Politics in Turkey is rarely dull, but the last few months have been more tumultuous than usual.
The main opposition party is in crisis amid a crackdown that saw the arrest of Istanbul Mayor Ekrem İmamoğlu in March. The party’s most popular figure and President Recep Tayyip Erdoğan’s most formidable rival is due to appear in court today on graft charges he says are politically motivated.
The arrests have continued of other mayors and senior members of the Republican People’s Party. Last week, Turkey opened an investigation into the chairman of the CHP, as the party is known, on allegations of insulting Erdoğan.
The government also threatened to shut down Grok, the AI service on Elon Musk’s X platform, after a series of posts critical of Erdoğan.

Might Unmakes Right

The Catastrophic Collapse of Norms Against the Use of Force

In the aftermath of the twentieth-century world wars, governments created “a new legal order that elevated economic tools over military might to ensure peace”. But that order is eroding. U.S. President Donald Trump, in particular, is now trying to “restore war or the threat of it as the main way that states resolve their disagreements and seek economic gain.”

Trump has or had threatened to forcibly take Canada, Greenland, and the Panama Canal and seems ambivalent about “defending other states’ right not to be conquered” even as China and Russia “are seeking to reshape international norms to suit their interests,” If the prohibition against the use of force disappears, “the consequences will be grave: a global arms race, renewed wars of conquest, shrinking trade, and the collapse of the co-operation needed to confront shared global threats.”

How else will the Arms Industries, financed by the Billionaire’s Club already existing prosper, if there are no wars globally, induced, supported by such Club, in the manufacture of Stealth Fighter, Commercial Planes, UAV’s, Drones, Missiles, Field Tanks and Guns, Helicopters, etc. etc.

Guinea forms its own shipping line to move booming bauxite exports
Bauxite shipping out of West Africa, a fast-growing source of extra tonne-miles for the cape trades, faces headwinds with news from Guinea where the government is vowing to take greater control of the maritime supply chain.

Guinea has been the dominant source of bauxite exports out of West Africa in recent years, predominantly bound for China.

· However, the nation’s minister of mines and geology, Bouna Sylla, has recently demanded that 50% of all shipments move on ships flying the Guinean flag. With this new rule, the government has also revealed it has set up its own shipping company, Guinéenne des Transports Maritimes (GUITRAM), which will transport bauxite.

On top of this, Sylla has announced the creation of a national bauxite price index, the Guinea Bauxite Index (GBX), aiming to enhance transparency and maximise economic benefits from its bauxite resources.

Bauxite exports from Guinea have performed remarkably well so far in 2025, up 37% from last year and 56% from 2023, according to data from Greek shipping platform Signal, which notes that bauxite has overtaken coal as the second-largest driver of Capesize demand globally.

Some of Iran’s Enriched Uranium Survived Attacks,

Israeli Official Says

The assessment came as experts are trying to determine how long it would take Iran to rebuild its nuclear program in the aftermath of

U.S. and Israeli strikes.

The Baltic Exchange’s main sea freight index, rose on Thursday, due to higher rates across all vessel segments.
The main index, which tracks rates for all size of drycargo ships, gained 42 points, or 3% to 1,465 points. The Capesize rose 10 points to 1,664. The contract snapped a 17 session losing streak. Average daily earnings typically for 150,000t cargoes such as Iron Ore and Coal increased $84 to $13,799.
Iron Ore futures gained for a third straight session, hitting multi- month highs, as hopes of a new wave of reforms to rein in steel supply and more stimulus measures from top consumer China boosted sentiment.
The Panamax index rose 102 points to 1,723, marking its highest level since July 31^st last year. Average daily earnings for Panamax, usually carry 60/70,000 tons coal or grain gained $917 to $15,507.
The Supramax index gained 31 points to 1,182.

· ‘I don’t want to be a shipowner’: Pankaj Khanna bringing new investors to shipping through Heidmar

Experienced executive sheds light on future targets as he revitalises four-decade-old operation. Greece-based Heidmar Maritime Holdings has just made its first move into shipowning, but chief executive Pankaj Khanna does not want to be a shipowner again.
The US-listed manager and pools operator’s boss and major investor is instead looking to team up with financial partners, from within and outside shipping, to grow a fleet.

The Ukraine Recovery Conference in Rome, which concludes today, has been marked by a general feeling that Russia’s relentless war on its eastern neighbour is unlikely to end anytime soon, raising the question of how long Kyiv’s allies can sustain adequate weapons supplies. President Volodymyr Zelenskiy said talks with US and European partners stoked optimism that Donald Trump’s administration will bolster military aid, citing a “positive dialog” with the US president on the delivery of additional Patriot air-defence systems. German Chancellor Friedrich Merz, who this week confirmed his government is negotiating with Washington to secure more Patriots, said those talks are still ongoing. Trump, meanwhile, said he plans to make a “major statement” on Russia on Monday and that he expects the Senate to approve a bill toughening sanctions on the Kremlin. “They’re going to pass a very major and very biting sanctions bill, but it’s up to the president as to whether or not he wants to exercise it,” was told to NBC.

India demands IMO probe into foreign cargo ship incidents India strongly demanded that the IMO undertake a comprehensive investigation and global review of all maritime incidents involving foreign flagged container vessels operating in Indian waters. These incidents caused by un-declared hazardous cargoes, and structural and stability issues, have raised serious safety concerns.

Vedanta eyes ‘strategic’ Indian Rare-earth production within 5 years. China dominance in spotlight, but rules could slow acquisition subsidiary the CEO said. Hindustan Zinc, among the world’s largest producers of Zinc, Silver and Lead, wants to mine and progress neodymium, a rare earth used in permanent magnets. Hindustan Zinc is eyeing rare earth minerals but kick- starting production could take upto 5 years, a top executive said, highlighting the difficulties in building a domestic supply chain to counter.
Starlink Satellites are launched into orbit from Cape Canaveral, Florida, on 19^th June. A constellation of 4,408 Starlink satellites now has the green light to offer communications services in India.

India has cleared Elon Musk’s Starlink to launch satellite communication services in the country, its space regulatory body said. The Indian National Space Promotion and Authorisation Centre (IN-SPACe) said Starlink Gen1, a constellation of 4,408 satellites operating at altitudes between 540 km and 570km, has been given the green light to offer services in India for five years.

Taiwan’s KMT defends ‘One China’ stance as no-confident votes approach. Opposition official says Island had ‘stable’ ties with Beijing under his party. Another Flash point developing in S.E.Asia. Some opposition Kuomintang lawmakers face no-confidence votes this summer and public discontent over the party’s push for closer ties with China. KMT reaffirmed its support for the “One China” position and pledged to push back against swelling discontent with the party’s drive for closer relations with Beijing.

Kuala Lumpur – ASEAN foreign ministers on Thursday emphasized the strength of the bloc’s relationship with China as they sought to deepen ties with Beijing against the backdrop of new punitive “reciprocal” tariffs threatened by the US President. The foreign Ministers at ASEAN said China is one of the ‘ASEAN’s’ most substantive and dynamic partnerships. New trade pact cements ties as South China Sea tensions persist. Malaysian Foreign Minister Mohamad Hasan, held talks with his Chinese counterpart, Wang Yi, on the sidelines of the ASEAN meet in K.L. on 10^th July.

Bangladesh business leaders and analysts expect Washington’s proposed 35% tariff to severely affect the country’s vital garment industry. Limited trade leaves Dhaka with a weak hand, risking competitiveness against Vietnam.

· Tanker owner HGK goes for sails as part of deal to 2040 with charterer Covestro

German group to use Econowind system on the Amadeus Titanium
German tanker owner HGK Shipping is fitting one of its chemical tankers with wind propulsion as part of a new deal with domestic chemicals company Covestro.
The pair said they are pressing ahead with providing sustainable shipping services on European short-sea routes.

· German shipowner gets green upgrades for Damen new- buildings after winning state handout

German owner has four combi freighters on order

· ‘Investors aren’t seeing it’: Surprising margins hint at bigger

play beyond VLCCs

This week’s Streetwise looks at how shipping stocks fared in the first half, and what’s to come
Mild-mannered Jefferies shipping analyst Omar Nokta was in a feisty mood on a panel at the recent Marine Money Week conference in New York, to the point of taking on storied shipowner Peter Georgiopoulos.
The legendary “Peter G” had told an earlier session that investors

are not that into shipping stocks.

· Al Seer seals $207m loan to drive tanker and gas carrier expansion

Owner arranges eight-year financing for fleet growth and strategic investments
Al Seer Marine has clinched new financing to fund further fleet growth.
It said the AED 760m ($207m) facility from Abu Dhabi Commercial Bank (ADCB) will accelerate portfolio expansion, including strategic investments.

The Abu Dhabi-listed gas carrier and tanker owner, controlled by domestic investment group IHC, said the loan matures over eight years and is secured by first-priority mortgages on selected vessels.

· Four more crew members saved from ship attacked by Houthis

More than a dozen personnel of Houthi-stricken bulker remain missing and may have been captured by rebels
Rescuers have recovered another four survivors of the 36,800-dwt Eternity C (built 2012), who had been in the water for nearly two days, as Yemen’s Houthi rebels attacked and sank the Greek- managed ship.
According to a person familiar with the incident, this includes three Filipino crew members and one armed security guard.

· Lila Global pivots back to tankers as VLCC and two MR2s sail into its fleet

Owner wants to buy more, but says geopolitical events are pushing up prices
Lila Global has become the proud new owner of two International Seaways MR2 product tankers and a Mitsui OSK Lines VLCC.
These are the first large tanker buys that the Anil Sharma-led shipowning company has made in more than two years. Its focus more recently has been on big bulk carriers.

· Capesizes pulling away from sub-cape bulkers as outlooks hit a fork in the road

The only way is up for larger bulkers, but earnings for smaller sizes are still under pressure

Capesizes and smaller bulkers have reached a fork in the road where the larger sizes go one way and sub-capesize vessels another.
The divergence in earnings is made clear in new figures from a Research agency, reviewing the first half of 2025.

· World’s largest coal port plots post-coal course as China slashes imports

China is slashing coal imports dramatically, forcing the world’s largest coal export port to contemplate a future beyond the black fossil fuel.

This decline is largely driven, according to analysis by Greek broker Intermodal, by rising domestic coal output in China, elevated inventories, increased coal transportation via rail from Mongolia, and a growing trend for energy production from renewable sources.

“During the first half of 2025, global coal shipments fell 6% year- on-year amid weak import demand in large markets. Cargo loadings headed to China and advanced economies slowed considerably, partly due to stronger electricity generation from renewables and to weaker steel production,” said Filipe Gouveia, shipping analysis manager at BIMCO.
- Land once earmarked for a coal terminal will now be at the forefront of the global clean energy transition
China has installed more than half of the solar and wind generation capacity that has been installed globally over the past few years.

For instance, the solar capacity that China installed last year is comparable to what the European Union has overall.

Recent data from the UK-based energy think tank, Ember, shows that in April, wind and solar energy together generated more than a quarter of China’s electricity for the first time.

Amid weaker coal volumes, competition between segments in the dry bulk market increased in the first half of the year, putting pressure on freight rates. The Panamax segment managed to boost its coal shipments by 4% year-on-year, according to BIMCO data, and grew its share of the world’s coal shipments from 49% to 54%. These gains came primarily at the cost of the Capesize segment, which transported 23% less coal than in the previous year.

Preparing for less business from its main client, China, the port of Newcastle in New South Wales, Australia, recognised as the world’s largest coal export port, is actively pursuing diversification strategies to reduce its reliance on the black fossil fuel.

With coal accounting for 95% of its cargo volume and 72% of revenue, the port has set a goal to increase non-coal revenue to 50% by 2030.

Central to this transformation is the development of a deepwater container terminal and a 220 ha Clean Energy Precinct on Kooragang Island. The precinct aims to support the production and export of green hydrogen and ammonia, backed by federal investment.

Federal member for Newcastle Sharon Claydon said this week the clean energy plan lays a foundation for clean energy jobs and a broader industrial renewal.

“This is a defining moment for Newcastle – a city that has helped power the nation for generations is preparing to power the future with clean energy,” Claydon said, adding: “It’s hard to imagine a more powerful symbol of our region’s transformation – land once earmarked for a coal terminal will now be at the forefront of the global clean energy transition.”

Panama Canal rebounds as container and LPG volumes rise

While the Red Sea has roared back to the front pages of the shipping press this week, and the Black Sea remains blighted by war, one other chokepoint that has caused supply chain chaos in recent years has reported that it is operating at full capacity.

The Panama Canal, which suffered severe drought for around 15 months through 2023 and 2024 thanks to the El Niño weather phenomenon, has managed to operate at 50ft (15.24 m) draft throughout this year’s dry season, and will continue to have a relatively wet winter, or rainy season for the remainder of the year in preparation of the next dry season in early 2026, according to the waterway’s administrator, Dr Ricaurte Vásquez Morales.

“Liquified petroleum gas and container transits have increased, and dry bulk has recovered from last year,” Vasquez said in a markets update this week. “

Canal authorities are pressing ahead with a huge $1.6bn reservoir expansion, something that, when complete, will allow for 15 extra transits a day.

Between June 2023 and September 2024, transits through the Panama Canal were restricted due to low water levels in the Gatun Lake, forcing a raft of the global merchant fleet to change routings. There were restrictions on both the total number of transits and ship draft, and ships competed for limited transit slots.

· Fujian Highton readies $65m for bulker fleet expansion

Chinese bulker owner Fujian Highton Development is pressing ahead with its fleet expansion, earmarking $65m for fresh acquisitions in the second-hand market.

The fast-growing Shanghai-listed company revealed in a stock exchange filing that it intends to deploy the capital to acquire additional bulk carriers, as it continues to scale up its owned tonnage.

Founded in 2009 with a primary focus on the Supramax segment, Fujian Highton has steadily diversified into larger bulk carrier classes, including Capesize tonnage, in recent years. As of year- end 2024, the company reported a fleet of more than 60 bulkers— 46 of which are wholly owned—alongside three tankers.

The move comes on the heels of a year-long buying spree that saw the company spend around $230m on nine vessels.

In March, Fujian Highton acquired a quartet of bulkers built between 2013 and 2014 from ArcelorMittal Shipping for nearly

$60 million. More recently, the company took delivery of the 14- year-old, Supramax SFL Yukon—now renamed Xin Hai Tong 61— from SFL Corporation, and a trio of Kamsarmaxes from CDB Financial Leasing.

The company has not yet disclosed details on the types or sizes of the vessels it plans to acquire with the new funding, but market observers suggest more mid-age Supramax and Panamax additions in the near term.

Underwriters declined war risk cover for final voyage of Eternity C

Four dead, five still missing from bulk vessel
APs for Red Sea transits now hitting 1% of hull price
Further hardening expected
Insurance status of the Greece-operated bulk carrier sunk by the Houthis remains unclear.

· Peak season may have already peaked as Trump tariffs darken outlook

NRF predicts August-November US imports will fall 18% year on year and will be down 7% versus August-November 2023, when freight rates were particularly weak
New tariff letters from US President Donald Trump have ‘only served to further increase supply chain uncertainty’ as importers confront ‘erratic policies’
US imports from China are falling much faster than overall imports, given that total average tariffs on China are still around 50%

· Debt or damages? Suezmax sale dispute reaches UK Supreme Court

King Crude Carriers v Ridgebury to clarify how courts consider condition precedent
Can a party take advantage of its own breach of contract?
A contract dispute over a cancelled Suezmax tanker sale has reached the UK’s highest court, with ramifications for future cases.

· Capesize scrapping will come sooner than expected

Calculations by MSI suggest capesizes built between 2010 and 2012 could start to come under pressure, thanks to rising fuel costs

The big wave of dry bulk scrapping is always seemingly just around the corner, but the market may not have to turn too far downwards for the equations to start involving a trip to the breakers.

· Ship recycling tonnage in June lifted by big bulkers and a gas carrier

Lloyd’s List Intelligence data shows that total tonnage recycled

in June was up by some 70% compared to May

The Capesize bulker segment and the LNG sector provided a big boost to scrapping volumes
- Bangladesh recyclers handled most of the larger ships in June, but India is expected to benefit from having the most Hong Kong Convention-compliant yards going forward.

A total of 22 merchant vessels, of a combined 676,976 gt, were beached at recycling destinations in June, Lloyd’s List Intelligence data shows.

· Mark Carney responds to Trump’s ‘flow of fentanyl’ from Canada claim behind 35% tariff: ‘Made vital progress to stop…’

Canadian Prime Minister Mark Carney reacted to US President’s “flow of fentanyl’ from Canada” claim on Friday, saying that Canada has “made vital progress to stop the scourge of fentanyl in North America.”

Carney posted on X, “We are committed to continuing to work with the United States to save lives and protect communities in both our countries.”
In a letter released to Mark Carney, Trump said the new rate would go into effect on August 1 and would go up if Canada retaliated. It was the latest of more than 20 such letters issued by Trump since Monday, as he continues to pursue his trade war threats against dozens of economies.

The 35% tariff is an increase from the current 25% rate that Trump had assigned to Canada and is a blow to Carney, who was seeking to agree a trade pact with Washington.

President Donald Trump warned of a 35% tariff on some Canadian goods starting Aug. 1, issuing a fresh threat against one of the US’s biggest trading partners. The suggested rate would be an increase from the current 25% on imports that aren’t shipped under the terms of the US-Mexico-Canada Agreement. He also raised the prospect of increasing levies on most other countries to 15% to 20% from a current blanket rate of 10%, suggesting Trump is intent on ratcheting up rather than scaling back his trade war.

Trump has been issuing tariff letters to dozens of trading partners, slapping duties as high as 50% and increasing geopolitical volatility. Vietnam’s leadership was caught off guard by Trump’s announcement last week that it agreed to a 20% tariff, according to people familiar with the matter. Vietnamese officials believed they had secured a more favourable tariff range, and are still seeking to lower the rate.

The latest ramp-up in Trump’s rhetoric weighed on US stocks, and contracts for the S&P 500 fell 0.3%. Gold rose for a third day as investors sought haven assets. Asian stocks gained, though,

and Goldman Sachs strategists raised their forecast for Asia ex- Japan equities, citing a more favourable macro environment. The team upgraded Hong Kong stocks, saying they’re key beneficiaries of dollar weakness due to easing by the Federal Reserve. Even if the tariff rates imposed are somewhat above current baseline expectations, “the fundamental growth impact may not be as negative as markets feared in early second quarter,” they said.

· Donald Trump likely to make ‘major’ Russia statement as he

backs tougher sanctions on Putin’s govt

President Donald Trump said he plans to make a “major statement” on Russia, as the US prepares to send a volley of new American weapons to Ukraine via purchases from NATO allies.

· Red Sea traffic falls as Houthis vow to continue attacks

The Philippine Department of Migrant Workers (DMW) confirmed on Thursday that three more Filipino seafarers from the attacked and sunken vessel Eternity C have been rescued in the Red Sea, bringing the total number of rescued Filipinos to eight. Thirteen remain unaccounted for as search and rescue efforts continue in waters now increasingly perilous for commercial shipping with data emerging that shows Red Sea transits have dropped significantly this week.

The Eternity C, a Liberian-flagged, Greek-operated bulk carrier with a 22-member Filipino crew and one Greek security officer, was attacked by Yemen’s Houthi rebels around midnight on July 8 while sailing towards Hodeidah. The vessel sank on July 9 following a coordinated assault involving missiles, drones, explosive-laden boats, and small arms fire.

The attack follows the sinking of another vessel, the Magic Seas, just 24 hours earlier in a similarly coordinated Houthi assault. The Houthi leadership claimed both incidents were “clear warnings” to shipping companies doing business with Israel, specifically citing Cosmoship Management, the operator of Eternity C, for previously handling vessels that called at Israeli ports.

US officials accused the Houthis of kidnapping surviving crew after the vessel sank, a claim also echoed by Greek and Liberian sources. Greek outlet Kathimerini reported that four seafarers are feared dead, including three believed to be trapped in the engine room. Fatalities have not yet been officially confirmed by the ship’s operators.

In response, the Philippine government has escalated its maritime risk protocols, directing all licensed manning agencies to reroute vessels manned by Filipino crews away from Red Sea and Gulf of Aden routes, now officially designated as warlike zones.

“The attack on the Eternity C just days after the Magic Seas sinking marks an alarming escalation,” said Ami Daniel, CEO of maritime intelligence firm Windward. “Roughly 16% of the global commercial fleet has some form of operational link to companies trading with Israel. If the Houthis now target even indirect affiliations, we’re looking at a profound new threat to global maritime trade.”

The internationally recognised Yemeni government has called on the UN Security Council to act, warning that continued attacks risk environmental disasters, humanitarian disruption, and military escalation across the region.

“These terrorist attacks pose a serious threat to maritime security and could lead to devastating environmental disasters,” Yemen’s foreign ministry said in a statement, adding: “This escalation will lead to the militarization of regional waters and more destruction of Yemen’s fragile infrastructure.”

Iran’s threat to shipping, particularly in strategic maritime areas, has been a concern for many countries, particularly those reliant on the Strait of Hormuz, through which a significant portion of the world’s oil passes. Here are some key points regarding Iran’s threats to shipping:

Strait of Hormuz: This narrow waterway is critical for global oil transportation. Iran has historically threatened to close the Strait of Hormuz in response to military tensions or sanctions, which would have severe implications for global oil prices and supply.
Naval Capabilities: Iran has developed various naval capabilities, including fast attack boats, submarines, and missile systems. The Iranian Revolutionary Guard Corps (IRGC) has been particularly active in asserting Iran’s military presence in the Gulf region and responding aggressively to perceived threats.
Proxy Forces: Iran utilizes proxy forces in the region, such as Yemeni Houthis and Hezbollah, to exert influence and disrupt maritime operations. These groups have engaged in actions against shipping and can pose risks to international shipping lanes.
Incidents at Sea: There have been numerous incidents where Iranian forces have harassed or seized foreign vessels. These incidents often escalate tensions and can lead to retaliation from other nations, particularly the U.S. and its allies.
Sanctions and Economic Warfare: In response to U.S. sanctions, Iran may resort to disruptive actions in shipping lanes as a form of economic warfare. This includes targeting oil tankers or international shipping companies associated with sanctions enforcement.
International Responses: The threat to shipping from Iran has prompted international coalitions to ensure the safety of maritime navigation in the region. For instance, various naval operations have been established to protect merchant vessels.
Cyber Threats: Beyond conventional military threats, Iran has also engaged in cyber operations that target shipping infrastructure and logistics, posing another type of threat to maritime security.
Given these factors, Iran’s threat to shipping remains a significant concern for regional and global security, influencing military strategies and international relations in the area.

As a credit manager, the last thing you want to discover when chasing an invoice is the vessel you bunkered 4 weeks ago has just been sold for scrap. Today, the risk of that happening is

greater than it’s ever been. If you rely on VesselsValue.com you will be able to learn which vessels have been sold for demolition in the last week.

· Oil at the Center as U.S. and Brazil Edge Toward a Trade War

Brazil is preparing to defend its oil export sector as U.S. President Donald Trump threatens to impose a 50% tariff on Brazilian imports starting August 1. The move has escalated tensions between the two countries, with Brazilian President Luiz Inácio Lula da Silva vowing reciprocal action: “If he charges us 50%, we’ll charge him 50%,” Lula told local media outlet Record.
Oil is Brazil’s top export to the United States, and until now it had been exempt from a 10% tariff already imposed on other Brazilian goods. In 2024, Brazil exported a record 1.78 million barrels per day (bpd), of which 243,000 bpd were shipped to the U.S., according to government data compiled by consultancy StoneX. The prospect of a steep tariff on crude has raised concerns about short-term disruption but not long-term damage.
“These tariffs may generate short-term noise in trade flows and impact margins on spot contracts, but do not represent a structural

risk,” BTG Pactual analysts Luiz Carvalho and Gustavo Cunha said in a client note. They expect Petrobras—Brazil’s largest oil producer—to remain largely unaffected, noting that only 4% of its oil exports went to the U.S. in Q1 2024.

While the U.S. market accounts for roughly 37% of Petrobras’ refined product exports, analysts believe these flows can be redirected with minimal impact. “In absolute terms, it’s a small volume, and Petrobras should be able to find alternative buyers,” BTG added.
Still, the Brazilian Petroleum Institute (IBP), which represents oil majors like Petrobras, Shell, TotalEnergies, and Equinor, has expressed concern and urged the government to pursue a diplomatic resolution. The Institute is awaiting clarification on whether oil will remain exempt under Trump’s revised tariffs.
Lula has convened a ministerial group to study Brazil’s response, warning that the country may also appeal to the World Trade Organization. He cited Brazil’s new Reciprocity Law as a legislative tool to counter tariff hikes from foreign governments.
As U.S. tariffs are delayed until August 1, Brazil is attempting to safeguard a sector that has become increasingly important for its economy. With export volumes rising and diversification underway, Brazil may weather the immediate fallout—but a prolonged trade war could test even its flexible energy strategy.
Planeloads of Russians’ Touch Down in Iraq as Moscow Eyes Oil, Nuclear Deals
Russia eyes new oil deals in southern Iraq to expand its influence beyond Kurdistan and replicate Iran-style long-term energy pacts.
Iraq helps disguise Iranian oil as its own, aiding sanctions evasion via shared reservoirs and covert cross-border drilling.
Talks on nuclear cooperation with Russia and China raise Western concerns about dual-use tech and regional power shifts.

· U.K. Economy

Unexpectedly Slumps to Second Straight Month of Contraction

The slowdown is likely to further cool a weakening jobs market, which would in turn pressure consumer spending,

US, Japan see the highest FDI outflows; India among lowest. Countries with highest and lowest FDI outflows in 2024 (in $ billion):

Steady progress : Tracking India’s Shift towards a Cleaner Future. India’s renewable energy capacity has surged over the past few years, highlighting the country’s growing focus on sustainable power.

US President on Thursday, 11^th July, announced a 35% tariff rate for goods imported from Canada, starting 1^st August. This comes days after Trump had announced on 28^th June, that he was terminating trade negotiation talks with Canada.

Key IMO safety developments

The IMO is making significant progress towards modernising global maritime safety regulations, with new regulations that seek to enhance standards in order to accommodate new technologies and fuels, while making the maritime industry more adaptable and receptive to innovation.
The complexity of maritime safety is evident from the wide variety of topics currently on the agenda of the International Maritime Organization (IMO) – some of which are highlighted below.
Propulsion and steering – from prescriptive requirements to a goal-based format
Current regulations around propulsion and steering are part of the Safety of Life at Sea (SOLAS) treaty, which was drafted when most vessels were powered by conventional engines and manoeuvred by rudders. With so many other systems now available and in widespread use, work is underway to translate these existing requirements into a goal-based format that is prescriptive regulations, outlining needs to be achieved as opposed to this should be achieved, allowing the IMO to define key safety criteria and leave the technical implementation to other stakeholders.
“A key benefit of goal-based requirements is that they provide the industry with the flexibility to accept new technologies and novel designs by meeting broad safety requirements instead of specific design criteria,” says Kathrine Ilje Nerland, Senior Principal Engineer and safety regulation expert at DNV. “In practice, this enables the maritime industry to adopt new fuels or operating systems with total clarity on safety expectations, while avoiding strict constraints on their ability to innovate.”

Baltic Exchange Index – 11 JULY 2025

Baltic Exchange Capesize Index 2104 (+ 440)

Route Description Value($) Change

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

C2	160000mt Tubarao to Rotterdam		8.929 + 0.736
C3	160-170000mt Tubarao to Qingdao		19.985 + 1.165
C5	160-170000mt W Australia to Qingdao		8.220 + 0.685
C7	150-160000mt Bolivar to Rotterdam		12.364 + 1.814
C8_14 180000mt Gibraltar-Hamburg T/A RV			19,929 + 7715
C9_14 180000mt Conti/Med Trip China/Japan			37,150 + 2987
C10_14 180000mt China/Japan T/P RV			15,814 + 2834
C14	180000mt China-Brazil RV	15,490 + 2106
C16	180000mt N.China to Skaw-Passero	6 + 937
C17	170000mt Saldanha Bay to Qingdao	14.672 + 0.858

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

5TC Weighted Timecharter Average 17,453 + 3654

Baltic Exchange Panamax 82500mt Index 11 JULY 2025
Baltic Exchange Panamax Index 1,860 (+ 137)

Route Description Value ($) Change
====== ================================= ========
P1A_82 Skaw-Gib T/A RV 19,705 + 2069
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 24,421 + 2088
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 13,829 + 968
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 8,450 + 405
P6_82 Dely Spore Atlantic RV 16,909 + 759
====== ================================= =======
P5TC Weighted Timecharter Average 16,743 + 1236

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

Route Description Value ($) Change
====== ================================= =======
P5_82 S. China Indo RV 13,606 + 562
P7 66000mt Mississippi Rvr to Qingdao 52,279 + 2.158
P8 66000mt Santos to Qingdao 40,950 + 0.964

Baltic Exchange Supramax Index – 11 JULY 2025
Baltic Exchange Supramax Index 1219 (+ 37)

Route Description Value ($) Change
====== ========================================= =====
S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 14,850 + 271
S1C_63 US Gulf trip to China-South Japan 25,086 + 1711
BS2_63 North China one Australian or Pacific RV 13,625 + 287
BS3_63 North China trip to West Africa 12,950 + 150
S4A_63 US Gulf trip to Skaw-Passero 27,214 + 1350
S4B_63 Skaw-Passero trip to US Gulf 10,939 + 359
BS5_63 West Africa trip via ECSA to North China 17,693 + 350
BS8_63 South China trip via Indo to EC.India 15,789 + 382
BS9_63 W.Africa trip via ECSA to Skaw-Passero 15,811 + 315
S10_63 S.China trip via Indonesia to South China 12,816 + 335
S15_63 Indian Ocean trip via S.Africa to Far East 13,592 + 500
====== ========================================= =====
S11TC Weighted Timecharter Average 15,408 + 464

S10TC Supramax(58) Timecharter Average 13,374 + 464

Baltic Exchange Index – 11 JULY 2025
Baltic Exchange Handysize Index 645 (+ 2)

Route Description Value ($) Change
====== ======================================== ======
HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 5,989 + 75
HS2_38 Skaw-Passero trip Boston – Galveston 8,150 + 50
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 17,800 + 22
HS4_38 USGulf trip via USG or NCSA to Skaw-Passero 15,104 + 61
HS5_38 SE Asia trip to Spore – Japan 11,938 + 19
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp 11,113 + 32
HS7_38 N.China-S.Kor-Jpn trip to SE Asia 11,138 + 13
====== ======================================== ======
7TC Weighted Timecharter Average 11,604 + 37

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