaction, outlined in a merger agreement signed by both companies, follows the term sheet previously disclosed last month.
Under the deal, Golden Ocean will merge with and into CMB.TECH Bermuda, a wholly owned subsidiary of CMB.TECH. In exchange, Golden Ocean shareholders will receive 0.95 ordinary shares of CMB.TECH for each share they hold. Based on this exchange ratio and assuming no adjustments, CMB.TECH expects to issue approximately 95.95m new shares.
The combined entity will operate a fleet of about 250 vessels, spanning dry bulk, crude oil, chemicals, container shipping, and offshore support – significantly enhancing its global footprint and industry influence. • Diana Shipping agrees double bulker fixture Greek bulker owner Diana Shipping has secured employment for two of its vessels expected for redelivery this month. The New York-listed company has fixed the 2012-built Newcastlemax Philadelphia to Cosco-controlled Refined Success until June 2026 at $21,500 per day, with options through to August 8 of the same year. The 206,040 dwt vessel should start its contract on May 29, after earning 22,500 per day at Japan’s Nippon Yusen Kaisha (NYK). The second charter is for the 2013-built post-panamax Phaidra, coming off its contract with Aquavita International at 12,000 per day and moving on to SwissMarine for a dayrate of $9,750. The 87,146 dwt unit will start its new fixture on May 31 until January 1 next year, but SwissMarine has options to keep the vessel employed until February 28. Both ships are set to generate about $10m of gross revenue in total, excluding extensions. Semiramis Paliou-led company counts 37 bulkers in its fleet and two methanol dual fuel kamsarmax newbuilds delivering in 2027 and 2028. • Euroseas cashes in on 20-year-old post-panamax boxship Greek containership owner Euroseas is set to lock in a strong return by selling a 20-year-old post-panamax vessel acquired less than four years ago. The Nasdaq-listed company has offloaded the 2005 Koyo Dock-built 6,350 teu Marcos V to an undisclosed, unaffiliated buyer for $50m. Euroseas originally bought the ship in November 2021 from Japanese owner Tokei Kaiun for $40m. That deal also included a three-year charter with Maersk at $42,000 per day, plus an optional one-year extension at a $15,000 dayrate. The company said the sale and delivery are expected to close in October, with a gain of more than $8.50m, or about $1.20 per share. “Marcos V, upon its delivery, will have generated exceptional returns to our shareholders, realising more than five times our original equity investment,” said Aristides Pittas, chief executive and chairman of Euroseas. The Athens-based tonnage provider, established in 2005, will, following the sale, count a fleet of 21 boxships on the water and a pair of 4,300 teu newbuilds delivering in 2027.
Jiangsu Ocean Shipping ups boxship newbuild series
The shipping arm of Jiangsu Port Group has confirmed orders at Jiangsu Soho Chuangke Shipbuilding for up to four 3,000 teu vessels and revealed a fresh deal for up to six more 1,900 teu newbuilds at Huangpu Wenchong Shipbuilding. The company had contracted the former Sainty Shipbuilding yard in Yangzhou to build the 3,000 teu series, which will become the largest units by capacity in JOSCO’s owned fleet. The ships cost about $44m each and are scheduled for delivery in 2027. Meanwhile, the deal at the CSSC-affiliated yard in Guangzhou covers four firm newbuilds, with options secured for two additional vessels. No prices or delivery dates were disclosed for the Huangpu Wenchong series. Earlier this year, the yard firmed up orders for two additional 1,900 teu newbuilds from German owner Elbdeich Reederei at roughly $32m apiece, with delivery scheduled for 2027. Turkish liner Arkas also recently contracted up to six 3,100 teu vessels at Huangpu Wenchong for a reported $50m each and delivery in 2028.
Ship Recycling Activity at a Crossroads: The ship recycling markets are entering a transitionary stage. A leading cash Buyer of ships said that “as the clock ticks down to the enforcement of the Hong Kong Convention, the global ship recycling market stands at crossroads marked with hesitation, minimal activity, and growing regulatory pressure. In India, the pace remains slow with limited interest, but the country could emerge stronger post-HKC, backed by a relatively higher number of compliant yards. Bangladesh continues to face a deadlock, with vessels anchored offshore awaiting NOC approvals and no resolution in sight ahead of Eid and the June deadline. Pakistan has seen a flicker of buying activity driven by timing, but the absence of compliant yards and silence on any extension keeps sentiment fragile. Turkiye remains subdued with stable pricing and little indication of renewed momentum, as the industry braces for the shifts to come.
More Newbuilding Orders for Container Ships, as Dry Bulkers dominate Second Hand Market. Newbuilding ordering activity has been rather active in the Container market, with bulkers being the main focus of the second-hand market. In the Container sector Chinese builder Huangpu Wenchong contracted an order for 4 x 2,700 teu containerships from Ningbo Ocean Shipping. The deal was valued in total of around $192 mln, with deliveries set to start in March 2028 and finish in December 2028. Hyundai Builder contracted an order for 8 x 16,000 teu from Ocean Network Express at approximately $220 mln each, with deliveries between March 2027 to finish in December 2029. Options for 4 additional vessels could bring the total order to 12 ships. In the Gas sector, Hudong-Zhonghua secured and order for one 18,600cbm from Spanish Shipowner Grupo Ibaizabal, the vessel being fitted with GTT tank containment system. The price was not disclosed but delivery is set for Q1 of 2029. In the Bulk sector, Nantong COSCO KHI (NACKS) agreed to build a 64,000tdw Ultramax for Kumiai Navigation at $35 mln, with delivery scheduled for mid-2029. In the Chemical sector CSET (Cosco Shipping Energy Transportation) an order emerged for a 9,200tdw fully stainless steel tanker at Wuhan Shuangliu Wuchang, at a reported price of $25.1 ml and delivery by September 2028. In the dry bulk market, this week, the Kamsarmax / Panamax sector showed significant activity, accounting for half of all sales. Kamsarmax ‘Kazahaya” 82,000tdw built 2017 at Tsuneishi Cebu was sold for $27.5 mln The ‘CL Tifanny” 82,000tdw built 2013 at Yangfan, the CL Mona same size/built and the GL Grace same size except built 2012 at Yangfan were sold for $45 mln enbloc to Chinese Buyers. Kamsarmax Key Action 82,000tdw built 2010 at Tsuneishi was also bought by Chinese in region or excess of $15 mln. The Panamax ‘Jawor” 80tdw built 2010 at New Century was sold for region of $11 mln to European buyers basis surveys due. The Ultramax ‘Nord Missippi” 60kdwt built 2015 at Mitsui was sold for $22 mln to Greek Buyers. Other Sales included: Supramax NZ Hangzhou 57ktdw/2012 at Qingshan for $12mln Ivy Alliance 56ktdw/blt 2011 at IHI sold to Vietnamese for $15.6 mln Handysize Vega Dablam 35ktdw built 2011 at Zhejiang was sold for $8.5 mln. VLCC M Star 314ktdw blt 2008 at Kawasaki was sold to Chinese at $47 mln. In the MR2 sector, Zinc Coated World Navigator 47ktdw blt 2010 at HMD was sold to Greeks at $17 mln with Surveys due. Chinese bought the Ice Class 1A MR1 ‘Pelagic Tarpon’ 45ktdw built 2006 at STX for $14mln.
Noble fixes rig on UK carbon storage project Offshore rig owner Noble Corporation has secured work for its jackup Noble Innovator on the UK North Sea carbon storage project. The New York-listed Texas-headquartered driller has won a new contract from BP which will see the 2003-built ultra-harsh environment unit drill six firm wells for the Northern Endurance Partnership (NEP). The BP-operated NEP is developing infrastructure to transport CO2 from carbon capture projects across Teesside and the Humber to secure storage under the North Sea, with start-up expected in 2028. Noble has experience in CCS drilling, including its work on Ineos-led Project Greensand in the Danish North Sea. The company recently achieved a significant milestone in CCS rig technology by securing technical qualification from the class society DNV for its work on evaluating how CO₂ operations affect rig systems and defining the technical solutions needed to safely support offshore CO₂ operations. Blake Denton, senior vice president of marketing and contracts at Noble, said that supporting the Northern Endurance Partnership advances the company’s role in delivering the well infrastructure behind the UK’s net-zero ambitions and reinforces Noble’s leadership in offshore carbon storage. The rig’s contract, which will be in direct continuation of current employment with BP, is expected to start in the third quarter of 2026 and comes with options attached for additional wells. Financial terms have not been disclosed. The unit is currently on a $145,000 per day deal until September, after which the day rate will be increased by $10,000, according to Noble’s fleet status report.
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