Trump Is Changing Corruption—and Making It More Dangerous

Whether he is launching cryptocurrency schemes or accepting a Qatari jumbo jet or issuing pardons for the relatives of major donors, Donald Trump has drawn frequent accusations of corruption in the early months of his second term as U.S. president. Each instance of corruption raises critical concerns about misused authority, undemocratic governance, or foreign influence. But larger trends in corruption are notoriously difficult to assess. Corruption is difficult to define clearly and impossible to measure directly, since it usually happens in secret. Some corruption is legal, some is not. Some of it originates in the public sector, some in the private sector, and some in the gray areas in between.

Until recently, the United States, like most other market democracies, was generally regarded as not suffering unduly from corruption.

Measures such as the 1977 Foreign Corrupt Practices Act, which prohibits U.S. citizens and businesses from bribing foreign officials (and whose enforcement the Trump administration has announced plans to scale back), made Washington a global leader in anticorruption. Yet amid questions about potential ethical standards violations on the U.S. Supreme Court, the increased influence of special interests in U.S. politics, and financial scandals involving several members of Congress, that good reputation was slipping even before Trump took office for the second time. In the advocacy group Transparency International’s 2014 Corruption Perception Index—not a measure of corruption itself, but a barometer of how experts and businesspeople perceive a country’s corruption level—the United States tied (with Barbados, Hong Kong, and Ireland) for 17th cleanest out of 173 countries and territories, with a score of 74 out of 100 (where 100 indicates a perception of being corruption-free). By 2024, the United States had dropped down the rankings. With a score of just 65, it tied with the Bahamas for 28th

place.

But the most worrisome development is not any individual decision or a change in the frequency of corruption—which, after all, remains unknowable. It is, instead, a shift in the type of corruption visible at the

highest level of the U.S. government. At a moment when the United States’ institutional guardrails are eroding, the Trump administration has embraced a style of governance in which power flows directly from a single leader, creating opportunities for personal deals to drive official decisions. That sort of corruption threatens free political and economic processes and can, eventually, become integral to the way the entire system functions—making it highly resistant to reform.

SYNDROMES OF CORRUPTION

In its most basic definition, corruption is the abuse of public roles and resources for private benefit. But any definition leaves considerable room to dispute a given practice as corrupt, and manifestations of corruption vary widely. It makes little sense to suggest that corruption in Denmark, a perennially high-ranking country on the Transparency International scale, is the same as corruption in, say, Cameroon, which ranks much lower, and that Cameroon simply has more of it. Societies and political systems are built differently, with different enablers of and restraints on corrupt practices. Yet it is possible to categorize the sources of corruption into four types: influence markets, elite cartels, oligarchs and clans, and official moguls. The categories are not fixed, and there is plenty of variation among and within countries where they operate. But they correspond to meaningful differences in how countries operate. Some forms of corruption enable violence, whereas others may be an alternative to it. Some severely disrupt economic and political development, whereas others strengthen alliances among elites that can facilitate rapid growth. Some involve ceding influence over specific decisions, whereas others amount to the wholesale capture of the state.

Historically, corruption in the United States has primarily happened within an influence market—a system in which political influence and access are tradeable commodities. This form of corruption is typically found in societies with mature economies and open politics. Strong institutions prevent state capture but also make influence worth paying for; shaping a government decision is only valuable if it is likely to be implemented. In the United States, lobbying and most campaign contributions are legal, protected by courts’ interpretation of the First Amendment. Countries such as Bulgaria, Portugal, and Slovakia do not place legal restrictions on lobbying, either. Many others maintain lobbying registers to improve transparency; some (such as Denmark, Germany, and Sweden) require groups to register and some, such as Israel, do not. Because all these systems accommodate well-funded organized interests, outright bribery is often unnecessary. But legal corruption is still corruption, for monied interests can crowd citizens out

of decisions that affect their lives. One outcome can be regulatory capture, in which corporations, by contributing to the campaigns of legislators, gain influence over the very people who write the policies affecting their industries and oversee the agencies that enforce regulations. Public resentment of such activities can fuel populist grievances and help antisystem political parties gain ground.

Lead story

Eight decades ago today, the U.S. military dropped an atomic bomb – the most destructive weapon ever used in war – on the city of Hiroshima, Japan. Three days later, the U.S. dropped an even bigger bomb on Nagasaki.

Two articles highlight how those devastating explosions reverberate all these years later, both on the international stage and in regular people’s lives.

In the first, Middlebury nuclear arms control scholar Stephen Herzog explains what drove governments around the world to agree to a treaty that limited the spread of these incredibly powerful weapons. The pact remains intact today – though its future is uncertain.

Spoiler alert: The world leaders who negotiated the treaty weren’t driven by horror at the weapons’ destructive power. The human toll is the focus of the second article, written by Masako Toki, a nuclear non-proliferation researcher at the Middlebury Institute of International Studies.

She has long studied the activism of the Hibakusha – the Japanese word used to describe the survivors of the bombings – and highlights their continuing exhortations to dismantle all of the world’s nuclear weapons before it’s too late.

· Trump ratcheted up tariffs on India to 50 percent

President Trump signed an order yesterday that would double

tariffs on India to 50 percent as punishment for the country’s

purchase of Russian oil.

The new 25 percent tariff, which will be added to the 25 percent tariff Trump announced last week, will take effect on Aug. 27 if India doesn’t stop buying Russian oil. Trump also threatened to impose similar penalties on other countries that buy Russian

energy, as a way to pressure the Kremlin into ending the war with Ukraine.

India’s foreign ministry called the move “extremely unfortunate”

and reiterated that it was importing oil from Russia to meet the energy needs of its 1.4 billion people. India is the second-largest importer of Russian oil after China; Turkey is another major oil customer.

Trump had been expected to bolster trade with India as a

counterweight to China. Now, Trump has all but declared economic war against India.

The US has entered talks with the Cook Islands to develop seabed mineral resources, just months after the South Pacific nation formalized cooperation pacts with China that included exploration for undersea deposits.
Donald Trump’s new tariffs officially took hold, with higher rates

for almost all US trading partners starting just after

midnight. Switzerland, hit with the highest levies among developed countries, may hit back by cancelling a big order for fighter

jets. Trump also announced plans to impose a 100% tariff on

semiconductor imports, though he would exempt companies moving production into the country.

South African President Cyril Ramaphosa is burdened with a fractious coalition and a stagnant economy.

But his biggest problem right now is Donald Trump. Thirty percent tariffs on many goods South Africa ships to the US, the highest in sub-Saharan Africa, have made a leader who staked his political reputation on negotiation skills look powerless.

Trump berated him in an Oval Office meeting and American negotiators have disregarded South African trade offers.

Ramaphosa has tried to keep his relationship with Trump civil even as other targets like Brazil’s Luiz Inácio Lula da Silva have been defiant. It hasn’t paid off.

Lula won a popularity bump; Ramaphosa and his ANC-led administration are accused by political rivals of incompetence.

Ramaphosa can’t be blamed for Trump’s caprice, but there’s a sense that his party’s foreign-policy chickens have come home to roost.

The Bank of England has cut interest rates by a quarter of a point to 4 per cent in an unusually tight vote as it contends with weak growth, stubbornly high inflation and upheaval in global trade.
Robert F. Kennedy Jr., the health secretary, isn’t just a vaccine skeptic. He especially dislikes one type of vaccine: those that use mRNA technology, such as the first Covid shots. He has cancelled nearly $500 million to make mRNA immunizations and a bird-flu vaccine that Moderna was developing.

This is a relatively new technology, and it’s worth remembering the moment the shots debuted for widespread use in late 2020. Three hundred thousand Americans had died from Covid. (The number eventually exceeded a million, the most of any country.) Most schools were still closed. White-collar workers were still mostly remote. Americans were in a mental health

crisis. When I got my jab, I hadn’t eaten in a restaurant for a year. The vaccines ended all that.

Kennedy says they’re no good, and he’s halting government support for them.

What is an mRNA vaccine?

Some vaccines use a weakened version of a bacterium or virus to provoke an immune response and train your body’s defenses.

Others use a piece of the virus that the body can easily recognize as foreign. MRNA has the instructions for making only one small part of a virus. It directs the body’s cells to make that fragment, which then sets off an immune response.

What is Kennedy’s argument about mRNA?

Kennedy echoes many people’s discomfort with the speed at which the vaccines were developed. But mRNA vaccines had been studied for more than 20 years before Covid struck. His criticisms also go further than most. He has said the vaccines are ineffective because they don’t prevent infection. He has also said they’re dangerous, at one point referring to them as the “deadliest” vaccines ever made.

And what does the evidence show?

Like all vaccines, the Covid mRNA shots have some side effects. Anecdotally, thousands of people reported problems. But extensive studies in the U.S. and elsewhere found only a few serious ones. For example, the vaccines can cause heart problems in a small fraction of young men, and one study said there were seven severe cases of shingles for every million shots administered. This is comparable to the safety record of most other vaccines. It’s not surprising that we’ve heard more about Covid vaccines, because they were given to billions of people worldwide.

Tariffs have been a signature achievement of President Trump’s second term agenda, executed on a larger scale than even some of their most eager proponents were expecting.

The administration says the effect will be a balanced trade deficit and a rebuilt manufacturing capability. A majority of Americans, however — confused by the stop-and-start rollout and wary of higher prices — say they disapprove.

Between those two poles the policy that is now reshaping global trade risks becoming an overheated symbol of political discord, shouted about instead of discussed and debated.

Welcome to White House Watch! :
A new tariff era
A potential Trump-Putin-Zelenskyy summit
We need to talk about Kevins

It’s official: Donald Trump’s new tariff regime has begun.

The global levies went into effect at 12.01am in Washington today, putting the US’s effective tariff rate at its highest level in decades despite frantic lobbying by US trading partners.

Swiss President Karin Keller-Sutter left Washington yesterday empty- handed after making a last-ditch attempt to evade some of Trump’s harshest tariffs.

The new global trade order comes after months of threats and U-turns as the US president moves to reshape the international system. Almost all foreign countries are being hit with so-called reciprocal tariffs, even ones that struck new trade deals with the US, such as the EU and Japan.

And more pain looks to be on the way.

Yesterday, Trump said he’d impose a 100 per cent tariff on chip imports, although some companies with US investments would be exempt.

The president is also still willing to use trade to pursue geopolitical goals: he hit India with further 25 per cent tariffs to punish New Delhi for buying

Russian oil, as he tries to pressure Moscow into ending the war in Ukraine.

“You’re going to see a lot more” secondary sanctions on countries

buying Russian oil, Trump told reporters in the Oval Office yesterday.

As US trading partners brace for enforcement of the new regime, Trump

has hailed his tariffs for bringing “trillions of dollars” into America.

“This is a big deal, in the sense that there are new official tariffs,” Ted Murphy, a trade lawyer at Sidley Austin in Washington, told the FT’s Aime Williams. “This is the dawn of a new trade order, and the end of an old order.”

Chad Bown, senior fellow at the Peterson Institute for International Economics, said: “We are now in a new world. Even to trade nerds, the complexity of this is just bonkers.”

· Rs 2,528 crore project: Cabinet approves 104- km freight corridor connecting Vadhavan Port with Mumbai-Nagpur E-way

Officials said the corridor is being planned with future traffic volumes in mind.

Massive Gold Deposits Found In Madhya Pradesh: Scientists Confirm Treasure Beneath Jabalpur

Geologists confirmed significant gold reserves in Jabalpur, Madhya Pradesh, spanning 100 hectares, including copper and other metals, potentially reshaping the region’s economy.

“Jabalpur” – In a potentially game-changing discovery, geologists have confirmed the presence of significant gold reserves deep beneath the surface in Madhya Pradesh’s Jabalpur District. The findings come after

years of exploration and sampling in the Mahangwa Kewalri region of Sihora Tehsil, an area already known for its rich deposits of Iron Ore and Manganese. According to preliminary survey data, the gold deposits are spread across and estimated 100 hectares, and experts believe the quantity could run into lakhs of tonnes. If fully confirmed, this would place Jabalpur among the most mineral-rich zones in India and could dramatically reshape the region’s economic future – On a lighter note : Unless Pres. Trump wants to grab this area too or make it a 52^nd State of the U.S.?

Owners of MSC Elsa 3 move Kerala HC to limit liability over ship sinkage…

Kochi: The owners and operators of the sunken cargo vessel MSC Elsa III have approached the Kerala High Court. An admiralty suit was filed by Elsa 3 Maritime Inc., Multi Container Management, and MSC Mediterranean Shipping Co. under Part XA of the Merchant Shipping Actt, 1958, which allows ship owners to cap their liability in maritime incidents. The suit also invokes provisions of the International Convention on Limitation of Liability for Maritime Claims, to which India is a signatory.

Indian MoD Halts Procurement of Six Additional P-8I Aircraft Amid U.S. Tariff Shock, Balancing Cost and Strategic Needs.

· India Hits China Where It Hurts Most, Hosts

Beijing’s Enemy, Sends Strongest Message With Naval Alliance In South China Sea

India deepens military and diplomatic ties with the Philippines through joint naval drills in the South China Sea and a new strategic partnership, reinforcing its support for maritime freedom and sending a firm message to Beijing amid rising regional tensions.

· Greek tanker ships first Russian naphtha cargo to Vietnam

Putin administration continues to seek new markets for vital export revenue.

A Greek tanker has carried the first Russian naphtha cargo to Vietnam, as the Putin administration continues to seek fresh outlets to bring in vital revenue.

According to LSEG and Vortexa shipping data, the 75,000-dwt Malta-flagged LR1 Northern Light (built 2012) loaded around 60,000 tonnes in the Russian Baltic port of Vysotsk on 23 June.

· ‘There is a new driver in container demand’, says Maersk boss Vincent Clerc

Despite talk of deglobalisation, the data from China tells a different story, Maersk boss believes
AP Moller-Maersk’s revised full-year guidance factors in a sluggish US market for the remainder of the year.
The main uncertainty is the strength of exports from China to the rest of the world, says chief executive Vincent Clerc.

· ‘Greek buying signal’: Why shipping investors must be alive to fresh opportunities

This week’s Streetwise takes a look at financier James Lightbourn’s view on why the industry is stuck.

While it is far from the worst of times for shipping markets, it may well be the worst of times to be a shipping investor.

How can that be?

Shipping has been trapped in a “no man’s land”, a sort of paralytic stasis in which it is difficult to form a thesis for investment based on traditional metrics.

· Darrell Crate’s Easterly Clear Ocean plots move into bulkers with new $250m-plus fund

US player also eyeing more offshore ships and tankers as it diversifies. US investor Easterly Clear Ocean (ECO) is reaching beyond tanker ownership with a new fund aimed at bulkers and more offshore support vessels.

The Easterly Asset Management (EAM) partner said it is targeting a $250m-plus raise for what will be its fifth shipping tranche.

· Contships sees positive feeder market on back of intra-regional trade growth

Profit in first half fell to $19.4mio.

Greek Owner Contships Logistics has a positive outlook for feeder container ships.

The Nikolas Pateras-backed company said the segment “continues to benefit from its essential role in maintaining regional connectivity and facilitating the first and last mile of the global logistics supply chain”.

· Doubling suezmax rates in West Africa prompting charterers to size up

Suezmax rates in Africa have shot up by 94% week on week. Skyrocketing rates for suezmaxes in West Africa had Charterers sniffing around VLCC’s.

Fearnleys described Wednesday as “manic” for Suezmaxes, with “immense gains” made in West Africa and for ships lifting Kazakh crude in the Black Sea, thanks in part to short tonnage lists that pushed some players to look for other options.

“Charterers have attempted to approach VLCCs for [Europe] runs, but seemingly without success,”

China- and Greece-linked vessels dominate last month’s Bab el Mandeb transits
Elevated representation of larger companies maintained since March
Some Red Sea returners undeterred by resurgent violence
Too early to understand impact following Houthis’ July attacks
Houthis say 64 owners have been notified over so-called sanctions violations regarding Israel naval blockade, threatening to attack vessels within these fleets.
THE FLEET profile of Bab el Mandeb users has not changed over the past several months, but more time is needed to fully understand the impact of the double Houthi attack that took place at the start of July.
Vessels affiliated with China and Greece, either through flag or ownership, continue to be highly represented.
According to Lloyd’s List Intelligence data, these ships accounted for 27% and 18% of transits through the southern Red Sea chokepoint last month, respectively.
There was a resurgence in Greece-affiliated traffic in March as some owners and operators began testing the waters after a prolonged period of relative stability in the Red Sea.

That month there were 161 transits, up from 112 in February. A total of 165 transits were recorded in July 2025.

Bab el Mandeb transits, by select ownership affiliation

· Supply chains adapting to rise of Chinese brands, not just tariffs, says Maersk chief

Maersk chief executive Vincent Clerc said that despite talk about ‘de-globalisation’ the rise of Chinese consumer brands is accelerating exports from China

US tariffs saw Maersk’s China-US box volumes drop by 35% in the second quarter but were offset by other trades

Maersk’s Gemini collaboration has enabled more effective fleet capacity adjustments to take account of recent shifts in trade patterns

· Seacor Marine sells liftboat tandem to JAD Construction for $76m

US offshore vessel operator Seacor Marine has sold two of its 335-foot liftboats to JAD Construction for total gross proceeds of

$76m in cash. The net proceeds from the sales of the are unencumbered, and the transaction is expected to close during the third quarter of 2025. The company expects to gain around $30.5m from the sale. The names of the vessels were not revealed, but the only 335-foot vessels in Seacor’s fleet are the 2014-built Jill and the 2012-built Robert.

According to CEO John Gellert, sales allow Seacor to reduce its exposure to offshore wind and decommissioning markets that have experienced prolonged periods of softer demand due to deferrals and cancellations. This also removes the anticipated cost and downtime associated with lengthy repairs on one of the vessels, set to begin in October 2025. “This transaction continues our strategic shift away from high volatility markets at a sales price that reflects the deep value of our fleet. The sale proceeds provide us with multiple options to redeploy capital into more attractive assets and explore opportunities for consolidation with an improved cost structure and a strengthened balance sheet,” Gellert added.

Baltic Shipping News 7^th August, 2025 BALTIC INDICES 07/08/2025

DRY INDEX: 2008 (+ 14)

CAPESIZE INDEX: 3204 (+ 17)

PANAMAX INDEX: 1649 (+ 6)

SUPRAMAX INDEX: 1317 (+ 17)

HANDYSIZE INDEX: 680 (+ 4)

BCI TC AVG $/DAY 26576 (+ 142) BPI82 TC AVG $/DAY 14845 (+ 54) BSI TC AVG $/DAY 16642 (+ 212) BHSI TC AVG $/DAY 12233 (+ 58)

TIMECHARTER

‘Hamit K’ 2022 82382 dwt dely Yokohama 6 Aug trip via Newcastle redel S China $15,250

‘Greneta’ 2010 82166 dwt dely Batangas 9/14 Aug trip via Indonesia redel Japan $18,000

‘Medi Chiba’ 2016 82003 dwt dely Tanjung Bin 11/13 Aug trip via Indonesia redel Japan $18,000

‘ITG Uming 3’ 2020 81994 dwt dely retro Sunda 25 Jul trip via EC South America redel Singapore-Japan

$16,750

‘HSL Vegas’ 2022 81981 dwt dely Longkou 10 Aug trip via EC Australia redel India $14,750 – Tata NYK

‘Bora’ 2014 81682 dwt dely San Ciprian 12/13 Aug trip via Puerto Drummond redel Taiwan $22,000 –

Swissmarine

‘JY Hamburg’ 2019 81028 dwt dely retro PMO 3 Aug trip via EC South America redel Singapore-Japan

$16,500

‘Intuition’ 2011 80237 dwt dely Zhoushan 7/10 Aug

trip via EC Australia redel China $11,000

‘Nasco Gem ‘ 2010 55085 dwt dely Belawan spot trip redel China $13,000 – GBC

PERIOD

‘Lagoon Trader’ 2024 82232 dwt dely China 25/30

Aug in d/c 3/6 months redel worldwide $14,500 – Koch VOYAGES

ORE

‘TBN’ 190000/10 Port Hedland/Qingdao 22/24 Aug

$9.95 fio 80000shinc/30000shinc – FMG

‘TBN’ 170000/10 Tubarao opt West Africa/Qingdao 1/7 Sep $24.50 fio 3 days shinc/30000shinc – Cargill

‘Schinousa’ 2014 150000/10 Port Cartier/Qingdao 27 Aug/2 Sep $36.00 fio 60000shinc/30000shinc – ArcelorMittal

COAL

‘Oldendorff TBN’ 80000/10 Baltimore/India 1/30 Sep

$32.25 fio 25000shinc/25000shinc – Javelin

‘TBN’ 75000/10 Newport News/Visakhapatnam 10/19 Sep $35.55 fio 40000shex/40000shinc – SAIL

‘STX Sun Ace TBN’ 72000/10 Tanjung Petang/Yongheung 14/20 Aug $8.89 fio 12000 satpm shexuu / 21500lt shinc – Kepco

BALTIC INDICES 06/08/2025 DRY INDEX: 1994 (+ 73)

CAPESIZE INDEX:	3187 (+ 181)
PANAMAX INDEX:	1643 (+ 18)
SUPRAMAX INDEX:	1300 (+ 21)
HANDYSIZE INDEX:	676 ( 0)

BCI TC AVG $/DAY 26434 (+ 1505) BPI82 TC AVG $/DAY 14791 (+166)

BSI TC AVG $/DAY 16430 (+260) BHSI TC AVG $/DAY 12175 ( 8)

TIMECHARTER

‘Panamanian’ 2010 83448 dwt dely retro PMO 18 Jul trip via EC South America redel Singapore-Japan

$16,500

‘Lowland Century’ 2024 82706 dwt dely Immingham

13 Aug trip via Narvik redel Continent $17,500 – Norden

‘Shine Jade’ 2024 82377 dwt dely EC South America 13 Aug trip redel Singapore-Japan $17,500 +

$750,000bb – Comerge

‘Orient Peony’ 2022 82195 dwt dely Japan 8/10 Aug trip via EC Australia redel S China $13,500 – Richland

‘Shandong Fu Hui’ 2017 81782 dwt dely Taichung 8/10 Aug trip via Indonesia redel Japan $14,000

‘Jimmy T’ 2017 81704 dwt dely retro Tuticorin 2 Aug trip via Ec South America redel Singapore-Japan

$16,500

‘Nova Caeli’ 2019 81612 dwt dely Stade 11 Aug trip via Narvik redel Continent $21,000 – Norden

‘Androusa’ 2012 81533 dwt dely retro Koh Sichang 3 Aug trip via EC South America redel Singapore-Japan $13,250 – Cargill

‘Syros I’ 2011 81393 dwt dely retro Brake 4 Aug trip via US East Coast redel India $23,000 – Propel
‘Golden Jake’ 2011 81188 dwt dely Dangjin 7 Aug trip via EC Australia redel India $14,000 – BHP

‘W-Luna’ 2016 81115 dwt dely CJK 5 Aug trip via Hay Point redel S China $12,250 – Cambrian

‘Circle Harmony’ 2012 81166 dwt dely retro Chittagong 2 Aug trip via EC South America redel Singapore-Japan $13,250 – Cargill

‘Joy’ 2019 81096 dwt dely Nagoya 9/12 Aug trip via EC Australia redel China $12,750

‘Cape Kourion’ 2010 79463 dwt dely Shanwei 8/9 Aug trip via Indonesia redel South Korea $12,250 – Polaris

‘Younger’ 2004 75912 dwt dely Xiamen 7/10 Aug trip via Indonesia redel South China $10,500

‘Wooyang Banders’ 2004 73700 dwt dely Zhuhai 11/14 Aug trip via Indonesia redel S China $11,500

‘Emerald Liuheng’ 2023 63789 dwt dely Port Elizabeth prompt trip redel China intention manganese ore

$19,000 + $190,000bb – JEYST

‘Beauty Lotus’ 2015 63685 dwt dely Santos prompt trip redel Chittagong $14,000 + $400,000bb – Mainline

‘Obsession’ 2022 63569 dwt dely retro Dharamtar 5 Aug trip via South Africa redel China intention manganese ore $15,500

‘DSI Aquarius’ 2016 60309 dwt dely Maputo prompt trip redel China $17,500 + $175,000bb – Enesel

‘Samir’ 2001 52510 dwt dely Hamad prompt trip redel Bangladesh intention aggregates $12,500 – Grain Compass

‘Orient Power’ 2011 34428 dwt dely SW Pass 16/24 Aug trip redel WC Central America $15,750 – Drydel

VOYAGES ORE

‘TBN’ 170000/10 Dampier/Qingdao 20/22 Aug $10.25 fio 90000shinc/30000shinc – Rio Tinto

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

$10.25 fio 80000shinc/30000shinc – BHP

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

$10.40 fio 80000shinc/30000shinc – BHP COAL

‘Korea Shipping TBN’ 80000/10 Muara Berau/Yongheung 14/18 Aug $7.64 fio 15000satpmshexuu/21500ltshinc – Kepco

Baltic Exchange Index – 07 AUGUST 2025 Baltic Exchange Capesize 182 Index

Route Description Value Change

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

C8_182   182000mt Gib/Hamburg transatlantic RV         33,467 + 1196
C9_182   182000mt Cont-Med trip China-Japan            54,119 + 1056
C10_182 182000mt China-Japan Transpacific RV          28,355 – 1140
C14_182 182000mt China-Brazil round voyage            27,410 –    80
C16_182 182000mt Backhaul                               7,775 +    87

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

C5TC 182 Weighted Timecharter Average 29,534 – 96

Baltic Exchange Index – 07 AUGUST 2025

Baltic Exchange Capesize Index 3204 (+ 17)

Route Description Value($) Change

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

C2     160000mt Tubarao to Rotterdam           11.714 + 0.085
C3          160-170000mt Tubarao to Qingdao    24.075 – 0.060
C5     160-170000mt W Australia to Qingdao    9.985 – 0.385
C7     150-160000mt Bolivar to Rotterdam       14.871 + 0.242
C8_14 180000mt Gibraltar-Hamburg T/A RV    29,964 + 1178
C9_14 180000mt Conti/Med Trip China/Japan 50,094 + 1344

C10_14 180000mt China/Japan T/P RV	25,236 – 1250
C14 180000mt China-Brazil RV	23,955 – 115
C16 180000mt N.China to Skaw-Passero	4,200 + 162
C17 170000mt Saldanha Bay to Qingdao	18.483 + 0.744

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

5TC Weighted Timecharter Average 26,576 + 142

Baltic Exchange Panamax 82500mt Index 07 AUGUST 2025
Baltic Exchange Panamax Index 1,649 (+ 6)

Route Description Value ($) Change

====== ================================= ======
P1A_82 Skaw-Gib T/A RV                      16,477 – 341
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 22,449 – 357
P3A_82 HK-SKorea incl Taiwan, Pacific/RV   13,075 + 386
P4_82 HK-SKorea incl Taiwan to Skaw-Gib     8,343 +   84
P6_82 Dely Spore Atlantic RV                            14,594 + 235

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

P5TC Weighted Timecharter Average 14,845 + 54

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

Route Description Value ($) Change

====== ================================= ======
P5_82 S. China Indo RV 13,231 + 509

P7 66000mt Mississippi Rvr to Qingdao 53,464 – 0.186
P8 66000mt Santos to Qingdao 38,357 + 0.364

Baltic Exchange Supramax Index – 07 AUGUST 2025
Baltic Exchange Supramax Index 1317 (+17)

Route Description Value ($) Change

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

S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 16,183 –     67
S1C_63 US Gulf trip to China-South Japan             27,511 + 511
BS2_63 North China one Australian or Pacific RV     14,650 + 200
BS3_63 North China trip to West Africa               14,910 +    50
S4A_63 US Gulf trip to Skaw-Passero                        27,011 + 375
S4B_63 Skaw-Passero trip to US Gulf                        12,039 + 132
BS5_63 West Africa trip via ECSA to North China      18,854 + 104
BS8_63 South China trip via Indo to EC.India         18,200 + 262
BS9_63 W.Africa trip via ECSA to Skaw-Passero       15,850 +    4
S10_63 S.China trip via Indonesia to South China     14,879 + 168
S15_63 Indian Ocean trip via S.Africa to Far East    13,542 + 625

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

S11TC Weighted Timecharter Average 16,642 + 212
S10TC Supramax(58) Timecharter Average 14,608 + 212

Baltic Exchange Index – 07 AUGUST 2025
Baltic Exchange Handysize Index 680 (+4)

Route Description Value ($) Change

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

HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro   6,707 + 43
HS2_38 Skaw-Passero trip Boston – Galveston           8,950 + 50
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 16,317 – 89
HS4_38 USGulf trip via USG or NCSA to Skaw-Pass   14,500 + 171
HS5_38 SE Asia trip to Spore – Japan                 13,300 + 87
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp    12,475 + 94
HS7_38 N.China-S.Kor-Jpn trip to SE Asia              12,688       0

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

7TC Weighted Timecharter Average 12,233 + 58

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