US President Trump has been pitching his tariffs as a way of making America economy great again. Going by OECD latest forecast, though, its growth is set to slow, not accelerate, as a direct consequence of his policies, US economy growth is projected to dip to 1.6% in 2025 and 1.5% in 2026 from 2.8% in 2024. Global growth, too, would be set back to 2.9% this year, down from 3.3% in 2024. With the existing trade order in chaos, countries need to urgently strike deals. Otherwise the repercussions would be severe. “Weakened economic prospects will be felt globally, with almost no exceptions. Whilst Trump has stepped back from his country specific “Liberation Day Tariffs”, which have also run into a legal challenge, average tariffs even after rollback stand substantially higher than earlier, where rates remain uncertain will hurt business and consumer confidence.
- OECD lowers India growth to 6.3% in FY26 and 6.4% in FY27, compared with earlier projections made in March of 6.4% in FY26 and 6.6% in FY27., projects global slowdown.
- India to build first Polar research vessel with Norway’s help. In a major boost to its capabilities in Polar and Ocean research, India is set to build its first polar research vessel, Garden Reach Shipbuilders and Engineers Ltd and Norway’s Kongsberg signed a memorandum of understanding in Oslo on Tuesday, paving the way for India to build. The partnership between the two companies is an important milestone for India’s shipbuilding sector.
- Commerce and Industry Minister Mr. Piyush Goyal met the Dy. PM Gan Kim Yong of Singapore to discuss ways to boost economic ties and huge opportunities in the Indian Shipping Sector.
- “Putin is preparing for more war”: US Senators warn after talks with Zelensky and Macron. US Senators Lindsey Graham and Richard Blumental warn that Putin is stalling peace talks while preparing a new military offensive in Ukraine. They advocate for a sweeping sanctions bill targeting countries supporting Russia’s war economy, like China and India, hoping to sway Pres. Trump’s stance.
Russian Pres. Putin is stalling at the peace table while preparing a new military offensive in Ukraine, the two senior US Senators warned, arguing that the next two weeks could shape the future of a war that has already smashed cities, displaced millions and redrawn Europe’s security map. In Paris, the Senators claimed that Pres. Macron, is fully aligned with them on the war (So who is asking for the War to prolong if mediation cannot solve it), claiming the window to prevent a renewed assault is closing.
The Senators are doing their job.
- What Does Trump Want in the Middle East?
America’s Allies in the Region Wish They Knew
He may be seeking to secure arms deals and investments in the United States. He might hope to personally enrich himself through Gulf investments in Trump properties, investment funds, and cryptocurrencies. But many hope—and others worry—that he has larger ambitions. In particular, it seems possible that his trip is mostly about Iran, a country which his administration has not been able to toe the US Lines concerning the enrichment of the Uranium by Iran.
- Get Ready for Hot Summer
In Northern China, road surfaces have soared to 158F (70C) and tourists are seeing heat warnings before they vacation in Spain.
Other pockets of the planet are burning, wilting and churning with climate-juiced energy that could supercharge hurricanes and tropical storms.
The year’s hottest days are still months away, but meteorologists and climate scientists say spring has already set the stage for extreme weather — and models are showing strong signs the planet will deliver big: floods, heat waves, droughts, wildfires and storms. All this will effect human lives, crops etc.
It’s going to be a hot octopus summer.
· Let me explain:
An extreme marine heat wave has seized northwestern Europe, which has seen sea surface temperatures near Ireland soar 4C above normal, with waters near the UK rising as much as 2.5C — the highest on record.
The marine heat wave has been worsening for months, fueled by warmer-than-normal winter ocean waters and an unusual surge of high- pressure weather patterns. Those factors are also being boosted by climate change, says Tim Smyth, the head of science and marine biogeochemistry at Plymouth Marine Observatory.
One curious byproduct of this ocean heat wave: A strange surge of octopus appearing in the English Channel.
The mollusk boom has been a jackpot for many fishermen, who are making bank with octopus hauls that have increased 240-fold. But while octopus are suited for the warmer water, their rise is coming at the expense of shellfish fishers, who have seen catches plummet because the octopus are eating their profits — mostly crabs in traps — before they’re surfaced.
Other species have blossomed during the heat wave, including jellyfish and blue fin tuna. But Smyth says there are troubling signs with the foundation of the ocean food chain.
“We are seeing longer term trends in the plankton time-series with a shift towards smaller phytoplankton and some species of zooplankton becoming increasingly rare,” he says.
The marine heat wave could preview even more problems in the months ahead, Smyth and other scientists say. The heat wave’s spring acceleration, along with its long duration, has increased the chances for even hotter waters when temperatures peak in August. That could trigger algae blooms with ocean “dead zones” and mass fish die-offs.
Warmer waters are also better hosts for toxins and other pathogens, which can sicken humans.
Smyth says Europe’s marine heat waves, which are intensifying and growing more likely as the planet warms can have other effects on- shore, including warmer evening temperatures in coastal areas.
Researchers are still studying Europe’s Ocean warming and don’t fully understand its causes and effects, including why the waters are spawning so many octopus. But Smyth said evidence is mounting that the ocean warming is part of a much longer warming event.
“It is likely that the marine heat wave conditions have existed for the past two to three years,” he says. “Almost continuous heat wave conditions.”
- Tensions between the world’s largest economies are ratcheting up again after the tariff thaw in May. China accused the US of violating their recent trade deal and vowed to take measures to defend its interests, dimming the prospect of an immediate leadership call — which President Donald Trump wants to have to further bilateral talks. Beijing accused the US of unilaterally introducing new discriminatory restrictions, including new guidelines on AI chip export controls, curbs on chip design software sales to China and the revocation of Chinese student visas. The dust-up threatened to upend trade relations even as Trump expressed hope Friday he will speak with Chinese President Xi Jinping, with White House economic adviser Kevin Hassett expecting a call to take place this week.
Asian shares retreated along with US stock-index futures while gold rose as tensions worsened. The greenback has already weakened this year as trade turmoil weighs on the currency, and there was more bad news for its outlook. The dollar will tumble to levels last seen during the Covid-19 pandemic by the middle of next year, hit by interest-rate cuts and slowing growth, according to predictions by Morgan Stanley.
- Fleet Owners jittery as Finance Ministry favours Rs.100 Crore value-based criteria for infra status to ships. The Min. of Ports, Shipping and Waterways had endorsed that ships of 24 metres and above by length or 500 gross tonnage (GT) and above by capacity should be accorded infrastructure status to help fleet owners access long-term, low-cost funds.
- The Ministry of Finance is pushing ahead with a value-based- vessels costing Rs.100 crore and above – criteria for granting infrastructure status to ships, to implement a Union Budget announcement, a move that will exclude small ship owners or as much as 80% of the Indian fleet from its scope and potentially be challenged in courts, sources said. The Ministry of Ports, Shipping and Waterways had endorsed that ships of 24 metres and above by length or 500 GT and above by capacity should be accorded infrastructure status to help fleet owners access long-term, low coast funds.
- Trump Visa scrutiny expands beyond students to Tech and Business staff. Growing number of requests for more information threatens to bog down processing.
- Sweden steps up Baltic Shadow Fleet inspections.
- Biofuels for shipping are already scarce
· Purus confirms South Korean LNG carrier order
UK-based shipowner Purus Marine has firmed up an order for a new LNG carrier at HD Hyundai Heavy Industries, adding to its growing gas carrier orderbook in South Korea.
The Julian Proctor-led company has signed for a 180,000 cbm newbuild with delivery set for the fourth quarter of 2027 into a long-term charter with a “leading energy company”.
No price was revealed, but Purus had been linked by newbuilding brokers to a roughly $262m deal announced by HD Korea Shipbuilding & Offshore Engineering (HD KSOE) in April.
Purus said the LNG dual-fuel vessel will surpass EEDI Phase III requirements and be able to deliver up to a 25% reduction in CO₂ emissions and about 85% lower NOₓ emissions compared to conventional marine fuels.
The latest order brings Purus Marine’s gas carrier newbuilding tally to 10 vessels booked for construction across HD Hyundai-affiliated yards.
The company, established in 2020, has been involved in over 60 deals in various shipping segments, including four 180,000 cu m LNG carriers built at Samsung Heavy Industries and delivered in 2024 and 2025.
· Chinese ship lessors push for mortgage lending approval to weather US port fee storm
- Chinese leasing houses are urgently seeking regulatory approval to offer mortgage loans, hoping to sidestep new US port fees targeting China-owned vessels
- The sector, which controls roughly one-sixth of global ship finance, faces mounting early repayments and fierce competition as clients and rivals adjust to shifting US-China trade dynamics
- Mortgage lending by leasing firms would require China’s financial regulators to amend the existing regulatory framework or make special exceptions for ship lessors
‘We’re bacfi in business…’ say Greefi yards
Skaramangas, under the ownership of shipowner George Prokopiou, has carried out repairs to more than 50 merchant vessels since reopening early last year. Against the odds, Greece’s largest three
shipyards are all under dynamic management and are looking to grow — but they face plenty of challenges, too.
- Russia and North Korea have ramped up the flow of maritime trade amid increased demand for bulk cargos of munitions
The weefi in charts: SCFI spifies as transpacific spot rates post record gains | Traffic slows to tricfile at Yemen’s stricfien ports | VLCC rates return to January levels
Shipping safety hangs in the balance as ageing fleet accelerates problems
- Maritime safety incidents on the rise – fuelled by an ageing global fleet as geopolitical factors and high freight rates delay fleet renewal
- Over half of all safety incidents in 2024 were attributable to vessels 20 years of age or older
- Urgent scrapping programme across the industry is now needed, argues DNV
- Higher freight rates in a tonne-mile driven market have prompted shipowners to delay scrapping older vessels to maximise earning potential, but the consequences of an aging fleet are now clearly visible in worsening safety statistics.
- AN “alarming growth” in maritime casualties is being fueled by an ageing global fleet with over half of all safety incidents attributed to vessels over 20 years old.
- The number of maritime casualties rose by 15% in 2024, according to classification society DNV’s latest annual maritime safety report which analyses Lloyd’s List Intelligence casualty data.
- The latest annual data snapshot shows a significant spike in incidents last year, but it also confirms an established trend towards deteriorating safety standards across the industry over several years.
- While the overall number of incidents declined by 5% between 2014 and 2018, the figure has now increased every year since.
- “This is really quite alarming,” said Knut Ørbeck-Nilssen, chief executive of DNV Maritime.
- “The Lloyd’s List Intelligence data shows that a clear correlation has emerged between an ageing global fleet and an uptick in safety incidents over the past two years… but a lot of these incidents are related to lack of maintenance, lack of inspection, and many of these events could also be related to seafarer skills and competence,” he told Lloyd’s List.
- Elevated freight rates – largely driven by the re-routing of vessels and leading to a tonne-mile driven market – have led many shipowners to delay the scrapping of older vessels to maximize earning potential.
- Combined with continued regulatory uncertainty that has delayed newbuilding decisions and significant sections of the older fleet disappearing into sanctioned trading within the so-called shadow fleet, the overall impact of an ageing fleet has been to increase safety incidents globally.
- According to Ørbeck Nilssen, it is now essential that older ships are removed from the fleet.
- “We need a recycling push now,” he said. “Every year that goes by, we are increasing the risk”.
- DNV has warned that many vessels currently in service were designed for a different era, with different regulatory standards and technological capabilities.
- “As these ships continue to operate beyond their intended lifespans, the risks associated with structural fatigue, outdated systems, and limited compatibility with modern safety technologies increase,” the safety report explained.
- The ballooning demographic of vintage vessels still in operation has exacerbated the trend towards growing safety problems.
- Over half of all incidents in 2024 were attributable to vessels 20 years of age or older, with 41% of incidents for vessels in the 25+ age category. In contrast, 41% of incidents in 2014 came from vessels over 20 years old, with 32% coming from the 25+ age category.
- The statistics also show that the growth in incidents in 2024 is mainly being driven by the older portion of the fleet. In real terms, the number of casualties rose by 358 between 2023 and 2024. Some 285 of these incidents came from vessels over 25 years old, representing 80% of all incident growth. Of these, 236 (83%) were attributable to machinery damage/failure.
- Fire and explosion incidents rose by 42% in the past four years, with high rates in the passenger ferry segment a particular cause for concern inside class societies.
-
- Ageing fleet driving increase in incidents
- A clear uptick in casualties in 2024, driven by machinery damage/failure and an ageing fleet, stands out in the latest analysis of Lloyd’s List Intelligence casualty data.
- Machinery damage accounted for 60% of all safety incidents in 2024, almost doubling in the last decade
- Fire and explosion incidents rose by 42% in the past four years, with high rates in the passenger/ferry segment.
- 2018 –a negative turning point: Safety incidents increased by 42% from 2018 to 2024, while the global fleet grew by only 10%.
- 52% of safety incidents in 2024 involved vessels 20 years or older.
- Older vessels (25+ years) more prone to incidents, contributing to 80% of incident growth in 2024.
Not as bad as feared for dry bulfi, but no ‘miracle’ profits expected
- Baltic capesize index up 27% week on week although still down 18% year on year; panamax and supramax indexes significantly underperforming capesize index
- Bulker asset values, particularly capesize asset values, remain historically expensive
- Dry bulk shares now trading at a 35% discount to NAV, but bulker stock prices have gained recently, buoyed by broader upward momentum in stock market
· HMM bags $462m Vale shipping contract after large bulker buys
- South Korean shipping giant has acquired a capesize and a newcastlemax this year
- South Korea’s HMM has signed a long-term transport contract with mining giant Vale. The 10 year contract is work KRW 636.2bn ($462). The agreement, starting on 1st July, covers a transportation of Iron Ore from Brazzil to China. No further details were disclosed by the Company HMM.
· Greek owner Polembros returns to China for tanker newbuildings
- Athens-based company orders a quartet of LR2 product carriers at Zhoushan Changhong Shipyard
Just as it is about to wrap up the delivery of three suezmax newbuildings it inked in China over the past two years, Greek owner Polembros Shipping replenishes its orderbook with a series of LR2 product carriers.
Transhipments in Russian waters of cargoes expoted from Novatek’s Yamal LNG plant have doubled this year, with shipments moving on longer voyages, according to the Centre for High North Logistics (CHNL). CHNL data provided shows from the start of this year to end of May, the number of transshipments near Russia’s Kildin Island jumped from 12 to 24 in the same five months of 2024/2025.
· LNG transshipments in Russian waters double after EU ban
- Data shows Yamal LNG cargoes are being shipped on longer voyages
South Africa takes another step on path to creating a national shipping line
- More than a quarter of a century since Safmarine was sold to Maersk, South Africa is slowly gearing up to found another national shipping carrier.
- Having been on the drawing board since 2017, Pretoria is now finalising plans to create a national shipping line with the department of transport inviting shipping companies to take part in a steering committee to establish a model for the new business, with the Development Bank of Southern Africa (DBSA) set to be involved in its creation. The new carrier is likely to be called South African Shipping Company (SASCO).
- Crude and chemical tankers as well as containerships, dry bulk vessels and bunker barges are all being eyed by the government, either newbuild or secondhand. All ships would be flagged in South Africa.
- Safmarine, and its iconic white hulls, was sold to Maersk in 1999, with the Danish carrier taking the decision five years ago to fold the brand.
Marubeni details Gearbulk investment
- Japanese trading house Marubeni Corporation has added some details of its earlier announcement of a strategic agreement to invest an unspecified sum in Gearbulk Holding, the world’s largest operator of open-hatch vessels.
- “This is not just a financial investment; it’s a strategic partnership to grow together,” said Jiro Itai, senior managing executive officer at Marubeni.
- Through its Singapore-based shipping arm MMSL, Marubeni has already enjoyed a long-standing relationship with Gearbulk. Over the past two decades, the two companies have engaged in numerous chartering and leasing transactions.
- Headquartered in Switzerland, Gearbulk has been a key player in specialised cargo transport since its founding in 1968. At the start of this year, another Japanese company, Mitsui OSK Lines (MOL) completed the takeover of Gearbulk.
- NATO is pushing for Five-fold Boost to Ground-based Air Defence capabilities, to fill a key gap in response to the threat of Russian aggression. The alliance is planning to ramp up weaponry, including air-defence systems, as part of broader ambitions to raise defence spending across the alliance. The ramp-up will be discussed at a gathering of NATO defense ministers in Brussels on Thursday, the people said on condition of anonymity as deliberations take place behind closed doors.
· Oil Markets:
- US-China trade war and OPEC+’s flooding of oil markets with additional supply have lifted refinery margins across the world, with gasoline, jet fuel, and diesel cracks all staying in double digits since the beginning of May.
- Global refining margins, as calculated by consultancy Wood Mackenzie, rose to their highest since March 2024 last month, reaching $8.37 per barrel.
- Some refiners might be scratching their heads whether early 2025 shutdowns were the best possible outcome – Shell’s Wesseling and BP’s Gelsenkirchen refineries (Germany), as well as Petroineos’ Grangemouth plant (UK), all shut down for good in April-May.
- Whilst Europe and the United States shutter downstream capacity, upcoming giants such as Nigeria’s 650,000 b/d Dangote refinery or Mexico’s 340,000 b/d Dos Bocas continue to be plagued with operational disruptions.
Market Movers
- US shale driller EOG Resources (NYSE:EOG) agreed to buy Encino Acquisition Partners for 5.6 billion, greatly expanding into the Utica shale basin with the addition of 675,000 net core acres and some 235,000 boe/d of production.
- US oil major ExxonMobil (NYSE:XOM) entered exclusive negotiations with Canadian fuel retailer North Atlantic to divest its 82.89% stake in French retail company Esso for a reported sum of 300 million.
- Austrian oil company OMV (VIE:OMV) sold its 5% stake in the Ghasha concession of the UAE, developed alongside ADNOC and ENI, to Russia’s private major Lukoil for a total consideration of 594 million.
- US midstream giant Energy Transfer (NYSE:ET) signed a 20-year term deal with Japan’s Kyushu Electric (TYO:9508) to supply up to 1 million tonnes of LNG from Lake Charles LNG, after taking up a 5 mtpa position in the project.
Tuesday, June 03, 2025
The failure of Russia-Ukraine and US-Iran talks did not come as a surprise to oil markets, but both outcomes have confirmed that the geopolitical risk premium will be around for some time. Canadian wildfires could add even more upward momentum to oil prices, while OPEC+ production decisions will continue to be a driving force for prices.
The Great Eight Sticks to 411. Eight OPEC+ countries that have started unwinding their 2022 voluntary production cuts agreed to another 411,000 b/d increase for July, the third straight month of expedited output hikes, bringing back 62% of their erstwhile curbs.
Canadian Wildfires Scare Oil Sands Producers. With two oil sands operators shutting plants around Alberta’s Fort McMurray production hub, Canadian oil production is now some 350,000 b/d lower due to widespread wildfires, with Cenovus’ (TSO:CVE) Christina Lake site taking the biggest output hit so far.
Iran Talks Likely to End in Failure. Iran is poised to reject US President Trump’s proposal for a new nuclear deal with Iran, according to top Iranian diplomats, after Tehran bemoaned the lack of sanctions- lifting guarantees and refused to ship its entire portfolio of enriched uranium abroad.
Trump Wants to Scrap US Heating Oil Reserve. The Trump administration’s proposed 2026 budget seeks to eliminate the Northeast Home Heating Oil Reserve, containing 1 million barrels of diesel for force majeure events such as hurricanes, selling the products to boost budget revenues by 80-90 million.
Metal Tariffs Come to the Forefront Again. US President Trump announced that he is planning to double tariffs on imported steel and aluminium from the current 25% rate to 50%, reportedly taking effect on June 4, adding pressure on prices in the world’s largest steel importer.
Petronas Mulls Full Canada Exit. Petronas, Malaysia’s national oil company, is reportedly considering selling its Canadian business, mostly focused on Montney gas production holding 800,000 gross acres, for a consideration of $6-7 billion, having bought Progress Energy for $5.3 billion in 2012.
Iron Ore Falls on Weak Chinese Manufacturing. Asian iron ore futures slumped to their lowest in two months after Trump signalled new US steel tariffs and China’s manufacturing activity contracted for the first time in eight months, sending the July Singapore contract to $94 per metric tonne.
Gabon Roils Manganese Export Flows. The government of Gabon announced an export ban on unrefined manganese ore to be imposed from 2029 onwards, mirroring Guinea’s bauxite and Mali’s gold policy moves, forcing mining firms such as France’s Eramet (EPA:ERA) to refine the ore domestically.
US Cancels Biden-Era Green Projects. The US Energy Department cancelled 24 green energy project awards approved by the previous Biden administration, worth some $3.7 billion, including a 332 million subsidy to Exxon’s Baytown refinery CCS pilot and 500 million to Heidelberg Materials.
Azerbaijan Lures Oil Majors. Azerbaijan’s state oil company SOCAR signed new exploration agreements with BP (NYSE:BP) and ExxonMobil (NYSE:XOM), with the former eyeing a farm-in to the Karabakh and ADUA fields whilst the latter will explore the Ganja-Yevlakh-Aghjabadi prospects.
Venezuela’s Oil Exports Remain Steady. Venezuelan crude exports were unchanged in May at 780,000 b/d after state oil firm PDVSA managed to maintain output levels despite Chevron’s departure from the country, boosting oil sales to China and curbing exports to Indian refiners.
A selection of latest power generation fuels market news:
Baltic Fixtures and Indices 3rd June, 2025
BALTIC INDICES 03/06/2025
DRY INDEX: 1430 (+ 8)
| CAPESIZE INDEX: | 2333 | (+33) |
| PANAMAX INDEX: | 1108 | (+1) |
| SUPRAMAX INDEX: | 942 | ( -9) |
| HANDYSIZE INDEX: | 597 | ( -2) |
BCI TC AVG $/DAY 19350 (+ 279)
BPI82 TC AVG $/DAY 9973 (+6)
BSI TC AVG $/DAY 11908 (- 107)
BHSI TC AVG $/DAY 10742 (- 37)
TIMECHARTER
‘Hui Tong’ 2010 83601 dwt dely Kaohsiung 8/9 Jun trip via Indonesia redel Malaysia $6,500 – Lestari
‘Myrsini’ 2010 82117 dwt dely Rotterdam 2 Jun trip via US east coast redel India $16,750 – Oldendorff
‘Sea Proteus’ 2013 81762 dwt dely Malita 3/5 Jun trip via Indonesia redel South China $7,000 – Fullinks
‘Skopelos I’ 2011 79659 dwt dely retro Haldia 21 May trip via EC South America redel Singapore-Japan
$9,000 – Reachy
‘Alfa’ 2006 77326 dwt dely aps EC South America 20 Jun trip redel Singapore-Japan $13,900 + $390,000 bb- cnr
‘Azure’ 2012 56826 dwt dely Diliskelesi prompt trip via Ukraine redel Iran intention grains $12,000 – MBN
‘Poseidon Trader’ 2025 40585 dwt dely SW Pass prompt trip redel EC Mexico intention grains $15,000 –
J. Lauritzen
‘Darya Ganga’ 2012 36845 dwt dely Sitrah prompt trip redel EC India intention bagged urea $10,000 – cnr
‘Louisa Bolten’ 2009 30765 dwt dely Canakkale prompt trip via CVB redel Algeria $7,000 – Norden PERIOD
‘Yangze 23’ 2022 82027 dwt dely CJK 31 May 4/6 months redel worldwide $11,750 – Norden
VOYAGES ORE
‘TBN’ 170000/10 Dampier/Qingdao 18/20 Jun $9.15 fio 90000shinc/30000shinc – Rio Tinto
‘Bulk Spain’ 2011 170000/10 Tubarao/Qingdao 22/24 Jun $22.00 fio 3 days shinc/30000shinc – OTSL – <2/6 fixture>
‘TBN’ 160000/10 Port Hedland/Qingdao 18/20 Jun
$9.25 fio 80000shinc/30000shinc – FMG
‘TBN’ 160000/10 Port Hedland/Qingdao 18/20 Jun
$9.15 fio 80000shinc/30000shinc – FMG
Baltic Exchange Index – 03 JUNE 2025 Baltic Exchange Capesize 182 Index
Route Description Value Change
===== ========================================== ====
C8_182 182000mt Gib/Hamburg transatlantic RV 22,266 + 195
C9_182 182000mt Cont-Med trip China-Japan 41,551 + 338
C10_182 182000mt China-Japan transpacific RV 24,274 + 1276
C14_182 182000mt China-Brazil round voyage 24,290 – 100
C16_182 182000mt Backhaul 3,010 – 374
=================================================== ==
C5TC 182 Weighted Timecharter Average 23,478 + 446
Baltic Exchange Index – 03 JUNE 2025
Baltic Exchange Capesize Index 2333 (+ 33)
Route Description Value($) Change
====== =================================== ========
C2 160000mt Tubarao to Rotterdam 8.687 – 0.006
C3 160-170000mt Tubarao to Qingdao 21.884 – 0.106
C5 160-170000mt W Australia to Qingdao 9.265 + 0.300
C7 150-160000mt Bolivar to Rotterdam 11.610 + 0.009
C8_14 180000mt Gibraltar-Hamburg T/A RV 18,016 + 123
C9_14 180000mt Conti/Med Trip China/Japan 37,626 + 313
C10_14 180000mt China/Japan T/P RV 20,975 + 1211
C14 180000mt China-Brazil RV 20,081 – 225
C16 180000mt N.China to Skaw-Passero -974 – 305
C17 170000mt Saldanha Bay to Qingdao 15.845 – 0.055
========================================== ========
5TC Weighted Timecharter Average 19,350 + 279
Baltic Exchange Panamax 82500mt Index 03 JUNE 2025 Baltic Exchange Panamax Index 1,108 (+ 1)
Route Description Value ($) Change
======================================= ======
P1A_82 Skaw-Gib T/A RV 8,641 + 27
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 16,173 + 5
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 8,568 – 95
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 7,629 – 84
P6_82 Dely Spore Atlantic RV 10,968 + 104
====== ================================= ========
P5TC Weighted Timecharter Average 9,973 + 6
The following routes do not contribute to the BPI or Weighted TC Average.
Route Description Value ($) Change
============================= ======== ======
P5_82 S. China Indo RV 6,728 – 228
P7 66000mt Mississippi Rvr to Qingdao 44,271 + 0.039
P8 66000mt Santos to Qingdao 32.157 + 0.171
Baltic Exchange Panamax 82 Asia Index – 03 June 2025
Route Description Size (MT) Value($) Change
===== ====================== ======== ======
P5_82 S.China one Indo RV 6,728 -231
Baltic Exchange Supramax Index – 03 JUNE 2025 Baltic Exchange Supramax Index 942 (- 9)
Route Description Value ($) Change
====== ========================================= ====
S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 12,008 + 50
S1C_63 US Gulf trip to China-South Japan 17,950 – 307
BS2_63 North China one Australian or Pacific RV 10,650 – 50
BS3_63 North China trip to West Africa 11,000 – 225
S4A_63 US Gulf trip to Skaw-Passero 18,143 – 211
S4B_63 Skaw-Passero trip to US Gulf 8,307 + 43
BS5_63 West Africa trip via ECSA to North China 13,221 – 29
BS8_63 South China trip via Indo to EC.India 12,211 – 147
BS9_63 W.Africa trip via ECSA to Skaw-Passero 12,443 – 128
S10_63 S.China trip via Indonesia to South China 9,178 + 7
S15_63 Indian Ocean trip via S.Africa to Far East 12,383 – 157
====== ========================================= =====
S11TC Weighted Timecharter Average 11,908 – 107
S10TC Supramax(58) Timecharter Average 9,874 – 107
Baltic Exchange Supramax Asia Index – 03 June 2025
Route Description Value($) Change
====== =============================== ======= =====
S2_63 N.China one Austr or Pac RV 10,650 -50
S8_63 S.China via Indonesia/Ec India 12,211 -147
S10_63 S.China via Indo/S.China 9,178 + 7
====== =============================== ======= ======
S3TC Weighted Time Charter Average 10,676 -61
Baltic Exchange Index – 03 JUNE 2025 Baltic Exchange Handysize Index 597 (- 2)
Route Description Value ($) Change
====== ======================================== ======
HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 6,075 – 125
HS2_38 Skaw-Passero trip Boston – Galveston 8,671 – 72
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 15,822 – 11
HS4_38 USGulf trip via USG or NCSA to Skaw-Passero 12,921 + 178
HS5_38 SE Asia trip to Spore – Japan 10,913 – 68
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp 10,519 – 69
HS7_38 N.China-S.Kor-Jpn trip to SE Asia 10,194 – 56
====== ======================================== ======
7TC Weighted Timecharter Average 10,742 – 37
(c) Baltic Exchange Information Services Ltd., 2025
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