News
  • Humiliation, vindication— and a giant test for India

Trump has triggered a trade and defence crisis: how should Modi respond?

IT IS UNUSUAL to experience humiliation, vindication and a defining test all at the same time. But that is India’s predicament today. President Donald Trump has undone 25 years of diplomacy by embracing Pakistan after its conflict with India in May, and now singling out India for even higher tariffs than China. He cannot have thought through how the world’s most populous country and fifth-largest economy would react.

·  Carsten Mortensen- led Dee4 Capital buys ultramax from Ultrabulk

  • Dee4 Oak will be chartered back
  • Danish investor Dee4 Capital Partners has bought an ultramax bulk carrier from Ultrabulk.
  • The 63,490-dwt Ultra Diversity (built 2017) will be owned by Dee4 Capital Fund II. After completion of the deal, which is expected in the fourth quarter, the vessel will be renamed Dee4 Oak.

·  Shipping billionaire makes formal complaint over ‘massive criticism’ by newspaper

  • Tycoon Torben Ostergaard-Nielsen has had enough of coverage of toxic waste scandal and other stories
  • Danish bunker and tanker tycoon Torben Ostergaard-Nielsen has had all he can take of what he views as hostile and personal press reports in his home country.
  • The founder of huge fuel supplier and shipowner United Shipping & Trading (USTC) has made a formal complaint to Denmark’s Press Board over coverage in Ekstra Bladet.
  • This has mainly related to a landslide of 2m tonnes of toxic soil at subsidiary Nordic Waste’s site at Olst in Denmark in January 2024.

·   Shipowners trading Russian oil tipped to follow European lead on price cap rules

  • Two-tier price has added confusion to highly complex sanctions
  • Shipowners will probably follow stricter new European rules on Russian oil cargoes following a shake-up of the highly criticised price cap regime, industry sources said.
  • European Union sanctions changes come into force this week, aimed at cutting the Kremlin’s revenues, but will also limit opportunities for Greek shipowners that have made huge sums from legally trading in Russian oil.
  • The UK and EU say that finance, insurance, shipping and broking interests linked to Russian crude shipments will only be legal if the oil is sold to third countries below $47.60 per barrel.

·   Houthis move attacks north as Eastern Pacific tanker targeted in Red Sea

  • Militants confirm ballistic missile attack on Idan Ofer-owned vessel
  • A chemical tanker owned by Idan Ofer’s Eastern Pacific Shipping was the target of a Houthi missile attack in the Red Sea off Saudi Arabia.
  • The master of the 20,000-dwt Scarlet Ray (built 2020) reported a splash and loud bang close to the ship on Sunday, some 40 nautical miles (74 km) south-west of Yanbu in western Saudi Arabia, according to maritime company Vanguard Tech.

·  Rocket-launcher- laden skiffs stalk bulker in southern Red Sea

  • Craft spotted with rocket launchers or mounted machine guns
  • A bulker spotted four high-speed skiffs while transiting the southern Red Sea in the early hours of Saturday.
  • Security company Diaplous Group classed the incident as a suspicious approach.
  • The Liberian-flagged vessel was sailing northbound when the smaller craft approached from its port side at about 20 knots.

·  CSSC yards ink close to 60 newbuildings worth around $6.8bn in the first half of 2025

  • Chinese shipbuilding group has nearly 340 vessels on its orderbook
  • China State Shipbuilding Corp (CSSC) contracted newbuildings worth about $6.8bn in the first half, despite the Trump administration’s proposed US port fees on vessels built by Chinese yards.
  • The state-owned group announced that shipyards under its wing signed contracts for 59 newbuildings valued at CNY 48.9bn ($6.8bn) and two offshore vessels worth CNY 2.96bn.
  • They also secured repair contracts worth CNY 1.1bn for 130 vessels. 

·  China steel exports reaching a plateau as tariffs and anti- dumping measures bite

  • Export volumes are ahead of first eight months last year, but shipments are falling.
  • China is exporting 73% more steel this year than it did three years ago, but there are signs that trade tariffs are beginning to limit further growth.
  • Chinese steel is a key backhaul trade for Handysize and Supramax/Ultramax bulk carriers, accounting for 12% of geared tonne-miles, according to research by Hartland Shipping.
  • The smaller bulkers have especially benefited from weak domestic demand for Chinese steel, which has fallen by 5% per annum since 2020.

·  Bull run in rates for Panamax bulkers shows small pullback as period interest remains steady

  • Four new period deals for Kamsarmaxes came to light this week on the back of stronger spot market
  • After rising each trading day for the past two weeks, average spot rates for Panamax bulkers showed a small pullback on Friday.
  • The spot market for Panamax and Kamsarmax bulk carriers has risen each trading day for the past two weeks, fuelling interest in period deals for Owners and Operators.
  • Freight rates have risen on the back of changing coal market dynamics and a longer-than-usual grain season in South America, fuelling interest in period deals this week.
  • The stronger spot market has fuelled interest in period deals, for which four new Panamax fixtures were reported this week, plus another for a post-Panamax bulker.

·   Helikon Shipping Enterprises sells second of three bulkers with another on the way

  • London-Greek owner has another deal underway
  • Low-profile Helikon Shipping Enterprises has sold the second of the three Supramaxes it has circulated for sale, and another deal is on the way.
  • The latest unit divested is the 58,740-dwt Meteora (built 2007), which brokers report has been sold for $11.75m to an undisclosed buyer.

·   VLCC rates could have further to fall before ‘sharp rebound’

  • Balanced tonnage supply picture bodes well in the longer term, market observers say
  • Spot rates for VLCCs could drop again after a tough week, but analysts and brokers do not expect the bearish sentiment to last too long. The Baltic Exchange assessed Middle East to Asia route at $46,000 per day on Friday, down 11% in a week.
  • The Caravel Group and Celsius Tankers have formed a joint venture to co-own and operate a new fleet of LNG bunkering vessels.
  • The joint venture has placed a firm order for two 20,000 cu m LNG bunker vessels at China Merchants Industry Holdings and China Merchants Heavy Industry Jiangsu, with deliveries scheduled for the third and fourth quarters of 2027. The vessels will be constructed at the same yard where Celsius is currently building six 180,000 cu m LNG carriers. The ships will be equipped with Type-C tanks capable of handling both LNG bunkering and small- scale LNG trading. The design includes additional manifolds and readiness for bio-LNG blending.
  • Celsius will lead the commercial strategy, while Caravel will provide strategic capital and operational expertise. Celsius has worked with Caravel subsidiary Fleet Management for more than a decade.
  • Jeppe Jensen, founder and chairman of Celsius Group, commented: “With this initiative, we are combining technical excellence, shipyard reliability, and commercial scale. Celsius and the Caravel Group are fully aligned in our ambition to become long-term leaders in the LNG bunkering space.”
  • The LNG bunkering segment has seen around 25 newbuilding moves in the year to date, including firm orders and optional units, as the number of LNG-powered ships is expected to double by the end of the decade. Currently, about 60 LNG bunker vessels are in service.

·   Eastern Pacific lines up another boxship spree at Chinese yards

  • Eastern Pacific Shipping (EPS) has expanded its presence in the containership newbuilding market with a fresh series of orders in China.
  • Shipbuilding sources said the Idan Ofer-led Singapore owner has signed contracts for eight 6,000 teu ships at Hengli Heavy Industry and China Merchants yards, with options secured for additional units.
  • The ships are priced close to $80m apiece, including scrubbers and a high reefer intake, with deliveries scheduled between 2027 and 2029.
  • The deal marks a continuation of EPS’s recent push with Chinese yards. The company has already booked up to four LNG dual-fuel suezmax tankers at Hengli, alongside a recently reported series of 1,800 teu boxships at China Merchants Jinling Shipyard and Fujian Mawei Shipbuilding.
  • In addition to owners looking to secure slots for feeder newbuilds, the EPS order underscores rising demand in the 5,000-8,000 teu segment, with Chinese yards competing strongly against Korean rivals, who are focusing on projects in the 9,000 teu to 20,000+ teu range.

·   Tanker and bulker collide off Singapore

  • The Singapore-registered bunker tanker Marine Dynamo and the Malta-flagged supramax Flag Gangos collided on Monday about 8 km south of Tanah Merah.
  • The Maritime and Port Authority of Singapore (MPA) said the incident was reported at 9.25 hrs local time.
  • Both vessels remain stable, and the MPA has opened an investigation. One crewmember from the tanker sustained minor bruises and sprains and is being treated onboard. All other crew from both ships have been accounted for and are safe.
  • Light oil sheens were observed in the water near the Marine Dynamo. The tanker’s master reported that marine gas oil (MGO) used for propulsion had spilled from a service tank located above the waterline. The MPA noted that MGO is a light fuel similar to diesel that evaporates and breaks down readily in the environment.
  • Patrol and spill response craft have been deployed to assist and disperse the sheens, supported by drone monitoring. The MPA has also issued a navigational broadcast to alert other vessels, adding that there is no impact on navigational safety.
  • The Marine Dynamo is an 8,300 dwt bunker tanker built in 2023, owned by Vitol Bunkers and chartered by Chevron. The 56,500 dwt Flag Gangos was built in 2013 and is owned by Greece’s Golden Union.

·   Karpowership flips newcastlemax to Winning Shipping

  • In a surprise move, Turkey’s Karpowership has flipped a Newcastlemax bought earlier this year.
  • Normally vessels acquired by Karpowership are bought with a view to converting them into floating power stations. Not so with the 15-year-old Karadeniz Powership Rauf Osman Bey, which has just been sold to Winning Shipping for $33.5m. The Universal- built Newcastlemax, acquired as HL Frontier for $32.5m in February, has now been delivered to Winning.
  • Winning, the world’s largest bauxite shipper, has been very active on the S&P scene this year, the latest vessel being its fifth bulker purchase in 2025. Winning’s fleet now stands at 56 ships.

·   Wison New Energies secures Sakarya FPU contract with TPAO

  • China’s Wison New Energies and Turkish Petroleum (TPAO) have signed an engineering, procurement, construction, installation, and commissioning contract for the Sakarya gas field Phase III FPU project.
  • The Sakarya gas field, located in the Black Sea, approximately 170 km from the Turkish coast at a water depth of 2,150 m, was discovered in August 2020.
  • Its natural gas reserves reach 405bn cu m, making it the largest natural gas field discovered in the country. TPAO is developing it in three phases. The FPU unit, the core production facility in the third phase, will be operating in the Bosphorus Strait.
  • It is designed to export 25m cu m of natural gas per day, treat 1,350 cu m of water per day, and regenerate and inject 2,503 cu m of monoethylene glycol per day, with a design life of at least 30 years.
  • Once the third phase is operational, it will significantly enhance Turkey’s energy self-sufficiency and reduce its dependence on natural gas imports.
  • A second phase of the project will be online in 2028. It involves the converted BW Opportunity FPSO.

Baltic Reports 1st Sept, 2025

BALTIC INDICES 01/09/2025

 DRY INDEX: 2024 (- 1)

CAPESIZE  INDEX: 2949 (+ 24)

PANAMAX   INDEX: 1813 (- 34)

SUPRAMAX  INDEX: 1467 (+ 2)

HANDYSIZE INDEX: 779 (+ 12)

 

BCI   TC AVG $/DAY 24455 (+ 198)

BPI82 TC AVG $/DAY 16313 (- 310)

BSI   TC AVG $/DAY 18539 (+  18)

BHSI  TC AVG $/DAY 14019 (+ 212) 

 

TIMECHARTER

‘Maxwell’ 2017 82170 dwt dely Tuticorin 29 Aug trip via

South Africa redel India $20,000 – Kline

‘Aom Bianca’ 2017 81791 dwt dely in D/C Hong Kong

31 Aug/1 Sep trip via Indonesia redel India $14,000 –

Tongli

‘Falkonera’ 2012 81641 dwt dely Flushing prompt trip

via US Gulf redel Continent $17,350 – Cefetra

‘AE Jupiter’ 2007 74476 dwt dely Hong Kong 29 Aug

trip via Indonesia redel South China $12,000

 ‘Dolphin 76’ 2002 74133 dwt dely Putian 4/9 Sep trip

via Indonesia redel South China $10,250 – cnr

‘Calipso’ 2005 73691 dwt dely CJK 1/2 Sep trip via

NoPac redel Singapore-Japan $10,800 – Reachy

‘Fuga’ 2012 38036 dwt dely Kwinana prompt trip redel

China intention alumina $16,000 – cnr

 

‘Jin Rui 82’ 2012 35169 dwt dely Japan prompt trip

redel Arabian Gulf intention steels $15,000 – Woohyun

 ‘Taokas Wisdom’ 2008 31943 dwt dely Moresby

prompt 2 to 3 laden legs about 70-90 days redel

Singapore-Japan $13,000

 VOYAGES

 ORE

 ‘TBN’ 190000/10 Buchanan/Qingdao 12/21 Sep $24.00 fio 25000shinc/30000shinc – ArcelorMittal

‘TBN’ 170000/10 Dampier/Qingdao 17/19 Sep $10.20 fio 90000shinc/30000shinc – Rio Tinto

 COAL

 ‘TBN’ 75000/10 APCT/Gangavaram 21/30 Sep $16.85 fio 25000shinc/40000shinc – RINL

 © Baltic Exchange Information Services Ltd 2025

Baltic Exchange Index – 01 SEPTEMBER 2025
Baltic Exchange Capesize Index 2949 (+ 24)
Route Description Value($) Change

C2 160000mt Tubarao to Rotterdam 12.114 + 0.250
C3 160-170000mt Tubarao to Qingdao 24.465 – 0.015
C5 160-170000mt W Australia to Qingdao 10.265 + 0.065
C7 150-160000mt Bolivar to Rotterdam 12.893 – 0.014
C8_14 180000mt Gibraltar-Hamburg T/A RV 21,791 – 38
C9_14 180000mt Conti/Med Trip China/Japan 43,039 + 64
C10_14 180000mt China/Japan T/P RV 26,464 + 359
C14 180000mt China-Brazil RV 25,280 0
C16 180000mt N.China to Skaw-Passero 8,531 + 875

C17 170000mt Saldanha Bay to Qingdao 18.456 + 0.234

5TC Weighted Timecharter Average 24,455 + 198
Baltic Exchange Index – 01 SEPTEMBER 2025
Baltic Exchange Capesize 182 Index
Route Description Value Change
C8_182 182000mt Gib/Hamburg transatlantic RV 25,836 – 33
C9_182 182000mt Cont-Med trip China-Japan 47,688 + 100
C10_182 182000mt China-Japan transpacific RV 29,484 + 458
C14_182 182000mt China-Brazil round voyage 28,601 – 90

C16_182 182000mt Backhaul 8,894 +1050

C5TC 182 Weighted Timecharter Average 28,418 + 277
Baltic Exchange Panamax 82500mt Index 01 September 2025
Baltic Exchange Panamax Index 1,813 (- 34)

Route Description Value ($) Change

P1A_82 Skaw-Gib T/A RV 18,432 – 518
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 25,833 – 442
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 13,896 – 274
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 8,466 – 111

P6_82 Dely Spore Atlantic RV 16,005 – 186

P5TC Weighted Timecharter Average 16,313 – 310

The following routes do not contribute to the BPI or Weighted TC Average.
Route Description Value ($) Change
=================================
P5_82 S. China Indo RV 13,989 – 267
P7 66000mt Mississippi Rvr to Qingdao 55,771 – 0.379
P8 66000mt Santos to Qingdao 39,821 – 0.272


Baltic Exchange Panamax 82 Asia Index – 1 September 2025
Route Description Size (MT) Value($) Change
===== =============================
P5_82 S.China one Indo RV 13,989 -267

Baltic Exchange Supramax Index – 01 SEPTEMBER 2025
Baltic Exchange Supramax Index 1467 (+ 2)
Route Description Value ($) Change

S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 19,167 + 171
S1C_63 US Gulf trip to China-South Japan 29,321 + 314
BS2_63 North China one Australian or Pacific RV 17,029 + 22
BS3_63 North China trip to West Africa 16,620 + 30
S4A_63 US Gulf trip to Skaw-Passero 29,950 + 75
S4B_63 Skaw-Passero trip to US Gulf 14,039 + 50
BS5_63 West Africa trip via ECSA to North China 20,021 – 8
BS8_63 South China trip via Indo to EC.India 20,933 – 67
BS9_63 W.Africa trip via ECSA to Skaw-Passero 16,843 +7
S10_63 S.China trip via Indonesia to South China 16,554 – 39

S15_63 Indian Ocean trip via S.Africa to Far East 14,046 – 137

S11TC Weighted Timecharter Average 18,539 + 18
S10TC Supramax(58) Timecharter Average 16,505 + 18

Baltic Exchange Supramax Asia Index – 1 September 2025
Route Description Value($) Change
S2_63 N.China one Austr or Pac RV 17,029 +22
S8_63 S.China via Indonesia/Ec India 20,933 -67
S10_63 S.China via Indo/S.China 16,554 -39
====== ===============================
S3TC Weighted Time Charter Average 18,023 -22


Baltic Exchange Index – 01 SEPTEMBER 2025
Baltic Exchange Handysize Index 779 (+ 12)
Route Description Value ($) Change
HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 8,293 + 114
HS2_38 Skaw-Passero trip Boston – Galveston 10,586 + 143
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 19,222 + 355
HS4_38 USGulf trip via USG or NCSA to Skaw-Pass 20,693 + 1086
HS5_38 SE Asia trip to Spore – Japan 13,819 – 31
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp 13,025 + 12
HS7_38 N.China-S.Kor-Jpn trip to SE Asia 13,006 + 31
=====================================
7TC Weighted Timecharter Average 14,019 + 212
© Baltic Exchange Information Services Ltd., 2025

Shipping Markets 29th August, 2025 CAPESIZE

The market closed the week on a steadier footing, with the BCI 5TC recovering part of its midweek losses to end the week at $24,257, up

$339 on the day, though still below Monday’s opening of $25,140. The Pacific saw a quieter close, with only one miner in the market, yet C5 held firm, the bid started the day at $10.00 against low-to-mid $10.00s on the offer side. Fixtures concluded at $10.20, lifting the C5 index by a modest 0.175 to finish at $10.20. In the Atlantic, activity was also subdued but showed signs of some stabilisation, with the C3 index edging up by 0.045 to $24.480. Overall, the market appeared to take a step back into wait-and-see mode ahead of next week.

Atlantic

Anglo is reported to have fixed yesterday the Bohai controlled ASL Sun (177,775 2010) for 170,000/10 Saldanha bay to Qingdao 13/22 September at $18.55. Solebay were awarded the Ore and Metal tender

today for 170,000/10 Saldanha Bay to Dung Quat and Qingdao 18/22 September at $19.38.

Asis

Rio Tinto fixed a TBN for 170,000/10 Dampier to Qingdao 15/17 September at $10.20. Vale is reported to have fixed a TBN for 170,000/10 TRMT to Qingdao 10/12 September in the mid/high $7.00s, lacking further details.

PANAMAX

A correction of $242 saw the BPI timecharter index close the week at

$16,623, but a gain of $691 week-on-week. A passive ending to a captivating week, we head into the weekend on a distinct negative tone, with firm sentiment hard to come by, as all markets continued to lose ground on gains made during the first half of the week.

Atlantic

Updating from yesterday’s report the Lady J (82,373 2023) delivery aps

ECSA 9/10 September fixed for a trip redelivery Skaw-Gibraltar at

$28,500 with Bunge, whilst Pacific Bulk secured the Maple Well (82,253 2025) retro sailing Kandla 26 August for a trip via EC South America redelivery Singapore-Japan at $18,000.

Asia

From Australia, reports had the Cymona Star (87,036 2006) Kinuura 1/5 September fixed for a trip via Australia redelivery South Korea at

$15,500 with Polaris, whilst the Guang Bo (82,245 2023) CJK 2/3 September went to Tongli for an Australian round trip at $15,250. Further South, the Sasebo Ace (75,008 2011) Iligan 2 September was reported fixed for a trip via Indonesia redelivery China at $16,000 with Messrs ITG.

SUPRAMAX

A positive end to the week although some felt that the Asian arena remained rather ‘toppy’. The US Gulf maintained its upward push as prompt tonnage remained tight also from South America better activity was seen helping keep rates at reasonable levels brokers said. As said the Asian arena took a break today as some felt that demand had eased and rates were coming off, it will be interesting to see if this path continues next week. The 11TC average closed up $55 at $18,521.

Atlantic

The Asian Majesty (62,466 2016) Brownsville 30 August/1 September was rumoured fixed in low $40,000s with petcoke for a short trip with Pacific Basin but no further details surfaced. Further south, the Myra Bay (56,546 2014) was linked to Bunge covering a vessel basis delivery Santos prompt for a trip SE Asia at $15,750 plus $575,000 ballast bonus.

Asia

The Kai Hang Fa Zhan (63,472 2018) open Cambodia 30 August was placed on subjects for a trip redelivery China at $16,000. The Lynux Synergy (61,114 2014) Bahodopi 31 August was also on subjects for a trip via Indonesia redelivery China in the low $19,000 with Cosco. Also, the HG Melbourne (53,596 2007) Singapore 31 August was on subjects for a trip via Indonesia redelivery China in the low $15,000s with Fullinks. The Broad Glory (52,415 2005) Panjang was on subjects again via Indonesia redelivery China in the high $17,000s.

HANDYSIZE

The week ended on a positive note, with expectations of continued optimism in both basins. The BHSI closed the week at 767 whilst the 7TC average improved by $252 to settle at $13,807. In the Continent and Mediterranean regions, market activity remained largely unchanged, with rates holding flat. The South Atlantic and US Gulf markets continued to show improving conditions, as sources noted increased bidding from charterers and tightening tonnage list. Across Asia, the market remained steady, with a shift in the cargo-to-tonnage ratio resulting in largely flat rates. On the period side, the Tomini Pampero (38,638 2015) open CJK 2/4 Sep heard fixed for 10 to 12 months at

$13,500 though further details were not confirmed.

Atlantic

A 36,000 open West Mediterranean was heard fixed for a trip to East Mediterranean at $8,000, but further details were not disclosed.

Asia

The Taokas Wisdom (31,943 2008) fixed delivery Moresby for 2 to 3 laden legs for about 70-90 days, but further details were not disclosed.

BALTIC FORWARD ASSESSMENTS – Tuesday 02 September 2025

BFA Capesize
PeriodValueChange
Sep-2525,938 $/day-541
Oct-2527,642 $/day-246
Nov-2525,808 $/day-217
Dec-2523,871 $/day0
Jan-2616,300 $/day-92
Feb-2614,817 $/day-125
Mar-2617,563 $/day-83
Q3 2524,563 $/day-180
Q4 2525,774 $/day-154
Q1 2616,226 $/day-100
Q2 2620,638 $/day-62
Q3 2623,700 $/day-42
Q4 2624,258 $/day-59
Cal 2621,206 $/day-65
Cal 2720,663 $/day13
Cal 2819,446 $/day8
Cal 2918,850 $/day-38
Cal 3018,708 $/day25
Cal 3118,558 $/day0
BFA Panamax 82
PeriodValueChange
Sep-2515,728 $/day-171
Oct-2515,669 $/day-121
Nov-2515,057 $/day-75
Dec-2513,957 $/day-21
Jan-2612,150 $/day-3
Feb-2611,288 $/day-3
Mar-2612,496 $/day39
Q3 2516,459 $/day-57
Q4 2514,894 $/day-73
Q1 2611,978 $/day11
Q2 2613,830 $/day-50
Q3 2613,482 $/day-6
Q4 2612,901 $/day-17
Cal 2613,048 $/day-15
Cal 2712,288 $/day14
Cal 2812,419 $/day-13
Cal 2912,402 $/day9
Cal 3012,564 $/day0
Cal 3112,589 $/day0
BFA Supramax 63
PeriodValueChange
Sep-2518,134 $/day-38
Oct-2517,317 $/day-100
Nov-2516,242 $/day112
Dec-2515,034 $/day121
Jan-2612,767 $/day150
Feb-2611,876 $/day59
Mar-2613,192 $/day183
Q3 2516,936 $/day-13
Q4 2516,198 $/day44
Q1 2612,612 $/day131
Q2 2614,401 $/day29
Q3 2614,359 $/day37
Q4 2614,113 $/day 229
Cal 2613,871 $/day56
Cal 2713,359 $/day42
Cal 2813,272 $/day25
Cal 2913,255 $/day0
Cal 3013,342 $/day0
Cal 3113,447 $/day0
BFA Supramax 58
PeriodValueChange
Sep-2516,100 $/day-38
Oct-2515,283 $/day-100
Nov-2514,208 $/day112
Dec-2513,000 $/day121
Jan-2610,733 $/day150
Feb-269,842 $/day59
Mar-2611,158 $/day183
Q3 2514,902 $/day-13
Q4 2514,164 $/day44
Q1 2610,578 $/day131
Q2 2612,367 $/day29
Q3 2612,325 $/day37
Q4 2612,079 $/day29
Cal 2611,837 $/day56
Cal 2711,325 $/day42
Cal 2811,238 $/day25
Cal 2911,221 $/day0
Cal 3011,308 $/day0
Cal 3111,413 $/day0
BFA Handy Size
PeriodValueChange
Sep-2514,138 $/day138
Oct-2513,875 $/day25
Nov-2513,463 $/day25
Dec-2512,300 $/day12
Jan-269,788 $/day13
Feb-269,213 $/day13
Mar-2610,588 $/day0
Q3 2512,895 $/day46
Q4 2513,213 $/day21
Q1 269,863 $/day9
Q2 2612,131 $/day75
Q3 2612,000 $/day62
Q4 2611,738 $/day50
Cal 2611,433 $/day49
Cal 2710,850 $/day0
Cal 2810,863 $/day0
Cal 2910,888 $/day0
Cal 3011,038 $/day0
Cal 3111,113 $/day0
BALTIC INDICES 02/09/2025
DRY INDEX:1986-38 
CAPESIZE INDEX:2874-75 
PANAMAX INDEX:1764-49 
SUPRAMAX INDEX:1466-1 
HANDYSIZE INDEX:785+6 
BCITC AVG $/DAY23836-619
BPI82TC AVG $/DAY15876-437
BSITC AVG $/DAY18530-9
BHSITC AVG $/DAY14125+106

TIMECHARTER

‘Yasa Pioneer’ 2006 82849 dwt dely aps Richards Bay 15/18 Sep trip redel India $14,750+$475,000 bb – Seapol

‘Zoi XL’ 2006 82489 dwt dely retro PMO 23 Aug trip via EC South America redel SE Asia $15,500 – Mercuria ‘Ultra Margay’ 2020 81921 dwt dely retro Amsterdam 30 Aug trip via US Gulf & Egypt redel Gibraltar $20,000

– Olam Intl – <Scrubber benefit to Charterers>

‘Marla Champion’ 2025 64711 dwt dely Incheon

prompt 31 Aug trip via NoPac redel SE Asia $18,500 – Norden

‘Nature Flowing’ 2025 63777 dwt dely Lome prompt trip via Luderitz -South Africa redel China intention manganese ore $20,000 – BG Shipping

‘Anafi’ 2024 63629 dwt dely Mongla 29/30 Aug trip via Indonesia redel EC India-Bangladesh $18,000 ‘Itamos’ 2022 63567 dwt dely Port Said prompt trip Douala intention clinker $19,500 – Sagitta ‘Young Spirit’ 2015 63567 dwt dely Mina Saqr prompt trip redel Bangladesh $16,500

‘Panemorfi’ 2013 61430 dwt dely US Gulf prompt trip redel Continent $27,500 – ADM

‘San Nicolas’ 2010 58802 dwt dely US Gulf prompt trip Singapore-Japan $25,000 ‘Yangtze Brightness’ 2010 57021 dwt dely Tianjin

7/12 Sep trip via GOA redel Mediterranean intention steels & gens $17,000

‘Densa Eagle’ 2010 55094 dwt dely CJK 2/4 Sep trip redelivery Arabian Gulf intention steels $17,350 ‘Qi Fu’ 2005 52358 dwt dely Surabaya 4 Sep trip via Indonesia redel China $19,250 – Naval Bulk

‘BBC Mercury’ 2023 38869 dwt dely Cebu 8 Sep trip via Australia redel US West Coast $12,250 – Oldendorff

‘African Toucan’ 2017 37730 dwt dely Zhangjigang prompt trip redel Thailand intention steel slabs $14,000 –

Toko

‘Lady Meral’ 2005 32131 dwt dely Bremen prompt trip redel Mediterranean $11,500 – Cargo Levant

VOYAGES

ORE

‘Berge Broad Peak’ 2009 160000/10 Port Hedland/Qingdao 15/17 Sep $10.20 fio

COAL

‘Pan Ocean TBN’ 75000-88000 Gladstone/Taean

16/25 Sep $12.04 fio 35000satpmshex/22000lt shinc – Kepco tender

Baltic Exchange Index – 02 SEPTEMBER 2025
Baltic Exchange Capesize Index  2874 (- 75)
Route DescriptionValue ($)Change
C2160000mt Tubarao to Rotterdam11.807-0.307
C3160-170000mt Tubarao to Qingdao24.265-0.2
C5160-170000mt W Australia to Qingdao10.11-0.155
C7150-160000mt Bolivar to Rotterdam12.843-0.05
C8_14180000mt Gibraltar-Hamburg T/A RV21,429– 362
C9_14180000mt Conti/Med Trip China/Japan42,438– 601
C10_14180000mt China/Japan T/P RV25,677– 787
C14180000mt China-Brazil RV27,725– 555
C16180000mt N.China to Skaw-Passero4,588– 943
C17170000mt Saldanha Bay to Qingdao18.339-0.117
5TCWeighted Timecharter Average23,836– 619
Baltic Exchange Index – 02 SEPTEMBER 2025
Baltic Exchange Capesize 182 Index
Route DescriptionValue ($)Change
C8_182182000mt Gib/Hamburg transatlantic RV25,329– 507
C9_182182000mt Cont-Med trip China-Japan47,156– 532
C10_182182000mt China-Japan transpacific RV28,534– 950
C14_182182000mt China-Brazil round voyage28,297– 304
C16_182182000mt Backhaul7,850– 1044
C5TC 182  Weighted Timecharter Average  27,736  -682
Baltic Exchange Panamax 82500mt Index 02 SEPTEMBER 2025
Baltic Exchange Panamax Index 1,764 (- 49)
Route DescriptionValue ($)Change
P1A_82Skaw-Gib T/A RV17,786– 646
P2A_82Skaw-Gib trip HK-SKorea incl Taiwan25,292– 541
P3A_82HK-SKorea incl Taiwan, Pacific/RV13,519– 377
P4_82HK-SKorea incl Taiwan to Skaw-Gib8,294– 172
P6_82Dely Spore Atlantic RV15,636– 369
P5TCWeighted Timecharter Average15,876-437
The following routes do not contribute to the BPI or Weighted TC Average.
Route DescriptionValue ($)Change
P5_82S. China Indo RV13,681– 308
P766000mt Mississippi Rvr to Qingdao55,343-0.428
P866000mt Santos to Qingdao39,364-0.457
Baltic Exchange Supramax Index – 02 SEPTEMBER 2025
Baltic Exchange Supramax Index 1466 (- 1)
Route DescriptionValue ($)Change
S1B_63Cnkle trip via Med or Blsea to China-S.Korea19,383+ 216
S1C_63US Gulf trip to China-South Japan28,864– 457
BS2_63North China one Australian or Pacific RV16,929– 100
BS3_63North China trip to West Africa16,550– 70
S4A_63US Gulf trip to Skaw-Passero30,093+ 143
S4B_63Skaw-Passero trip to US Gulf14,132+ 93
BS5_63West Africa trip via ECSA to North China20,382+ 361
BS8_63South China trip via Indo to EC.India20,725– 208
BS9_63W.Africa trip via ECSA to Skaw-Passero17,079+ 236
S10_63S.China trip via Indonesia to South China16,354– 200
S15_63Indian Ocean trip via S.Africa to Far East14,175+ 129
    
S11TCWeighted Timecharter Average18,530-9
S10TCSupramax(58) Timecharter Average16,496-9
Baltic Exchange Index – 02 SEPTEMBER 2025
Baltic Exchange Handysize Index 785 (+ 6)
Route DescriptionValue ($)Change
HS1_38Skaw-Passero trip Recalada – Rio de Janeiro8,557+ 264
HS2_38Skaw-Passero trip Boston – Galveston10,800+ 214
HS3_38Rio de Janeiro-Recalada trip Skaw – Passero19,528+ 306
HS4_38USGulf trip via USG or NCSA to Skaw-Passero20,700+  7
HS5_38SE Asia trip to Spore – Japan13,8190
HS6_38N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp13,050+ 25
HS7_38N.China-S.Kor-Jpn trip to SE Asia13,031+ 25
7TCWeighted Timecharter Average14,125+ 106

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