India eyeing new foreign buyers to offset US tariffs. Government is consulting with Ghana, Rwanda, Uganda, Togo, Bahrain, Bhutan, Nepal and Sri Lanka. The small and medium businesses, which account for 45% of exports are impacted by the US Tariff of 50%.
Moody’s sees India powering ahead at 6.5% through 2027. Robust internal demand, export diversification and sustained infrastructure investment will help India retain its fastest-growing major economy tag for the next couple of years. Moody’s Ratings said in its Global Macro Outlook 2026-2027 on Thursday. We expect Brazil and India – the fastest growing G-20 economies, will grow at 2% and 6.5% respectively.
Canada eyes fresh start in trade talks with India. Both countries are working to rebuild trade ties and explore new areas of co- operation after a two-year chill, with Ottawa keen to restart trade negotiations under “as new process”. Canada Trade Minister Maninder Sidhu said on Thursday on a visit to India.
• Palm Oil imports hit a 5-year low as soyoil buys surge to record. India’s Palm Oil imports slid to their lowest level in five years during the 2024/25 marketing year, while purchases of soyoil soared to a record high as a widening premium made palm oil less attractive to Buyers.
Most big emerging economies, including China, Brazil and India (founding members of BRICS) can weather US tariffs without excessive pain, a study by risk consultancy Verisk Maplecroft showed, raising doubt about the clout of President Trump’s trade tools. The firm analysed the resilience of 20 of the biggest emerging markets using measures from debt levels to export- revenue reliance to guage their ability to handle trade volatility.
India-Nepal sign pact to strengthen rail connectivity to deepen trade, expanding key transit routes that link Nepal to Indian ports and Global markets.
Global Shipping News
Trump’s Year of Living Dangerously
How His Second Term Is Reshaping America and the World
Both supporters and critics of U.S. President Donald Trump agree that the first year of his second term has been an extraordinarily disruptive one. But for all its significance, this disruption wasn’t entirely unexpected. Even as the final votes were being tallied, enough was known about Trump’s intentions to make some relatively confident predictions about the shape of his second ter. Many of these predictions have already manifested.
Ukraine’s Hardest Winter
With the Donbas in Peril, Europe Must Pressure Russia Now
Russia had planned to seize the Ukrainian town of Pokrovsk, a logistical hub in the Donetsk region, by November 2024. Its forces are a year behind schedule. Ukrainian defenders, although vastly outnumbered, have fought tenaciously to hold on to the Donbas defence line, killing over 20,000 Russian troops a month in the process. Now, Russia appears to be on the cusp of consolidating control over the ruins of the town as it pushes more and more troops into Pokrovsk’s shattered buildings, and Russian drones cut off Ukrainian defenders from resupply.
America’s Self-Defeating China Strategy
A Policy That Confuses Strength and Weakness
The landmark meeting between U.S. President Donald Trump and Chinese leader Xi Jinping in October brought a respite to the trade war and led to some reciprocal deals. But it did not suggest any breakthrough in addressing the problems that have fuelled tensions between the two countries in recent years. Instead, the meeting confirmed the curious direction of U.S. China policy in Trump’s second term. The president has not only broken with the policy of the Biden administration but also seems to have forsaken the strategic direction of his own first term.
What will happen if the AI bubble bursts? It would be one of the most predicted financial implosions in history: given technology companies’ stratospheric share prices, some kind of stockmarket correction is widely expected. But less thought has been given to what it would mean in practice and to what the wider economic implications might be.
• We argue that an ensuing recession need not be deep, but it would be unusual. It would further weaken America’s economic hegemony, increase pressure on indebted governments and sharpen protectionist urges as weaker demand in America diverted even more Chinese exports elsewhere.
• Whether AI will prompt a boom, bust or backlash in the coming months is one of the big questions hanging over 2026. But it is far from the only one. Donald Trump has undermined the rules-based international order, but what will take its place? Can liberal democracy withstand the challenge from the populist right? Will the trade war cause a global slowdown?
• Crude tankers on track for best quarter in at least a half-decade
• UK Club general average claim valid despite two-year delay, Commercial Court rules | Greeks’ London ‘listening post’ celebrates 90 years.
• The gaps in today’s training environment
• As shipping digitalises and decarbonises, training is failing to keep pace.
For all the talk of transformation, maritime training is falling behind. While simulators, gamified courses, and online academies multiply, the fundamentals remain out of sync with modern shipping. Across the industry, executives see an urgent need to modernise not only what seafarers learn, but how — and who delivers it.
The biggest gap is that training methods are not modernised fast enough,” says Simon Frank of NSB Crewing. Pradeep Chawla from MarinePALS points to chronic underinvestment: “Most companies spend less than 1% of operating costs on training — less than a quarter of what other high-risk industries spend.”
Teaching, he adds, “is the lowest-paid shore job in the industry. Smart young people will not take it up as a career.”
• Digital divide
Many leading ship-managers polled for this magazine agree that the biggest gap lies in digital competence, followed by new fuel expertise. “We need seafarers who can handle both a sextant and a screen,” Fleet Management’s CEO Captain Rajalingam Subramaniam tells Splash.
As ships adopt alternative fuels and smarter systems, Allan Falkenberg, chief operating officer of marine HR at V.Group, warns that “each fuel has its own safety considerations — from ammonia’s toxicity to methanol’s flammability. Using them as marine fuel demands a new level of expertise.”
Robert Gaina of Ardmore Shipping and Marlon Roño of Magsaysay both highlight the widening gap between training content and the skills needed for decarbonisation. “Crew must be properly trained and confident in the safe handling of low-carbon fuels,” says Gaina.
Rono adds that training “has not kept pace with automation, digitalisation, and new shipboard systems.” He calls for more simulation-based and scenario-driven learning.
Anglo-Eastern’s Aalok Sharma tells Splash that “significant gaps remain — not only in digital skills and human factors but in the relevance and delivery of training content.”
Seafarers want training grounded in reality — hands-on, practical, and scenario-based,” argues Peter Rouch, who heads up the Mission to Seafarers.
• Soft skills, hard lessons
Carl Martin Faannessen from Manila-based Noatun Maritime points to “cross-cultural leadership” as the industry’s blind spot. “Soft skills are the hard stuff,” he says — a view shared by Karin
• Orsel of MF Shipping, who lists “teamwork, communication, and decision-making” among the most neglected areas.
• MTM’s Captain Rajiv Singhal calls this the human element: empathy under stress, decisiveness under pressure. “These qualities form the invisible backbone of safe operations,” he says.
• Certification and credibility
For Manpreet Gandhi at Ishima, fraudulent certification remains a persistent threat. “Quality across institutions is inconsistent,” he warns. “We need stricter oversight, greater transparency, and uniform global standards to ensure genuine competence.”
Vinay Gupta from Singapore’s Union Marine Management Services agrees that too many training institutions “operate in isolation from real-world shipping, run by people who see teaching as a retirement plan rather than a responsibility.”
• Learning fatigue
Chirag Bhari from the shipping charity ISWAN introduces another modern problem: training fatigue. Seafarers are bombarded with e- learning but deprived of time and context to absorb it. “As technology advances, there must be a balance between human- centred approaches and technical skill development,” he says.
• Simona Toma of Columbia points to the same challenge. “Many pause professional development during leave, creating knowledge gaps once back onboard,” she notes. “Continuous learning must be part of the culture, not an occasional exercise.”
• The future of training, then, is not just about technology. It is about culture, competence, and commitment — ensuring seafarers are equipped not just to comply, but to lead.
• Engine Fire Leaves Finnlines Ro-Ro Adrift in English Channel
A volunteer lifeboat crew with the UK’s Royal National Lifeboat Institution (RNLI) launched early Tuesday morning to assist the 33,000-ton roll-on/roll-off cargovessel Finnwave after the ship issued a Mayday distress call reporting an engine fire approximately 11 miles south-east of Eastbourne.
The Eastbourne RNLI’s All-Weather Lifeboat Esme Anderson battled moderate seas and force five winds to reach the vessel. By the time the lifeboat crew had arrived, the Finnwave‘s crew had successfully extinguished the fire, though the 217-meter ship had lost all engine power.
The RNLI team confirmed that no crew members required evacuation and were requested to stand by the drifting vessel while its crew worked to deploy the ship’s anchor. The lifeboat remained on scene for over an hour in challenging sea conditions until the anchor was successfully deployed and holding.
The Solent Coastguard eventually confirmed the vessel was safely anchored, and the lifeboat was released and returned to station.
The coastguard continues to maintain contact with the Finnwave while repairs are completed.
The Finnwave, operated by Finnlines, is an ice-class 1A ro-ro vessel built in 2012 and refitted in 2018. The vessel has a gross tonnage of 33,816 and measures 217.8 meters in length overall, with a total lane length of 4,192 meters and capacity for 111 reefer units.
• Panama Canal posts revised FY25 cargo numbers after fixing data error
FY25 cargo data posted by the ACP in October was erroneous and has now been corrected and revised sharply upward.
Neopanamax locks handled 58.5m long tonnes of containerised cargo in FY25, 40% more than was stated last month.
Change in boxship stats brings total FY25 cargo weight for all ship types to 262.3m tonnes, a 25% upward revision.
• Chinese owners have dominated ordering activity at Chinese shipyards, accounting for over 65% of them, with foreign-based owners scaling back their contracting, because of looming uncertainties. Chinese shipyards remain firmly at the centre of the global newbuilding landscape, capturing the lion’s share of both bulker and tanker contracts. Out of the 1,375 bulk carrier orders worldwide, 939 are placed in Chinese yards – equivalent to 68% of the total – while in tankers, 827 out of 1,203 newbuildings (69%) are Chinese built. This dominance reflects not only China’s unmatched shipyard capacity and price competitiveness, but also the nation’s strategic focus on maintaining control over its maritime supply chains.
• Bunker Prices
The livestock carrier Spiridon II remains quarantined off Bandirma, Turkey, 54 days after departing Uruguay, with approximately 2,853 cattle and 20 crew members trapped aboard the aging vessel in what animal welfare advocates are calling a humanitarian and animal welfare crisis.
The 52-year-old vessel, a former Russian general cargo ship converted to livestock transport in 2011, departed Montevideo on September 19 with 2,900 heifers—some potentially pregnant— bound for Turkey. Turkish veterinary authorities have apparently refused to allow the animals to disembark due to a dispute over ear tags that verify the animals’ origin and health monitoring.
Welfare groups have pointed to Spiridon II‘s troubled history, having been detained nine times since 2009. Port state inspections since 2019 have identified more than 150 deficiencies relating to working conditions, pollution prevention, life-saving equipment, fire safety, navigation safety and structural condition. The most recent inspections revealed 10 deficiencies in Piraeus, Greece in August 2024, and additional deficiencies in Beirut, Lebanon in October 2024 and July 2025.
Despite its condition, the Spiridon II was approved by the European Union’s Directorate-General for Health and Food Safety and transported livestock between European ports and destinations in North Africa and the Eastern Mediterranean until at least mid- 2024, though its current status remains unclear due to EU transparency limitations.
• IMO’s Net-Zero Framework delayed.
• UK Chancellor of the Exchequer Rachel Reeves is considering dropping plans to raise income tax rates and a slew of other levies at the coming budget, prompting questions over how she will make up for a revenue shortfall.
• President Trump is readying substantial tariff cuts designed to address high food prices and new trade deals with Latin American countries. Agreements with Argentina, Guatemala, El Salvador and Ecuador will see the US reduce tariffs and barriers on common grocery items like beef, bananas and coffee beans.
• Bitcoin sank below $100,000 overnight, dragged down by a fresh wave of risk aversion and a selloff in tech stocks. The slump since early October has wiped out more than $450 billion of the token’s value. Large investment funds, ETF allocators and corporate treasuries have stepped back, removing a key prop from this year’s rally.
• China’s Economy Stumbles after Unprecedented Slump in Investment growth.
• Meteorite hunters are scouring the Sahara for riches from outer space.
• Morocco has reported more meteorite falls than anywhere else in the last 20 years, and about half of all scientific publications involving meteorites are based on finds made in the country.
• Sales are difficult to track, but prices range from hundreds of dollars for pieces traded on internet sites like eBay to millions for larger chunks sold through auction houses, like Sotheby’s and Christies.
• Winter Plea
As Ukraine heads into another winter of casualties and energy shortages, President Volodymyr Zelenskiy called on European allies to overcome their divisions and finally freeze Russian assets.
With no promise of US aid, Ukraine needs Europe to stand behind it and find new sources of money, Zelenskiy told in interview in Kyiv. In the gruelling war with Russia, doing so is a matter of survival, he said.
The European Union has been dragging its feet to unite behind a decision to tap Russian state assets and provide €140 billion ($162 billion) in loans to Ukraine. It needs fresh financial impetus by early next year as Russia slowly advances on the battlefield and hits Ukraine’s energy infrastructure.
• Europe’s worst conflict since World War II has dragged on as Zelenskiy’s government deals with a battered economy and exhausted fighting forces. There’s also been a shift away from unqualified Western support for Kyiv since President Donald Trump’s return to the White House. The International Monetary Fund, meanwhile, is raising concerns about a range of Ukrainian budget measures as the lender begins talks on a new four-year loan package.
Money from frozen assets will help Ukraine buy more air defences from the US and Europe and finance its drone production to strike Russian targets, Zelenskiy said. He said Russian forces are targeting Ukraine’s energy system as part of efforts to force Ukraine into submission before the spring. His message to European allies is simple: Kyiv needs new resources to avoid that.
• Massive’ Ukrainian drone attack on Russian Black Sport leaves three seafarers injured
Novorossiysk oil depot burns as Ukraine strikes second major Russian port in two weeks.
Three seafarers on a merchant ship docked in Novorossiysk were injured early on Friday, after Ukraine sent dozens of drones to attack the major Russian Black Sea port.
As a result of a massive attack on Novorossiysk, drone debris damaged one of the civilian vessels in the port, ”the local Krasnodar administration said in a message on Telegram.
• Oil Brokerage hit with biggest fine yet after unregistered brokers handled US trades
Other freight futures brokers have received penalties in previous years, but this is the biggest so far
The US derivatives regulator has handed out its biggest-ever fine for a freight futures brokerage, issuing Oil Brokerage a $290,000 penalty.
A regulatory review by the National Futures Association (NFA) found brokers without the proper registrations had handled trades for US- based clients.
Baltic News:

BALTIC FORWARD ASSESSMENTS – THURSDAY 13 NOVEMBER 2025
BFA CAPESIZE

PERIOD VALUE CHANGE
Nov 25 26,257 $/day 1,336 ↑
Dec 25 26,082 $/day 1,271 ↑
Jan 26 19,714 $/day 1,075 ↑
Feb 26 14,800 $/day 625 ↑
Mar 26 19,257 $/day 650 ↑
Apr 26 21,100 $/day 271 ↑
Q4 25 25,594 $/day 869 ↑
Q1 26 17,924 $/day 783 ↑
Q2 26 23,214 $/day 453 ↑
Q3 26 25,661 $/day 265 ↑
Q4 26 26,132 $/day 275 ↑
Q1 27 16,646 $/day 114 ↑
Cal 26 23,233 $/day 444 ↑
Cal 27 22,250 $/day 168 ↑
Cal 28 20,996 $/day 146 ↑
Cal 29 19,886 $/day 179 ↑
Cal 30 19,076 $/day 47 ↑
Cal 31 18,871 $/day 39 ↑
Cal 32 18,746 $/day 28 ↑

BFA PANAMAX 82

PERIOD VALUE CHANGE
Nov 25 17,154 $/day 136↑
Dec 25 17,247 $/day 104 ↑
Jan 26 15,407 $/day -4↑
Feb 26 14,043 $/day 98 ↑
Mar 26 15,621 $/day 96↑
Apr 26 15,663 $/day 39 ↑
Q4 25 16,879 $/day 80 ↑
Q1 26 15,024 $/day 64↑
Q2 26 15,840 $/day 125 ↑
Q3 26 14,909 $/day 105 ↑
Q4 26 14,231 $/day 20 ↑
Q1 27 12,285 $/day -3 ↑
Cal 26 15,001 $/day 78 ↑
Cal 27 13,467 $/day 77 ↑
Cal 28 13,154 $/day 23 ↑
Cal 29 12,898 $/day 50 ↑
Cal 30 12,817 $/day 4 ↑
Cal 31 12,729 $/day -5↑
Cal 32 12,731 $/day -2 ↑

BFA SUPRAMAX 63

PERIOD VALUE CHANGE
Nov 25 17,795 $/day 250 ↑
Dec 25 18,073 $/day 214 ↑
Jan 26 15,980 $/day 300 ↑
Feb 26 14,105 $/day 239↑
Mar 26 15,813 $/day 261 ↑
Apr 26 15,609 $/day 25↑
Q4 25 17,858 $/day 154 ↑
Q1 26 15,299 $/day 266 ↑
Q2 26 15,691 $/day 57 ↑
Q3 26 15,480 $/day 7 ↑
Q4 26 14,909 $/day -25↑
Q1 27 12,720 $/day 65↑
Cal 26 15,345 $/day 76 ↑
Cal 27 14,066 $/day 46↑
Cal 28 13,902 $/day 72 ↑
Cal 29 13,755 $/day 42 ↑
Cal 30 13,615 $/day 10 ↑
Cal 31 13,644 $/day -1↑
Cal 32 13,534 $/day 0 →

BFA SUPRAMAX 58

PERIOD VALUE CHANGE
Nov 25 15,761 $/day 250 ↑
Dec 25 16,039 $/day 214↑
Jan 26 13,946 $/day 300 ↑
Feb 26 12,071 $/day 239 ↑
Mar 26 13,779 $/day 261 ↑
Apr 26 13,575 $/day 25↑

Q4 25 15,824 $/day
…
BALTIC INDICES 13/11/2025
DRY INDEX: 2077 (+ 47)
CAPESIZE INDEX: 3133 (+ 110)
PANAMAX INDEX: 1897 (+ 10)
SUPRAMAX INDEX: 1387 (+ 22)
HANDYSIZE INDEX: 813 (+ 2)

BCI TC AVG $/DAY 25980 (+ 913)
BPI82 TC AVG $/DAY 17075 (+ 94)
BSI TC AVG $/DAY 17527 (+ 272)
BHSI TC AVG $/DAY 14637 (+ 46)

TIMECHARTER
‘Feng May’ 2019 85005 dwt dely Weihai 15 Nov trip via WC Australia redel China $21,000 – RTSA

‘Perseas’ 2011 83480 dwt dely Chiba 13 Nov trip via NoPac redel Singapore-Japan $17,500

‘Yarra Star’ 2008 82624 dwt dely Zhoushan 13/16 Nov trip via EC Australia redel S China $18,250

‘Basic Explorer’ 2023 82609 dwt dely Quanzhou 17/18 Nov trip via EC Australia redel China $19,900 – Tongli

‘Success Trader’ 2024 82231 dwt dely retro Krishnapatnam 2 Nov trip via EC South America redel Singapore-Japan $18,900

‘Aom Gaia’ 2014 82146 dwt dely aps EC South
America 7/13 Dec trip redel Skaw-Gibraltar $29,000 – Bunge

‘Aquaruby’ 2022 82015 dwt dely retro Gangavaram 7 Nov trip via EC South America redel Singapore-Japan $18,900

‘Quod Verum’ 2019 81982 dwt dely retro Singapore 1 Nov trip via EC South America redel SE Asia $18,500 – WBC

‘Ultra Lynx’ 2018 81607 dwt dely Convent 26/27 Nov trip via US Gulf redel Singapore-Japan $23,750 plus $875,000 bb – Mainline

‘Grizzly’ 2013 81395 dwt dely Nagoya 13 Nov trip via EC Australia redel Singapore-Japan $17,500

‘Fu Rong Feng’ 2011 75444 dwt dely Hamburg 20/25 Nov trip via Rostock & Jeddah redel Gibraltar $15,000 – Cargill

‘Zhonghaihuarun 1’ 2013 75397 dwt dely Guangzhou 12/14 Nov trip via Indonesia redel South China $17,500 – Chinaland

‘Cymona Energy’ 2012 74867 dwt dely Nanao 17 Nov trip via EC Australia redel India $16,250 – LSS

‘Urairat Naree’ 2021 66337 dwt dely Port Khalifa 20/23 Nov trip via Arabian Gulf redel Chittagong $20,000 – Riddi Shiddi

‘Milos’ 2024 63631 dwt dely Singapore prompt trip via Indonesia redel Thailand $18,000 – HMM
‘Genco Hornet’ 2014 63574 dwt dely Gijon prompt trip via Continent redel Mediterranean intention scrap $25,000 – Norton

‘Tiger Hebei’ 2015 63483 dwt dely Port Elizabeth prompt trip redel Far East $20,000 plus $200,000 bb – Pacific Basin

‘Red Azalea’ 2015 61299 dwt dely Port Said prompt trip redel Lome intention clinker $15,000 – Norden

‘Thrasyvoulos V’ 2016 61214 dwt dely Liverpool prompt trip via Ghent redel E Mediterranean intention scrap $20,000 – Pangaea

‘Konkar Theodoros’ 2015 60897 dwt dely retro Pipavav prompt trip via South Africa redel Far East $16,500 – Swire

‘Esperita’ 2016 60481 dwt dely Map Ta Phut 15/19 Nov trip via Indonesia redel China $16,000 – ESM

‘Jay’ 2010 57809 dwt dely Hong Kong 14/15 Nov trip via Indonesia redel Philippines $14,500 – Oceana

‘Nikos’ 2011 56928 dwt dely Port Elizabeth prompt trip
redel China $17,500 plus $175,000 bb – Marla

‘Kavo Aetos’ 2003 52384 dwt dely Eleusis prompt trip redel Newark intention cement $13,000 plus $175,000 ilohc – NYK

‘Hansa Naree’ 2018 38640 dwt dely SW Pass prompt trip redel EC Mexico intention grains $23,000 – Pacnav

VOYAGES
ORE

‘TBN’ 170000/10 Dampier/Qingdao 30 Nov/2 Dec
$10.00 fio 90000shinc/30000shinc – Rio Tinto

‘TBN’ 160000/10 Port Hedland/Qingdao 30 Nov/2 Dec
$9.95 fio 80000shinc/30000shinc – BHP

‘TBN’ 160000/10 Port Hedland/Qingdao 1/5 Dec
$10.20 fio 80000shinc/30000shinc – Bohai

COAL
‘TBN’ 75000/10 Newport News/Visakhapatnam 21/30 Dec $37.70 fio 40000sshex/20000sshex – Sail

GRAIN
‘TBN’ 60000/10 Kwinana/ARAG 5/25 Jan $27.75 fio 15000shex/10000sshex – ADMI

CAPESIZE
A noticeable shift in sentiment was observed today as the BCI 5TC climbed by $913 to $25,980. The Pacific began on a quieter note with only one miner active early on, though activity picked up after lunch when another miner entered the market. Following yesterday’s sudden drop on C5, owners showed more resistance, with offers initially starting in the low $10s. Miners were reported to have fixed between $9.95 and
$10.00, before an operator paid $10.20, lifting the C5 index by 0.535 to $ 10.035.

In the Atlantic, improved sentiment was also evident. Bids on C3 were said to have firmed to around $22–low $22s, while offers held near $23– low $23s, resulting in the C3 index edging up by 0.050 to $22.777. Fresh demand was noted and talk of stronger offers in the north Atlantic further underlined the day’s firmer tone.

Atlantic
ECTP fixed yesterday a Cargill TBN for 170,000/10 Tubarao option West Africa to Qingdao 20/25 December in the mid $22s and Mercuria fixed yesterday a Deyesion TBN for 180,000/10 Boffa to Huanghua 15/19 December at $22.25, lacking further details.

Asia
Rio Tinto fixed a TBNs for 170,000/10 Dampier to Qingdao 30 November/2 December at $10.00 and BHP fixed a TBN for 160,000/10 Port Hedland to Qingdao 30 November/2 December at $9.95. Bohai fixed a TBN for 160,000/10 Port Hedland to Qingdao 1/2 December at
$10.20, further details have not come to light.

PANAMAX
A modest gain of $94 saw the BPI timecharter index publish at $17,075 with fundamentals appearing well balanced with steady rises seen across the board today.

The Atlantic remained confusing with the bid/offer spreads well gapped on mixed views on true market value culminating in neither side willing to concede on rates for now. Ex South America, the disparity between index dates and nearby arrival window appeared to exist with index arrival dates seemingly untested still.

In Asia, a slower paced day rates overall remained consistent but with activity slowing as the weekend approached some felt perhaps the market here appeared toppy, further demand is required to maintain rates moving forwards.

Atlantic
The Fu Rong Feng (75,444 2011) Hamburg 20/25 November was reported fixed for a trip via Rostock & Jeddah redelivery Gibraltar at
$15,000 to Cargill, whilst Messrs Mainline were linked to the Ultra Lynx (81,607 2018) Convent 26/27 November for a trip via US Gulf redelivery Spore-Japan $23,750 + $875,000 bb.

Asia
Ex Australia the BBG Xijiang (82,801 2024) Lianyungang 14 November was heard fixed to Tongli for an Australian round trip but little else came to light. From Indonesia the Orient U (79,754 2011) Kapar 15/18 November was reputed fixed for a trip via Indonesia redelivery Philippines to D’Amico however rate details remained under wraps for now.

SUPRAMAX
It was a rather active day for the sector, with sentiment remaining strong across both the Atlantic and Asian markets.

In the U.S. Gulf and South Atlantic, brokers reported continued positive sentiment, supported by an increase in available cargoes that kept upward pressure on rates. Although some fresh demand emerged in the Continent–Mediterranean, the abundance of open tonnage kept levels around last done, preventing any notable improvements.

From Asia, the market also remained active, with several fixtures reported and charterers bidding higher than previously agreed levels, reflecting firm sentiment. Reflecting these regional variances, the 11TC average increased by $272 and ending the day at $17,527.

Atlantic
The Victoria T (61,266 2017) open Bremen 14/15 November fixed delivery Amsterdam to Egypt with scrap in the mid to low $20,000 by EMR, while the Federal Tyne (55,337 2014) open Raahe was heard fixed with grains to the West Mediterranean, though further details were not disclosed. Additionally, an Ultramax was reported fixed for a West Africa fronthaul at around $27,000, but no details were confirmed.

Asia
The Zhe Hai 168 (57,032 2011) open Singapore 17–20 November was placed on subjects for a trip via Indonesia to China at about $14,500, while the Iseaco Grace (61,683 2011) open Guangzhou 13 November was heard fixed for a trip via Indonesia to redelivery China, though further details were not disclosed.

HANDYSIZE
Building on yesterday’s momentum, the Atlantic market continued to show a steady upward trend. The BHSI closed the day at 813, while the 7TC average rose by $46 to settle at $14,637.
In the Continent and Mediterranean, market remained balanced, although reported activity was limited.

The South Atlantic and U.S. Gulf maintained their strength, with tight tonnage for end November and steady demand pushing rates above previous levels. A 40,000-dwt vessel was reportedly placed on subjects for a trip delivery South Brazil to the Continent–Mediterranean at around
$20,000, though details were not confirmed.

In contrast, the Asian market remained subdued, with limited cargo availability across the Pacific contributing to a softer tone and slightly negative sentiment in the region.

Baltic Exchange Index – 13 NOVEMBER 2025
Baltic Exchange Capesize 182 Index

Route Description Value Change

C8_182 182000mt Gib/Hamburg transatlantic RV 32,004 +1210
C9_182 182000mt Cont-Med trip China-Japan 48,228 + 322
C10_182 182000mt China-Japan transpacific RV 29,282 + 2227
314_182 182000mt China-Brazil round voyage 26,409 + 139

C16_182 182000mt Backhaul 10,856 + 200

C5TC 182 Weighted Timecharter Average 29,037 + 1061

Baltic Exchange Index – 13 NOVEMBER 2025
Baltic Exchange Capesize Index 3133 (+ 110)

Route Description Value Change

C2 160000mt Tubarao to Rotterdam 11.819 + 0.094
C3 160-170000mt Tubarao to Qingdao 22.777 + 0.050
C5 160-170000mt W Australia to Qingdao 10.035 + 0.535
C7 150-160000mt Bolivar to Rotterdam 14.206 + 0.225
C8_14 180000mt Gibraltar-Hamburg T/A RV 28,250 + 1031
C9_14 180000mt Conti/Med Trip China/Japan 44,306 + 362
C10_14 180000mt China/Japan T/P RV 26,315 + 2265
C14 180000mt China-Brazil RV 23,355 + 87
C16 180000mt N.China to Skaw-Passero 7,694 + 177

C17 170000mt Saldanha Bay to Qingdao 17.680 + 0.060

5TC Weighted Timecharter Average 25,980 + 913

Baltic Exchange Panamax 82500mt Index 13 NOVEMBER 2025
Baltic Exchange Panamax Index 1,897 (+ 10)

Route Description Value Change

P1A_82 Skaw-Gib T/A RV 16,850 + 132
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 23,871 +156
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 17,835 + 56
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 10,444 + 34

P6_82 Dely Spore Atlantic RV 16,575 + 93

P5TC Weighted Timecharter Average 17,075 + 94

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

Route Description Value Change

P5_82 S. China Indo RV 18,444 – 19
P7 66000mt Mississippi Rvr to Qingdao 54.229 + 0.193
P8 66000mt Santos to Qingdao 39.336 + 0.100

Baltic Exchange Panamax 82 Asia Index – 14 November 2025

Route Description Value Change

P5_82 S.China one Indo RV 18,303 -141

Baltic Exchange Supramax Index – 13 NOVEMBER 2025
Baltic Exchange Supramax Index 1387 (+22)

Route Description Value Change

S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 20,900 0
S1C_63 US Gulf trip to China-South Japan 29,893 + 211
BS2_63 North China one Australian or Pacific RV 15,100 + 200
BS3_63 North China trip to West Africa 12,660 + 10
S4A_63 US Gulf trip to Skaw-Passero 32,861 + 647
S4B_63 Skaw-Passero trip to US Gulf 12,850 + 100
BS5_63 West Africa trip via ECSA to North China 22,354 + 383
BS8_63 South China trip via Indo to EC.India 16,932 + 318
BS9_63 W.Africa trip via ECSA to Skaw-Passero 17,975 + 486
S10_63 S.China trip via Indonesia to South China 13,525 + 550

S15_63 Indian Ocean trip via S.Africa to Far East 15,621 + 288

S11TC Weighted Timecharter Average 17,527 + 272
S10TC Supramax(58) Timecharter Average 15,493 +272

Baltic Exchange Supramax Asia Index – 14 November 2025

Route Description Value Change

S2_63 N. China one Australia or Pac RV 15,268 +169
S8_63 S. China via Indonesia/E.C. India 17,138 + 206
S10_63 S. China via Indo/S. China 13,881 +356
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S3TC Weighted Time Charter Average 15,408 + 233

Baltic Exchange Index – 13 NOVEMBER 2025
Baltic Exchange Handysize Index 813 (+ 2)

RRoute Description Value Change

HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro11,464 + 21
HS2_38 Skaw-Passero trip Boston – Galveston 13,821 0
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero20,028 + 384
HS4_38 USGulf trip via USG or NCSA to Skaw-Pass 20,007 + 321
HS5_38 SE Asia trip to Spore – Japan 13,829 – 100
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn 12,475 -63

HS7_38 N.China-S.Kor-Jpn trip to SE Asia 12,113 – 125

7TC Weighted Timecharter Average 14,637 + 46

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