• Trump Targets South Africa, Malaysia, Myanmar in new Trade letters. Trump says the US will impose a 30% tariff on South African goods and a 25% levy on Malaysian products.
• US President Donald Trump has unveiled letters that threaten to impose higher tariff rates on key trading partners, including levies of 25% on goods from Japan and South Korea beginning Aug. 1.
• Trump also announced 25% rates on Malaysia and Kazakhstan, while South Africa would see a 30% tariff and Laos and Myanmar would face a 40% levy. The nations were the first in what the president promised would be a flurry of unilateral warnings and trade deals announced Monday, two days before agreements are due from trading partners facing his April 2 so-called reciprocal levies.
• Bric’s has expanded in recent years to represent the interests of the ‘Global South’.
• Bric’s economies have been closing the gap with the G7 nations in GDP.
• India’s trade with Bric’s+ is higher, but the US in G7 is a crucial partner too.
• India’s position in Bric’s is marked by its status as the world’s fastest growing nation and as a emerging leader in the Global South.
• Democratic weakness shadows efforts by Brics+ to challenge G7.
• Opec’s Scramble
• War clouds over Iran have cleared, even though US President Trump’s tariff policy has impacted global demand conditions. As it happens, both these factors favour crude oil consumers. On Monday, Brent crude oil prices fell to $67.83 per barrel after OPEC and its allies raised their production target by 548,000 barrels per day for August. While Brent later rebounded, this extra supply would exceed the cartel’s last increase of 411,000 barrels per day for the preceding three months.

• There is still some mystery about the state of Iran’s nuclear

facilities, especially its over 18,000 centrifuges, after last week’s long range US attacks using B-2 bombers armed with GBU-57 bulker-busting bombs flying from Missouri, USA. Pete Hegseth’s Pentagon briefing last Thursday made it clear that they had been

“obliterated” and this was repeated by President Trump on Sunday who claimed with some finality that Iran had given up its nuclear ambitions. This is at odds with the UN nuclear inspector who said that the attack on Iran’s nuclear enrichment caused damage that was severe but not total. Rafael Mariano Grossi, the director general of the IAEA, said that Iran could be back enriching uranium within months, in an interview with CBS News that was broadcast last Sunday. This is consistent with the preliminary assessment of the Pentagon’s Defence Intelligence Agency and the CIA director, who also referred to severe damage and that

intelligence assessments continue.

There may be a longer time-line of several years to rebuild the capability to turn uranium into a weapon after damage to a laboratory that was being built outside Isfahan.

Trump has threatened to sue CNN and the New York Times for leaking that initial report from the DIA and is considering using the legal system to force the reporters involved into revealing their sources. The battle continues between the regulated legacy press, that Trump accuses of failing and of reporting fake news, and the unregulated social media channels such as Truth Social and X. Since re-election, Trump has

brought defamation lawsuits against two news groups. Both settled.

While awaiting further information of the battle damage from US and Israeli intelligence, and whether delays to the program run to months or years, the US president is still trying to do a deal. He is offering to lift a vast array of crippling sanctions if Iran gives up all future enrichment and agrees to full nuclear inspections.

Ironically, this appears to be going full circle back to terms reminiscent of those agreed in Obama’s 2015 JCPOA, that Trump abandoned in 2018, giving Iran a free hand to accelerate towards a bomb.

However, Tehran has suspended co-operation with IAEA inspectors and refuses to give up enrichment for civil purposes, so a big divide exists.

Khamenei also claims to have “slapped America in the face” after launching its symbolic riposte against US forces in Qatar, a defiant

posture. He has also threatened to leave the NPT which could be a seen as a prelude to dashing for a bomb without international oversight.

The current truce between Israel and Iran is a fragile one and it may be over-optimistic to suggest that successful negotiations can be concluded in a hurry. Equally, despite heavy US pressure, Netanyahu shows no signs of ending his pursuit of Hamas in Gaza and Hezbollah in Lebanon and extending settlements in the Right Bank.

In Ukraine, Zelensky may be more amenable to a pause in hostilities, given popular weariness from the daily bombardments, but Putin seems determined to carry on and Trump is not pressuring him to stop.

Come Wednesday, we learnt that Trump had announced on Truth Social, in a late Tuesday night tweet, that Israel had met the “necessary conditions” to finalise a 60day ceasefire. This sounds like a re-heat of a previous failed deal and it is unlikely that either Netanyahu or Hamas, via the Qataris, had been spoken to.

It is just the latest in a series of Presidential ultimatums issued to Hamas, this one coming ahead of a visit to the White House by Netanyahu next week, thus firmly setting the agenda. There is no

indication that Israel is prepared to agree a permanent end to the war and withdrawal of the IDF from Gaza, a stated precondition for Hamas to agree to the release of remaining hostages. Both sides in the conflict are inclined to throw a bone to Trump to get him off their backs, so they

might agree to talks about talks and any ceasefire would just be the start of tough negotiations.

So, in summary, we have a fragile truce in Iran, a defiant Khamenei, an ongoing war in Ukraine, as Putin has greater territorial ambitions, and persistent conflict in Israel as Netanyahu sees unfinished business if Hamas still exists to regroup, run Gaza, and plan future October 7’s.

Israel will be encouraged by its success in degrading the three H’s, the fall of Assad in Syria and its proven ability to strike cities in Iran,

assassinate military leaders and nuclear scientists, and delay its pursuit of an atom bomb.

It is likely that the Black Sea, Bab al-Mandeb, Gulf of Oman and Strait of Hormuz will remain unsafe and thus subject to war risk premia for hulls, machinery, cargoes and crews.

• Baltic News:

The BDI settled at 1,436, dropping 93 points in the week. The BCI closed at $15,382, tumbling $3,026 in 7 days.

The Cape-size time-charter rates continue to fall beneath recent highs, with a long tonnage list finding a lack of prompt employment. On the ex- Australia front, we see an uptick in the level of enquiries from operators, miners and tenders alike for mid July dates. While some operators are seeking August coverage (on index and fixed rates), this does not seem to be enough to push the market back into the green just yet.

The BPI reached $13,683, ticking up $273 since we last reported. The Panamax market was muted this week, with limited momentum in both basins. In the Atlantic, cautious sentiment and uncertainty over market levels widened idea’s spreads between charterers and owners. This occurred despite an upward tick in transatlantic rates, while East Coast

South America continued to strengthen, in line with the strength of the region across the smaller vessel sizes. The Pacific softened as the week progressed, charterers gained confidence while owners met resistance on forward dates. The Australian coal lent some support, but overall activity slowed.

The BSI closed at $13,668, climbing $920 in the trading week. This week witnessed a cautiously optimistic tone across global Supramax markets, with both Atlantic and Asian basins demonstrating gradual firming despite limited visible fixture activity. The South Atlantic maintained upward trajectory with coal and grain stems supporting sentiment. In the Pacific, northern routes built on recent gains with premium for early tonnage emerging. South Asia’s demand also picked up, driven notably by Indonesian coal routes. The BHSI concluded at $11,390, down $59 since last Friday.

For Handysizes, both the Continent and Mediterranean regions remained flat but healthy amid limited fresh enquiry. There was many participants away attending various shipping events. The ballasters in

ex-Continent shortened the tonnage list, meaning that by the weekend, a slight uptick in rates was noted. The South Atlantic remained largely unchanged, while the US Gulf continued to face downward pressure due to a lack of new cargo and an increase in prompt tonnage. The Handy Pacific market remained largely stagnant, with fundamentals showing

little change and sentiment staying flat. Although tonnage is trending slightly downward, cargo volumes remain insufficient to lift the market. As a result, rates are holding steady at around last-done levels.

Dry Bulk Sale & Purchase

The first week of July has brought a large number of sales with several other vessels inviting offers. This perhaps reflects Owners’ willingness to sell and deliver before the summer holidays.

The market has seen numerous Chinese Handysize bulkers built 2009- 2012 circulated consistently for months without many sales reported to guide on values.

Last week two sellers have bitten the bullet and sold.

The Yuka D (34,268-dwt, 2011 Zhejiang Jingang) reportedly fetching

$9m and the Strategic Endeavor (33,078-dwt, 2010 Zhejaing Zhenge) is rumoured sold for $7.5m, a notable step down and with surveys due.

Four Capesizes from 2011-2012 vintages were sold this week, demonstrating the premium commanded by vessels from reputable yards. The Mount K2 (176,820-dwt, 2011 Mitsui) is reportedly sold for

$26.85m with SS due. The similarly aged and sized Golden Zhoushan (176,834-dwt, 2011 Jinhai) is reportedly sold at $22m.

While predominantly non-eco vessels changed hands this week, some modern ships were also among the sales, including the Mona Lisa

(63,453-dwt, 2019 Imabari) reportedly at $28.5m, the SDTR Dora

(81,780-dwt, 2019 Jinling) at $24.5m and the Deneb Harmony (36,888- dwt, 2020 Oshima) for $24.5m.

Last week the same age but larger Aries Sakura (39,870-dwt, 2020 Shin Kurushima) achieved $25.8m showing the premium larger DWT and more modern designs can achieve.

In addition to the numerous ships sold, a number of others have invited offers.

These include two Chinese-built vessels, Beauty Lotus and Beauty Peony (64k-dwt/2015) as well as two Japanese ships, Nord Kitan (60k- dwt/2017) and Nord Bering (61k-dwt/2015. The outcome of these offers is not yet finalized; however, interested observers will be waiting to see how the offers stack up. If prices soften, more buyers may come forward before the Summer holidays in the West kick-in in earnest.

• Tanker Commentary

Recent spikes in Tanker rates are keeping Owners and Charterers on their toes.

In the Tanker Sale & Purchase market this week, values for older tonnage are softening while prices for modern eco ships are moving in the opposite direction. The Indian controlled Suezmax vessel Concord (159,155-dwt, 2005 Hyundai) has been sold, with special surveys due later this year, to Chinese buyers for $23.25m. In May, Union Maritime purchased the Nordic Castor (150,249-dwt, 2004 Universal) for region $23m and is clear of any docking until

2027. Owners of PGC Companian (72,825-dwt, 2005 Hudong- Zhonghua) and PGC Marina (72,807-dwt, 2005 Hudong- Zhonghua) have found separate buyers at $10m each, setting fresh benchmarks. The last similar unit sold was in February when Chemtrans Polaris (72,291 dwt, 2005 Hudong-Zhonghua) fetched

$12m, and had docking due promptly.

We only have one eco ship sale to report, with Greek buyers picking up PTI Huang He (49,999-dwt, 2016 SPP) for $32.5m which highlights an increase in values for modern ships, when compared with CL Huaiyang (49,688-dwt, 2017 Sungdong) which was sold in May for $30.8m. She also has a deepwell design with IMO II coating but is one year younger and has similar docking position.

Last week, offers were invited on the Zinc coated San Fernando (48,315-dwt, 2005 Minaminippon), with 5 offers being received – these Japanese sellers are known for selling at best and the highest bidder managed to secure a great deal at excess $12m. This is notably lower than last done, when Gulf Elan (46,894-dwt, 2007 HMD), also Zinc coating, achieved $15m in April.

Finally, the Prelude (39,998-dwt, 2007 Saiki) has been sold to Indian buyers for $14m, a price in line with last done; the Osaka (37,923 dwt, 2008 HMD) achieved $15m only a few weeks ago, which is younger and has a better docking position.

With schemes and sops, India is powering up its ship engines

The new schemes will cover financing, insurance, technical management, staffing-crewing and manning, and arbitration. (Bloomberg)

After decades of conceding shipbuilding to the Chinese, Koreans and Japanese, the world is waking up to the need for domestic capacity. India is planning a series of missions to this end, while the US pursues a different set of measures.

A series of measures to build, repair and finance ships in India are likely this year, two people aware of the plans said, as the country aims to become a global maritime hub. The government is working on nearly a dozen mission-mode measures to fire up the local shipping industry, including a maritime development fund, a revamped shipbuilding assistance scheme, and policies to strengthen domestic ships and ports, the people said on the condition of anonymity.

Apart from shipbuilding, repairs and recycling, the new schemes will also cover financing, insurance, technical management, staffing-crewing and manning, and arbitration.

“The idea is to plug every critical gap in the value chain so that India is not just building ships, but also financing, insuring, managing, and resolving disputes, essentially offering end-to-end maritime solutions,” one of the two people cited above said.

Chinese dominance

Japan, South Korea, and China jointly command 90% of global shipbuilding, with China alone accounting for nearly 50% of all new vessel orders. The Chinese dominance has alarmed the US, with president Donald Trump slapping port fees on Chinese-built ships and proposing tax sops for US-made vessels, terming it crucial for security, prosperity, and jobs.

India is also courting shipbuilders and financiers from Korea and Japan to set up shop in India. The goal is to get these companies to support and form Indian joint ventures offering leasing and financing

options, with an aim to ensure ships built in India find buyers at home and abroad.

India has also urged some of these companies to offer shipping finance in India, replicating the model in their home country, the people cited above said.

• India clears $12.3 billion of defence purchases a month after clash with Pakistan. The Defence Council cleared ten proposals.

These include armoured recovery vehicles, SAM’S, electronic

warfare systems and a tri-services inventory management system. The Navy will acquire moored-mines, mine counter-measure vessels, submersible autonomous vessels and super-rapid gun mounts.

• Private shipbuilders are also joining in. Garden Reach Shipbuilders & Engineers has signed deals with Germany’s Carsten Rehder to make hybrid 7,500 deadweight tonnage (DWT) vessels, UAE’s Aries Marine for offshore platforms, and a global engine manufacturer. Larsen & Toubro has also partnered with Norway’s DNV to collaborate on shipbuilding and port infrastructure.

• “The recent developments are part of a larger push under India’s new shipbuilding mission,” the second person said. “We are not just building ships; we are building the entire ecosystem. Alongside mega shipbuilding parks on both coasts, we are launching parallel missions for financing, insurance, staffing, and more to anchor India’s maritime ambitions,” the person added.

• Musk’s New Party: Musk himself cannot be President of the US as he was not born there, but the country is arguably in need of a political voice for discal responsibility. The billionaire seems keen to rally Republicans who may privately be alarmed by the present governance. Whether he is the ideal leader or such a rebellion on the right is another matter. The wealthy assuming political power is common in America, but Musk’s agenda will be under close

scrutiny.

• Xi Jinping skipped the BRICS summit held in Rio from Sunday. This is the first time since he became the President of China, that he will be missing the summit of the emerging economies. Xi’s

move of delegating power comes amid US President Trump’s tariff war disrupting China’s $440 billion exports to America, besides major headwinds faced by the Chinese economy with growth falling due to continued slow-down, and the collapse of the housing market, the mainstay of the economic growth. He became the Gen. Secretary of the CPC in 2012, Xi rapidly consolidated his power hold in the key power centres, the party, the Presidency and the powerful military as the Chairman of the Central Military Commission. Is Xi Planning a Power Transition or retirement – time will tell.

• SOURCE: AFI Turkish media outlets have erupted in alarm over unconfirmed reports that India has “unofficially offered” its Long- Range Land Attack Cruise Missiles to Greece…The reports,

originating from Greek Defence platforms and amplified by Turkish news outlets like TR Haber, have sparked intense speculation and unease in Ankara, framing potential deal as strategic move by India to counter Turkey’s support for Pakistan during the 26^th May, 2025 conflict, Operation Sindoor. With the lR-LACM’s subsonic

1,000-1,500km range and precision strike capabilities, Turkish media fear it could tilt the balance of power in the Aegean Sea, threatening key military assets and escalating tensions in an already volatile region.

• China’s J-35-A Offer to Pakistan hits a Snag over U.S. Style Monitoring Demands. China’s reported offer to supply 40 J-35A fifth generation stealth fighter jets to PAF at a highly discounted price has hit a roadblock, with Beijing seeking a U.S. style monitoring system to prevent potential access by American

personnel, according to the Indian Defence Research Wing. The move, driven by Chinese concerns over Pakistan’s deepening

defence ties with the U.S., reflects Beijing’s unease about the

PAF’s American supplied F-16 fleet, monitored by the US Ground staff to restrict Chinese access and ensure compliance with the US end-use agreements.

• Foreign investors in Japan avoid $690m in taxes with Singapore loophole. Profit distributions tap both corporate and dividend tax breaks, partly due to treaty.

• Air Asia announces $12.3bn Airbus deal for long-range jets. The Airline bets on narrow-body planes to unlock Europe and US, eyes 150mn passengers. AirAsia, is world’s largest low-cost carrier and is keen to purchase 70 A321XLR aircraft from Airbus, marking a bold step in its ambition to become the global low-cost network

airline. AirAsia co-founder and Capital A, group Chief Executive, Tony Fernandes said the new long-range, narrow-body jets will support the Malaysian Airline’s next phase of “transformative growth as it expands its multi-hub strategy across Asia and beyond.

• India lifts off as major force in global space Industry. The Asian country is now second only to US in number of private sector players. India is emerging as a major force in the global space Industry, propelled by the rapid expansion of its private sector. As of May, the country had 172 space-focused private enterprises, second only to the U.S. which led with 825 companies, according to Tracxn, a market intelligence provider in India. The space sector is being driven by a surge in startups, many launched by

entrepreneurs, including former engineers and other professions from the ISRO. With a growing record of successful satellite launches, India is helping re-shape the global space industry and intensify international competition.

• Donald Trump said any country aligning with the “anti-American” policies of the BRICS nations will face an additional 10%

levy. The group of countries that includes Brazil, Russia, India, China and South Africa met over the weekend and condemned US and Israeli attacks on Iran. Trump also said tariff letters will be delivered from noon Washington time today. US Treasury Secretary Scott Bessent indicated some countries may be given an extension to finalize agreements.

• Europe must shore up its tariff barriers to counter Chinese imports that risk harming the continent’s industrial economy,

France’s finance minister said. Meanwhile, China will impose some reciprocal curbs on medical-device procurement for EU-based companies, adding to tensions just as Beijing seeks to shore up ties with the bloc.

·     Panamax bulker owners biggest winners from rising US grain exports

• But tonne-mile demand slumps due to a fall in sailing distances
• US seaborne grain exports rose 9% from January to June this year, boosted by strong maize exports, according to shipping association Bimco.
• Panamaxes were the biggest beneficiary of the surge in grain exports, as at least 46% of US grain cargoes were loaded onto that vessel class.

·     HD Hyundai inks tie-up with Indian yard as part of Narendra Modi’s global shipbuilding ambition

• ‘More than a business deal’ South Korean yard group says of

Cochin accord

South Korean shipbuilding group giant HD Hyundai is making a break into the Indian market through a tie up with the country’s largest state- owned enterprise Cochin Shipyard.

The group’s shipyard holding company HD Korea Shipbuilding & Offshore Engineering said it has signed a “comprehensive” memorandum of understanding with Cochin, which HD Hyundai described as “more than a business deal”.

In a post headlined “Transplanting Korean Shipbuilding DNA into India”, HD Hyundai said: “This partnership launches long-term cooperation,

from design and procurement support to technical collaboration and

workforce training.”

It added: the move marked a shared commitment to strengthen India’s

shipbuilding sector and unlock new global opportunities.

State-owned Cochin has pumped out a mix of commercial and naval vessels, delivering 70 ships in the past five years, just 10 of which were for the navy.

Cochin’s largest yard is Kochi, which is located in the southern Indian

state of Kerala.

The Korean company said the collaboration supports India’s Maritime India Vision 2030 — which aims to move India into the top 10 shipbuilding nations by the end of this decade — and the Amrit Kaal Vision 2047, which would see the country move into the world’s top five.

• Referencing research on anticipated growth in Indian shipbuilding by 2030, HD Hyundai said: “With the market growing over 60% annually, now is the time.”
• India is starting to look like an appealing prospect for international shipbuilders, with the government set to embark on a large tanker newbuilding project to secure the country’s energy supplies.
• Korean competitor Hanwha Ocean is also said to be considering shipbuilding prospects in India.

·     HD Hyundai teams with Edison Chouest on US construction of dual- fuel container ships

• Companies aim to build first two LNG-fuelled boxships by 2028
• South Korean group HD Hyundai has joined forces with US ship and yard owner Edison Chouest Offshore (ECO) to build LNG dual-fuel container ships in the US.
• HD Hyundai said the pair signed an exclusive partnership agreement to establish a strategic and comprehensive alliance for the construction of US commercial vessels.

·     Fresh Opec production hike buoys tanker rate outlook

• More and more barrels out of the bloc are expected to boost rates eventually

Rising production from Opec members is expected to boost tanker rates, but owners still have to wait.

• The bloc decided over the weekend to increase production by 548,000 barrels per day in August and looks to make another big production hike in September.

·     Greek bulker evacuated after gunfire exchange with attackers as Red Sea lull breaks

• Crew abandons burning and leaking ship in what is likely the first Houthi attack in months
• Seafarers have evacuated a Greek-controlled bulker on fire and taking on water in the Red Sea, in what may mark the Houthi rebels’ first strike against a commercial ship in months.
• Armed security guards earlier exchanged gunfire on Sunday with several small boats targeting the vessel, in an incident that continued for four hours after 1:45 pm local time (10:45 UTC), 122 kilometres (66 nautical miles) south-west of Hodeidah in Yemen.

·     Houthi-sunk bulker leaves shipowner and operator locked in $5m battle

• Lebanese insurer says war exclusion clauses rule out any payout on hull policy
• The insurer of the first ship sunk by missiles in the Houthi Red Sea campaign wants a UK court to rule it not liable for the $5m loss, according to court documents.
• The court filing is the latest stage in the battle between Beirut- based insurer Berytus and the owner of the 32,000-dwt handysize

bulker Rubymar (built 1997), (Gone but not forgotten) following its sinking while hauling a cargo of fertiliser in March 2024.

• Coup whisper grows louder in Pakistan: Is General Munir preparing to dethrone Zardari?

On the anniversary of General Zia’s 1977 coup, Pakistan finds itself on edge again, amid whispers of power plays, military manoeuvres, and a possible end to President Zardari’s rule.

July 5 marks nearly five decades since General Zia ousted Zulfikar Ali Bhutto, Bilawal’s grandfather, in a military coup that altered Pakistan’s political landscape.

On the 47th anniversary of General Zia-ul-Haq’s infamous coup, Pakistan is once again bracing for political turbulence. This time, speculation is swirling around President Asif Ali Zardari’s possible

removal and the sudden rise of Army Chief General Asim Munir — now reportedly elevated to Field Marshal, as a key power contender.

According to Pakistani journalist Syed, General Munir is actively positioning himself to assume the presidency, though it remains unclear whether this would happen through a political arrangement or a forced military takeover. The timing, symbolism, and secrecy surrounding these moves have triggered deep anxiety across political circles and the public.

Happiness Is a Weak Dollar

John Cleese’s dead parrot famously wouldn’t voom if you put 4,000 volts through it. Similarly, the dollar at present won’t voom, even with a jolt of startlingly positive economic data. The question for the second half of this year is whether it’s merely resting, or sticking to its perch only because it has been nailed

there (by the exorbitant privilege which comes with being the world’s reserve currency). The trend is startlingly negative, with the DXY dollar index now further below its own 200-day moving average than at any time in 20 years:

• All else equal, this is dreadful news for US inflation, an issue that still appears to be preoccupy people more than any other. Torsten Slok of Apollo Global Management illustrates this using Bloomberg’s nifty SHOK function, which models the impact that

changing different assumptions will have on the macroeconomy. Another 10% dollar depreciation in the second half should mean inflation 0.5 percentage points higher than expected, which would be disastrous:

And yet, as we’ve seen, the US equity market is very much going voom, and closed at yet another all-time high before the Fourth of July holiday weekend. How much does this owe to the rest that the currency is taking? In common currency terms, the rest of the world has outstripped the S&P 500 this year, quite comfortably. But compare the returns in local currencies, and US investors since Liberation Day have been much happier. Currency debasement will do that for you:

It’s not only American investors who are doing well out of a weakening greenback. While equities have shrugged off uncertainty over how the US will attempt to reset its trade policy this week, Bloomberg’s index of trade policy uncertainty, based on numbers of press mentions, suggests that it remains very high. That might well help to explain the continuing weak dollar, which since Liberation Day has fallen despite widening rate differentials that would otherwise help it:

A weaker dollar does serve the administration’s aim of making American companies more competitive. To that extent, creating uncertainty is in its own right helping US aims.

Countries in Asia also benefit from a weak dollar. One dog that hasn’t barked this year is a Chinese currency devaluation. The yuan has strengthened a tad, moving from 7.3 to 7.16 to the dollar (although there was a menacing depreciation in the immediate wake of Liberation Day).

Staying tied to the dollar is no problem for China when the US currency is falling. The yuan may have strengthened against the dollar, but on a trade-weighted basis, it has joined the greenback’s move

downward to drop to its weakest in 12 years. That is a welcome development as trade hostilities with the US intensify:

Others also have an interest in a weaker dollar, in what Vincent Deluard of StoneX Financial points out is a direct inversion of the Asian crisis that started in 1997. Back then, a number of Asian currencies were being held unnaturally strong, and their pegs broke. This time around, after years in which Asian countries built up huge dollar reserves to insure against a repeat, they’re unnaturally weak — and rebounding. The most spectacular example, much watched elsewhere in the markets, is the Taiwan dollar:

A weaker dollar serves a lot of people’s interests. Now to find out whether it can survive what should be a moment of clarity on tariffs when the 90-day pause ends. Relieving that uncertainty might at last make the currency go voom.

Trump Sends Letters With Tariff Terms to Japan, Korea

• Trump sets 25% tariffs on Japan, South Korea goods starting Aug. 1
• The rates are in line with previous threats, allow time for talks
• Trump says any retaliation will be met with a US response
• US stocks fall to session lows; won tumbles, yen slips
• The US president has promised a flurry of demand letters, deals

• Baltic Indices and Fixture List 7^th July, 2025 BALTIC INDICES 07/07/2025

DRY        INDEX:     1436 (    0)

CAPESIZE   INDEX:	1825 (- 30)
PANAMAX    INDEX:	1531 (+ 11)
SUPRAMAX   INDEX:	1100 (+ 19)
HANDYSIZE INDEX:	637 (+   4)

BCI   TC AVG $/DAY  15132 (- 250) BPI82 TC AVG $/DAY   13777 (+ 94) BSI         TC AVG $/DAY   13903 (+ 235) BHSI TC AVG $/DAY             11462 (+ 72)

TIMECHARTER

‘W-Mayfair’ 2010 93260 dwt dely Taichung 7 Jul trip via EC Australia redel Singapore-Japan $11,000 – Tongli

‘Dedalos’ 2010 93038 dwt dely Bahudopi prompt trip via Indonesia redel South Korea $13,500 – Panocean

‘Fyla’ 2013 84104 dwt dely Kunsan 8/12 Jul trip via NoPac redel Vietnam $12,000 – Oldendorff

‘Eastern Quince’ 2013 81792 dwt dely retro Mormugao 29 Jul trip via EC South America redel Singapore-Japan $13,500 – Louis Dreyfus

‘Marielena’ 2008 81354 dwt dely Paradip 6/10 Jul trip via EC South America redel Singapore-Japan $12,750 –

Reachy

‘Alpha Progress’ 2012 81251 dwt dely Hazira 6/8 Jul trip via EC South America redel Singapore-Japan

$14,000 – Cargill

‘Zhen Ning’ 2012 79463 dwt dely in D/C Davao 15/16 Jul trip via Indonesia redel Philippines $13,250 –

Oldendorff

‘Guo Yuan 8’ 2011 75971 dwt dely Hong Kong 5/6 Jul trip via Indonesia redel South China $12,000 – Opal

‘Guo Hai Lian 168’ Seapol relet 2012 75812 dwt dely Ennore 15 Jul trip via EC South America redel Singapore-Japan $12,250 – Louis Dreyfus

‘Zhong Chang Zhou Shan’ 2013 75049 dwt dely Haldia 5/6 Jul trip via EC South America redel Singapore-Japan $12,500 – Cargill

‘Amis Hero’ 2017 63469 dwt dely Surabaya 10/15 Jul trip via W Australia redel Singapore-Japan $15,500 –

Allianz

‘Tan Binh 267’ 2010 56548 dwt dely Richards Bay prompt trip redel Fujairah $15,000 + $150,000 bb

VOYAGES ORE

‘TBN’ 190000/10 Seven Islands/Qingdao 22/28 Jul

$25.75 fio 60000shinc/30000shinc – Rio Tinto

‘TBN’ 170000/10 Dampier/Qingdao 21/23 Jul $7.55 fio 90000shinc/30000shinc – Rio Tinto

‘TBN’ 160000/10 Port Hedland/Qingdao 22/24 Jul

$7.55 fio 80000shinc/30000shinc – BHP

COAL

‘TBN’ 75000/10 Newport News/Gangavaram- Visakhapatnam 7/16 Aug $31.75 fio 40000shinc/40000shinc – NMDC Steel

‘TBN’ 75000/10 DBCT-HPCT-APCT/Visakhapatnam 10/19 Aug $16.75 fio 35000shinc/20000sshex – SAIL

© Baltic Exchange Information Services Ltd 2025

Marex Media

“Disclaimer”

All Rights in all material and information on this document is reserved. Any form of reproduction or distribution of the information contained in this by any means whether electronic or otherwise is expressly prohibited including distribution by re- producing it anywhere.

You may view or otherwise use the information, prices, indices, assessments and other related information, graphs, tables, images in this Publication is only for your personal use if you are an authorised user for internal use only.

Data in this publication, includes independent and verifiable data collected from market participants.

Any user of the Data should not rely on any information and/or assessment contained therein in making any investment, trading, risk management or other decision.

I do not guarantee the adequacy, accuracy, timeliness, and/or completeness of the Data or any component thereof or any communication (written, oral, electronic, or

other format). The writer shall not be subject to any damages or liability, including but not limited to any indirect, special, incidental, punitive, or consequential damages (including but not limited to, loss of profits, trading losses, and loss of goodwill).