The world’s skylines have significantly transformed, largely due to the evolution of architectural and construction technologies, particularly the use of steel and the rise of skyscrapers. This has led to cities expanding vertically, optimizing land use and creating iconic symbols of economic power and innovation. Skyscrapers have become defining features of many urban landscapes, and cities are often evaluated and recognized for the unique character of their skylines.

Despite global headwinds, India’s economy is projected to grow at 6.5% in FY26, driven by domestic tailwinds like low inflation and a benign

interest rate environment. However, the Indian economy is resilient and continues to be the fastest growing country among large economies.

While the IMF and WB have cut India’s FY26 growth forecasts to 6.2% and 6.3% respectively, the domestic momentum remains strong due to rising public capex, healthy consumption patters and improving rural demand.

EU leaders Ursula von der Leyen and Antonio Costa are in Beijing today for the signing of a landmark climate cooperation document with Chinese President Xi Jinping. Von der Leyen told Xi that relations were at “an inflection point.” But the historic moment is at risk of being overshadowed by rapidly evolving EU-US trade talks.

Brussels and Washington are progressing toward an agreement that would set a 15% tariff for most imports, according to diplomats briefed on the negotiations, though the EU is still pushing for cars to be included in that rate. Steel and aluminium imports above a certain quota potentially face a higher tariff of 50%. White House trade adviser Peter Navarro sounded a word of caution about the prospect of a deal. “Never, never assume that anything’s fixed until the boss says it’s fixed.

The International Court of Justice delivered a historic advisory opinion, saying countries had to do all they can to combat rising temperatures. Failure to do so could entail consequences — like paying reparations to the most-affected countries — something the EU, as a historically big CO2 emitter, has long rejected.
Kyiv Protests | Protests flared across Ukraine for the second night after President Volodymyr Zelenskiy’s decision to hobble anti-corruption authorities. The move blindsided Kyiv’s allies and may have inflicted lasting damage to its ambition to join the EU.
Defence Push | Germany has approved a law to accelerate military planning and procurement, as it looks to transform its military into Europe’s strongest conventional army. It also includes changes related to air-defence radar systems and military airfields.
Fighting Drought | Greece plans to merge more than 700 mostly municipal-controlled water companies into just three to tackle a worsening drought that’s left reservoirs supplying Athens at the lowest level in three decades, we’ve learned. The government will also create a fund to finance dams, desalination plants and other investments to safeguard water security.
The Dutch government is confident the country will secure enough natural gas inventories ahead of this winter and plans to establish an “emergency reserve” starting in 2026 to ease trader concerns over sluggish storage injections. Traders have been watching
Dutch reserves as they’ve been lagging behind peers such as France, Italy and Austria. The country is a relatively small energy consumer, but it’s a key trading hub, home to the continent’s gas benchmark.
The bombardment of Gaza has left contaminated soil, blackened water and mounds of garbage spreading disease and pollution; a toxic legacy that will last generations, and extend beyond its borders.
Before the war, Souk Feras in central Gaza city packed with rows of small shops and stalls where people came to haggle for fresh local produce: olives, tomatoes and peaches. Today, the market has been replaced by a landfill.

· Columbia Agrees to $200 Million Fine to Settle Fight With Trump

The agreement will restore hundreds of millions of dollars in federal research funding after a months-long fight over allegations that the school failed to quell antisemitism.

· Self-praise of the results – Nothing New:

Trump’s Commerce Secretary Lutnick and Treasury Secretary Bessent praised the trade agreement with Japan , which was made possible through an “innovative financing scheme” that will bring $550 billion (approximately 80.4 trillion yen) of investment to the United States.

Bessent said, “The Japanese side brought the idea of a partnership between Japan and the United States, in which they would provide investment, credit guarantees and funding for large-scale projects in the United States.” Lutnick also said the agreement “could serve as a model” for negotiations with the European Union, explaining that the investment proposal was his own idea, and that 90% of the investment profits would belong to the United States.

Why is India blending more ethanol with Petrol?
All commercially available petrol in India has upto 20% ethanol. The Government wants to add more to cut more carbon emissions and save more. India achieved its target of blending upto 20% ethanol in petrol in March 2025 – five years ahead of the 2030 deadline. Now the Government has grown more ambitious. It wants to blend more ethanol into petrol.

· Dry bulk & Tanker newbuild orders collapse:

H1 2024:

Bulkers 422 (China 314, Japan 95)

H1 2025:

Bulkers 76 (China 41, Japan 32), China down 87% y/y.

H1 2024:

Tankers 486 (China 360)

H1 2025: Tankers 102 (China 49), China down 86%.

These stats came in from a broker friend in Florida. It’s only obvious, with the way new building prices are and that too yards are not offering deliveries until 28/29, why would an owner take a position at today’s prices, and lacklustre charter rates. On the other hand, China is controlling close to 70% of world shipbuilding capacity. Trump is chewing gum thinking he will build a LNG carrier in USA. He might build one but would land up spending $400-450 million to build one, when LNG carriers are gasping for earnings. How does PM Narendra Modi plan to become a competitor in world shipbuilding if the above stats are to be true and how are we going to compete on price and more importantly on efficiency, timelines? Besides, the whole world now suddenly wants to up their defence budgets and build bigger Navy’s and Coast Guards. No doubt there will be very forward deliveries and price inflation. The USA with its minimum wage structure and unionization can never be competitive. Look at their own Jones Act, how many ship owners in USA actually built under the Jones Act for cabotage trade?

· The Coming Pax Geriatrica

How De-population and Aging Societies Will Lead to Fewer Wars

The vast majority of the world’s countries are experiencing a demographic revolution: dramatic, sustained, and likely irreversible population aging. A combination of low fertility levels and high life expectancies has led to a significant increase in the percentage of people 65 and older, and with it, a steady rise in the median age of their populations. In 1950, around five percent of the world’s population was 65 or older. By 2021, that number had nearly doubled. Even if fertility rates stop declining and remain where they were in 2022—an unlikely development—the United Nations forecasts that by 2050, that percentage will have more than tripled, many of these states are not just aging; they are becoming smaller as a result. More than 40 countries have shrinking populations because of low fertility levels. By 2050, nearly 90 countries will have fewer citizens at the end of each year than they did at the beginning

As many analysts have pointed out, the aging of a population slows economic growth and necessitates new and greater public spending on the welfare of elderly citizens. But it also has an important, unrecognized international benefit: aging significantly reduces the likelihood of war between states. The twenty-first
century, widely predicted to be an “age of de-population,” may also turn out to be a more peaceful one.
Lead story

Imagine, if you will, the summer of 2008. George W. Bush is still in the White House. Katy Perry is topping the charts. Apple just unveiled the iPhone 3G. And The Atlantic has people talking about its latest cover story: “Is Google Making Us Stupid?” In it, tech writer Nicholas Carr confessed that he and his circle were struggling to concentrate long enough to finish a book. The culprit? The internet.

· Xi administration quick to tell civil servants they can drink

This week’s China Up Close takes a look at the fuss about an “alcohol ban.” In response to the alcohol poisoning deaths of civil servants, the administration of Chinese leader Xi Jinping sent a warning in mid-May that party officials and government workers should refrain from indulging in luxury dishes, alcohol and cigarettes at official meals.

Local government officials took the warning as a de-facto ban on alcohol. Their overreaction to the actual order went so far as prohibiting civil servants from having meetings that involved drinking, which dealt another blow to the ailing economy. Facing a public backlash, the administration used official media outlets to send a message that not all drinking and eating is prohibited. The quick response indicates the seriousness of China’s economic woes and suggests a subtle change in China’s political climate.

In a keynote address at the AI summit in Washington, Trump said that the US “must once again be a country where innovators are rewarded with a green light, not strangled with red tape”.

He told attendees, including Nvidia chief executive Jensen Huang, that the “AI Action Plan” would spur technology development and ensure that the US did not fall behind China.

The new policy actions, backed up by three new executive orders, would fast-track permitting for AI construction projects and data centres and withhold federal funding for AI-related projects from states with “burdensome” regulations.

The administration also said it would vet AI models for “ideological bias” and block any companies whose products fail to provide “objective truth” from doing business with the US government.

For a glimpse of how India’s elite travels, sit in a left-hand-side window seat of a flight from Delhi to Mumbai. As the plane rolls down the runway, the last thing you will see before take-off is dozens of gleaming private jets parked in neat rows. Landing in Mumbai, you will spot Gulfstreams, Bombardiers and perhaps even a corporate Boeing 737. Every time I take this flight it feels like the number of jets parked at these airports has grown.

The data back this up. In 2020 India’s fleet of private jets numbered 137. By 2024 this number had grown to 168, a rise of 23%. The monthly number of private-flight departures from Indian airports has shot up over the same period from an average of 800 to 2,400. In the year to March, four of the top ten private-jet routes in Asia were in India, connecting Mumbai to Delhi, Bangalore, Ahmedabad and, believe it or not, Pune.

These days India has the third-largest fleet of private jets in Asia, not far behind Australia (214) and China (249). But China’s tally is shrinking; Australia’s is stagnant. The number in India is growing strongly: it could soon have the continent’s biggest fleet.

Private jets allow busy businesspeople to jet to multiple meetings in a single day and then sleep in their own beds at night.

Dennis Lau of Asian Sky Group, a broker and consultancy, told me that in China buyers lean towards bigger, long-range planes, even though most of the flights they do are domestic. That implies status-signalling. But India’s private-jet fleet combines all types of aircraft, suggesting that Indians are buying them to meet very practical needs. Another broker told me that while he has stories of Chinese billionaires buying multimillion-dollar planes sight unseen, Indians bargain down to the last

$5,000. That’s the sort of thing that makes me proud of my countrymen.

Owning a private jet is not all champagne and caviar, though. Fixed costs run at $1-1.5m a year, before parking, landing and fuel charges. And Mumbai airport is so packed with private jets that the airport’s operator has asked owners to move them to a new airport that is being built on the city’s outskirts. Cue howls of protest from Mumbai’s super- rich, who complain about longer travel times. I know I should not derive pleasure from other people’s problems. But I admit that as I sit in the back of another IndiGo flight munching on another chicken junglee sandwich, you may glimpse the flicker of a smile.

· Livestock carrier comes under fire off Yemen

The 49-year-old Comoros-flagged livestock carrier Merinos Livestock was approached today by a wooden boat approximately 35 nautical miles south-southwest of Hodeidah, Yemen, according to maritime security specialist Vanguard Tech. The captain reported that the small boat opened fire and instructed them to proceed to Mokha, Vanguard Tech related in an alert sent to clients.

· Russia temporarily halts Black Sea oil loadings amid sweeping port security crackdown

Reuters reported yesterday that Russia has imposed a sudden halt on foreign oil tanker loadings at its key Black Sea export hubs, citing a new port security decree that requires Federal Security

Service (FSB) clearance for all foreign vessels — a move poised to disrupt over 2% of global crude supply.

Big names back fuel reform drive in Europe’s largest bunkering hub
A group of major shipping and marine fuel companies has launched a self-regulatory initiative aimed at increasing transparency and trust in the bunkering process, starting in the Amsterdam-Rotterdam-Antwerp (ARA) region, the world’s second- largest and Europe’s largest bunkering hub. The Bunkering Services Initiative, backed by companies including Cargill, Frontline, Hafnia, Hapag-Lloyd, Mercuria, Minerva Bunkering, Oldendorff, Trafigura, …

· Japanese shipbuilders ready to invest in American yards

The US and Japan struck a new trade pact yesterday, cutting US tariffs on Japanese vehicles from 25% to 15%. In return, Japan pledged $550bn in US investments and a major goods purchase program.

Contained in a factsheet handout from the White House is news that Japanese companies will invest in American commercial and defense shipbuilding, including new yards and modernisation of existing facilities.

Japanese yards have been keen to get onboard Donald Trump’s plans to revitalise American shipbuilding, something their rivals in South Korea have also been fast to join, with Hanwha Ocean and HD Hyundai both forming deals in the US in recent months.

Tokyo and Washington have been discussing establishing a Japan-US Shipbuilding Revitalization Fund in recent months, with Japanese yards pitching to build car carriers and LNG vessels, as well as investing in yards in the US.

The two nations are also discussing naval ships and icebreakers, as well as ways to build a maritime supply chain between Japan and the US that is not dependent on China.

· Yang Ming bolsters methanol-ready boxships newbuild series in Japan

Taiwanese carrier Yang Ming Marine Transport has added to its methanol dual-fuel-ready 8,000 teu containership series with three newbuilds booked for construction at Japan’s Nihon Shipyard.

The deal, disclosed in a stock exchange filing, is worth between $351m and $394m, with delivery from the Imabari Shipbuilding-Japan Marine United joint venture yard scheduled between 2028 and 2030.

The order adds to a growing fleet renewal programme aimed at phasing out older ships and modernising Yang Ming’s mid-sized tonnage. The company is replacing vessels in the 5,500 to 6,500 teu range that are over two decades old.

The latest booking follows a deal with Japanese owner Shoei Kisen in March for three methanol dual-fuel-ready 8,000 teu ships under construction at Imabari, also due in 2028–2029. Once delivered, Yang Ming will operate six methanol-ready vessels in this segment.

In addition to its methanol plays, Yang Ming earlier this month signed a contract with South Korea’s Hanwha Ocean for seven 15,500 teu LNG dual-fuel containerships in a deal valued between $1.36bn and $1.53bn. Those ships are expected in 2028 and 2029.

The company has already committed to five 15,500 teu LNG dual-fuel vessels under construction at HD Hyundai Heavy Industries, with delivery beginning in 2026.

“These newbuildings are expected to stabilise mid- to long-term fleet deployment and strengthen the company’s service offerings,” Yang Ming said in a statement.

Yang Ming is currently the 10th largest liner operator globally and the second-largest in Taiwan after Evergreen, operating a fleet of roughly 100 vessels.

· Rethinking shipping’s systems to unlock a sustainable blue economy

Today’s maritime industry faces unprecedented uncertainty as it navigates geopolitical tensions, shifting trade dynamics, and a rapidly evolving regulatory landscape. However, whilst managing these competing challenges, shipping must not lose sight of its responsibility to protect the world’s oceans, its resources and the planet it sustains.

As the world’s largest and most vital mode of trade, shipping sits at the heart of the ocean economy, a large and fast-growing economic sector with significant untapped potential. But if we are to ensure the future health and prosperity of our industry at the same time as protecting the marine environment and responsibly growing the wider ocean economy, it is vital that shipping challenges the deeply conservative financial frameworks that underpin it.

The ocean economy is estimated to be worth $2.2trn annually, encompassing everything from global trade to tourism, fisheries and offshore energy. Marine-based activity has outpaced global GDP growth for decades, and shipping, in particular, has experienced a period of sustained growth in recent years. In 2023, over 12bn tonnes of cargo were transported by sea, 2.6 times the volume shipped in 1995.
But while this economic expansion represents a positive signal of the industry’s resilience, the environmental cost is undeniable. Over 90% of the global fleet still runs on polluting fuel oil, and decarbonising the industry will cost between $8bn and $28 bn annually, with the price tag for infrastructure upgrades potentially reaching $90bn.

These are daunting figures for owners navigating uncertain fuel availability, evolving regulations, and variable demand. Furthermore, the industry is having to contend with a rapidly aging global fleet that will see approximately 15,000 vessels reach the end of their economic life within the next 10 years. In light of shipping’s growing capital needs as a result of these challenges, it is essential that the industry invests in “green ships” that are fit to support a decarbonized shipping sector.

In order to fund this imbalance, the industry could embrace a shift to green financing models that indelibly link capital with climate performance. This concept is not new. In 2019, a collective of global shipping financial institutions and industry organizations launched the Posidon Principles, a global framework to ensure continued alignment of shipping portfolios with global climate goals, and which represents over $240bn in today’s global shipping finance.

From a public finance perspective, regional bodies – such as the EU Innovation Fund – are investing significantly in green fuels and zero-emission vessel pilots, as well as bunkering infrastructure to support the industry in managing its green transition.

Shipping’s complex operational landscape also provides a significant opportunity to double down on the progress that has been made in elevating the role of green financing by departing from its traditional conservative financial models that prioritize short-term cost efficiency, in favour of investment that is directly tied to achieving long-term environmental gain. In a decarbonized world, financing mechanisms must evolve to facilitate the green transition, but they also have to find a way to incentivize all stakeholders and requirements.

As the sustainable finance landscape evolves, financial institutions must also adjust their sentiment to maritime investment markets in order to consider evolving regulatory frameworks and address the value chains and industry levers that will ultimately drive sustainable finance. Only then will the industry be in a position to correct the current imbalance between economic growth and environmental stewardship.

A sustainable blue economy isn’t a distant vision; it’s an urgent necessity. However, in order to achieve this collective goal, the maritime industry must reimagine the interconnected systems, processes and practices that have remained unchanged for decades.

· Saipem and Subsea 7 sign merger deal to create offshore engineering powerhouse

Italian offshore engineering and construction giant Saipem and offshore engineering and services player Subsea 7 have signed a binding merger agreement between the two companies.

The terms and conditions of the merger are in line with

an agreement in principle on the key terms of the merger signed on February 23, 2025. The merger deal is expected to be completed in the second half of 2026.

As previously communicated, the merged company will be created by absorbing Subsea 7 into Saipem, with the latter renamed Saipem 7. The company will remain incorporated in Italy and headquartered in Milan, and listed on both the Milan and Oslo stock exchanges.

Saipem 7 will have revenue of around €21bn ($24.7bn), EBITDA above €2bn ($2.35bn), and a combined backlog of €43bn ($50.6bn).

Saipem and Subsea 7 shareholders will own 50% each of the share capital of the combined company. Subsea 7 shareholders will receive 6.688 Saipem shares for each Subsea 7 share held. Siem Industries, the largest shareholder of Subsea 7, and Eni and CDP Equity, the largest shareholders of Saipem, have all agreed to back the merger.

The chairman of the Saipem 7 will be designated by Siem Industries, most likely Kristian Siem, while the CEO will be appointed by CDP Equity and Eni. As it now stands, Alessandro Puliti, the CEO of Saipem, will take on the CEO role of the merged firm.

Saipem7 will be structured into four different businesses, with the largest business – offshore engineering and construction – set to be incorporated into an operationally autonomous company named Subsea 7, led by John Evans.

The new company will have a global workforce of approximately 44,000 people, including more than 9,000 engineers and project managers, as well as a fleet of over 60 vessels.

· US policy shift forces Equinor to book $1bn US offshore wind impairment

Norwegian energy major Equinor has recorded a $995m impairment on its US offshore wind ventures, regardless of US president Donald Trump allowing the construction of the $5bn Empire Wind project to restart.
Equinor said that the write-down was due to the removal of key investment tax credits for new renewable developments and growing uncertainty over the future of its South Brooklyn Marine Terminal facility.

Namely, a $763m hit was due to the 810MW Empire Wind 1 and the South Brooklyn Marine Terminal, while another charge of $192m was due to the lease area for Empire Wind 2.
Empire Wind faced additional headwinds earlier this year when Interior Secretary Doug Burgum issued a stop-work order in April 2025, acting on president Trump’s campaign promise to block all offshore wind projects. Construction was allowed to resume in May.

Furthermore, rising tariffs added roughly $300m to Empire Wind’s overall expenses. Following the impairment, the book value of Empire Wind now stands at $2.3bn. The second phase of the project is currently on hold amid the loss of tax incentives and ongoing political opposition.

Another issue is the fact that Equinor believed that the investment in the South Brooklyn terminal would be paid for by two projects constructed by other developers. According to the company, that seems highly unlikely at this point.

“Reduced expected synergies from future offshore wind projects resulting from regulatory changes and increased exposure to tariffs impacted the project economics negatively in the second quarter of 2025,” the company explained.

Equinor CEO Torgrim Reitan said that the company’s assumptions about the US offshore wind market had shifted significantly following policy changes under the current Trump administration, particularly regarding tax credits for new developments being taken away.

· EU import ban on Russian gas unlifiely to worfi, report finds

Commission proposed phase-out of all Russian piped gas and LNG imports to the EU by the end of 2027

Legal and practical constraints will limit the plan’s effectiveness Buyers could face legal and financial risks if they try to declare force majeure

· Opportunistic Chinese carrier targets premium cargo with direct Arctic route to Europe

Sea Legend will launch a direct Arctic route from China to northern Europe in September, targeting high-value cargo with an 18-day transit

The move comes amid growing China-Russia cooperation on the northern sea route, despite geopolitical challenges

Sea Legend shares vessels and operations with its China– Russia specialist partner, Safetrans Line, one of whose vessels crossed Arctic waters last year.

Liner giants MSC and CMA CGM hunt multibillion-dollar feeder haul

The pair are seeking ships ranging between 1,000 teu and 6,000 teu Two of the world’s largest container shipping companies are looking to renew their fleets with feeder boxship newbuildings. The number of new ships needed may well exceed 120 and cost billions of dollars.

· IEA update shows coal use worldwide is likely to stay close to all-time high reached in 2024, with varying trends seen across different regions in first half of 2025

Global coal demand is likely to remain broadly unchanged this year and next, despite short-term fluctuations across several major markets in the first half of 2025, according to the IEA’s latest update on the sector released today.
The Coal Mid-Year Update shows that global coal demand increased to a new all-time high in 2024 of around 8.8 billion tonnes, up 1.5% from 2023, as rising consumption in China, India, Indonesia and other emerging economies more than offset declines in advanced economies in Europe, North America and northeast Asia.
However, several of those trends reversed in the first half of 2025 as demand declined in China and India due to weaker growth in electricity consumption and strong increases in power generation from renewable sources. By contrast, coal use grew by around 10% in the United States as robust growth in electricity demand combined with higher natural gas prices drove up coal consumption for power generation. In the European Union, coal demand was broadly flat, with lower consumption by industry offsetting higher demand from electricity generation.
Despite these short-term variations, the report notes that the underlying structural drivers of the world’s coal use remain broadly unchanged. As a result, it forecasts a slight increase in global coal demand in 2025, followed by a marginal decline in 2026, bringing demand to just below 2024 levels. This remains consistent with the forecast published in December in Coal 2024, the IEA’s annual coal market report, with the main changes of note since then including downward revisions for global economic growth and the important energy policy shift in favour of coal in the United States.
Over the whole of 2025, coal demand in China is expected to decline slightly, by less than 1%. In the United States, demand is forecast to grow by around 7%, and in the European Union, it is set to decrease by nearly 2%.
“While we have seen contrasting trends in different regions in the first half of 2025, these do not alter the underlying trajectory of global coal demand,” said IEA Director of Energy Markets and Security Keisuke Sadamori. “We expect the world’s coal consumption to remain broadly flat this year and next, in line with our previous forecast, although short-term fluctuations remain possible in different regions due to weather conditions and the high degree of economic and geopolitical uncertainty. As in past years, global coal trends continue to be shaped overwhelmingly by China, which consumes almost 30% more coal than the rest of the world combined.”
The power sector remains the dominant source of coal demand in China and globally. But industrial use of coal in China, particularly in steel and chemicals, is also large enough to influence global trends.
Global coal production is expected to rise to a new record in 2025, driven by continued output growth in China and India, which rely on coal for ensuring their energy security priorities. However, the report anticipates a decline in global coal production in 2026, as high stock levels and lower prices begin to weigh on supply.
Coal trade volumes, which rose steadily in recent years, are projected to contract in 2025 for the first time since the 2020 Covid-related downturn. This decline is expected to continue into 2026, which would mark the first consecutive two-year drop in global coal trade volumes this century, according to IEA data.
Amid persistent oversupply, coal prices have fallen back to levels last seen in early 2021, putting economic pressure on producers. While Indonesia is expected to register the largest drop in output by volume in 2025, Russian coal exporters are facing the most acute economic strain due to current market conditions.

A short decade and a half later and another momentous-feeling technology is taking hold: generative AI. Students are using it to write reports on books they haven’t read. Lawyers are using it to write briefs with fake citations. As one unfortunate soul after another makes the news for relying too much on AI, it’s hard not to ask: Is ChatGPT making us stupid?
That’s what Aaron French, a professor of information systems at Kennesaw State University, was wondering. French has been studying artificial intelligence for two decades, and he sees clear parallels between today’s anxiety over generative AI and the fears Carr raised in 2008. Drawing on his research, French argues that generative AI, much like Google, doesn’t have to make us stupid – but it very well could, if we let it.

Baltic News 24^th July, 2025

BALTIC INDICES 24/07/2025

DRY INDEX: 2258 (+ 138)

CAPESIZE INDEX: 3790 (+ 451)

PANAMAX INDEX: 1882 (- 23)

SUPRAMAX INDEX: 1298 (- 15)

HANDYSIZE INDEX: 682 (+ 0)

BCI   TC AVG $/DAY 31429 (+ 3741)
BPI82 TC AVG $/DAY 16940 (- 202)
BSI         TC AVG $/DAY 16410 (- 191)
BHSI TC AVG $/DAY 12273 (+              4)

TIMECHARTER

‘Lowlands Blue’ 2019 99991 dwt dely Khor Fakkan 5/6 Aug trip via South Africa redel China intention chrome ore $20,750

‘KM Nagoya’ 2012 95439 dwt dely Fujian 30 Jul trip via WC Australia redel China $15,000 – Cobelfret

‘W-Star’ 2011 92842 dwt dely Dongjiakou 22 Jul trip via NoPac redel Singapore-Japan $14,000 – ST Shipping

‘Kyra Thaleia’ 2009 81383 dwt dely retro Haldia 12 Jul trip via EC South America redel Singapore-Japan

$14,750 option redel SE Asia $14,250 – Langlois

‘Amemptos’ 2019 81107 dwt dely Hong Kong 28/31 Jul trip via E Kalimantan redel AG-Singapore $15,500 –

Cargill

‘Sasebo Eco’ 2014 77888 dwt dely Kunsan 27/28 Jul trip via NoPac redel Singapore-Japan $14,000 –

Klaveness

‘Xin Dong Guan 15’ 2013 76202 dwt dely Dahej 29/31 Jul trip via EC South America redel Singapore-Japan

$14,500

‘HC Energy’ 2006 73594 dwt dely Hong Kong 30/31 Jul trip via Indonesia redel S China $13,500

‘Anafi’ 2024 63629 dwt dely retro Pipavav 19 Jul trip trip via Richards Bay redel Bangladesh $17,000 –

<corrects rate 23/7>

‘Zante Dawn’ 2011 34146 dwt dely Safi prompt trip redel ARAG intention gypsum $13,000 – Lauritzen

VOYAGES ORE

‘TBN’ 170000/10 Dampier/Qingdao 8/10 Aug $10.00 fio 90000shinc/30000shinc – Rio Tinto – <23/7 fixture>

‘TBN’ 170000/10 Dampier/Qingdao 9/11 Sep $10.50 fio 90000shinc/30000shinc – Rio Tinto

‘TBN ‘ 170000/10 PDM/Jaigarh 24 Aug/3 Sep $22.00 fio 3 days shinc/30000shinc – Vale – <23/7 fixture>

‘TBN ‘ 160000/10 Seven Islands/Ijmuiden 15 Aug Cancelling $14.75 fio 60000shinc/25000shinc – Tata Steel

Marex Media

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