The Missiles have stopped – but the Devastation remains.
Dozens killed, Hundreds wounded to achieve what?
Nations traumatized. People running for their lives, some living in shelters for days on end. The emotional toll is yet to unfold.
Deep Scars will remain. Billions worth of properties damaged, if not, destroyed on both sides. Will the Empires that funded these wars pay for the reconstruction of Human Lives, not just their dwellings?
Asia’s energy transition is at a pivotal moment. Balancing rising energy demand with the challenges linked to energy security, affordability, tariffs and conflict requires bold regional and corporate leadership—not just global dialogue.
Americans say they’re optimistic about the economy, but their behaviour tells another story. Consumer spending unexpectedly fell in May for the first time since January. Meanwhile, inflation is ticking higher, job growth is slowing and retail sales are sinking.
The Iran-Israel war highlighted a critical flaw in the satellite- based systems that guide global shipping navigation

systems. Bloomberg said 94,000 positioning signals of 56 vessels in early June and found they moved unrealistic distances on 1,500 occasions. The signal interference caused by Israel-Iran tensions is another reminder of how vulnerable shipping routes are to conflict.

U.S. President Donald Trump imposed tariffs on nations around the world in the first few months of his second term to revive American manufacturing, rattling Asian economies that rely heavily on exports for their nation’s prosperity. The unilateral U.S moves – which include country by country blanket levies known as ‘Reciprocal Tariffs”, and duties on specific items such as steel and automobiles – are causing major disruptions to the global economy, where close links in supply chains have become the norm for doing business.
Senate Republicans are moving forward with a plan to mask the

$3.8 trillion cost of extending expiring tax cuts in President Donald Trump’s signature economic legislation. GOP senators voted Monday in favour of a plan that says renewing the party’s 2017 tax cuts, which are set to expire, somehow costs nothing.

What’s seen by Democrats as a brazen attempt at accounting sleight of hand allows the GOP to both mollify Trump with more of his populist wish list and satisfy the party’s self-described fiscal conservatives. The renewal of tax cuts that largely go to the rich and corporations will come at the expense of millions of lower income and disabled Americans who will no longer

have healthcare of assistance buying food.

“Even a preschooler knows this is magic math,” said Patty Murray of Washington State, the top Democrat on the Senate Appropriations Committee. She accused Republicans of “trashing the rules” to pass the bill. South Carolina Republican Senator Lindsey Graham pledged there was nothing “sneaky” about the manoeuver.
As it stands, the Republican bill could push America’s national debt beyond $40 trillion. By late this afternoon, Senate Republicans were still at odds over just how many Americans would lose access to Medicaid, food assistance and other social safety-net programs, as well as how fast to kill off clean energy tax breaks.
Global markets are less than pleased at the prospect of a massive new injection of US debt. Larger budget gaps would require an

increase in bond issuance, something that’s expected to weigh on

Treasuries, particularly those with the longest maturities.

A Bloomberg index of that debt has underperformed the rest of the market this year, and the yield on 30-year Treasuries in May briefly rose above 5%. Investors have grown wary of lending to the US government for such extended periods, demanding higher yields as a result and increasing a cushion known as the term premium.

· MR tanker rates surge in Asia as shipments hit year-high

Brokers note useful jump in South Korea to Singapore earnings
Asian MR tanker rates have jumped as clean product exports hit their highest level since January.
Sentosa noted tonne-miles rising, pushing up the lump sum to

$730,000 for ships heading from South Korea to Singapore.

· Scorpio profit forecast chopped despite product tanker market remaining ‘enticing’, analysts say

Fearnley Securities notes stronger start to third quarter for clean carriers
Fearnley Securities has cut its profit forecast for Scorpio Tankers ahead of its second-quarter report, but remains encouraged by rate prospects further into 2025.
The investment bank has incorporated rate developments towards the end of the April to June period in its latest calculations for the US-listed product tanker giant.
Newcomer teams with Grieg Shipbrokers for liquid hydrogen newbuilding project
Naval architect and prospective owner looking beyond groundbreaking bulkers
LH2 Shipping owner and chief executive Ivan Oestvik has big plans for liquid hydrogen shipping.
The Bergen-based newcomer has just announced it has won

$24m in backing from the Norwegian state to move ahead with orders for two 5,000-dwt LH2-powered bulkers, believed to be the world’s first.

· HD Hyundai wins AiP for vacuum insulation system and liquefied hydrogen storage tanks for ships

· What is electrification’s role in maritime

decarbonisation?

As the fleet of battery and battery hybrid vessels grows and onshore power supply infrastructure expands, safety and standardisation must be upheld as top priorities.
In the relentless hunt to shave off greenhouse gas (GHG)

emissions, owners and operators are turning to a range of solutions. Electrification, while not suitable for all ship types, is viewed as an increasingly attractive option, thanks to its ability to both cut emissions and avoid pollution. Maritime electrification consists of two main technologies: batteries and onshore power supply (OPS).

· Growing potential of battery power

Lithium-ion (Li-on) batteries have become the battery of choice in the maritime industry, thanks to their higher energy densities and longer lifespan compared to other alternatives. A growing number of ships are opting to use batteries on board, either as part of hybrid configurations or as a sole means of propulsion.
Battery power offers concrete benefits, including better energy efficiency, and operational advantages, such as improved response times and reduced noise and vibrations. Use of batteries also cuts tank-to-wake GHG emissions and air pollution.
However, batteries come with an important limitation: they require much more space than liquid fuels for the same energy storage capacity. As a result, full electric propulsion is not generally suitable for deep-sea ships. It can nevertheless work well for vessels that sail shorter distances, have predictable operational profiles, and stay closer to an onshore grid. And this is not the only disadvantage. Li-ion batteries can also pose significant risks, including of thermal runaway, fires, and explosions, if not properly managed.
Even so, Li-on batteries are proving an increasingly attractive solution. As the technology continues to mature, uptake is growing across the industry, especially for ferries, offshore

supply vessel, fishing vessels and tugs. More than 1,045 battery- powered vessels are currently in operation, with an additional 560 under construction.

· Cutting port emissions with onshore power supply

Another way to reduce emissions for ships at port is by connecting to onshore power. This is especially useful for large ships that cannot be fully electrified at sea. When a ship is connected to an onshore power source at berth, it can cut its engines, eliminating CO2 emissions and reducing local air pollution, including sulphur oxides (SOx), nitrogen oxides (NOx) and particulate matter. This directly improves air quality in ports and nearby communities. The electricity supplied to the vessel usually comes from the grid, although it can also come from an off-grid source such as port generators or renewable energy plants.
Today, OPS has a strong footprint in places like Northern Europe, the North American Pacific Coast and East Asia. Supportive government policies and regulations are expected to help accelerate the further adoption of this technology. In addition, as OPS systems must cope with a wide range of ships calling at ports and their respective needs, standardisation is needed to ensure an “any ship, any port” concept. This will place unique demands on both ports and vessels to standardise interconnection voltages, frequencies, and connection hardware.

· De-risking maritime electrification

Throughout the evolution of maritime electrification solutions, one thing is certain: there can be no compromise on safety and standardisation. Currently, there are no comprehensive international regulations specifically addressing the use of batteries for ship propulsion. As a result, requirements for battery systems on ships are primarily determined by classification society Rules.
As a leading classification society, Bureau Veritas helps ensure that maritime battery systems meet Rules requirements for onboard equipment. We also offer relevant notations for battery-powered vessels and OPS to support their uptake and help shipowners meet their environmental goals.

Our technical advisory arm, BV Solutions M&O also provides services related to energy modelling and risk assessments to help our clients make the best decisions about how to electrify their fleets. We are by our clients’ side to help them find their path to net zero.

· Investors lap up Angeliki Frangou’s

debut Oslo bond in hot Nordic market

Navios South American Logistics raises $400m at coupon below the initial target price
A wide range of investors, including large institutional ones, rushed to pick up $400m-worth of securities in Angeliki Frangou’s first Nordic bond sale.
The five-year, senior secured paper issued by the major Greek owner’s Navios South American Logistics unit were priced at 8.875%, a market source told after books closed on Monday.

· Amon Maritime launches new venture to build large ammonia- fuelled bulkers

· Jinhui Shipping seals double sale- and-leaseback deal with Chinese lessors

Hong Kong shipowner has tweaked financing arrangements for modern Kamsarmax and ageing Ultramax
Hong Kong Bulker owner Jinhui Shipping and Transportation has struck deals with Chinese lessors to sell and lease back two vessels over seven years.
The Oslo-listed shipowner said the arrangement will allow it to “gain access to additional working capital at a reasonable cost, which effectively enhances the cash position of the group while maintaining appropriate control over the vessels”.

· George Economou ties up VLCC brace with new Sinokor venture at firm rates

South Korean owner builds exposure to biggest tankers in elevated market

South Korea’s Sinokor Maritime Co is said to have added two more VLCCs to its chartered fleet in a deal with George Economou’s Cardiff Marine.
The ships are among several modern VLCCs fixed to major charterers, with Greek peer Thenamaris also securing period business from an oil major and Petrobras chartering a modern Japanese-owned tanker for two years.
European brokers reported Economou has fixed the Greek- controlled 299,000-dwt Degas and Caspar (both built 2022) for a year at $56,000 per day each.

· ‘Major fire’ on Middle East-bound tanker tackled by Indian Navy

No injuries reported among 14 seafarers on the Yi Cheng 6
The Indian Navy is tackling what it calls a “major fire” in the engine

room of a small product tanker heading to Oman.

The blaze broke out on the 3,600-dwt Yi Cheng 6 (built 2003) on Sunday.

· Tanker recycling could be driven by Indian scrap metal demand:

Dark fleet is expected to be recycled, but everything depends on rates.
Ships headed to the breaker will now have to go to approved facilities following the Hong Kong Convention coming into force.
Beyond an ageing fleet, another factor may drive tanker recycling in the coming years: the adoption of the Hong Kong Convention for the Safe and Environmentally Sound Recycling of Ships.
US Brokers noted that India currently uses little scrap metal in its steel production, suggesting demand for recycled ships could increase.

· Cocaine worth £100m seized from container ship in significant blow against organised crime

Border Force says haul is one of the largest in the past 10 years
UK Border Force officers have made one of the largest drug discoveries of the past decade.
Almost £100m ($137m) of cocaine was found on an unnamed container ship that docked in London Gateway in June.
The vessel had arrived from Panama, the government said.
Border Force officials and dockers at the Essex port moved 37 large containers to locate the drugs, which weighed 2.4 tonnes.
This was the sixth-largest seizure in Britain since records began, according to the Home Office.
The BBC reported that specialist maritime officers intercepted the

shipment following an “intelligence-led operation”.

The Border Force said: “The interception strikes a significant financial and operational blow against the organised crime groups behind its importation and is an example of an intelligence-driven outcome to disrupt criminal supply chains.”
Charlie Eastaugh, the organisation’s maritime director, added: “This seizure — one of the largest of its kind — is just one example of how dedicated Border Force maritime officers remain one step ahead of the criminal gangs who threaten our security.
“Our message to these criminals is clear. More than ever before, we are using intelligence and international law enforcement cooperation to disrupt and dismantle your operations.”
The government explained that there are training programmes in South America to help prevent the drugs from leaving ports there.
Most smuggling occurs on boxships and bulkers.

· Scrubber users lash out at ‘unfortunate and unnecessary’ Europe ban

Exhaust gas cleaning systems will be restricted from 2027
An agreement by European countries to ban ship scrubber wash water from being discharged overboard has been criticised by owners with systems installed.
Fifteen mainly north-east Atlantic countries in the Ospar grouping agreed this week to a total ban on the wash water and the residues from exhaust gas cleaning systems, which are used to remove the sulphur oxides from a ship’s exhaust when it uses heavy fuel oil in its engines.

· Oldendorff-backed study: Scrubbers are the best fuelling option for the environment

Report is the first to compare impact of exhaust gas cleaners and heavy fuel oil with low-sulphur fuels on a well-to-wake basis
Burning heavy fuel oil with exhaust gas cleaning systems can match or surpass the environmental impact of low-sulphur marine fuels, a major academic study has found.
Scrubbers were found to be the least harmful fuelling option across 10 different categories of environmental impact from well to wake, including greenhouse gas emissions, terrestrial acidification and ozone formation.

Snippets:

NAVIOS

Investors lap up Angeliki Frangou’s debut Oslo bond in hot Nordic market

‘High pressure’ for shipping bonds in Oslo market after summer, says Arctic

DRY BULK

Norwegian newcomer to build ‘world’s first’ liquid hydrogen-powered bulkers

Amon Maritime launches new venture to build large ammonia-fuelled bulkers

Pangaea Logistics sells oldest bulker acquired in Strategic Shipping deal

Jinhui Shipping seals double sale-and-leaseback deal with Chinese lessors

TANKERS

George Economou ties up VLCC brace with new Sinokor venture at firm rates

‘Major fire’ on Middle-East-bound tanker tackled by Indian Navy

Trump ends key Syria sanctions but keeps Assad-linked shipping names on blacklist

Tanker recycling could be driven by Indian scrap metal demand

Traders and oil majors row back on term charters in unsettled tanker market

Greek tanker newcomer takes newbuilding plunge with order in South Korea

CONTAINERS

Cocaine worth £100m seized from container ship in significant blow against organised crime

TS Lines books 10-vessel newbuilding deal in $625m play

GLOBAL ECONOMY/COMMODITIES

Landmark ban on scrubber discharges agreed by 15 European nations in coastal waters

US Plans to Boost Soy Exports to Italy and Form New Task Force Bridge collapse hits coal supply in Indonesia’s Sumatra

UK government must track low-carbon investment impact from ETS pricing, says watchdog

US corn acreage to rise 5% in 2025 while soybean acres shrink amid tariff uncertainty

EMEA AGRICULTURE: Key market indicators for June 30-July 4

OTHER

MOL completes $1.7bn takeover of chemical storage terminal LBC Tank Terminals

Sri Lanka’s biggest shipbuilder snapped up by Indian firm Mazagon Dock

LNG Canada exports its first cargo, heralding start of new trade for sector

Baltic News 1^st July, 2025

BALTIC INDICES 01/07/2025

DRY INDEX: 1458 (- 31)

CAPESIZE INDEX: 2011 (- 100)

PANAMAX INDEX: 1500 ( 0)

SUPRAMAX INDEX: 1018 (+ 6)

HANDYSIZE INDEX: 632 (- 3)

BCI TC AVG $/DAY 16677 (- 833) BPI82 TC AVG $/DAY 13498 (- 4) BSI TC AVG $/DAY 12862 (+ 66) BHSI TC AVG $/DAY 11375 (- 51)

TIMECHARTER

‘Lemessos Castle’ 2020 82226 dwt dely Fangcheng 4/7 Jul trip via Indonesia redel Japan $14,750 – Kline

‘Seabulk’ 2022 81996 dwt dely Amsterdam 30 Jun trip via NC South America redel Singapore-Japan $14,750

‘Red Lily’ 2017 81855 dwt dely aps South Africa 7/8 Jul trip redel Malaysia $13,500 + $350,000 bb – Lestari

‘Daebo Gladstone’ 2013 81399 dwt dely Yuhuan 30 Jun trip via Indonesia redel S Korea $11,750

‘Bentley’ 2019 80856 dwt dely Machong 2/7 Jun trip via Indonesia redel Japan $12,000 – Jera

‘Shail Al Rayan’ 2006 76629 dwt dely retro Navlakhi 27 Jun trip via EC South America redel Singapore-

Japan $13,000

‘BBG Forever’ 2018 63268 dwt dely Salalah prompt trip redel WC India $14,500

‘Roztocze’ 2008 38056 dwt dely Amazon River prompt trip redel West Mediterranean $17,500

VOYAGES ORE

‘TBN’ 190000/10 Port Hedland/Qingdao 15/17 Jul

$7.00 fio 80000shinc/30000shinc – Koch

‘TBN’ 170000/10 Dampier/Qingdao 15/17 Jul $6.95 fio 90000shinc/30000shinc – Rio Tinto

‘TBN’ 160000/10 Port Hedland/Qingdao 16/18 Jul

$6.90 fio 80000shinc/30000shinc – BHP

COAL

‘TBN’ 75000/10 HPCT/Gangavaram 25 Jul/3 Aug

$15.90 fio 35000shinc/40000shinc – NMDC Steel

Baltic Exchange Index – 01 JULY 2025 Baltic Exchange Capesize 182 Index

Route =====	Description Value Change ==========================================			====
C8_182 182000mt Gib/Hamburg transatlantic RV			26,529 – 1792
C9_182 182000mt Cont-Med trip China-Japan			44,413 – 1312
C10_182 182000mt China-Japan transpacific RV			13,555 + 250
C14_182 182000mt China-Brazil round voyage			17,905 – 1334
C16_182 182000mt Backhaul		4,206 – 513

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

C5TC 182 Weighted Timecharter Average 19,277 – 743

Baltic Exchange Index – 01 JULY 2025

Baltic Exchange Capesize Index 2011 (- 100)

Route Description Value($) Change

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

C2	160000mt Tubarao to Rotterdam		8.986 – 0.171
C3	160-170000mt Tubarao to Qingdao		19.415 – 0.570
C5	160-170000mt W Australia to Qingdao		6.945 + 0.040
C7	150-160000mt Bolivar to Rotterdam		12.883 – 0.346
C8_14 180000mt Gibraltar-Hamburg T/A RV			21,821 – 1572
C9_14 180000mt Conti/Med Trip China/Japan			40,350 – 1063
C10_14 180000mt China/Japan T/P RV			9,923 + 268
C14	180000mt China-Brazil RV	14,387 – 1368
C16	180000mt N.China to Skaw-Passero	800 – 263
C17	170000mt Saldanha Bay to Qingdao	15.417 – 0.366

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

5TC Weighted Timecharter Average 16,677 – 833

Baltic Exchange Panamax 82500mt Index 01 JULY 2025

Baltic Exchange Panamax Index 1,500 (+ 0)

Route Description Value ($) Change

====== ================================= ======== P1A_82 Skaw-Gib T/A RV 14,332 + 59

P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 20,392 + 25 P3A_82 HK-SKorea incl Taiwan, Pacific/RV 12,336 – 94 P4_82 HK-SKorea incl Taiwan to Skaw-Gib 7,879 – 11 P6_82 Dely Spore Atlantic RV 13,345 + 11

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

P5TC Weighted Timecharter Average 13,498 – 4

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

Route Description Value ($) Change

====== ================================= ==== P5_82 S. China Indo RV 12,094 + 138

P7 66000mt Mississippi Rvr to Qingdao 47,836 + 0.136 P8 66000mt Santos to Qingdao 36.107 + 0.014

Baltic Exchange Panamax 82 Asia Index – 1 July 2025

Route Description Size (MT) Value($) Change

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

P5_82 S.China one Indo RV 12,094 +138

Baltic Exchange Supramax Index – 01 JULY 2025 Baltic Exchange Supramax Index 1018 (+ 6)

Route Description Value ($) Change

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

S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 12,467 + 117 S1C_63 US Gulf trip to China-South Japan 19,379 – 22 BS2_63 North China one Australian or Pacific RV 12,100 + 37 BS3_63 North China trip to West Africa 11,050 + 10 S4A_63 US Gulf trip to Skaw-Passero 20,511 + 11

S4B_63	Skaw-Passero trip to US Gulf	9,357 + 232
BS5_63	West Africa trip via ECSA to North China	15,614 – 25
BS8_63	South China trip via Indo to EC.India	13,050 + 171
BS9_63	W.Africa trip via ECSA to Skaw-Passero	13,532 – 72
S10_63	S.China trip via Indonesia to South China	10,231 + 125
S15_63	Indian Ocean trip via S.Africa to Far East	11,992 + 67
======	========================================= ====
S11TC	Weighted Timecharter Average 12,862 + 66

S10TC Supramax(58) Timecharter Average 10,828 + 66

Baltic Exchange Supramax Asia Index – 1 July 2025

Route Description Value($) Change

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

S2_63 N.China one Austr or Pac RV 12,100 +37 S8_63 S.China via Indonesia/Ec India 13,050 +171 S10_63 S.China via Indo/S.China 10,231 +125

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

S3TC Weighted Time Charter Average 11,833 +101

Baltic Exchange Index – 01 JULY 2025

Baltic Exchange Handysize Index 632 (- 3)

Route Description Value ($) Change

======	========================================	=====
HS1_38	Skaw-Passero trip Recalada – Rio de Janeiro 5,636	+ 43
HS2_38	Skaw-Passero trip Boston – Galveston 7,836 –	30
HS3_38	Rio de Janeiro-Recalada trip Skaw – Passero 17,672	+ 16
HS4_38	USGulf trip via USG or NCSA to Skaw-Pass 16,164	– 536
HS5_38	SE Asia trip to Spore – Japan 11,456 – 7
HS6_38	N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp 10,675 + 62
HS7_38	N.China-S.Kor-Jpn trip to SE Asia 10,350 + 12
======	======================================== =====

7TC Weighted Timecharter Average 11,375 – 51

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