• Singapore’s Perspective and Food
Singapore’s uniquely heavy reliance on global trade means it’s often seen as a bellwether for the health of Asian economies — and for the state of the world’s trading systems.
It was timely to have Prime Minister Lawrence Wong in the hot seat. To see how Wong sees the world and steers Singapore around the complexities. After all, he is the first Singapore leader born post- independence in 1965 (Wong was born in 1972). His premiership, it could be argued, is still relatively nascent since he was appointed in May last year and he is still fresh from a convincing victory at the general elections this May — his first as prime minister.
Wong’s discussion comes against the backdrop of dreary geopolitics. The latest drama: the spat between Japan and China. Ever-present is the US-China rivalry.
Singapore has flourished under a rules-based playbook but Trump’s administration has upended the world order. The city-state, just like other countries that have free trade agreements with the US, was left flummoxed when Trump slapped a baseline 10% tariff. Singapore’s Foreign Minister said at a panel that the US’s role under Trump has shifted from being the system’s “underwriter and enforcer” to its “disruptor-in-chief.”
Having lived in Singapore for the majority of my life, I know that the city- state loves order and discipline.
From Wong’s comments, what struck me were the implications of this less ordered environment the world finds itself in — not just for Singapore but for the US’s rival, China. Washington’s forceful actions toward Beijing has stoked the competition.
“All the actions that America takes vis-à-vis China has, in a way, only strengthened their resolve to work even harder, to move faster on technology self-sufficiency, and they are determined to grow,” Wong said.
It’s high stakes for Singapore because it lacks natural resources and is highly trade dependent. Its ability to maneouver and adapt is partly how it transformed from a British colonial port into a respectable financial hub. But that is seemingly being tested by what Wong described as a stable multilateral framework that is “unravelling,” and as two giants are locked in a battle.
“We don’t have to choose” between the two powers, Wong said, adding that the country will engage “issue by issue” and through the lens of Singapore’s national interest.
While Wong acknowledged that America’s standing has taken a hit thus far, it appears Singapore is hoping there could still be some sort of order still to come.
“We certainly hope that America will be actively engaged in the world. Maybe not now, maybe not with this administration — but there will be a time when America can take up its role and be actively engaged, constructive, and continue to have good relations with all its key partners.”
“America’s role is critical for stability and continued prosperity in the world, and the world needs America to behave like that,” he added.
There is a scene in my favourite animated movie, Ratatouille. The food critic Anton Ego had challenged a rising chef. “Since you’re all out of perspective and no one else seems to have it in this (expletive) town, I’ll make you a deal. You provide the food, I’ll provide the perspective,” Ego said.
The gala dinner at which Wong spoke — packed with over 300 guests including the likes of former UK premier Rishi Sunak — provided both perspective via the Wong interview, and food. And like the conversation on stage, the menu came with a unique Singapore touch.
• Trump Signs Bill on Release of Epstein Files. Relenting to pressure from his base, Pres. Trump signed legislation calling on the Justic Department to release its files on Jeffrey Epstein, but the Bill contains significant exceptions so the entire truth may not be known to the world yet, as release of all the files is not guaranteed.
• Lawrence Summers will stop teaching at Harvard while it investigates his Epstein ties. A Trump loyalist admits the grand jury never saw the final Comey indictment. Trump signed the Files Bill after fight straining party unity, after months spent in trying to block.
• With a near-unanimous vote in Congress to pass his bill requiring the release of the files, Republican Ro Khanna can claim victory that no other Democratic Presidential prospect has achieved: cracking the MAGA coalition. Early polls suggest he would be a heavy undergo if he runs in 2028. But the Californa Democrat has been travelling to swing states and early contests test the water for a possible White House bid.
• Trump fired the head of the Bureau of Labor Stattistics (BLS) after a negative jobs report this summer, and the agency’s independence has been subject to a higher level of scrutiny ever since. In the interim, US unemployment has been ticking upward, according to reports by non-governmental agencies.
• Why the ‘America First’ President keeps looking abroad
The message coming out of the elections this month could not have been clearer: Americans are worried about their economy.
The moment might have called for President Trump to pack a bag and head for a Midwestern factory, or to hold a heartland round table about the falling price of oil. He did not (although my colleague Alan Rappeport reports that Trump plans to do more travel like that soon). And while he has made a point of talking about affordability, he currently appears keenly focused on matters further afield — just as he has for much of his presidency.
This week alone, the president lavished praise and hospitality on Crown Prince Mohammed bin Salman of Saudi Arabia, waving away concerns about his role in the gruesome 2018 murder of a Washington Post columnist, Jamal Khashoggi. My colleagues reported yesterday that Trump has authorized C.I.A. plans for covert action in Venezuela, as the administration escalates pressure on the government of Nicolás
Maduro that has led to the deployment of the largest U.S. aircraft carrier to the region.
Beyond that, there was Trump’s $20 billion bailout for Argentina and, this summer, his bombing of Iran over objections from many of his isolationist supporters.
This is fueling cracks in the MAGA firmament, and it’s worrying Trump backers who wanted him to avoid foreign entanglements. But my colleague David Sanger, the White House and national security correspondent for The New York Times, says that anyone waiting for Trump to turn inward might be missing the point.
Earlier today, I asked David to explain what, nearly a year into Trump’s second term, “America First” seems to mean to the president. Trump, he says, is less an isolationist than a unilateralist who believes his dealings with foreign powers are the key to ensuring American prosperity. But his approach, David says, is creating political risks for Trump — and national security risks for the nation.
• Trump has promised that tariffs and trade deals would improve the American economy. How deeply has that belief shaped his dealings with other countries?
Trump’s foreign policy is built around extracting commitments to invest in the United States. Over time, striking deals has come to replace having a big strategic view of American relations with major powers.
We saw this when Trump met Xi Jinping, the Chinese leader, a few weeks ago. They focused on finding a resolution to a crisis Trump had created by raising tariffs on China, to which the country retaliated by cutting off rare earths, magnets and other critical material that China dominates. They made a deal — and Trump declared it a huge success — but what was missing was discussion of Taiwan, or China’s incursions into territory around the Philippines, or Beijing’s nuclear program, arguably the fastest- growing in the world.
Fast forward to this week with the Saudi crown prince. We saw the same thing happen again. Prince Mohammed said he would invest nearly a trillion dollars in the United States — although he did not say over what period of time. In return, he got a commitment from Trump for access to F-35 stealth fighters and the world’s fastest computer chips, critical for artificial intelligence. And he managed to sidestep, at least for the next few years, the one big security issue on which Trump wanted progress: getting the Saudis to sign the Abraham Accords and recognize Israel.
• In other words: The business deals not only become the core of the Trump foreign policy, but they tend to edge out the larger security issues. Where does Venezuela fit into all this?
At first glance, it doesn’t. Here we have the president, on the basis of concerns about drug imports to the U.S. and illegal immigration, going after Venezuela. The country is a source of cocaine, but not fentanyl. And it is hardly the biggest strategic challenge facing the United States. But there is one part of the Venezuelan story that has seized Trump’s attention and dominates his conversations with his aides, and that’s that the country is sitting on the world’s largest oil reserves.
We have some indications that oil has been at the center of the back-channel negotiations between the administration and Maduro. Is that the reason that Trump is putting 15 percent or more of our naval capacity in the Caribbean?
You could argue that we are seeing a return to the gunboat diplomacy of more than a century ago, when we and other powers, like the British and the French, would intimidate a smaller country with a naval fleet to force a deal.
• So, to Trump, critics who say he’s focused on foreign policy at the expense of the domestic economy are drawing a false dichotomy. He believes the two are related.
Trump, at his core, understands that this is a global economy. To Trump, it’s all an effort to ensure that America remains the world’s dominant economic and technological power, at a moment when its status is threatened more than ever by China.
What kind of political risk does he face as a result of this approach?
There’s huge political risk here for him. Remember George H.W. Bush? He had a huge American victory in the Persian Gulf war, which ratified the strength of the United States as the Soviet Union was collapsing. Yet he lost in 1992 because people thought he wasn’t paying attention to supermarket prices.
• And are there security risks, too?
In Trump’s first term, his national security strategy focused on turning the United States away from counterterrorism, and toward a focus on the rise of China and Russia. It’s very hard to square what Trump is doing in Venezuela now with that strategy.
That aircraft carrier’s presence near Venezuela means that it’s not in the Middle East, where it was defending Israel from Iranian missiles earlier this year. And it’s not in the Indo-Pacific. As Xi Jinping watches this military buildup off Venezuela, he must be delighted, because that buildup was supposed to come in the Indo- Pacific to defend Taiwan. I don’t believe the Chinese thought the U.S. would tie up this much of its military force in the Caribbean. So yes, it creates strategic risks as well as political ones.
• Pakistan economy hit by ‘deep corruption across state institutions’, requires urgent reforms, says IMF.
• Indian cars make inroads into Europe as firms seek China alternative. Diversification of sales and production drives small but fast-growing exports.
• Fears grow Japan-China spat may spiral into worst crisis since 2012. Observers see parallels with freeze in relations over disputed Senkaku Islands.
• Thaksin under pressure over lese-majeste appeal, tax ruling. Two cases hang over Pheu Thai Party’s popularity ahead of looming election.
• Europe’s “Golden Visa” landscape shrinks but Asian demand stays high. Chinese and Indians seek ‘Plan B’ residency and territories to park wealth.
• Jensen Huang can take a double sigh of relief. After Nvidia’s bullish forecast calmed AI bubble fears, the White House is urging Congress to reject limits on its chip sales to China – a win for Huang’s lobbying push. He says demand is surging and Blackwell chip supply is strong. Some feel, now is not the time to bet against America’s tech giants.
• President Trump signed a bill ordering the DOJ to release its Jeffrey Epstein files. Attorney General Pam Bondi said the department “will follow the law”, though it’s unclear when or how all the records from flight logs to immunity deals, internal communications and Epstein’s 2019 death in prison, will be made public. Recent disclosures have prompted Harvard to start a new probe into its ties to Epstein, and its former President Larry Summers to take a leave of absence.
• The biggest natural gas pipeline boom in nearly 20 years is unfolding in the US South as companies build systems to feed massive export terminals rising along the Gulf of Mexico. As many as 12 projects to install new pipelines or expand existing ones are on pace to be completed next year in Texas, Louisiana and Oklahoma. All told, the new systems will carry enough gas to supply all of Canada.
• The “Saudi Arabia of natural gas” gives Trump unprecedented leverage. No matter what he does to alienate the US from its allies, it’s not hurting demand for American gas.
• A planned $500 million American base near Gaza faces questions, as no one other than the Israel Defense Forces is willing to engage in hostilities with Hamas.
The United States is planning to establish a large, $500 million military base in Israel near the Gaza border, intended to house an international force tasked with monitoring the fragile ceasefire, according to a report published jointly last week by Ynet and the Shomrim website.
However, this plan is emerging amid a total deadlock in negotiations over the next phase of the truce, known as stage 2, as Washington seeks to put together a tangible International Stabilization Force (ISF) for the stated mission of disarming Hamas in the parts of Gaza that the terrorist organization still controls.
• Indian gains wider market access via Abu Dhabi. Indian companies are increasing their presence in Abu Dhabi, which offers them access to markets across the Middle East, Africa and beyond. Abu Dhabi’s economic growth and supportive business environment are attracting Indian entrepreneurs and investors.
• The U.S. State Department has approved two significant military sales to India, totalling approximately $93 million. The approved deals include M982AI Excalibur precision-guided artillery projectiles and FGM-148 Javelin anti-tank missile systems aimed at bolstering the strategic partnership and enhancing India’s defense capabilities. This move supports U.S. foreign policy and national security objectives by strengthening a key Indo-Pacific partner. The Excalibur projectiles and related equipment are worth about $47.1 million and Javelin missile systems with associated hardware estimated at $45.7 million.
• Switzerland has concluded a trade agreement with the USA. What President Karin Keller-Sutter (FDP) failed to achieve in the summer, six billionaire entrepreneurs accomplished by showing up at the White House with a Rolex watch and an engraved gold bar. Now, US tariffs have been reduced from the rogue-state level of 39% to the EU’s 15%, and according to Bloomberg Economics, Switzerland has even secured a slight advantage over the EU and Great Britain because, in absolute terms, a smaller percentage of Swiss exports are subject to US tariffs.
So everything’s fine then? Not quite. While the “deal” is definitely an improvement on the previous situation , trade data released today, Thursday, shows that significant Swiss watch exports to the US, for example, were 47% lower in October—still with the excessively high tariff—than a year earlier.
• China is weighing a new round of measures to revive its ailing property market, a sector so central to the country’s economy that its continued slide threatens broader financial stability. Policymakers are discussing nationwide mortgage subsidies for first-time homebuyers, higher income tax rebates for borrowers and lower transaction costs to coax wary buyers back into the market, according to people familiar with the matter.
• The plan, under debate since at least the third quarter, reflects growing urgency as falling sales, plunging prices and a record 3.5 trillion yuan ($492 billion) in bad loans have deepened the sector’s four-year slump. The timing and specific policies to be implemented are still uncertain, the people said.
• Despite several rounds of policy easing — from lower loan thresholds to loosened homebuying rules in major cities — the housing market has failed to find its footing. Both new and resale prices dropped sharply in October, while households remain reluctant to take on new debt amid weak income growth and economic uncertainty.
• Bloomberg Intelligence analysts warn that negative equity is spreading, further eroding confidence among buyers and developers alike. For Beijing, the challenge now is to stabilize one of the economy’s biggest engines — without overburdening a fragile banking system already straining under the weight of souring loans and shrinking margins.
• The New Soft-Power Imbalance
China’s Cautious Response to America’s Retreat
• Since the start of his second term, U.S. President Donald Trump has been dismantling the traditional channels of American soft power. The U.S. Agency for International Development (USAID) is no longer operational, and Voice of America is tied up in legislative and court battles. The State Department has significantly reduced its staff and programming. Restrictive new visa and immigration policies have made the United States less accessible and less attractive to potential visitors, and Washington’s coercive and transactional dealings with U.S. allies have damaged trust abroad. In The New York Times, Jamie Shea, a former NATO official, referred to these sweeping changes as the United States’ “soft power suicide.”
• Many experts and commentators have interpreted the United States’ loss as China’s gain. The late political scientist Joseph Nye, who developed the concept of soft power, cautioned earlier this year that China “stands ready to fill the vacuum that Trump is creating.” Yanzhong Huang, a scholar at the Council on Foreign Relations, similarly contended that the Trump administration’s actions have “boosted China’s charm offensive.”
• The U.S.-Chinese soft-power competition is not a zero-sum quest for influence. The two countries take distinct approaches to building soft power: China has tended to rely on drawing in other countries with pragmatic benefits, whereas the United States has placed ideals and values at the center of its outreach. Recipient countries, especially those in the so-called global South, have perceived Chinese and U.S. offerings as complementary, accepting both rather than seeing a need to choose one over the other.
Over the last three years, and especially since Trump’s re-election, China’s relative position has undoubtedly improved. As the United States retreats, China looks to the world like the more accessible and reliable partner. But this has not turned China into a global leader in soft power. Although Beijing still emphasizes its pragmatic offerings in its diplomacy, it has reduced, rather than expanded, its international assistance to lower-income countries, and has shown few signs of stepping in to replace USAID. Nor is China positioning itself to fill the United States’ former role of promoting a particular governance model to the world. Beijing is generally looked upon more favourably than before, yet that change in attitude varies significantly from region to region, and even the countries that hold the most positive views of China regard its actions with a mix of appreciation and resentment. China may be passively gaining stature from the United States’ soft- power retreat, but that is not enough to guarantee greater global influence in the years ahead.
Culture change needed to increase number of women in shipping
• The biggest problem is the access to sanitary products and medicine, and toilets for women
• Companies with more women in senior positions show more commitment to solve the problems
• ‘If you make the life of women easier on the ships or docks, the percentage of women seafarers will increase,’
SHIP 2000 shipbuilding contract gets 2025 remix
• New provisions include electronic access to drawing and documentation
• Incentives to allow choice of subcontractors
• Beefed up buyer protection on refund guarantees.
• Comprehensive rewrite rather than simple facelift, drafters insist.
• Will Simandou be the dry bulk game changer it’s been hyped to be?
Tonne-mile increase on offer will be welcome boost to capesize sector
Once at full capacity Simandou could provide employment more than 100 capesizes
But questions linger on its ability to ramp up in time and China’s appetite for ore.
First shipments from the much-heralded project left Guinea last week. Do they mark the beginning of a paradigm shift for dry bulk or has Simandou been overhyped?
• The growing arsenal of marine war risks
New technologies and tactics are combining with older perils to menace shipping operators and their insurers
• Maritime operators face a combination of traditional threats, a deteriorating international situation, and new weapons and tactics, from drones to spoofing.
• Shipping remains cautious on Suez Canal return
Enquiries are being made for transits on the Red Sea War risk premiums have yet to come down Indian refiners are looking to use the Red Sea for CPP shipments to Europe
The SCA is looking at intensifying meetings with other shipowners following recent sailings by French carrier CMA CGM.
• Odfjell and Nissen Kaiun team up in new chemical tanker venture
Norwegian chemical tanker owner Odfjell has joined forces with Japanese shipping major Nissen Kaiun to launch a new Bergen- based joint venture for operating stainless-steel chemical tankers.
The new company, Odfjell Hakata Maritime, will pool 10 modern chemical tankers contributed equally by the two partners. Nine of the ships are already trading under Odfjell Tankers on charter arrangements, while the tenth is due to join early December. The fleet will be folded into Odfjell’s global commercial platform and trade across all long-haul chemical routes, the Oslo-listed company said.
Odfjell CEO Harald Fotland said the partnership builds on a long- running relationship between the two companies and strengthens the group’s position in the stainless-steel segment. “Nissen Kaiun controls a significant fleet of advanced chemical tankers built to the highest quality and sustainability standards. With their contribution to this joint venture, we reinforce Odfjell’s position as one of the world’s leading and most energy-efficient chemical tanker operators,” he said.
The joint venture will also lift Odfjell’s commercial capacity. With this fleet addition and other renewal moves underway, the company said it expects around a 12% increase in commercial trading days in 2026 compared to 2025.
Odfjell Tankers will act as commercial manager for the joint fleet, coordinating operations across major deepsea lanes and key chemical hubs.
Fotland said the move comes as demand for safe and efficient chemical transport continues to climb and owners step up investments in lower-emission operations. “We share a common goal of reducing the industry’s carbon footprint, and Japanese shipyards are frontrunners in quality and energy-saving technology,” he noted.
Nissen Kaiun controls a fleet of more than 200 vessels across multiple shipping segments, while Odfjell operates a fleet of about 70 chemical tankers globally. Odfjell Hakata Maritime will be established as a Norwegian company headquartered in Bergen and will begin operations in December 2025.
• Denmark rolls out new 2.8GW offshore wind tender package
Danish authorities have announced tenders for three areas enabling the construction of at least 2.8GW of offshore wind power.
The Danish Energy Agency said that the tenders were based on thorough market dialogues and include, among other things, state subsidies and greater flexibility for developers to increase the likelihood of qualified bids.
The three areas, named North Sea Mid – a minimum of 1GW, Hesselø in the Kattegat – a minimum of 800MW, and North Sea South – a minimum of 1GW, will be able to power around three million homes. Completion for the first two areas is set for the end of 2032, while the completion of North Sea South is set for the end of 2034.
The three offshore wind farms are being offered with a support scheme known as a two-sided capability-based contract for difference. Under this scheme, the state guarantees offshore wind producers a fixed price for their electricity.
This reduces the risk of low electricity prices for developers, an element requested by the market. In total, a payment cap of DKK 55.2bn ($8.5bn) has been set for the state.
The tenders contain requirements relating to sustainability and social responsibility, including those concerning the recyclability of the turbine blades, social dumping, and the winning bidder for Hesselø must establish the offshore wind farm with a nature- inclusive design.
The tenders are a follow-up to the offshore wind tenders from 2024, where six areas were put up for tender. However, no bids were received. The new 2.8GW offshore wind tenders have different rules as certain modifications were made in consultation with the offshore wind market.
The deadline for submission of tenders for North Sea Mid and Hesselø is spring 2026. The deadline for North Sea South is autumn 2028. The tenders will further enable the winning bidders to establish overplanting capacity.
• Genco bulks up with Newcastlemax brace
US-based Genco Shipping & Trading has struck a deal to buy two modern, scrubber-fitted newcastlemax bulk carriers for a combined $145.5m, marking the company’s first move into the segment.
The New York-listed owner, led by John Wobensmith, expects to take delivery of the 208,000 dwt vessels in the first quarter of 2026. The acquisition will be funded through cash on hand and a drawdown from its revolving credit facility.
Market sources suggest the ships changing hands are the 2020- built Bulk Sydney and Bulk Santos, the last two newcastlemaxes sold recently by Norway’s 2020 Bulkers, and at the same reported price level.
The deal builds on a busy two-year period for Genco in the large bulker segment. The company also recently confirmed the acquisition of a 2020-built, 182,000 dwt Imabari capesize for $63.5m, bringing its capesize and newcastlemax investment to $343m, including this most recent agreement. Most of the funding has come from selling older ships and recycling capital into younger units.
Wobensmith said the purchase fits Genco’s plan to keep upgrading its fleet with modern, fuel-efficient tonnage.
These two high-quality vessels enhance our age profile and earnings potential,” he said. “With no special survey due until 2030, we expect strong utilisation during what we see as favourable dry bulk market conditions. Our balance sheet gives us room to pursue growth while reducing debt and continuing to pay meaningful dividends.”
Pro forma for all agreed transactions, Genco’s fleet stands at 45 vessels with an average age of 12.5 years. According to shipping databases, the newly acquired pair will be the company’s first newcastlemaxes once delivered.
• SLB OneSubsea bags work on BP’s Gulf of Mexico project
SLB OneSubsea, a joint venture backed by SLB, Aker Solutions, and Subsea7, has won a contract from energy major BP for a subsea boosting system in the Tiber deepwater development off the US.
This engineering, procurement and construction (EPC) contract for Tiber comes in close succession to the award of a sister subsea boosting system for BP’s Kaskida development.
Both projects, which target prolific Paleogene reserves, leverage the same standardised high-pressure subsea pump system solution.
“We are seeing more and more operators adopt subsea boosting strategies that free up topside space and reduce power requirements,” said Mads Hjelmeland, CEO at SLB OneSubsea.
Tiber is part of the 100% BP-owned Tiber-Guadalupe project and will be BP’s seventh operated oil and gas production hub in the Gulf of Mexico, featuring a new floating production platform with the capacity to produce 80,000 barrels of crude oil per day.
The project includes six wells in the Tiber field and a two-well tieback from the Guadalupe field. Production is expected to start in 2030.
Tiber-Guadalupe and Kaskida are centrepieces of BP’s newbuild projects, and along with the five existing operating platforms in the Gulf, they will boost the supermajor’s capacity to produce more than 400,000 boe per day from the US offshore region by the end of the decade.
• Pappas’ Oceanbulk secures trio of kamsarmaxes at Hengli
Petros Pappas’ privately held Oceanbulk Maritime has resurfaced on the bulker newbuilding scene, securing a trio of kamsarmaxes at China’s Hengli Heavy Industries.
The Chinese yard recently announced a series of 82,000 dwt vessels, Oceanbulk linked to three units for delivery between the second and fourth quarters of 2027. No pricing has been revealed.
The move comes as Oceanbulk steps up its activity across multiple segments. The order is entirely separate from the deal signed by the Pappas-led publicly listed vehicle, Star Bulk Carriers. Earlier this month, Star Bulk confirmed it had entered novation and amendment agreements with Hengli Shipbuilding in Singapore and Dalian for three similar 82,000-dwt kamsarmax resales due in the third quarter of 2026.
Oceanbulk is also edging back into the container market after several quiet years. In October, shipbuilding and market sources linked the company to an order for two 3,100-teu feeder ships at Zhoushan Changhong International Shipyard. The pair is understood to be priced at about $47m each, with deliveries slated for late 2027 to early 2028. If finalised, the contract would mark Oceanbulk’s first return to boxships since exiting the sector seven years ago.
Shipping databases show Oceanbulk currently operating five bulkers, with no active containerships. The fresh round of orders signals a gradual re-expansion under Pappas, who continues to shape both his private and public fleets at a steady pace.
• How the internet is transforming life and labour at sea
With the line between welfare and technology disappearing, the maritime industry faces a simple truth — connection is no longer optional.
An in-depth Inmarsat survey of nearly 400 seafarers working on merchant ships, offshore support vessels or high-end fishing vessels across the globe shows that seafarers are increasingly experiencing a sense of a ‘floating home’ when it comes to their time onboard, a portent of what’s to come over the next decade.
Seafarers spend an average 8% of their annual salary on internet connectivity, the survey found, with the cost split equally between their usage at home and onboard their vessels.
When at sea, video calling, voice calling, and messaging family and friends were the most popular uses for the internet, with a huge majority saying the connections positively impacted their mental wellbeing.
During long voyages, seafarers said they were 23 times more likely to feel positive effects from these personal interactions, rather than negatives.
Staying in touch with friends and family were the main reasons given for needing connectivity, although seafarers also cited managing work-related tasks as important, as ships increasingly depend on real-time data for both compliance and competitive advantage.
Around two thirds of respondents put personal video or voice calls and text messaging in their top three uses for connectivity. Less critical, but still pronounced, were top three preferences for social media (51%), web browsing (34%) and watching movies, TV shows, sports or other streamed content (29%). A small proportion identified shopping (11%) and gaming (8%) as top three online activities.
However, while 97% of these seafarers actively manage their own data usage at sea, more than four out of five said they exceeded their limit – with more than a third saying it happened often.
Furthermore, a mixed picture emerged regarding satisfaction with connectivity at sea.
Of those surveyed, 28% said they were dissatisfied with the cost, while more than half said they would be willing to pay more for better connections.
Overall, internet usage among seafarers increases while they are in port, with 61% reporting higher usage and only 15% using it less. On average, seafarers use the internet 18% more while in port compared to when they are at sea. Although those who use their mobile phone plans often find it cheaper than vessel connectivity, the majority of the survey respondents (52%) indicated a preference for ship connectivity over their mobile plans or port wifi.
In a remarkable finding, 83% of the surveyed seafarers expressed concern about security and privacy while using a vessel’s internet – with one in nine of the seafarers reporting a data security issue, such as hacking or data loss, while connected to a vessel’s internet.
Clearly, for this seafaring constituency, work remains to be done on security before a ship can truly merit the comfort of a floating home.
• Not a perk — a necessity
For Karin Orsel, CEO of MF Shipping Group, the direction of travel is obvious. “For seafarers, staying connected and having real shore leave isn’t a luxury — it’s essential,” she tells Splash. “Over the years, we’ve steadily improved onboard connectivity, ensuring crew can contact their families while at sea, even though usage is subject to fair limits.”
Her company has worked with ports to make shore leave safer and more meaningful. With the new 2025 Maritime Labour Convention (MLC) updates now enshrining digital communication access in regulation, Orsel says connectivity and shore leave “are not extras but essentials for wellbeing at sea.”
That sentiment is shared across the sector. Ryan Kumar, from Singapore-based Direct Search Global, states: “Connectivity and shore leave aren’t perks — they’re lifelines,” he says. “If we’re serious about improving seafarer welfare, we have to stop treating them as privileges to be negotiated and start treating them as standards to be upheld.”
Kumar believes the industry’s priorities are still upside down. “We can’t talk about retention and resilience if we’re still debating wifi access in 2025,” he says. “The message we send when we connect our systems better than our people is a loud one.”
• Standards, not goodwill
At classification society RINA, there’s a growing push to make connectivity part of compliance, not courtesy. “Minimum connectivity standards must be clear, universally applicable, and tied to enforceable global rules to eliminate inconsistencies across fleets and regions,” says Brian Yam, commercial director for Hong Kong and Taiwan.
“Connectivity is no longer a luxury — it’s a lifeline,” Yam continues. “Establishing baseline bandwidth, coverage zones, and cost transparency should be part of every vessel’s design and operational plan.” RINA’s MLC certification services already assess crew welfare holistically, including access to communication and rest, he adds.
Shipmanagers, too, are calling for hard rules, not soft promises. Captain Tanuj Balani, director of Stag Marine, argues that “connectivity should be part of ISM-level welfare requirements, just like food or PPE.”
• Rights in practice
As Tim Hill, CEO of Stella Maris, points out, a right to connectivity means little unless it delivers meaningful communication. “A right is only useful if it allows seafarers to make video calls and stay genuinely connected with their families,” Hill says. “If access is excessively priced or limited to basic messaging, then it’s not a right in any real sense.”
For Hill, affordability is the next frontier. “Removing these barriers is essential if we are to make these fundamental rights a reality for every seafarer,” he says.
• The double-edged connection
But as Manpreet Gandhi, marine director at Ishima, the shipmanagement arm of d’Amico Group, notes, connectivity brings new complexities. “Modern technology now enables reliable internet almost anywhere at sea — a remarkable advancement,” he says, “but it can sometimes contribute to greater isolation when seafarers retreat into their cabins.”
To counter that, Ishima has placed a strong emphasis on social interaction and shared activities on board, Gandhi explains. “We encourage community, even as we support communication with families ashore. Balance is everything.”
That view is echoed by psychologists and welfare NGOs alike: connection without culture can risk replacing loneliness with silence.
• Technology outpacing policy
The head of Union Marine Management Services , argues that regulation is struggling to keep up with reality. “Technology is moving faster than policy,” he says. “With developments like Tesla’s upcoming satellite-connected phone, we’re not far from a world where SIM-based communication systems become museum pieces.”
He believes the transformation will be irreversible. “Once such technology becomes mainstream, connectivity at sea will no longer be a privilege — it will be a baseline expectation,” he says.
The implications for shipowners are profound. Crew recruitment, welfare compliance, and even operational resilience will increasingly hinge on digital inclusion — not bandwidth as a perk, but bandwidth as infrastructure.
• Technology is moving faster than policy
Ultimately, the issue is moving beyond welfare into workforce strategy. “Connectivity is going to be solved by the technology evolving,” predicts Henrik Jensen, CEO of Danica Crewing Specialists. “Those shipowners not offering connectivity with speed and coverage will simply not be able to recruit the talent they need.”
Jensen says younger seafarers in particular view digital access as a marker of professionalism. “It’s about respect and modernity,” he explains. “A ship with no decent connection isn’t seen as tough — it’s seen as behind.”
That view is being borne out in recruitment data. Crewing agencies increasingly report candidates asking about wifi and social media policies before they even ask about salary. For an industry fighting to attract and retain talent, that shift is decisive.
• From isolation to integration
The era of the disconnected vessel is ending. What’s emerging instead is a digital seascape where data, welfare and identity converge — where connection is both operational and emotional.
The “floating home” that Inmarsat’s study described is no longer a futuristic concept. It’s a fast-approaching reality — one where bandwidth has become as vital as bunkers, and where the quality of connection may soon define the quality of life at sea.
• Dynagas LNG Partners mulls move into other shipping sectors Company reiterates year-old intent to explore related investments avenues for growth
US-listed Dynagas LNG Partners is considering a move into related shipping sectors to improve the value of and grow its business.
In a third quarter results statement, the company’s chief executive Tony Lauritzen said: “We maintain a firm belief in the long-term fundamentals of LNG shipping.”
• Zim prepares ‘operational plan’ for return to Suez Canal Israeli company will go through Suez ‘as soon as we can’ Israeli liner operator Zim is preparing an operational plan to resume transits through the Suez Canal.
Chief executive Eli Glickman told an earnings call today that crew, customer, cargo and vessel safety remains the company’s highest priority.
“While the current ceasefire in Gaza is encouraging progress, a return to the Suez Canal will require further assurance regarding the durability of this ceasefire, and we are monitoring the situation closely,” he said.
• Haven’t Suezmax-ed Out
The Crude Middle Child Has Found It’s Sweet Spot After the fireworks of late 2022 and early 2023, it would have been reasonable to assume the mid-size crude tanker story had already reached its crescendo. Yet the Suezmax segment continues to defy that narrative. It has not been a year defined by record- shattering prints until recently, but by resilience. Since the beginning of 2024, the TD20 average has hovered around the 3- year average of roughly $37,600/day. Returns have remained well above operating expenses and debt service, and there is enough volatility to keep traders alert. The strength of that backdrop became clear again this week when TD20 broke above $81,000/day, signifying what Owners hope to be just the start of robust winter season.
On paper, the fleet looks relatively healthy.
The global Suezmax count stands at 631 vessels with an orderbook of 118, of which 90 are scheduled for delivery by the end of 2027. The average age sits around 13 years, comfortably below some of the more geriatric corners of the tanker universe. Yet beneath that average, the fleet has a split personality. A large wave of modern, fuel-efficient ships was ordered in 2023 and 2024 by Owners who view the class as the sweet spot of flexibility and earning potential.
More than 100 Suezmax orders were placed in those two years, a strong run by any historical measure. At the opposite end, a sizeable “shadow” fleet of older ships, often 18-25 years of age, trades sanctioned or higher risk barrels outside the mainstream insurance and finance system. Industry estimates suggest that roughly 1 in 5 Suezmaxes sits in this grey zone, which means the effective fleet available to OECD-compliant Charterers (~505 vessels) is considerably smaller than the headline figures imply.
This dynamic is essential when considering the orderbook, now equivalent to 19% of the fleet. The medium-term tension lies in determining whether these newbuilds will create genuine oversupply or simply replace aging or shadow tonnage that was never truly available to the mainstream market. 42.5% of the current Suezmax fleet is already 15 years old or older. Given the gradual migration of older ships into opaque trades and the elevated cost of compliance, the second scenario deserves more attention than it usually receives.
The time charter market has also been repricing over the past month. Current 1-year time charter rates for Suezmaxes sit near $42,000/day for standard, non-eco units, with the YTD average hovering around $33,500/day. It is a meaningful step-up from the softer levels seen at the start of the year and mirrors the healthy returns seen in the spot market.
One notable shift is the reluctance to commit to long-term coverage. While some oil majors may look for longer charters, most traders’ discussions remain focused on 1 to 2-year periods. This restraint is striking because from March 2022 through January 2025, Suezmaxes routinely commanded substantial premiums to VLCCs for one year business, a sign of strong conviction in the segment. The present mood is more cautious. Market participants seem comfortable with the strength of the moment but hesitant to express a long-term view.
Western Hemisphere barrels continue to anchor the Suezmax story. West Africa/UKC remains the benchmark route, with steady Nigerian and Angolan programs still capable of tightening lists and lifting rates. Yet the number of viable Suezmax trade lanes has expanded significantly over the past few years, which has reshaped the Atlantic Basin into something far more dynamic than it was.
Not only has the Atlantic Basin seen a notable increase in Suezmax routing optionality, but many of the new flows are long- haul in nature, keeping vessels engaged for longer periods and tightening the supply side. Guyana has become a genuine force,with Europe-bound liftings now routine and pricing near TD20 levels. The Guyana/East route has also emerged as an occasional but meaningful long-haul pull, adding fresh ton- miles to the system.
CPC/UKC liftings have grown into another major demand center, with the sheer volume of Black Sea exports into Northwest Europe providing a steady rate-driver throughout the year. At the same time, the US Gulf remains reliably active for both Eastbound and European discharge, while Brazilian and Argentine barrels are carving out their own long-haul patterns, including emerging Argentina/USWC moves when arbitrage allows.
Meanwhile, as mentioned, older Suezmaxes have become central to the sanctions-exposed crude trade, undertaking long-haul voyages that move Russian and Iranian barrels to Asia and the Middle East. These runs absorb meaningful capacity, inflate ton-miles, and effectively remove much of this tonnage from the mainstream fleet.
Security risks around the Red Sea reinforce the effect, with many Owners still routing via the Cape of Good Hope rather than through
Suez. For Suezmaxes, which are optimally sized for these flows, this has lengthened AG/Europe and AG/US voyages and increased pull across Atlantic and Mediterranean markets as refiners adjust crude slates.
New and expanding refineries in the Middle East and West Africa are further reshaping trade patterns in ways that favour mid-size crude carriers, while scrubber-equipped Suezmaxes benefit from the ability to burn lower-cost high-sulfur fuel on these extended routes, a modest but consistent tailwind.
What is supporting earnings in 2025 is not a surge in global oil demand as consumption growth is modest. Instead, inefficiency is doing the heavy lifting. Red Sea rerouting, extended sanctioned trades, and expanding South Atlantic exports have all pushed ton miles higher. The orderbook remains manageable, giving the market time to absorb new tonnage or, if rates ease, to retire older ships. Together, these factors keep Suezmax Owners in a favourable position. Spot earnings are firm, which supports a robust time charter market, and the structural quirks of the fleet work to their advantage. The question for 2026 is whether incoming new-buildings dilute those advantages or whether the aging shadow fleet exits just as quickly, leaving the mainstream balance tighter than headline numbers suggest.
What is clear is that Suezmax remains the most compelling middle child in the crude family. The segment is large enough to matter on long-haul routes, nimble enough for emerging dislocations, and versatile enough to benefit when the world, quite literally, takes the long way around.
Baltic Shipping News 20th November, 2025
BALTIC FORWARD ASSESSMENTS – THURSDAY 20 NOVEMBER 2025
BFA CAPESIZE
PERIOD VALUE CHANGE
Nov 25 27,646 $/day 150
Dec 25 27,179 $/day 429
Jan 26 20,304 $/day 336
Feb 26 14,839 $/day 118
Mar 26 19,368 $/day 122
Apr 26 21,143 $/day 72
Q4 25 26,423 $/day 193
Q1 26 18,170 $/day 191
Q2 26 23,218 $/day 47
Q3 26 25,511 $/day -3
Q4 26 25,961 $/day 22
Q1 27 16,696 $/day 32
Cal 26 23,215 $/day 64
Cal 27 22,311 $/day 36
Cal 28 21,014 $/day 7
Cal 29 19,934 $/day -16
Cal 30 19,069 $/day -2
Cal 31 18,878 $/day -8

BFA PANAMAX 82
PERIOD VALUE CHANGE
Nov 25 16,995 $/day 84
Dec 25 17,797 $/day 532
Jan 26 15,965 $/day 365
Feb 26 14,697 $/day 300
Mar 26 15,993 $/day 421
Apr 26 16,026 $/day 268
Q4 25 17,010 $/day 206
Q1 26 15,551 $/day 361
Q2 26 16,022 $/day 232
Q3 26 14,879 $/day 129
Q4 26 14,322 $/day 104
Q1 27 12,663 $/day 193
Cal 26 15,193 $/day 206
Cal 27 13,557 $/day 157
Cal 28 13,277 $/day 68
Cal 29 13,042 $/day 61
Cal 30 12,879 $/day 12
Cal 31 12,754 $/day 7

BFA SUPRAMAX 63
PERIOD VALUE CHANGE
Nov 25 17,627 $/day 61
Dec 25 18,038 $/day 411
Jan 26 16,077 $/day 357
Feb 26 14,316 $/day 311
Mar 26 15,920 $/day 243
Apr 26 15,630 $/day 85
Q4 25 17,791 $/day 158
Q1 26 15,438 $/day 304
Q2 26 15,877 $/day 197
Q3 26 15,463 $/day 111
Q4 26 14,920 $/day 89
Q1 27 12,955 $/day 77
Cal 26 15,424 $/day 174
Cal 27 14,113 $/day 72
Cal 28 13,993 $/day 58
Cal 29 13,828 $/day 56
Cal 30 13,613 $/day -2
Cal 31 13,645 $/day 4

BFA SUPRAMAX 58
PERIOD VALUE CHANGE
Nov 25 15,593 $/day 61
Dec 25 16,004 $/day 411
Jan 26 14,043 $/day 357
Feb 26 12,282 $/day 311
Mar 26 13,886 $/day 243
Apr 26 13,596 $/day 85
Q4 25 15,757 $/day 158
Q1 26 13,404 $/day 304
Q2 26 13,843 $/day 197
Q3 26 13,429 $/day 111
Q4 26 12,886 $/day 89
Q1 27 10,921 $/day 77
Cal 26 13,390 $/day 174
Cal 27 12,079 $/day 72
Cal 28 11,959 $/day 58
Cal 29 11,794 $/day 56
Cal 30 11,579 $/day -2
Cal 31 11,611 $/day 4

BFA HANDYSIZE
PERIOD VALUE CHANGE
Nov 25 14,675 $/day 30
Dec 25 14,660 $/day -10
Jan 26 12,550 $/day 200
Feb 26 10,745 $/day 132
Mar 26 12,480 $/day 98
Apr 26 12,606 $/day 36
Q4 25 15,010 $/day 7
Q1 26 11,925 $/day 143
Q2 26 12,395 $/day 15
Q3 26 12,235 $/day 5
Q4 26 11,758 $/day 8
Q1 27 10,369 $/day -13
Cal 26 12,078 $/day 43
Cal 27 11,564 $/day 76
Cal 28 10,958 $/day 5
Cal 29 10,996 $/day -6
Cal 30 11,072 $/day -6
Cal 31 11,172 $/day -6

BALTIC FIXTURE LIST 20/11/2025
BALTIC INDICES 20/11/2025
DRY INDEX: 2270 (+10)
CAPESIZE INDEX: 3647 (+11)
PANAMAX INDEX: 1912 (+17)
SUPRAMAX INDEX: 1435 (+5)
HANDYSIZE INDEX: 821 (+1)
BCI TC AVG $/DAY 30244 (+ 90)
BPI82 TC AVG $/DAY 17204 (+147)
BSI TC AVG $/DAY 18140 (+60)
BHSI TC AVG $/DAY 14770 (+11)

TIMECHARTER
‘Pampero’ 2011 93275 dwt dely Bahudopi 20 Nov trip via Indonesia redel Malaysia $22,000

‘Shine Pearl’ 2024 82427 dwt dely Dalian 20/25 Nov trip via NoPac redel Singapore-Japan intention grains $19,250

‘Scarlet Falcon’ 2014 82260 dwt dely Nagoya 19/21 Nov trip via Abbot Point redel Japan intention coal $19,250 – K Line

‘Diane’ 2011 78992 dwt dely aps EC South America 5 Nov trip redel SE Asia intention grains $16,500 + $650,000 bb – Orca Bulk
‘N Amalthia’ 2006 75356 dwt dely Dongying 19/20 Nov trip via NoPac redel Singapore-Japan intention grains $15,500 – Pan Ocean
‘Sakizaya Brave’ 2013 74940 dwt dely Mizushima 19 Nov trip via Indonesia redel India $14,750

‘Spring Snow’ 2010 74841 dwt dely Zhoushan 20 Nov trip via Indonesia redel India $14,500 – Tongli

‘Wooyang Ivy’ 2017 63590 dwt dely Mumbai 21/25 Nov trip redel Far East intention salt $15,750

‘Desert Dignity’ 2016 63503 dwt dely Jubail 19 Nov trip via Arabian Gulf redel Indonesia intention sulphur $16,000 – Adnoc

‘Alexander Schulte’ 2019 61579 dwt dely Dharhamtar 20/21 Nov trip via Salalah redel Bangladesh $16,500

‘Belaja’ 2020 61352 dwt dely Saldanha Bay prompt trip redel China $22,000 + $220,000 bb

‘Taxidiara’ 2007 56049 dwt dely Ras Al Khair prompt
trip redel EC India intention fertilisers $19,000 – Panocean

‘Devbulk Aslan’ 2013 50477 dwt dely Yokohoma prompt trip via Kashima redel Arabian Gulf – WC India $16,500

‘Union Trader’ 2024 40552 dwt dely SW Pass prompt trip redel China intention petcoke $26,500 – Seastar

‘Rooster’ 2016 37896 dwt dely SW Pass prompt trip redel Italy intention wood pellets $22,500 – Weco

‘Koszalin’ 2012 37884 dwt dely Rio Grande 25/30 Nov trip redel Veracruz $19,000 – Drydel

‘Manta Melek’ 2011 33622 dwt dely Fairless Hills 29 Nov/3 Dec trip via Norfolk redel E Mediterranean $22,000 – Bunge

‘Devbulk Saliha’ 2011 31018 dwt dely Qingdao prompt trip via Shanghai redel Arabian Gulf – WC India $15,750

PERIOD
‘Shandong Peng Cheng’ 2010 82154 dwt dely Ningbo 20 Nov 9/11 months redel worldwide $15,450 – Cargill

‘Shandong Xin Sheng’ 2025 81742 dwt dely Fangcheng 29 Nov period 7/9 months redel worldwide $17,600

VOYAGES
ORE
‘TBN’ 170000/10 Acu/Qingdao 16/25 Dec $23.70 fio 90000shinc/30000shinc – Anglo

COAL
‘TBN’ 155000/10 Roberts Bank/Yeongheung 7/16 Dec
$15.15 fio 50000shinc/23500shinc – Kepco

‘Oldendorff TBN’ 80000/10 Norfolk/Goa 5/14 Dec
$37.50 fio 25000shinc /25000shinc – JSW

‘TBN’ 80000/10 Port Kembla/Hon Mieu-Campha 6/10 Dec $19.10 fio 30000shinc/80000shinc – Welhunt

Baltic Exchange Index – 20 NOVEMBER 2025
Baltic Exchange Capesize 182 Index

Route Description Value Change

C8_182 182000mt Gib/Hamburg transatlantic RV 38,429 + 566
C9_182 182000mt Cont-Med trip China-Japan 52,738 + 5
C10_182 182000mt China-Japan transpacific RV 32,850 + 50
314_182 182000mt China-Brazil round voyage 30,752 – 59

C16_182 182000mt Backhaul 12,681 +242

C5TC 182 Weighted Timecharter Average 33,127 +111

Baltic Exchange Index – 20 NOVEMBER 2025
Baltic Exchange Capesize Index 3647 (+11)

Route Description Value($) Change

C2 160000mt Tubarao to Rotterdam 13.064 + 0.158
C3 160-170000mt Tubarao to Qingdao 24.720 – 0.007
C5 160-170000mt W Australia to Qingdao 10.785 0
C7 150-160000mt Bolivar to Rotterdam 15.800 + 0.119
C8_14 180000mt Gibraltar-Hamburg T/A RV 34,008 + 62
C9_14 180000mt Conti/Med Trip China/Japan 48,831 + 37
C10_14 180000mt China/Japan T/P RV 30,315 + 118
C14 180000mt China-Brazil RV 27,480 + 12
C16 180000mt N.China to Skaw-Passero 9,531 + 298

C17 170000mt Saldanha Bay to Qingdao 18.689 – 0.026

5TC Weighted Timecharter Average 30,244 + 90

Baltic Exchange Panamax 82500mt Index 20 NOVEMBER 2025
Baltic Exchange Panamax Index 1,912 (+17)

Route Description Value ($) Change

P1A_82 Skaw-Gib T/A RV 17,761 +397
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 24,520 +227
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 17,598 +73
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 10,428 +17

P6_82 Dely Spore Atlantic RV 16,232 +18

P5TC Weighted Timecharter Average 17,204 +147

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

Route Description Value ($) Change

P5_82 S. China Indo RV 17,938 + 85
P7 66000mt Mississippi Rvr to Qingdao 55.779 + 0.615
P8 66000mt Santos to Qingdao 39.121 + 0.014

Baltic Exchange Supramax Index – 20 NOVEMBER 2025
Baltic Exchange Supramax Index 1435 (+5)

Route Description Value ($) Change

S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 21,342 0
S1C_63 US Gulf trip to China-South Japan 31,050 – 86
BS2_63 North China one Australian or Pacific RV 15,813 + 157
BS3_63 North China trip to West Africa 13,150 + 200
S4A_63 US Gulf trip to Skaw-Passero 32,571 – 536
S4B_63 Skaw-Passero trip to US Gulf 13,714 + 107
BS5_63 West Africa trip via ECSA to North China 22,979 – 7
BS8_63 South China trip via Indo to EC.India 17,671 + 185
BS9_63 W.Africa trip via ECSA to Skaw-Passero 19,107 + 43
S10_63 S.China trip via Indonesia to South China 14,550 + 212

S15_63 Indian Ocean trip via S.Africa to Far East 15,575 – 25

S11TC Weighted Timecharter Average 18,140 + 60
S10TC Supramax(58) Timecharter Average 16,106 + 38

Baltic Exchange Index – 20 NOVEMBER 2025
Baltic Exchange Handysize Index 821 (+ 1)

Route Description Value ($) Change

HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 11,364 – 29
HS2_38 Skaw-Passero trip Boston – Galveston 13,821 + 92
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 20,728 – 83
HS4_38 USGulf trip via USG or NCSA to Skaw-Pass 20,671 + 157
HS5_38 SE Asia trip to Spore – Japan 13,786 0
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn 12,438 – 6

HS7_38 N.China-S.Kor-Jpn trip to SE Asia 12,025 – 44

7TC Weighted Timecharter Average 14,770 +11

© Baltic Exchange Information Services Ltd., 2025
Marex Media