• The Gloves are off between Elon Mosk and Pres. Trump
The war of words between two of the world’s most powerful men has
— as of now — calmed down. Elon Musk signalled there could be a cooling-off period between him and US President Donald Trump,
hours after saying he would end use of SpaceX’s Dragon spacecraft. This assumption is based off the following exchange.
“This is a shame this back and forth. You are both better than this. Cool off and take a step back for a couple days,” an X user who had just 200 followers on the platform wrote in reply to Musk’s post about Dragon.
“Good advice,” Musk responded. “Ok, we won’t decommission Dragon.”
That reply was enough to boost US stock futures a day after Tesla sank 14%, slashing Musk’s wealth by $34 billion, and ahead of the release of key jobs data. The open feud overshadowed a week in which Trump chatted to Vladimir Putin in a conversation in which the Russian
leader said he would retaliate for Ukraine’s drone strike on his country’s airfields; spoke to Chinese President Xi Jinping by phone for the first time since he assumed the US presidency; and hosted German Chancellor Friedrich Merz for a 40-minute meeting in the Oval Office (Merz avoided falling victim to the public humiliation the American president has doled out to other leaders).
Still, it’s likely Musk — and his barbs — will retain Trump’s attention. The spat is also leaving Republican lawmakers in the awkward position of choosing sides between Musk, who has quickly become a key financial backer for the party’s political efforts, and Trump, the singular political force who has reshaped the party in his image. Musk even floated the idea of creating a new political party “that actually represents the 80% in the middle.”
It was simultaneously hard to watch and impossible to turn away.
A bust-up between the world’s richest man and the leader of the biggest economy was always on the cards, given the personalities involved. In some ways it was surprising the bromance between the US president and the “First Buddy” even lasted this long.
But few could have predicted how abruptly things would spiral out of control. For investors and policymakers watching Donald Trump and Elon Musk take whacks at each other, the question was how far they’d go and who would blink first.
The answer would appear to be Musk. Even for a multibillionaire, the break-up has cost him dearly: shares in Tesla tanked 14%, and Musk’s personal wealth dropped by $34 billion. When one user on his X platform advised him to cool off, he conceded that might be good advice.
• Ukraine’s flying machines cost as little as $400 and shocked Russia
Ukrainian troops have kept up the fight against invading Russian forces for more than three years, thanks in part to Kyiv’s mass deployment of drones. Tens of thousands of the machines are buzzing over the front lines, pinpointing Russian positions, gathering intelligence to anticipate impending assaults and colliding with or bombing enemy targets. By early 2025, drones were accounting for 60% to 70% of the damage and destruction caused to Russian equipment.
But with US President Donald Trump dialling down military support for Ukraine, Russian leader Vladimir Putin seems intent on wearing down Ukraine’s army — and its massive drone program may be the country’s best chance to flip the script.
• Welcome to White House Watch!
German chancellor Friedrich Merz will be visiting Donald Trump today as the estrangement between Washington and Europe hangs over the future of the western alliance. In the meantime, let’s talk about:
 Trump’s burst of proclamations
 The President’s attacks on Columbia University
 What Dems can learn from a small Pennsylvania town
In a rush of proclamations issued last night Donald Trump banned citizens of 12 countries from entering the US and launched an investigation into Joe Biden’s aides for allegedly concealing his mental decline.
The actions mark a sharp expansion of the President’s anti-immigrant policies and retribution against his political foes, and signal a new divisive turn in his second term in office.
The sweeping ban on entry for foreign nationals from certain countries evoked the “Muslim ban” of his first term, while the probe into Biden and his aides followed through on his campaign pledge to investigate his predecessor.
Also on Wednesday evening, Trump renewed his assault on Harvard University, scrapping visas for foreign students looking to study at the elite institution.
The ban on entry into the US applies to citizens of Afghanistan, Chad, the Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan, Yemen and Myanmar — which the administration referred to as Burma. Citizens from those countries will be barred from coming into the US starting June 9.
Citizens of Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela will also be subject to some restrictions on entering the US.
As with Trump’s first-term ban on entry for citizens of certain Muslim- majority countries, the restrictions are likely to face legal challenges.
Trump said the new ban would allow the US government to “protect its citizens from terrorist attacks and other national security or public-safety threats”.
He said an attack against the Jewish community in Boulder, Colorado — for which an Egyptian immigrant was charged and which left 15 people injured at the weekend — “underscored the extreme dangers posed to our country by the entry of foreign nationals who are not properly vetted” or those who overstayed temporary visas.
“We don’t want them. We will not let what happened in Europe happen to America.”
The latest headlines:
 Donald Trump’s landmark tax bill will add $2.4tn to US national debt by 2034, the congressional fiscal watchdog has warned.
 The Trump administration claimed Columbia University no longer meets accreditation standards, threatening the school’s access to millions of dollars in tuition fees from government- issued student grants and loans.
 Trump said after talking with Vladimir Putin that the Russian president was not ready for an “immediate peace” and was planning to retaliate against Ukraine for Kyiv’s big drone attack at the weekend.
 The US president has described his Chinese counterpart Xi Jinping as “extremely hard to make a deal with” as the two countries face off over Washington’s claims that Beijing is breaking their trade ceasefire.
 Iranian supreme leader Ayatollah Ali Khamenei has hit back at a US proposal on Tehran’s nuclear programme, calling the Trump administration “rude” and “thoughtless”.
 As Europe confronts Trump’s triple threat on Ukraine, Nato and trade, negotiators are increasingly concerned that the president will demand concessions in one area in exchange for support in another.
 China policy is the ultimate Trump riddle — his positions on Taiwan and economic decoupling are a coin toss, so no wonder the Chinese are wary of talking to him.
 Interest rates have normalised, but Trump’s extremely chaotic policymaking is causing cracks where recessionary or inflationary shocks — or both — are conceivable.
 China Close Up!
 This week’s China Up Close evaluates the meaning of what did not happen. The Chinese Communist Party’s Politburo leadership team is supposed to hold a meeting every month, but there has been no official report on whether its members gathered in May. This unusual situation puts a question mark on the strength of President Xi Jinping’s administration.
The question mark emerged as China’s Defence Minister Dong Jun skipped the Shangri-la Dialogue security forum in Singapore and the Ministry of National Defence deleted Miao Hua, a former head of the Central Military Commission’s Political Work Department, from the list of CMC members on its website. All eyes are on what is happening at the powerful Politburo, which has been a center stage of political developments like the one that eventually led to the 1989 Tiananmen Square crackdown.
 Brazil to China: The VLCC Trade Route Making Waves in 2025 The combination of rising Brazil crude supply, shifting geopolitical dynamics, and price-sensitive Chinese refinery demand has led to a significant increase in VLCC shipments from Brazil to China in recent months.
Several new FPSO’s (Floating Production Storage and Offloading units) came online at the end of 2024, enabling Brazil to steadily ramp up its crude oil production and exports in early 2025.
Brazilian crude exports rebounded sharply in March to nearly 2 million barrels per day (MBD), after hitting a seasonal low of usd
1.3 mbd in January. The fixture data steadily increased this year to five in January to 14 in March. Chinese refiners were buying more sanctioned Iranian Oil and using Dark Fleet for transporting these barrels, diverting demand away from mainstream markets.
 Historic surge on the transpacific buoys liner profits. The World Container Index (WCI) increased 41% to $3,527 per feu on 5th June, the second highest leap dollars-wise since the index was created, with the busy transpacific leading the way once again amid a brief trade détente between the world’s two largest economies, the US and China.
 Red Sea Shipping rebounds 60% as Houthi attacks decline. The volume of ship traffic in the Red Sea has increased by 60% since August 2024, now reaching to 36-37 ships per day. Despite the rebound, volumes remain well below pre- crisis levels, according to Commander of the EU’s Aspides mission.
The Delusions of Peacemaking in Ukraine
Kyiv Won’t Compromise on Its Sovereignty Because It Isn’t Facing Defeat
Ever since the inauguration of U.S. President Donald Trump in January, the world has been hypnotized by the prospect of a cease- fire in Ukraine. It is easy to see why. The election of an American president who wanted to act as a Ukraine broker rather than a Ukraine backer was seen as an opportunity to disrupt the status quo and stop the bloodshed.
But effective wartime diplomacy requires applying the right amount of leverage—sticks and carrots—on the right parties, under time pressure.
BIMCO drafting standard clause to address US tariff measures
• BIMCO, has begun drafting a standard clause to address legal and contractual uncertainties stemming from recent US trade policy developments.
• The move follows a notice of actions by the United States Trade Representative (USTR) to impose new fees on vessels calling at US ports if they are Chinese-built, owned, or operated.
• The measures are part of the USTR’s “Section 301 Investigation of China’s Targeting of the Maritime, Logistics, and Shipbuilding Sectors for Dominance.” The action will also extend to foreign-built car carriers, regardless of ownership.
• “When implemented, the measures will significantly raise the cost of seaborne trade to and from the United States. Additionally, the actions present complex contractual challenges for the shipping industry, which is responsible for transporting around 90 percent of world trade,” said David Loosley, BIMCO secretary general and CEO.
• In response, the BIMCO documentary committee has prioritised the development of a standard clause to support shipping stakeholders in managing the new regulatory risks.
• “Given the complexity of the USTR actions, we are treating this as an urgent matter,” said Stinne Taiger Ivø, deputy secretary general and director of contracts at BIMCO, adding: “A subcommittee of legal and commercial experts is already working on the clause, which is expected to be released soon. Further updates will follow upon its adoption.”
• LR report outlines clear case for shipowners to retrofit
• Demand for advanced propeller retrofits and energy-saving devices (ESDs) has nearly quadrupled since 2020 to enhance energy efficiency to meet tightening emissions regulations.
• According to a new report from British class society Lloyd’s Register (LR), while high-efficiency propellers can deliver fuel savings of between 3-10%, and popular devices such as rudder bulbs can achieve 3.5% reductions, only 1.74% of the global fleet currently features the rudder bulb, the most popular device, with the report making a strong case for retrofitting, giving clients an idea of payback times for their investments.
• The orderbook tells a different story, with 8.42% of vessels on order choosing to install ESDs. The proportion of vessels on the orderbook fitted with a particular device is between two and six times higher than for those vessels already in service.
• In total, more than 10,000 vessels in the existing fleet and orderbook feature some form of propulsion energy-saving technology from newbuild. Added to this are at least a further 1,400 vessels that have had ESDs retrofitted since 2020. The number of installations on existing vessels is growing, showing nearly four-fold growth since 2020, with close to 1,500 vessels contracted to be fitted with devices by the end of 2024.
• The report also reveals a trend towards retrofitting newer vessels, with more than one-third of 2024 retrofits performed on ships less than ten years old, compared to just 16% in 2020. By 2024, 12% of retrofits were performed on vessels built less than six years ago, a category that saw no retrofits in 2020.
• Regulatory pressure is identified as the primary catalyst driving this surge in retrofits. LR’s analysis projects that a 20% fuel consumption reduction could save an Aframax tanker operator nearly $3m over 10 years through reduced exposure to European regulations alone.
• Claudene Sharp-Patel, LR’s global technical director, said: “Our research reveals that propeller and ESD retrofits offer ship operators a proven pathway to significant fuel savings, extended regulatory compliance, and meaningful emissions reductions.”
• Speaking with Splash last week, Nick Brown, the CEO of LR, said that in the wake of the most recent Marine Environment Protection Committee meeting at the International Maritime Organization and the draft of an ambitious Net Zero Framework, this potential new legislation had “turbocharged” the business case to modify existing ships.
• “It’s suddenly made the return on investment on those investments in existing ships very, very obvious,” Brown said of the proposed Net Zero Framework.
• British consultancy Maritime Strategies International (MSI) has given an early indication of the impact that the Net Zero Framework will have on the bunker market.
• By extending the annual fuel consumption estimates calculated for 2024 through to 2035, and applying MSI’s forecasts for bunker prices, it is possible to project the future fuel costs for conventionally-fuelled ships alongside the projected IMO penalties. By this approach, the IMO’s penalties would be equivalent to an 82% premium on top of the fleet bunker costs by 2035 – almost
$100bn for the 30,000 ships tracked in MSI’s database.
• Carsten Rehder lines up more newbuilds in India
• German shipowner Carsten Rehder Schiffsmakler und Reederei is further strengthening its ties with India’s Garden Reach Shipbuilders and Engineers (GRSE), signing a new memorandum of intent for four additional multipurpose (MPP) dry cargo vessels.
• The agreement, signed during the Nor-Shipping event in Oslo, brings the total number of 7,500 dwt MPP ships ordered by Carsten Rehder at the Kolkata-based yard to 12. The initial contract for four vessels was placed in June 2024 at $13.5m each, with another four added in September the same year. Deliveries are expected to span through 2027.
• According to GRSE, the latest set of ships will feature hybrid propulsion systems and incorporate the latest cybersecurity standards. The deal is expected to be finalised by the end of August.
• GRSE, best known for its defence and offshore vessels and operating under India’s Ministry of Defence, has also moved to expand its capabilities in offshore shipbuilding through a memorandum of understanding with Dubai-based Aries Marine to explore and develop platforms and vessels using Aries’ designs.
• Top Ships presses on with suezmax spin-off
• US-listed Greek eco tanker owner and operator Top Ships has moved to spin off two of its suezmax vessels into an independent publicly traded company.
• The company’s subsidiary, Rubico, has been earmarked to press ahead with the 2021-built 157,000 dwt scrubber-fitted Eco Malibu and Eco West Coast and list on the Nasdaq Capital Market.
• Both vessels are currently part of sale-and-leaseback agreements with Chinese financiers, chartered to Clearlake Shipping, and managed by Central Shipping—a company affiliated with the family of Top Ships’ CEO, Evangelos Pistiolis.
• As part of the transaction, Top Ships is to distribute 100% of the common shares of Rubico to its security holders and said it expects there to be no overlapping board members or management between the two companies. Shareholders will receive one Rubico common share for every two Top Ships shares held on June 16.
• Top Ships currently counts a fleet of two VLCCs, five suezmaxes and three MR tankers, two of which are 50% owned. Rubico spin- off was first announced in June 2023, with the Eco Malibu as part of the scheme and early plans to list on the OTCQX before seeking an eventual uplisting to a major exchange.
• The company, led by Greek shipping financial advisor Kalliopi Ornithopoulou, said in a SEC filing that following the separation, it intends to adopt a flexible acquisition strategy, eyeing further investments in suezmax tankers and potential diversification into other shipping sectors.
• Britain has gone to hell, like Norway’: John Fredriksen
• Norway’s richest man, John Fredriksen, has launched a blistering critique of the state of life in both Norway and the UK, confirming he is relocating some of his business to the United Arab Emirates to escape what he sees as a Western world in steep decline.
• The 81-year-old shipping magnate spoke candidly to Norwegian title E24 this week at Oslo’s Tjuvholmen waterfront, where he was attending Nor-Shipping events.
• “I try to avoid Norway as much as I can,” Fredriksen said flatly when asked about the Norwegian government’s decision to sell its stake in airline Norwegian, in which he is the largest private shareholder.
• The entire Western world is on its way down
• Having long called London home, Fredriksen revealed he has now moved some of his business to the UAE, citing Britain’s new tax regime as a key factor behind the move—but not the only one. Late last year, he closed the London headquarters of Seatankers, one of his private shipping concerns.
• “Britain has gone to hell, like Norway,” Fredriksen said, expressing dismay over what he sees as creeping dysfunction in both countries. He accused both governments of overseeing environments where initiative is stifled and excessive regulation dominates.
• Fredriksen didn’t mince words when assessing the broader picture. “The entire Western world is on its way down and home,” he said, lamenting what he sees as a weakening work ethic and complacency in developed nations.
• He criticised the rise of remote work, calling instead for a return to traditional office culture: “People should get up and work even more, and go to the office instead of having a home office.”
• Asked about his views on Donald Trump and trade policy, the shipping tycoon dismissed them as “completely hopeless.”
• Fredriksen’s disillusionment with Norwegian politics and society runs deep. “I gave up on them a long time ago,” he said, noting his departure from the country in 1978. “It has only gotten worse. Norway is completely uninteresting,” he added, with the only positive remark reserved for the country’s public-sector workers: “Norway is good for those who work for the state.”
• Despite his harsh words, Fredriksen’s shipping empire remains tightly linked to Norway. He retains major stakes in companies such as tanker giant Frontline and seafood powerhouse Mowi.
• Fellow shipowner Arne Blystad was among those present at the event. He described Fredriksen’s attitude as unchanged despite the geographic shift. “He is a bull, as always,” Blystad told E24, referencing Fredriksen’s famously aggressive business style.
• Fredriksen, arguably the most famous name in shipping, does not give media interviews often but has used his trip to Nor-Shipping to get a number of issues off his back.
• Fredriksen sharply criticised Norway’s political climate for maritime business in an interview on Sunday with Finansavisen, a leading Norwegian business daily.
• Fredriksen, now a Cypriot citizen, declared: “The framework conditions for shipping in Norway have never been weaker than they are now.” His remarks come as frustration grows within Norway’s maritime sector over what many perceive as eroding state support and a dwindling talent pipeline.
• Fredriksen’s warning reflects a wider unease among Norwegian shipowners, who have long felt sidelined by government policies seen as unfavourable to the shipping industry. His comments coincide with mounting concerns over a shortage of qualified maritime professionals, a shrinking domestic investor base, and the diminished role of the Oslo Stock Exchange in global shipping finance.
• “Shipping is almost wanted away,” Fredriksen stated, suggesting that successive regulatory decisions have alienated a sector traditionally seen as one of Norway’s most important industries.
• Fredriksen also shared with Finansavisen his current investment strategy, telling the newspaper: “We are opportunistic and look for good investments—not necessarily control.” He explained his group’s recent surge in equity purchases across multiple maritime and offshore companies including Star Bulk Carriers, International Seaways and offshore driller Valaris.
• Fredriksen’s strategy focused on undervalued shipping equities, with the expectation of strong returns as supply tightens and geopolitical volatility reshapes global trade flows.
• “It can be valuable to have gas in the tank when others run out,” he noted, suggesting that liquidity and timing will be critical differentiators in the coming years.
• “Shipping has always been cyclical,” he said. “The question is who’s prepared when the cycle turns.”
• Idan Ofer talks weak LNG markets, favoured fuels and his connection with cycling
• One of the world’s largest and best-known shipowners is going that extra mile, off and on the bike
• It might not be such a great time to be in LNG shipping, but the CoolCo reception at Nor-Shipping was a decidedly good place to hang out.
• Guests spilt out into unexpected sunshine at the Festningen Restaurant with a sweeping view over the Oslo harbour area and beyond.
• Some of them were fresh from two mornings of sporting action organised by Idan Ofer’s Eastern Pacific Shipping and CoolCo.
• Suezmax and aframax tankers divert to US with rare imports of Brazilian crude
• Kpler tracks barrels being moved on AET, Sonangol and International Seaways tonnage
• Tankers are being redirected to the US with Brazilian crude as market patterns shift.
• An import of Ostra oil into the US Gulf last week was the first for two years, according to consultancy Kpler.
• The 107,500-dwt Aframax Eagle Kinabalu built 2011, owned by MISC’s AET Tankers, discharged about 500,000 barrels of this heavy sweet grade at Valero’s St. Charles Refinery in Louisians, a delivery verified by bill of lading data obtained by Kpler.
• Pan Ocean inks order for VLCC newbuildings at HD Hyundai yard
• It is the first VLCC newbuilding contract in 16 months for South Korea’s largest shipbuilder
• HD Korea Shipbuilding & Offshore Engineering (HD KSOE) is said to be adding tanker newbuildings worth $254m to its orderbook. Pan Ocean has picked the group to build two VLCC newbuildings for delivery first half of 2028, paying a price of KrWons 350.5bn. (1 South Korean won equals 0.00074 US$.
• Container barge runs aground off Singapore’s beach
• Sources say the barge is owned by Singapore-based Eng Lee Shipping
• Salvage tug heads to burning Zodiac car carrier in Pacific
• Morning Midas remains afloat but alight after blaze broke out among electric vehicles
• A specialist salvage tug is en route to a burning Zodiac Maritime- managed car carrier adrift in the Pacific Ocean.
• A blaze broke out on Tuesday afternoon among electric vehicles on the 4,902-ceu Morning Midas (built 2006) off Alaska, and all 22 crew members have been evauated.
•
EuroDry loss widens as dry bulfi rebound fizzles
• Bulker owner will not lock-in vessels for longer terms at unprofitable rates
• Tariffs uncertainty cited as one factor a modest market recovery has ‘fizzled out’
• Euroseas acknowledges near-term outlook is ‘volatile’ although uptick in demand could translate into better rates
• EURODRY’S FIRST-QUARTER REVENUES SLUMPED BY 36.2% TO $9.2M, WHILE AVERAGE TIME CHARTER EQUIVALENT RATES FOR THE FLEET DECREASED EVEN FURTHER, BY 42.5%, TO $7,167 PER DAY.
• EURODRY, the Nasdaq-listed owner of 12 bulk carriers that started as a spin-off from containership owner Euroseas, is taking the full brunt of today’s poor market in the hope of better times ahead.
• “We have refrained from locking our vessels into longer-duration charters at non-profitable levels, deciding to face the market by pursuing short-term trip charters to potentially benefit from any reversal in trends,” said chief executive Aristides Pittas.
• Although it had modestly increased, the orderbook as a percentage of the existing fleet remained low, said Pittas.
• This offered “the possibility that a meaningful upturn in demand could quickly translate to better rates”.
• However, the first quarter of this year had seen charter markets in the sector at a low ebb, “the lowest since the early days of the pandemic”, according to Pittas.
• A partial rebound in April and May had been insufficient to return most vessels to profitability.
• “In addition, it started fizzling out by the end of May and early June in the face of season trends, and the uncertainty created by the back-and-forth’s on the tariff front.”
• EuroDry has two newbuilding Ultramaxes on order and Pittas indicated the future of some of a quartet of older Panamaxes in the fleet is being kept under review.
• “As always, we continuously look for new opportunities to invest, mainly, in combination with the renewal of our fleet,” he said.
• The recent $5m demolition sale of the company’s oldest vessel, the 25-year-old panamax Tasos (IMO: 9180906), resulted from a cost/benefit analysis, he added.
• ‘Strategic clarity’: Greek owners shift newbuilding focus as orders slow to
four-year low
• Preference for tankers and boxships as caution grips the industry
• Greek shipping companies are changing tack in a newbuilding market that has dropped to four-year lows in terms of new deals. Investment appetite for new vessels has notably shrunk compared with the past two years, with global orders totalling just 439 ships in the first four months of 2025.
US-blocfied VLCC Jaya sfiirts sanctions with scrapped ship masquerade
• The VLCC Jaya, sanctioned by the US for Iranian oil transport, repeatedly changed its name and MMSI numbers in yet another case of using the identity of a scrapped ship to disguise its movements
• Through AIS and GNSS spoofing, Jaya broadcast false positions and identities, making it appear as multiple vessels and complicating tracking by authorities and analysts
• Satellite imagery and port records show Jaya (operating as Quasar/Assos) successfully delivered Iranian crude into a major Chinese port, highlighting the increasing sophistication of sanction evasion tactics
Elon Musk indicated he’d move to cool tensions with Donald Trump, with Politico reporting that White House aides have scheduled a call with the world’s richest man on Friday. Earlier, their tussle reached new heights as the president threatened to end Musk’s government contracts. Tesla’s shares tanked 14%. Here’s our deep dive into the unravelling of their relationship.
• Trump said it might be necessary to let Ukraine and Russia “fight for a little while” before brokering a peace deal, and threatened fresh sanctions on both countries if he determined the conflict wasn’t going to end.
The Golden Visa
Less than two months after Spain scrapped its golden visa due to concerns about its effect on the housing market, Portugal is considering whether to sweeten its golden visa
program (among the most popular in Europe) and make a special tax regime for expatriates even more attractive.
• Minister of the Presidency Antonio Leitao Amaro said the measures being discussed would aim to bolster foreign investment and lure global talent to Portugal’s economy.
• While declining to provide specifics, he said the goal was
to burnish the country’s image as an “investment destination.”
• Here’s our explainer about golden visas and how you may be able to get one.
• What matters most in the heart of the European Union.
• “A very good man to deal with” and “a very great representative of Germany” were among the words of praise US President Donald Trump heaped on Friedrich Merz during the German chancellor’s visit to the White House yesterday. Merz had clearly heeded advice from a number of European counterparts that he should let Trump do the talking, and can breathe a sigh of relief that he avoided the kind of public humiliation meted out to others in the Oval Office. The talks had carried a high degree of risk, with Merz determined to lobby the president on key issues for the EU, including the transatlantic trade conflict, Europe’s security architecture and support for Ukraine. With just weeks until the US’s threatened 50% tariff on nearly all EU goods is set to take effect, Trump sounded a positive note: “I think all we want is just going to have a good relationship. The rest will just sort of follow very easily. We’ll have a good trade deal.”
• Peace Push | Trump said it might be necessary to let Ukraine and Russia “fight for a little while” before brokering a peace deal and that he might slap sanctions on both countries if he determined the conflict wasn’t going to end. “You see it in hockey, you see it in sports, the referees let them go for a couple of seconds, let them go for a little while before you pull them apart,” he said during the Merz meeting.
• Military Build-Up | NATO members signed off on new capability targets, heralding the military alliance’s most ambitious ramp-
up since the Cold War. It sets the stage for a leaders’ summit later in June in The Hague, where allies are expected to agree on a new 5% defence spending goal.
• Trump Ban on Harvard Foreign Students’ US Entry blocked for now. Judge blocks Donald Trump from banning Harvard University’s international students from entering the US for now.
CAPESIZE
The Capesize market continued its bullish run today, with the BCI 5TC climbing another $1,226 to reach $20,576.
Activity in the Pacific was strong, driven by a full line-up of miners alongside several operators, resulting in a busy trading day on C5. Rates edged higher throughout the day, early fixtures were reported at $9.50 (up $0.25 from yesterday), followed by
$9.65, and eventually reaching $9.80 by day’s end. This momentum pushed the C5 index by 0.495 to $9.760.
In the Atlantic, sentiment also improved, particularly from South Brazil and West Africa to China. Early in the day, brokers noted a wide spread between bids around
$21.50 and offers between $22.50 and $23.00 for index dates (24 June/4 July). Bullish sentiment prevailed, lifting the C3 index by 0.416 to $22.30. Post index, reports emerged of $22.70 being paid for 6 July onwards, and by late afternoon, another fixture at $23.50 basis C3 for 18/27 June dates was heard. A major miner also entered the market for similar loading window, reinforcing the positive outlook.
Atlantic
Fiveocean was awarded the Glovis tender for 170,000/10 Ponta da Madeira to Dangjin 3/8 July, the rate has not been reported. NYK fixed a TBN for 170,000/10
Tubarao option West Africa to Qingdao 6/10 July $22.70. Samarco is reported to have fixed a Swissmarine TBN for 160,000/10 Ponta do Ubu to Dung Quat 18/27 June, further details have not been divulged.
Asia
Rio Tinto fixed a 2xTBNs for 170,000/10 Dampier to Qingdao 19/21 June at $9.50 and $9.60. FMG fixed 2xTBNs for 160,000/10 Port Hedland to Qingdao 19/20 June, one was said to be at today’s index minus 2-3 cents and the other at $9.80. Zhejiang Shipping is reported to have fixed a TBN for 170,000/10 Dampier to Qingdao 19/22 June at $9.50, lacking further details.
PANAMAX
Quite the dramatic turnaround for the Panamax market, with the Atlantic seemingly taking centre stage, firmer bids seen both in the North and the South of the basin, and next done fixtures expected at firmer levels.
Some talk of better demand along with tighter tonnage count, along with the thesis that some Charterers may have overplayed their positions resulting in firmer levels traded.
Activity in Asia, seems to have picked up a little but the market remains mixed viewed given the wide bid/offer spread but sentiment here seems to have turned a little, especially given the pickup from South America.
Period news included reports of the new building and scrubber fitted Tower Point (82,000 2025) delivery ex yard Hantong 5/16 Jun fixed basis 1 year at $13,000 to Cosco with the scrubber benefit split 50/50.
Atlantic
The Anny Petrakis (75,181 2008) delivery aps EC South America 22 June fixed for a trip redelivery Singapore/Japan at $13,750 + $375,000 bb linked to Olam, whilst the Iolcos Fighter (76,102 2014) retro sailing Gangavaram 15 May was heard placed on subjects for the same trip at $10,500 with Cargill.
Asia
The scrubber fitted Navios Star (81,994 2021) Guangzhou prompt was heard fixed to MOL for a trip via Newcastle redelivery Japan but little else surfaced, whilst the Peace (75,597 2011) Mauban 9 June was heard placed on subjects for a trip via Indonesia redelivery South China, again details remained scarce.
SUPRAMAX
The market experienced another slow day, with sentiment remaining generally positional across both basins.
In the Atlantic, conditions were slightly more supported by pockets of fresh demand, although overall rates remained mostly unchanged. The Serene Theodora (57,227 2010) Port Said 7 June fixed to the US Gulf with bagged cement at $7,000 and the Jalma Topic (51,966 2006) open Haifa 6-7 June fixed to the US Gulf with bulk cement at $8,900 plus $150,000 in lieu of hold cleaning, though further details were not disclosed.
In contrast, the Pacific market remained largely stagnant, with no significant changes in fundamentals and continued weak sentiment. Fixing activity was minimal, reflecting the overall lack of momentum. These conditions were mirrored in the index, with the 11TC average declining by $29 to close at $11,879.
HANDYSIZE
Building on yesterday’s trend, the market remained relatively subdued. The BHSI closed at 597, and the 7TC average improved by $8, finished the day at $10,750.
In the Continent and the Mediterranean, little to no changes were recorded with rates holding steady for now.
The South Atlantic saw a modest uptick, as sources noted increased bidding from charterers amid a tightening tonnage list.
The US Gulf continued to show signs of improvement, with growing cargo availability and a shortage of prompt tonnage keeping the market finely balanced. Meanwhile, conditions in the Asian market remained stable overall, though reports suggest that vessel availability is rising in relation to cargo demand, keeping rates flat for now.
Atlantic
The CS Calla (37,482 2011) on subs for delivery Recalada redelivery Algeria about
$16,000 to $17,000 by Oldendorff and the Merganser (39,971 2023) Wilmington 4/5 June fixed via Cape Henry redelivery West Mediterranean with coal at $17,500 by Centurion, but further details were not disclosed.
Asia
The Brave Eagle (40,483 2024 ) delivery Ho Chi Minh City fixed via Dampier redelivery Japan with salt at high $11,000s by Iino, but further details were not disclosed.
Baltic Exchange Index – 05 JUNE 2025 Baltic Exchange Handysize Index 599 (+ 2)
Route Description Value ($) Change
====== ======================================== ========
HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 5,939 – 75 HS2_38 Skaw-Passero trip Boston – Galveston 8,539 – 61 HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 15,947 + 28 HS4_38 USGulf trip via USG or NCSA to Skaw-Passero 13,525 + 382 HS5_38 SE Asia trip to Spore – Japan 10,856 – 32
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp 10,494 0 HS7_38 N.China-S.Kor-Jpn trip to SE Asia 10,113 – 31
====== ======================================== =========
7TC Weighted Timecharter Average 10,775 + 25
Baltic Exchange Supramax Index – 05 JUNE 2025 Baltic Exchange Supramax Index 936 (- 4)
Route Description Value ($) Change
====== ========================================= ====
S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 12,117 + 42 S1C_63 US Gulf trip to China-South Japan 17,964 – 15 BS2_63 North China one Australian or Pacific RV 10,706 + 62 BS3_63 North China trip to West Africa 10,900 – 100 S4A_63 US Gulf trip to Skaw-Passero 18,104 – 60 S4B_63 Skaw-Passero trip to US Gulf 8,414 + 57 BS5_63 West Africa trip via ECSA to North China 13,250 + 36 BS8_63 South China trip via Indo to EC.India 12,025 – 89 BS9_63 W.Africa trip via ECSA to Skaw-Passero 12,404 – 17 S10_63 S.China trip via Indonesia to South China 9,031 – 113 S15_63 Indian Ocean trip via S.Africa to Far East 11,892 – 241
====== ========================================= ====
S11TC Weighted Timecharter Average 11,832 – 47 S10TC Supramax(58) Timecharter Average 9,798 – 47 Baltic Exchange Supramax Asia Index – 06 June 2025
Route Description Value($) Change
====== =============================== =======
S2_63 N.China one Austr or Pac RV 10,725 + 19 S8_63 S.China via Indonesia/Ec India 11,982 – 43 S10_63 S.China via Indo/S.China 8,978 – 53
====== =============================== =======
S3TC Weighted Time Charter Average 10,583 – 20
Baltic Exchange Panamax 82500mt Index 05 JUNE 2025 Baltic Exchange Panamax Index 1,211 (+ 66)
Route Description Value ($) Change
====== ================================= ======== P1A_82 Skaw-Gib T/A RV 10,373 + 1187
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 17,279 + 721 P3A_82 HK-SKorea incl Taiwan, Pacific/RV 8,988 + 295 P4_82 HK-SKorea incl Taiwan to Skaw-Gib 7,530 + 24 P6_82 Dely Spore Atlantic RV 11,927 + 491
====== ================================= =========
P5TC Weighted Timecharter Average 10,899 + 592

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

Route Description Value ($) Change
====== ================================= ===== P5_82 S. China Indo RV 6,956 + 253
P7 66000mt Mississippi Rvr to Qingdao 45,136 + 0.636 P8 66000mt Santos to Qingdao 33.043 + 0.372
Baltic Exchange Index – 06 JUNE 2025 Baltic Exchange Capesize 182 Index

Route Description Value Change
===== ================================================

C8_182 182000mt Gib/Hamburg transatlantic RV 25,371 + 357 C9_182 182000mt Cont-Med trip China-Japan 44,969 – 67 C10_182 182000mt China-Japan transpacific RV 29,470 – 395 C14_182 182000mt China-Brazil round voyage 29,067 – 189 C16_182 182000mt Backhaul 6,019 + 126

C5TC 182 Weighted Timecharter Average 27,760 – 125

Baltic Exchange Index – 06 JUNE 2025
Baltic Exchange Capesize Index 2842 (- 3)

Route Description Value($) Change
====== =================================== ======
C2 160000mt Tubarao to Rotterdam 9.971 + 0.135
C3 160-170000mt Tubarao to Qingdao 24.489 – 0.105
C5 160-170000mt W Australia to Qingdao 10.445 – 0.099
C7 150-160000mt Bolivar to Rotterdam 12.643 + 0.150
C8_14 180000mt Gibraltar-Hamburg T/A RV 21,436 + 436
C9_14 180000mt Conti/Med Trip China/Japan 41,344 + 201
C10_14 180000mt China/Japan T/P RV 26,300 – 510
C14 180000mt China-Brazil RV 25,100 – 206
C16 180000mt N.China to Skaw-Passero 1556 + 199
C17 170000mt Saldanha Bay to Qingdao 17.775 – 0.094
========================================== ========
5TC Weighted Timecharter Average 23,572 – 20

(c) Baltic Exchange Information Services Ltd 2025

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