Container operations at Europe’s largest port, Rotterdam, have come to a standstill as lashers began a 48-hour strike on Wednesday afternoon to demand higher wages, while harbour pilots’ protests in neighbouring Antwerp-Bruges continue to disrupt marine traffic.

Dutch union FNV said workers at International Lashing Services and Matrans Marine Services — the two lashing firms active in Rotterdam — stopped work at 15.15 hrs local time and will remain off duty until the same time on Friday.

As lashers are responsible for securing containers aboard vessels, the walkout means no ship can be loaded or unloaded during the strike period, the union said. Major terminals across the port are expected to feel the impact, with some boxships already facing extended laytime.

A spokesperson for the Port of Rotterdam Authority confirmed that the strike would affect vessel turnaround times but said it was too early to quantify the scale of disruption.

The industrial unrest adds to broader regional turmoil. In Belgium, Flemish harbour pilots have been protesting against federal pension reforms, triggering significant delays at Antwerp-Bruges, Europe’s second-largest port.

According to port authorities, only 31 ships were handled on Tuesday, compared with an average of 60 to 80 daily. As of Wednesday morning, over 100 vessels were waiting to enter or leave the port, with several diversions reported.

Pilots, represented by the Beroepsvereniging van Loodsen, are limiting work to office hours as part of their action. Negotiations with the government remain stalled, with both sides waiting for the other to resume talks. The pilots have protested for months, arguing that recent pension reforms unfairly target their sector and could reduce future benefits.

The combined strikes in Rotterdam and Antwerp — two of Europe’s most critical maritime gateways — are already prompting warnings of knock-on effects across North Europe’s container and energy supply chains if they drag on.

NAPA: Integration is shipping’s new superpower

Shipping’s decarbonisation drive won’t be defined by one big breakthrough, according to Mikko Kuosa, CEO of Finland-based software company NAPA. Instead, the focus is shifting to combining proven technologies and tailoring solutions to fit specific vessel types and trades.

“There will not be a single silver-bullet solution.” “Different permutation and combinations of technologies will prove optimal in different scenarios.”

Short-sea shipping is seeing battery-powered vessels coming online. For deep-sea, hybrid setups are gaining traction, including wind-assisted propulsion. Kuosa points to a recent simulation run by NAPA, Norsepower and Sumitomo that showed emissions could be cut by up to 28% when wind power is paired with voyage optimisation.

Design-stage simulation is also coming into its own. Shipyards like HD Hyundai and Chantiers de l’Atlantique are using digital twins to model real-world fuel use, hydrodynamics, emissions, and even crew workflow before a single section is welded. Kuosa says this shift helps ensure that “ships entering the water are already greener, safer and optimized for real-world performance.”

Integration is what’s driving all this forward. “The future will favour solutions that connect data, technology and people seamlessly. That’s where the breakthroughs will be most visible,” he says.

AI is already playing a key role in NAPA’s offering. It’s being used to analyse hull fouling, predict CII ratings, and refine fuel efficiency. “In performance monitoring, we use it to analyze hull fouling, predict CII ratings for specific voyages, and model fuel efficiency with remarkable precision.”.

It’s also being applied to ship safety and port navigation. “We’ve integrated AI into our ship stability and loading software, automatically optimising cargo placement in line with the IMDG code and sending alerts to prevent hazardous misplacement,” he says. The same technology is being used to process AIS data more accurately than ever.

“These advances aren’t about replacing human judgment; they’re about

supporting the crews and shoreside teams with better tools”.

But the next leap in AI will only come once the industry cleans up its data. “Shipping’s fragmented data systems mean we don’t yet have the structured, interconnected data required to unlock the next wave of AI innovation,” he says. “Once our industry establishes strong data hygiene, the floodgates of innovation will surely open.”

NAPA is positioning itself at the centre of this ecosystem. With tools covering everything from early-stage design to daily operations, the company is creating continuous feedback loops that allow lessons from one vessel to inform the design and performance of the next. “Operational data from one ship can improve the design of the next, and even after a vessel is retired, its operational data can live on to inform future fleets”.

On the commercial side, the industry is finally starting to put serious money behind technology. “The cost of inaction is rapidly becoming greater than the cost of innovation,” says Kuosa. Wind propulsion is no longer experimental—installations have doubled in two years. Voyage optimisation, once a fringe tool, is now a board-level discussion.

“Digital logbooks, for instance, have moved from trial projects to fleet- wide rollouts. It’s not just efficiency; it’s risk reduction and improved compliance discipline,” he says. But there’s still ground to cover. “The penny has dropped, but it’s still rolling. The next few years will determine whether companies pick it up and invest, or watch competitors move ahead without them.”

Internally, NAPA is shifting its own talent base, bringing in new technical roles and focusing more heavily on customer-centric design. “We don’t just build software – we design solutions around the full customer journey”.

Externally, the company is pushing collaboration hard. NAPA Studios, the firm’s innovation and co-creation platform, is working with shipowners, yards, class, and even financiers. “These are not problems any single company can solve in isolation.” One example: a digital twin initiative involving 13 of Japan’s largest shipping firms, aiming to build a secure data-sharing model between shipyards and operators.

Kuosa is also clear on one thing: no digital transition will succeed if it adds to the already heavy burden on crews. “Success depends on seafarers and shoreside teams—and they are under growing strain,” he says. Citing research showing mental health issues and increased workloads among senior officers, he argues that tech must ease the load, not add to it.

NAPA’s digital logbook has cut admin time by 2,000 hours per vessel per year for operators like Anthony Veder. Smart checklists and a digital Permit to Work tool—trialled with Carnival and Virgin Voyages—are now part of the company’s broader effort to improve safety and reduce complexity.

“The goal is simple: reduce manual effort, minimize compliance risk, and give crews and companies the clarity they need to navigate the transition safely and sustainably”.

And more tools are coming. “No matter how advanced the tools, the green transition will only succeed if we make it manageable for the people doing the work.”.

Hong Kong shipowner’s VLCC sale drive nears finish line with two more deals cooking

Low-profile Huwell Group piling up disposals in quick succession.

Last to go? The 308,200tdw VLCC Landbridge Fortune, built 2016, is in the process of being sold.

Barely a week after reportedly raising $103m from selling the youngest of its three VLCCs, Hong Kong-based Huwell Group is believed to be obtaining an even bigger sum for its last pair of such vessels.

If the news is eventually confirmed, it would mark the end of a long sale campaign, in which the low-profile shipowner offloaded five VLCCs in seven months as it focuses on a new future in bulkers and smaller tankers.

Cleaning out? Market weighs reports of $1bn deal to make John Fredriksen’s Frontline crude again

Greece’s private Thenamaris linked to 18 LR2 tankers in unconfirmed

transaction

Is John Fredriksen selling out of his clean product tanker fleet in a $1bn mega-deal?

The tanker market was humming on Thursday with reports that Fredriksen’s public flagship Frontline is selling 18 LR2s to Greek owner Thenamaris for between $1bn and $1.2bn.

ExxonMobil confirms its first moves on LNG bunker vessel newbuildings

Energy major signs multi-year deals on Avenir and Evalend ships delivering in 2027 and eyes further expansion.

US energy major ExxonMobil has confirmed its entry into the LNG bunker market with two newbuildings chartered from shipowners Avenir LNG and Evalend Shipping.

ExxonMobil said the Avenir LNG newbuilding delivers in the first quarter of 2027, with the Evalend LNG bunker vessel (LNGBV) scheduled for handover in the last three months of the same year.

The company said these vessels will form the backbone of ExxonMobil’s

initial LNG marine supply capability.

Stabilis Solutions to build out US LNG bunkering terminal and vessel after bagging customer

Port of Galveston liquefaction facility due to be in operation by the end of 2027.

Nasdaq-listed Stabilis Solutions is poised to move forward on building an LNG bunkering terminal in the Port of Galveston and commission a supply vessel after securing an anchor customer.

Houston based Stabilis said it had entered into a 10 year agreement with an investment grade global marine operator to supply LNG for the unnamed company’s marine bunkering operations on Texas’s Gulf Coast port.

Greek shipowner Andreas Martinos jumps into newbuilding slots passed up by Arne Blystad

Minerva Dry places order for its largest feeder container ships.

Minerva Dry has ordered a fresh series of container ship newbuildings.

The ships are set to be the largest feeder boxships in the company’s

fleet when delivered.

The Andreas Martinos-led outfit has struck a deal with Chinese shipbuilder Penglai Zhongbai Jinglu Ship Industry for four vessels with a carrying capacity of 3,000 teu, shipbuilding sources said.

Trump administration targets ‘Iran’s energy export machine’ with sanctions against dozens of ships

Treasury Department also blacklists fourth Chinese terminal for taking Iranian oil. The Trump administration has fired a volley of sanctions against more than 30 LPG carriers, tankers and other vessels in a move aimed at hobbling Iran’s energy exports.

The US Treasury Department also blacklisted a Chinese refiner and oil terminal. The move is the latest in US President Donald Trump’s “maximum pressure” campaign against Iran.

Songa Group wins battle over costs of returning chartered tanker after Mexican standoff

Product tanker was arrested in 2021 in dispute over who paid for its return after terminated time charter

Arne Blystad’s Songa group has won a legal battle over $1.5m of costs after the Norwegian company returned a product tanker to its owner after ending a five-year time charter.

The dispute arose after the Songa group cut short the bareboat charter and notified the shipowner, Croatian shipbuilder Brodotrogir, that the 49,700-dwt Songa Pride (built 2016) was ready to be collected at the US port of Stockton in California, after a final cargo discharge.

Huge Fortescue bulker lost power due to faulty pressure switch, probe finds

Interim report in Australia dismisses media reports of grounding

A Fortescue Metals Group (FMG) capesize suffered an engine failure due to a defective pressure switch, an accident report has found.

An interim investigation by the Australian Transport Safety Bureau (ATSB) dismissed media reports that the 261,000-dwt bulker FMG Nicola (built 2016) grounded during the incident on 7 February this year.

The report said the 327-metre ship had completed loading 237,088 tonnes of iron ore at its berth in Port Hedland, Western Australia.

Time to scrap ineffective and potentially dangerous sanctions, bulker boss Khalid Hashim says

Thai company’s managing director believes Western measures are

counterproductive

Mainstream shipowners have been unambiguous in their backing of Western sanctions against Russian-trading vessels since the Ukraine invasion.

Many executives, such as Frontline chief executive Lars Barstad, are outspoken in wanting tougher action against the shadow tanker fleet. Khalid Hashim, however, takes the opposite view.

Responding to a report that at least five elderly Russian-trading tankers had spilled oil off European coastlines, the managing director of Thai bulker owner Precious Shipping told TradeWinds: “Increasingly, the US and the European Union leverage their dominance in the world capitalist system to impose sanctions on other countries.

“Political leaders who impose these sanctions sometimes argue that sanctions are a ‘more humane’ alternative to war. But that is not necessarily so. Sanctions are war by another name.”

Hashim pointed to the failure of sanctions to alter behaviour as well established for decades.

Shipping rates may dodge port fee bullet from Donald Trump

Vessel swopping, redeployment likely to emerge for bulkers

Shipping markets are likely to hold firm in the face of port fee squeezes from the US and China, several leading market observers told TradeWinds.

From the US perspective, Bimco chief shipping analyst Niels Rasmussen said US importers and exporters should not expect increasing freight rates from container ships, tankers and bulkers.

China pays up for older secondhand capesize bulkers

The latest CMB.Tech transaction underscores buyers’ appetite for vintage capsizes. China is the leading buyer of secondhand capesize vessels this year.

Just this week alone, brokers reported that a Chinese buyer, which some identified as Zhenjiang Shipping, acquired the 206,400-dwt Mineral Shougang International (built 2019) for $65.5m.

Houthis’ UN-purchased tanker takes more Russian oil in undercover delivery

US-sanctioned tanker that was spoofing its AIS offloaded oil to the VLCC Yemen in early September
Transfer marks the vessel’s first dark STS, suggesting a change in tactics as Houthis’ oil trade moves increasingly into the shadows amid tightening US sanctions
Lloyd’s List recently exposed how Yemen, purchased by the UN for $55m in 2023 to avert an environmental catastrophe, has become the Houthis’ de-facto floating storage tanker for Russian oil

Gas engine tech cuts methane slip by 98% in sea trial

Japanese firms MOL, Yanmar and Kanadevia join forces on aftertreatment project
98% reduction measured at 75% engine load

Solving methane slip problem crucial for gas to offer climate benefit over diesel. Trials will continue into 2026, with implementation planned for 2027.

Hong Kong vows to defend maritime hub status and strengthen ship registry amid geopolitical headwinds

City will reinforce its shipping credentials as flag loses ground in recent months
Government promises ship registry improvements, green fuel hub development, and tax concessions amid US-China trade tensions
Shipping chamber urges Hong Kong to continue leveraging free-port status as China-global connector while pushing for stronger green shipping policies

Snam targets Higas acquisition to develop Oristano FSRU in Sardinia

Italian state-controlled gas grid operator Snam has signed an exclusivity agreement with the shareholders of Higas, paving the way for the potential acquisition of 100% of the company and the conversion of its existing LNG coastal storage facility in Oristano into an FSRU.

Once completed, the Oristano FSRU would allow regasified natural gas to be injected into the island’s upcoming transmission network, supplying industrial and thermoelectric hubs in central and southern Sardinia, as well as residential consumers across Cagliari, Oristano, Medio Campidano, and Sulcis Iglesiente.

According to Snam, the planned conversion would increase the site’s

storage capacity roughly tenfold compared with current levels.

The exclusivity period will allow both sides to carry out technical, regulatory, and financial assessments before a final investment decision is made. If realised, the project would be the first FSRU-based facility in Sardinia.

Larsen & Toubro charters ABS Marine platform supplier

India-based ABS Marine Services has signed a charter party agreement with compatriot engineering conglomerate Larsen & Toubro (L&T) for one of its platform supply vessels (PSV).

The contract is for 120 days firm, with L&T having the option to extend the charter for an additional 56 days.

The scope of work under the contract is the chartering, operation, and management of a DP2 PSV to support L&T’s offshore energy and infrastructure projects.

According to ABS Marine Services, the contract is worth Rs 26.70 crore ($3m), including extensions.

This further strengthens ABS Marine’s position in India, as the company recently secured contracts with ONGC and Schlumberger Asia Services, and multi-year port service agreements with the Chennai and Visakhapatnam Port Authorities.

Oil markets are walking a tightrope.

OPEC+ just announced smaller-than-expected production hikes for November, even as Russian output nears quota limits and U.S. inventories rise. Beneath the surface, the global safety net is unravelling

— fast.

Only Saudi Arabia, the UAE, and Iraq still hold meaningful spare capacity. Analysts warn that much of the world’s so-called “extra” supply may not exist at all. Once OPEC+ unwinds its final cuts, there’s no real buffer left to absorb the next geopolitical shock.

Glencore will get A$600 million combined from the Australian and Queensland governments to keep its Mount Isa copper smelter and associated refinery running for another three years. The support comes after a decade of aggressive Chinese expansion across the metals supply chain has driven intense competition, forcing numerous smelters to close. Still, bailouts may not be effective without other changes, according to Curtin University associate professor and specialist in metallurgical engineering Laurence Dyer.

China unveils sweeping new export rules on rare earths, batteries

Mining and processing technologies, companies outside country subject to licensing

This week’s China Up Close looks into the behind-the-scenes power game between the U.S. and China. The next stage of the contest will come at the Asia-Pacific Economic Cooperation summit in Gyeongju, South Korea, on Oct. 31 and Nov. 1. U.S. President Donald Trump says he will have a meeting with Chinese leader Xi Jinping on the sidelines of the event, although Beijing has not confirmed any such schedule.

China looks to be building ties with North Korea with mutual visits by high-ranking officials, including Kim Jong Un. Amid such a circumstance, there is growing speculation that Trump may take this opportunity and again reach out to North Korea. In 2019, Trump flew to South Korea after the Group of 20 summit in Japan and met Kim at the truce village of Panmunjom. All eyes are on how the first face-to-face contact between Trump and Xi during the American leader’s second presidency will turn out.

Donald Trump’s weaponization of the US Department of Justice accelerated on Thursday as his prosecutors obtained an

indictment of New York Attorney General Letitia James, a key figure in the various investigations, lawsuits and prosecutions of the twice- impeached president.

The indictment of James, a Democrat, for mortgage fraud, was handed up two weeks after a separate indictment of FBI Director James Comey.

It’s the latest indication of the 79-year-old Republican’s effort to use the Justice Department to pursue political foes in a way never seen in America’s 249-year history. Trump, a convicted felon, has also

threatened Democratic senators, governors and mayors with arrest and imprisonment.

James, who has denied any wrongdoing, accused the Justice Department of concocting a bogus criminal case to settle Trump’s personal vendetta against her after she won a staggering

judgment against him and his companies in a lawsuit alleging he lied to banks about the value of his assets. As with Comey, Trump’s repeated public musings and social media posts about James are likely to figure in a defense effort to toss the case as malicious prosecution.

The most recent spike in inflation expectations poses a bigger risk than past episodes to the US central bank’s ability to tame price pressures, according to a recent paper from the Federal Reserve Bank of Boston. Households’ rising estimates for one-year ahead inflation are not being driven by expectations for higher prices for volatile items like food and gas—as was the case during the pandemic. This increases the risk that inflation expectations will remain above the Fed’s 2% goal.

Consumers’ estimates of inflation have been rising this year as households brace for higher prices on imported goods tied to Trump’s tariffs. Those measures are also closely watched by Fed officials, as they seek to assess whether such levies will result in a one-time price shock or a more persistent inflation surge.

A US judge has temporarily imposed stricter limits on when federal agents can use physical force and make arrests during Chicago-area demonstrations against the Trump’s immigration dragnet. US District Judge Sara Ellis entered a 14-day order on Thursday in response to a lawsuit accusing Trump administration agents for illegally using excessive force during recent protests outside a migrant detention facility in the Broadview suburb, and of targeting journalists and demonstrators for arrest in violation of First Amendment speech rights. It’s one of several lawsuits before federal courts across the country challenging Trump’s use of heavily armed paramilitary forces and National Guard soldiers in cities run by Democratic politicians.

The EU has been tightening the economic screws on Moscow through a series of sanctions packages since Russia’s full-scale invasion of Ukraine in 2022. But as our team reported overnight, the bloc’s 19th sanctions bundle has hit a snag.

Demands by Austria that the EU unfreeze assets linked to Russian tycoon Oleg Deripaska to compensate one of its banks left the country

isolated at a meeting of EU ambassadors yesterday, with no agreement reached.

Some background: the EU sanctioned Deripaska in 2022, shortly after Russia’s invasion, freezing his shares in a construction firm now at the center of the complex financial proposal under consideration to compensate Raiffeisen bank. But many member states fear the move could create a precedent for other sanctioned individuals and entities.

Austria’s concerns illustrate the challenge faced by the EU – how to square the specific demands and vulnerabilities of individual countries with the need to act for the greater good.

In an interview with Bloomberg TV today, EU sanctions envoy David O’Sullivan played down the latest sticking-point, pointing out that Austria isn’t the only problem. Slovakia has also raised issues with the package.

This is “the normal cut and thrust of European negotiations when you require unanimous agreement,” O’Sullivan said, predicting that the package will be passed within the next week to 10 days. That’s just in time for the Oct. 23-24 summit in Brussels.

O’Sullivan said that sanctions have “proven successful” in hitting the Russian economy but cautioned that the measures “are not going to stop a war, when you have a dictator such as Mr. Putin.”

Meanwhile, ambassadors were also briefed Wednesday on discussions around the terms of the EU-US trade deal amid fresh demands from Washington.

“We would like to think that a deal is a deal and you don’t reopen it. But we also know that Mr. Trump is a disrupter, someone who likes to be unpredictable,” said O’Sullivan who served as the EU ambassador in Washington during the first Trump administration.

“If it is disrupted by the US, then obviously it may be difficult to see it finally approved,” he added, noting that the European Parliament still has to agree to the deal.

BALTIC INDICES 09/10/2025

BALTIC FORWARD ASSESSMENTS – THURSDAY 09 OCTOBER 2025 BFA CAPESIZE

PERIOD VALUE CHANGE

Oct 25 24,271 $/day -340

Nov 25 25,479 $/day -10

Dec 25 24,071 $/day 182

Jan 26 17,457 $/day 82

Feb 26 14,489 $/day 107

Mar 26 18,021 $/day 17

Q4 25 24,607 $/day -56

Q1 26 16,656 $/day 69

Q2 26 22,268 $/day 111

Q3 26 25,225 $/day 50

Q4 26 25,561 $/day 50

Q1 27 16,107 $/day 21

Cal 26 22,427 $/day 69

Cal 27 21,636 $/day 25

Cal 28 20,204 $/day 40

Cal 29 19,346 $/day 7

Cal 30 18,800 $/day 0

Cal 31 18,625 $/day 0

BFA PANAMAX 82

PERIOD VALUE CHANGE

Oct 25 15,600 $/day 332

Nov 25 15,029 $/day 232

Dec 25 14,350 $/day 75

Jan 26 12,527 $/day 132

Feb 26 11,504 $/day 111

Mar 26 13,025 $/day 189

Q4 25 14,993 $/day 213

Q1 26 12,352 $/day 144

Q2 26 14,175 $/day 87

Q3 26 13,722 $/day 65

Q4 26 13,243 $/day 65

Q1 27 11,550 $/day 42

Cal 26 13,373 $/day 90

Cal 27 12,507 $/day 54

Cal 28 12,583 $/day 43

Cal 29 12,511 $/day 55

Cal 30 12,594 $/day 0

Cal 31 12,600 $/day 0

BFA SUPRAMAX 63

PERIOD VALUE CHANGE

Oct 25 17,630 $/day 189

Nov 25 16,070 $/day 222

Dec 25 15,427 $/day 189

Jan 26 13,213 $/day 58

Feb 26 11,848 $/day 43

Mar 26 13,713 $/day 50

Q4 25 16,376 $/day 200

Q1 26 12,925 $/day 51

Q2 26 14,805 $/day 32

Q3 26 14,791 $/day 7

Q4 26 14,441 $/day -7

Q1 27 12,291 $/day -7

Cal 26 14,241 $/day 21

Cal 27 13,395 $/day 29

Cal 28 13,273 $/day 25

Cal 29 13,277 $/day 4

Cal 30 13,373 $/day 7

Cal 31 13,484 $/day -4

BFA SUPRAMAX 58

PERIOD VALUE CHANGE

Oct 25 15,596 $/day 189

Nov 25 14,036 $/day 222

Dec 25 13,393 $/day 189

Jan 26 11,179 $/day 58

Feb 26 9,814 $/day 43

Mar 26 11,679 $/day 50

Q4 25 14,342 $/day 200

Q1 26 10,891 $/day 51

Q2 26 12,771 $/day 32

Q3 26 12,757 $/day 7

Q4 26 12,407 $/day -7

Q1 27 10,257 $/day -7

Cal 26 12,207 $/day 21

Cal 27 11,361 $/day 29

Cal 28 11,239 $/day 25

Cal 29 11,243 $/day 4

Cal 30 11,339 $/day 7

Cal 31 11,450 $/day -4

BFA HANDYSIZE

PERIOD VALUE CHANGE

Oct 25 15,320 $/day 20

Nov 25 14,130 $/day 50

Dec 25 13,240 $/day 80

Jan 26 10,570 $/day 0

Feb 26 9,800 $/day 0

Mar 26 11,240 $/day -10

Q4 25 14,230 $/day 50

Q1 26 10,537 $/day -3

Q2 26 12,160 $/day 40

Q3 26 12,120 $/day 175

Q4 26 11,680 $/day 40

Q1 27 10,140 $/day -80

Cal 26 11,625 $/day 64

Cal 27 10,910 $/day 10

Cal 28 10,890 $/day -10

Cal 29 10,880 $/day -20

Cal 30 11,010 $/day -20

Cal 31 11,130 $/day 0

BALTIC INDICES 09/10/2025

DRY INDEX: 1923 (- 40)

CAPESIZE INDEX: 2786 (- 138)

PANAMAX INDEX: 1730 (+ 35)

SUPRAMAX INDEX:	1403 (-	8)
HANDYSIZE INDEX:	871 (+	3)

BCI TC AVG $/DAY 23101 (- 1151) BPI82 TC AVG $/DAY 15568 (+ 316) BSI TC AVG $/DAY 17730 (- 102) BHSI TC AVG $/DAY 15670 (+ 39)

TIMECHARTER

‘Aris’ 2012 95629 dwt dely Jingtang 12 Oct trip via NoPac redel Singapore-Japan $16,500 – TMM

‘Ricsea’ 2011 93254 dwt dely Singapore 9 Oct trip via Indonesia redel Malaysia $17,250

‘Pan Global’ 2012 82765 dwt dely Shanghai 15/16 Oct trip via NoPac redel Singapore-Japan $14,500

‘BBG Yongjiang’ 2024 82764 dwt dely retro Singapore 26 Sep trip via EC South America redel Singapore-Japan $17,500 – Cargill

‘Farah Louise’ 2017 81866 dwt dely Algeciras 16 Oct trip via US Gulf & Turkey redel Gibraltar $17,500 – WBC

‘Ever Shining’ 2021 81842 dwt dely retro Haldia 23 Sep trip via EC South America redel Singapore-Japan $16,000 – Cargill

‘MSXT Athena’ 2018 81723 dwt dely Ho Ping 13/14 Oct trip via EC Australia redel S China $17,250 – AMC

‘DL Dahlia’ 2013 81667 dwt dely Pagbilao 10 Oct trip via Indonesia redel S China $17,500

‘Etron’ 2016 81080 dwt dely CJK 16 Oct trip via NoPac redel Singapore-Japan $16,000 – Pan Ocean

‘Guo Yuan 32’ 2013 75854 dwt dely retro Sunda Strait 26 Sep trip via EC South America redel Singapore-Japan $14,750 – Cofco Agri

‘Kynthos’ 2023 63563 dwt dely Port Said 16/20 Oct trip redel Lome intention clinker $19,000 – Norden

‘Pacific Award’ 2015 61411 dwt dely Mongla prompt trip via S Kalimantan redel WC India 414,500 – Oldendorff

‘Ionic Smyrni’ 2013 56025 dwt dely SW Pass 20/25 Oct trip redel Atl. Colombia $27,500 – Bunge

‘Gadwall’ 2025 39838 dwt dely Ganyu prompt trip via Japan redel Manzanillo intention steel coils $14,000

‘Tomini Sirocco’ 2016 38781 dwt dely Recalada prompt trip redel Continent $23,500

‘Ultra Handy’ 2013 38215 dwt dely French Bay prompt trip redel Abidjan intention grains $18,750 – NMC

‘Agia Ioanna’ 2012 38173 dwt dely Recalada prompt trip redel Baltic $22,500

‘Eco Angelbay’ 2009 32165 dwt dely Vila do Conde prompt trip redel New Orleans $18,000

PERIOD

‘Medi Chiba’ 2016 82003 dwt dely Port Dickson 18/20 Oct 10/12 months redel worldwide $15,500

VOYAGES ORE

‘TBN’ 170000/10 Dampier/Qingdao 25/27 Oct $9.35 fio 90000shinc/30000shinc – Rio Tinto

‘Aashna’ 2012 170000/10 Sudeste/Qingdao 31 Oct/5 Nov $24.00 fio 60000shinc/30000shinc – Trafigura

‘TBN’ 160000/10 Port Hedland/Qingdao 26/28 Oct

$9.35 fio 80000shinc/30000shinc – BHP

COAL

‘TBN’ 80000/10 Norfolk/Gangavaram 13/22 Nov $37.70 fio 40000shinc/40000shinc – VSP

MISC

‘TBN’ 75000/10 limestone Mina Saqr/Gopalpur 16/19 Oct $10.40 fio 20000shinc/18000shinc – JSPL

GRAIN

‘TBN’ 66000/10 Itaqui/N China 1/7 Nov $40.00 fio 8000shex/8000shex – Louis Dreyfus

Baltic Exchange Index – 09 OCTOBER 2025 Baltic Exchange Capesize 182 Index

Route =====	Description Value Change ==========================================		===
C8_182 182000mt Gib/Hamburg transatlantic RV		25,579 -1671
C9_182 182000mt Cont-Med trip China-Japan		48,438 -931
C10_182 182000mt China-Japan transpacific RV		25,410 -495
314_182 182000mt China-Brazil round voyage		27,644 -1184
C16_182 182000mt Backhaul		8,269 -1856

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

C5TC 182 Weighted Timecharter Average 26,730 -1068

Baltic Exchange Index – 09 OCTOBER 2025 Baltic Exchange Capesize Index 2786 (- 138)

Route Description Value($) Change

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

C2 160000mt Tubarao to Rotterdam 11.250 – 0.807

C3 160-170000mt Tubarao to Qingdao 23.550 – 0.500

C5 160-170000mt W Australia to Qingdao 9.390 – 0.110

C7 150-160000mt Bolivar to Rotterdam 12.650 – 0.471

C8_14 180000mt Gibraltar-Hamburg T/A RV 21,857 – 1786 C9_14 180000mt Conti/Med Trip China/Japan 44,063 – 781 C10_14 180000mt China/Japan T/P RV 22,085 – 640 C14 180000mt China-Brazil RV 24,056 -816 C16 180000mt N.China to Skaw-Passero 4,750 -1938 C17 170000mt Saldanha Bay to Qingdao 17.686 -0.300

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

5TC Weighted Timecharter Average 23,101 -1151

Baltic Exchange Panamax 82500mt Index 09 OCTOBER 2025 Baltic Exchange Panamax Index 1,730 (+ 35)

Route Description Value ($) Change

====== ================================= ======== P1A_82 Skaw-Gib T/A RV 15,948 + 547

P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 23,113 + 813 P3A_82 HK-SKorea incl Taiwan, Pacific/RV 15,614 + 114 P4_82 HK-SKorea incl Taiwan to Skaw-Gib 8,954 + 50

P6_82 Dely Spore Atlantic RV 14,904 + 215

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

P5TC Weighted Timecharter Average 15,568 + 316

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

Route Description Value ($) Change

====== ================================= ======== P5_82 S. China Indo RV 15,225 + 182

P7 66000mt Mississippi Rvr to Qingdao 54.514 + 0.321 P8 66000mt Santos to Qingdao 38.257 + 0.243

Baltic Exchange Panamax 82 Asia Index – 10 October 2025

Route Description Size (MT) Value($) Change

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

P5_82 S.China one Indo RV 15,269 + 44

Baltic Exchange Supramax Index – 09 OCTOBER 2025 Baltic Exchange Supramax Index 1403 (- 8)

Route Description Value ($) Change

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

S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 22,450 + 217 S1C_63 US Gulf trip to China-South Japan 30,079 – 407 BS2_63 North China one Australian or Pacific RV 14,664 – 29 BS3_63 North China trip to West Africa 14,320 – 80

S4A_63 US Gulf trip to Skaw-Passero 31,479 – 882

S4B_63 Skaw-Passero trip to US Gulf 15,200 + 14 BS5_63 West Africa trip via ECSA to North China 22,332 – 89 BS8_63 South China trip via Indo to EC.India 16,567 + 59 BS9_63 W.Africa trip via ECSA to Skaw-Passero 18,704 – 110 S10_63 S.China trip via Indonesia to South China 12,321 + 14 S15_63 Indian Ocean trip via S.Africa to Far East 14,667 – 62

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

S11TC Weighted Timecharter Average 17,730 – 102 S10TC Supramax(58) Timecharter Average 15,699 – 102

Baltic Exchange Supramax Asia Index – 10 October 2025

Route Description Value($) Change

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

S2_63 N.China one Austr or Pac RV 14,729 + 65 S8_63 S.China via Indonesia/Ec India 16,642 + 75 S10_63 S.China via Indo/S.China 12,350 + 29

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

S3TC Weighted Time Charter Average 14,594 + 58

Baltic Exchange Index – 09 OCTOBER 2025 Baltic Exchange Handysize Index 871 (+ 3)

Route Description Value ($) Change

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

HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 11,471 + 50

HS2_38	Skaw-Passero trip Boston – Galveston	14,986 +	50
HS3_38	Rio de Janeiro-Recalada trip Skaw – Passero	23,772 +	33
HS4_38	USGulf trip via USG or NCSA to Skaw-Pass	22,421 +	157
HS5_38	SE Asia trip to Spore – Japan	14,057 +	36
HS6_38	N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn	12,719 +	13
HS7_38	N.China-S.Kor-Jpn trip to SE Asia	12,338 –	68
======	======================================== ======

7TC Weighted Timecharter Average 15,670 + 39

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