Shipowners grapple with OPEC+ supply increases, tensions in the Middle East, and rising numbers of new-buildings.
In a five-part series mid-year we take stock of shipping markets in the first six months of the year and look ahead to the remainder of the 2025 with experts Maritime Strategies International (MSI).
Review of the market in the first half of 2025
“There’s been a lot going on, it’s been a busy first half of the year, The downside seen in the market in the second half of 2024 resulted in a relatively weak Q1 in 2025. “Not catastrophically so by any means but certainly lower, and both spot markets and time charter rates were significantly lower at that point,” he explains, noting this was in line with MSI’s expectations.
The market had been expected to soften in Q2, but other factors came into play. “We had significant announcements from OPEC+ in terms of production and then in June of course we saw the conflict intensify in the Middle East with Israeli and then US strikes on Iran and at which point the markets essentially went ballistic.” The impact was particularly acute for sectors such as VLCCs and large product tankers.
However, the conflict, and the immediate threat to the Strait of Hormuz was short-lived and so was sharp increase in the market. “Oil prices tanker spot markets moved down as quickly really as they went up in late June.” By early July rate levels were back to where they had been at the start of June.
On the demand side OPEC+ has been increasing production with a 400,000 barrels per day (bpd) monthly increase in Q2 through to July followed up with a 500,000bpd increase scheduled for August.
“That’s ramping up oil production and is putting pressure on oil prices, but interestingly we are yet really to see that materialise in the tanker market in terms of supporting spot routes”.
How do analysts’ factor in geopolitical events and conflict into forecasts?
MSI sees two key factors in terms of Middle East tensions – the Strait of Hormuz and the Red Sea and Suez Canal situation. “We have models which we can actually adjust the availability for example of the Suez Canal and change how much tonnage is going through there and our users on MSI Horizon can adjust that factor two to simulate different scenarios.” This enables them to test outcomes in the market.
“Obviously we can’t foresee the future in terms of how these things play out, but we have what we have base case and high probability scenarios.
The demand and supply balance in H2 2025
In terms of oil market’s the OPEC+ production increases as “interesting” and pointed to a situation a decade earlier. “It’s similar in a way to what we saw around 10 years ago when OPEC+ also made a decision to change their position from supporting oil prices and restricting supply to one where they increased supply quickly, and in that period we saw oil prices move down very quickly and tanker market move up.”
However, looking at the second half of 2025 there has to be underlying demand to use the increased supply. “The OPEC+ increases combined with additional supply coming into the market from Latin and North America are resulting a potential for oil oversupply and pressure on oil prices, and that typically is positive for the tanker sector.
“When we typically see an oil market oversupplied there it does mean more cargoes, but what happens if we don’t see that underlying demand alongside is that stocks build up and the appetite for more supply weakens over time?” As a result MSI sees an initial rush followed by a hangover later on with a downturn in rates.
“So potentially if we see more and more OPEC+ supply increases you could see that kind of scenario developing not perhaps over the next six months but the next year or so.”
Increasing number of newbuilding’s
The tanker market having been “on vacation” from newbuildings for a few years. “As a consequence all of the disruption and volatility and upside we’ve seen on the demand side really has had an opportunity to be reflected in higher spot earnings. because, those earnings haven’t been restrained by fleet growth.”
However, with higher ordering recent years newbuilding deliveries are increasing in 2025 and 2026. “That’s going to start to play more of a role in terms of dampening the market I think”.
Tanker Owners face stormy seas amid sanctions and tariff disruption
Shipbrokers weigh whether US secondary tariffs on Russian oil will disrupt global supplies or encourage dark fleet growth.
The geopolitical uncertainties of recent months are weighing heavily on shipping and tanker owners could once again find themselves in the firing line in the months ahead.
Following Russia’s Ukraine invasion, China, India, Turkey and Brazil are among countries that have walked a tightrope between the US, the European Union (EU), and Russia.
However, the backdrop is changing. During his recent visit to Scotland, US President Trump announced that he was cutting the time given to Russia’s President Putin to end the Ukraine war from 50 to just 10-12 days. It is, of course, possible that Trump may make another of his frequent U-turns but, if not, the new deadline could well be August 8th … next Friday.
Meanwhile, from 2026, the EU’s recently finalised 18th sanctions package will ban the import of refined products made from Russian oil by third countries. Other measures include trading restrictions on more Russian tankers, transaction bans on Russian banks, and trade restrictions on technologies that could support Soviet military or industrial activity.
The extension of oil sanctions will dramatically undermine Russia’s principal revenue stream. Although there are few details, so-called ‘secondary tariffs’ of 100% could well be levied on the buyers of Russian oil and exports from those countries to the U.S.
China and India are the two largest buyers of Russian oil.
Analysts are reticent to make predictions owing to the US President’s unpredictability, the secondary tariff strategy has the potential to disrupt global oil supplies and could spark a hefty spike in energy prices. However, they also note that it is hard to see China bowing to US pressure and significantly cutting its Russian oil imports.
A likely outcome could be that Russian oil buyers seek ways in which to circumvent the new rules. They may increasingly ‘go dark with their trading practices’ to ensure that cargoes find a way to market.
Meanwhile, the EU’s sanctions package and its move to sanction India’s Nagara Energy, part Russian-owned, is putting further strain on India’s crude oil import programme. The result of pressure from the US and the EU could force some refiners to broaden their supply base, possibly taking cargoes from more distant sources in West Africa, the Americas, and the Middle East. These extra tonne-miles would benefit the tanker market.
Meanwhile, a New York broker pointed out another uncertainty. Canada is currently the dominant supplier of heavy crude oil to the US. This follows a decline in Mexico’s production and poor US relations with Venezuela.
Canadian crude exports have been shipped mostly in Aframax tankers. However, an estimated 200,000 barrels per day of Canadian oil has been routed via the US Gulf to China using VLCC’s.
Now, though, this trade has mostly been replaced by the Trans Mountain Expansion pipeline across Canada which started pumping in May last year. Canadian oil shipments via the Gulf are now exported from Vancouver on the country’s west coast. These exports are shipped in Aframax vessels owing to port restrictions.
The US President’s move last week to increase tariffs on Canada to 35% do not apply to energy trade, but Canada’s Prime Minister, Mark Carney, said he was ‘disappointed’ by Trump’s latest move. Now, with ‘direct’ access to China on a long-haul trans-Pacific trade, he has a vast new market option even if, for the moment, it can only be serviced by Aframax vessels.
· NYK joins space race with unmanned offshore rocket recovery vessel
Japan’s Nippon Yusen Kaisha (NYK) is following compatriot Mitsui OSK
Lines in targeting space exploration as a new source of revenues.
NYK has obtained an approval in principle from ClassNK for the conceptual design of an offshore recovery system for reusable rockets, an initiative developed through the Space Strategy Fund at the Japan Aerospace Exploration Agency (JAXA).
NYK now aims to carry out a demonstration test of this new vessel type in 2028 working with multiple partners including Mitsubishi Heavy Industries.
Rockets are launched by generating thrust through the combustion of fuel and oxidiser. Following launch, the lower or first stage of the rocket separates from the upper stage and falls back to Earth. NYK’s offshore recovery system comprises two vessels: a recovery vessel (pictured), where the first stage of the rocket lands, and a command vessel that supports the recovery operation. The recovery vessel remains stationed at the landing site, serving as the landing location for the falling first stage of the rocket. The recovery vessel is equipped with a dynamic positioning system (DPS), enabling it to maintain its position accurately while accounting for factors such as tidal currents. Notably, the recovery vessel will operate entirely unmanned during rocket recovery. Once the rocket has landed, the command vessel will coordinate with the recovery vessel to safely transport the rocket back to port.
MOL has also recently announced plans to commercialise an offshore rocket launch and recovery vessel.
The initiative, slated for commercialisation around 2030, is being developed in partnership with Innovative Space Carrier (ISC) and Tsuneishi Solutions Tokyobay, a company formerly known as Mitsui E&S Shipbuilding.
The development roadmap includes a recovery vessel as the first phase, followed by feasibility studies for an offshore launch platform capable of supporting a new generation of rockets.
MOL and NYK are by no means the only shipping companies assisting in the field of space exploration.
Chinese state-run COSCO, the world’s largest shipowner, has provided logistics support for China’s Long March rocket program, including sea transport of rocket parts and launch equipment, while Russia’s space launches from Baikonur and Vostochny are occasionally supported by Russian rail–sea logistics chains, involving state-linked shipping companies.
France’s CMA CGM has transported components for the Ariane rocket family, particularly when moving oversized modules between Europe and South America.
Foss Maritime, a major US towing and marine transportation firm, has been contracted to tow rocket stages and heavy components for the United Launch Alliance in the US.
While not a shipping company itself, Elon Musk’s SpaceX has used the services and conversions of maritime operators. OfCourse I Still Love You and Just Read the Instructions are drone ships used for Falcon 9 booster landings, operated by converted offshore support vessels.
SpaceX has partnered with marine logistics companies for booster recovery and cargo transport.
Jeff Bezos’s Blue Origin, meanwhile, has constructed a bespoke barge- based landing platform while the National Aeronautics and Space Administration (NASA) operates a custom cargo transportation barge.
Snippets 12th August, 2025
NAVIOS : Navios Partners prunes more older tonnage with sale of MR tanker
DRY BULK
China Merchants Leasing sells two modern Ultramax bulk carriers Shandong Shipping sells fourth Kamsarmax for $24.36m at auction Top dry cargo consolidator Star Bulk takes on new role: seller of ships Better third quarter depends on geopolitics, says EuroDry
Norden hires ex-Neu and Oldendorff executive to head up logistics division
TANKERS
Iran arrests 17 seafarers as tanker seized in Middle East Gulf
Russia remains key as ‘tsunami’ of sanctions swamps 25% of Aframax fleet, Gibsons says
Short of cash: Tor Olav Troim VLCC venture pushes back shipyard payments to buy time
Tanker market pointing up ahead of key Trump-Putin meeting
CONTAINERS
Norwegian sovereign wealth fund swoops for Maersk shares as shipping book grows to $4.8bn
CMA CGM buys pair of container feeder vessels
Zim stock rockets on report of buyout by chief executive and Israeli shipping magnate Abraham Unger
Yang Ming blames weaker cargo and rate levels for profit fall
Chinese container giants redraw transpacific schedules to swerve US port fees
GLOBAL ECONOMY/COMMODITIES
Trump Extends China Truce for 90 Days, Averting Tariff Hike Sanctions Choke Crude Shipments to Indian Refiner Nayara
Russia Keeps Crude Exports Flowing Ahead of Trump-Putin Summit
China’s Soft Saudi Oil Buying Implies Trade Rerouting, EA Says
Key Oil Marker Highlights Import Shifts as US Pressures India
Iron Ore Extends Gain as Traders Eye Steel Cuts for China Parade Bessent on Tariffs, Deficits and Embracing Trump’s Economic Plan Green Hydrogen Projects in Asia Offer Lifelines to Troubled Technology China Escalates Canada Trade Spat With More Canola Levies
US Steel Plant Hit by Deadly Blast Has History of Accidents
OTHER
US and China clash over Panama Canal in heated UN meeting
Recycling picks up as Capesize bulker, shadow fleet Aframax and Odfjell chemical tanker sold for scrap
Shipping Giants Taking Tiny Steps Toward Cleaner Fuels
· The World’s Largest Deposit”: Staggering 55- Billion-Tonne Iron Ore Find Puts an Unlikely Region on the Global Mining Map
- Formed during ancient tectonic upheavals over a billion years ago, this colossal iron ore deposit could redefine economic and geological maps for decades.
Large Open Pit Iron Ore Mine
A new study published in Proceedings of the National Academy of Sciences has identified the largest iron ore deposit ever recorded—an estimated 55 billion metric tons buried in the Hamersley Province of Western Australia. This find not only reshapes the global iron market but also forces scientists to revisit long-held assumptions about how these massive mineral reserves form.
· A Colossal Resource Hidden in the Pilbara
The deposit sits within the Pilbara Craton, one of Earth’s oldest pieces of continental crust, dating back more than 3 billion years. For decades, geologists believed the region’s major ore bodies formed around 2.2 billion years ago. But uranium–lead isotope analysis conducted by researchers from Curtin University and the University of Colorado Boulder reveals a much younger age—between 1.4 and 1.1 billion years.
According to lead author Liam Courtney-Davies, “The energy from this epic geological activity likely triggered the production of billions of tonnes of iron-rich rock across the Pilbara.” The study ties the deposit’s formation to the breakup of the ancient supercontinent Columbia and the subsequent assembly of early Australia, events that unleashed mineral- rich fluids deep underground.
Some ore samples exceed 60% iron content, far above the global average of about 30%, making the Hamersley deposit both massive and exceptionally high-grade.
· Tectonic Shifts and the Birth of a Super-Deposit
Researchers believe the deposit’s formation coincided with large-scale tectonic processes that reshaped the planet’s crust. The breakup of Columbia and later continental collisions provided the heat and pressure needed to move vast amounts of iron from deep within the Earth to shallower levels, where it concentrated into dense, mineable bodies.
Martin Danisík, associate professor at Curtin University, says this link between supercontinent cycles and ore formation “improves our ability to predict where we should explore in the future.” Similar tectonic settings elsewhere could hold undiscovered reserves of comparable scale, making the Hamersley find a geological blueprint for resource exploration.
- Global and Local Implications
At current market prices of around $105 per metric ton, the Hamersley deposit’s potential value is over $5.775 trillion USD, according to Earth.com. This dwarfs the output of many other mining regions and strengthens Australia’s position as the world’s top iron ore producer. The scale of the find has caught the attention of major importers like China and India, whose steel industries depend heavily on steady iron supplies.
Locally, the deposit could drive major infrastructure upgrades in Western Australia, from expanded rail lines to new port facilities. The region is already a mining hub, but the sheer size and quality of this reserve could accelerate investment, job creation, and long-term economic growth.
- Donald Trump extended a pause in his threatened sky-high tariffs on China. He’s allowing another 90 days for talks, helping stabilize relations between the world’s two largest economies. But China still isn’t happy about US restrictions on its chip exports—
it urged local firms to avoid using Nvidia’s H20 processors, particularly for government-related purposes. Meanwhile, Trump indicated he’d be open to allowing Nvidia to sell China a scaled- back version of its Blackwell AI chips, the company’s most advanced offering.
- Tariffs hit hard
The harsh reality of a world full of new tariffs is slowly but surely beginning to sink in for the German economy.
Investors are accordingly gloomy about Germany’s economic outlook. The ZEW index plummeted in August, falling from 52.7 the previous month to 34.7. This was below the 39.5 points forecast by analysts in a Bloomberg survey.
While there was still hope in the first few months of the year that Europe’s economic powerhouse might recover somewhat in 2025 after two years of shrinking economic output, the situation is different now that the trade agreement between the European Union and the United States has been signed. The 15% tariffs imposed by US President Donald Trump on almost all exports from the EU to the United States will place a significant burden on some German companies.
“Financial market experts are disappointed by the announced EU-US trade agreement,” “the poor economic figures from the second quarter of 2025” had also contributed to this. The outlook for the chemical and pharmaceutical industries had deteriorated particularly badly.
Mechanical engineering, metal production, and the automotive sector were also “severely affected.”
The latest figures fit the pattern of recent economic data. Factory orders unexpectedly fell for the second consecutive month in June, and industrial production recorded its sharpest decline in almost a year.
· Trump threatens retaliation against countries supporting IMO’s net-zero drive
Trump calls the proposal a global carbon tax, saying it will drive up costs for Americans including shipping companies.
US President Donald Trump has slammed the International Maritime Organization’s “Net-Zero Framework”, calling it a “global carbon tax on Americans levied by an unaccountable UN organization”.
The comments were made via the US Department of Energy’s website and come ahead of the United Nations’ shipping agency proposal coming into force in October this year.
· Trump gives UN oceans gathering cold shoulder as von der Leyen arrives with a plan
European Commission President calls for quicker ratification of High Seas Treaty on biodiversity.
Safe Bulkers banks firm price for latest kamsarmax sale
Greek Owner offloads second older ship this year.
Greece’s Safe Bulkers has notched up another sale of an older bulk carrier at a strong price.
The New York-listed owner said it had agreed to offload the 82,000-dwt Pedhoulas Merchant (built 2006).
· Nanjing Kingship expands fleet with ultramax bulk carrier newbuildings
The Chinese bulker company has 12 newbuildings on order at Taizhou Zhonghang.
The 56,900-dwt KSL Ruiyang (built 2010) is one of the supramax bulk carrier in Nanjing Kingship Management fleet.
China’s Nanjing Kingship Management, an owner of 11 handysize and
handymax bulk carriers, is set to double its fleet to 23 vessels by 2028.
The Zhu DaMing-led company has returned to domestic shipyard Taizhou Zhonghang Shipbuilding to order four 63,000-dwt bulk carrier newbuildings.
· New US-listed Latsis family vehicle pivots to product tanker investments
Euroseas’ spin-off Euroholdings is changing tack under new control Greece’s Latsis family is changing the focus of its new US-listed operation from boxships to tankers.
Athens-based Euroholdings was spun off in March by Aristides Pittas’ Euroseas and then taken over by the Greek clan’s Marla Investments in June.
· US campaign to derail IMO carbon tax goes public
- US rejects greenhouse gas deal at IMO and threatens measures against countries that support it
- Net zero framework is “a global carbon tax on Americans levied by an unaccountable UN organization”, say US
- US opposition joins oil exporting bloc in last ditch attempt to derail agreement. Having failed to derail the IMO’s net zero framework in April, the US has been quietly pushing governments behind the scenes and has now gone public with renewed threats of retaliation against governments voting for a deal in October.
· Russia’s far east ports go dark in AIS interference outbreak
98 ships impacted since August 6
Russia affiliated GNSS interference in other areas linked to military activity
AIS manipulation complicating efforts to track shadow fleet activity The disruption impacts all of Nakhodka Bay, including Kozmino oil terminal, as well as the area leading up to the ports.
Baltic Reports 12th August, 2025
BALTIC INDICES 12/08/2025
DRY INDEX: 2017 (- 21)
CAPESIZE INDEX: 3261 (- 56)
PANAMAX INDEX: 1595 (- 19)
SUPRAMAX INDEX: 1329 (+ 4)
HANDYSIZE INDEX: 687 (+ 2)
BCI TC AVG $/DAY 27048 (- 458) BPI82 TC AVG $/DAY 14359 (- 170) BSI TC AVG $/DAY 16801 (+ 56) BHSI TC AVG $/DAY 12364 (+ 28)
TIMECHARTER
‘Flag Hope’ 2011 93242 dwt dely Mariveles 13/14 Aug trip via Indonesia redel S Korea $15,500
‘Lowlands Sky’ 2023 82281 dwt dely Belfast 14 Aug trip via US Gulf redel Skaw-Gibraltar $16,500 – Classic Maritime – <Scrubber fitted>
‘Lowlands Iyo’ 2024 82019 dwt dely Reydarfjordur 16/18 Aug trip via Narvik redel Ijmuiden $17,750 –
Norden
‘Aom Julia’ 2009 76596 dwt dely Singapore 15/20 Aug trip via Indonesia redel S China $16,500 – Fullinks
‘Omicron Pearl’ 2008 76529 dwt dely Fangcheng 11 Aug trip via Indonesia redel India $13,000
‘Pacific Merit’ 2018 63494 dwt dely WC India prompt trip via Arabian Gulf redel Bangladesh intention aggregates $15,000 – Grain Compass
‘Eagle’ 2010 58018 dwt dely Port Harcourt 15/17 Aug trip via Takoradi redel Arabian Gulf excl I/I $19,000
VOYAGES ORE
‘TBN’ 190000/10 Port Hedland/Qingdao 27/29 Aug
$10.10 fio 80000shinc/30000shinc – BHP
‘TBN’ 170000/10 Dampier/Qingdao 29/31 Aug $10.00 fio 90000shinc/30000shinc – Rio Tinto
‘TBN’ 170000/10 Saldanha Bay/Qingdao 1/10 Sep
$18.75 fio 90000shinc/30000shinc – Anglo
‘TBN’ 160000/10 Port Hedland/Qingdao 25/27 Aug
$10.40 fio 80000shinc/30000shinc – FMG
COAL
‘Dooyang TBN’ 80000/10 Newcastle/Boryeong 29 Aug/2 Sep $14.05 fio 30000shinc/19000lt shinc – Kepco tender
‘TBN’ 75000/10 HPCT/Gangavaram 9/18 Sep $17.70 fio 30000shinc/40000shinc – RINL
‘TBN’ 75000/10 HPCT/Visakhapatnam 10/19 Sep
$17.30 fio 40000shinc/20000sshex – Sail
Baltic Exchange Index – 12 AUGUST 2025 Baltic Exchange Capesize 182 Index
Route Description Value Change
===== ========================================== ===
C8_182 182000mt Gib/Hamburg transatlantic RV 32,993 – 43 C9_182 182000mt Cont-Med trip China-Japan 53,363 – 493 C10_182 182000mt China-Japan transpacific RV 29,445 – 973 C14_182 182000mt China-Brazil round voyage 29,055 – 175 C16_182 182000mt Backhaul 8,138 – 206
=================================================== ==
C5TC 182 Weighted Timecharter Average 30,206 – 478
Baltic Exchange Index – 12 AUGUST 2025
Baltic Exchange Capesize Index 3261 (- 56)
Route Description Value($) Change
====== =================================== ====
C2 160000mt Tubarao to Rotterdam 11.879 – 0.021
C3 160-170000mt Tubarao to Qingdao 24.925 – 0.110
C5 160-170000mt W Australia to Qingdao 10.160 – 0.315
C7 150-160000mt Bolivar to Rotterdam 14.814 – 0.057
C8_14 180000mt Gibraltar-Hamburg T/A RV 29,000 – 286 C9_14 180000mt Conti/Med Trip China/Japan 49,438 – 531 C10_14 180000mt China/Japan T/P RV 26,486 – 982 C14 180000mt China-Brazil RV 25,735 – 230
C16 180000mt N.China to Skaw-Passero 4,506 – 132 C17 170000mt Saldanha Bay to Qingdao 18.861 – 0.172
========================================== ======
5TC Weighted Timecharter Average 27,048 – 458
Baltic Exchange Panamax 82500mt Index 12 AUGUST 2025 Baltic Exchange Panamax Index 1,595 (- 19)
Route Description Value ($) Change
====== ================================= ======== P1A_82 Skaw-Gib T/A RV 15,077 – 382
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 21,563 – 329 P3A_82 HK-SKorea incl Taiwan, Pacific/RV 13,428 + 135 P4_82 HK-SKorea incl Taiwan to Skaw-Gib 8,381 – 7 P6_82 Dely Spore Atlantic RV 14,129 – 246
====== ================================= =======
P5TC Weighted Timecharter Average 14,359 – 170
The following routes do not contribute to the BPI or Weighted TC Average.
Route Description Value ($) Change
====== ================================= ======== P5_82 S. China Indo RV 13,836 + 142
P7 66000mt Mississippi Rvr to Qingdao 52,407 – 0.318 P8 66000mt Santos to Qingdao 37,807 – 0.410
Baltic Exchange Supramax Index – 12 AUGUST 2025 Baltic Exchange Supramax Index 1329 (+ 4)
Route Description Value ($) Change
====== ========================================= ====
S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 16,283 + 33 S1C_63 US Gulf trip to China-South Japan 27,593 – 78 BS2_63 North China one Australian or Pacific RV 14,657 – 10 BS3_63 North China trip to West Africa 15,100 + 200 S4A_63 US Gulf trip to Skaw-Passero 27,843 + 200 S4B_63 Skaw-Passero trip to US Gulf 12,579 + 120 BS5_63 West Africa trip via ECSA to North China 18,736 – 46 BS8_63 South China trip via Indo to EC.India 18,208 + 30 BS9_63 W.Africa trip via ECSA to Skaw-Passero 15,764 – 22 S10_63 S.China trip via Indonesia to South China 14,764 – 24 S15_63 Indian Ocean trip via S.Africa to Far East 13,817 + 121
====== ========================================= ====
S11TC Weighted Timecharter Average 16,801 + 56 S10TC Supramax(58) Timecharter Average 14,767 + 56
Baltic Exchange Index – 12 AUGUST 2025 Baltic Exchange Handysize Index 687 (+ 2)
Route Description Value ($) Change
====== ======================================== ====
HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 6,879 + 38 HS2_38 Skaw-Passero trip Boston – Galveston 9,114 + 39 HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 16,278 0 HS4_38 USGulf trip via USG or NCSA to Skaw-Pass 14,936 + 100 HS5_38 SE Asia trip to Spore – Japan 13,363 – 1
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn 12,644 + 15 HS7_38 N.China-S.Kor-Jpn trip to SE Asia 12,613 + 27
====== ======================================== =====
7TC Weighted Timecharter Average 12,364 + 28
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