China’s Real Estate Market :

Vanke shares slide on renewed debt jitters

Shares of China Vanke slid in Hong Kong on Wednesday as tumbling bond values reignited investor jitters over the company’s debt and broader real-estate risks.

Several of Vanke’s yuan-denominated bonds plunged more than 20% in early trading — triggering suspensions of five exchange-listed bonds — amid renewed skepticism over whether the firm will secure sufficient support to meet looming debt obligations.

Hong Kong-listed shares of the company fell as much as 5.6% to HK$3.91 as of 06:55 GMT.

Weak housing demand and cash-flow strains continue to cast a shadow over the company’s recovery prospects.

The sell-off underscores broader concern that, even among state- backed developers, liquidity pressures and uncertain property-market fundamentals could dampen investor confidence unless more robust policy support materialises.

Remember ‘Ever Grande’s” bankruptcy in China Real Estate market.

Vanke, a major Chinese real estate developer, has been turned down by at least two major Chinese banks for short-term financing to stave off default fears that caused its bond prices to plummet this week, according to people familiar with the matter. Vanke had been in talks with banks about securing so-called liquidity financing to repay two bonds worth a total of 5.7 billion yuan ($1.26 billion) due in December.

One of the banks refused to lend before Vanke asked for a bond repayment extension, and the other did the same on the 27th. The other two banks were also not keen, another person familiar with the matter said.

· MSC seals inland terminal deal in Bangladesh

Swiss containership giant MSC has moved to strengthen Bangladesh’s inland logistics network through a new concession to operate the Pangaon Inland Container Terminal (PICT), marking one of the largest inland infrastructure commitments yet by a global liner in the country. Medlog, MSC’s fast-growing inland logistics arm, struck a deal to take over operations, supply and automation at PICT, located on the Buriganga River near Dhaka and close to the Dhaka–Mawa–Bhanga Expressway. The move is expected to ease pressure on Bangladesh’s road network by shifting more cargo flows to inland waterways and improving links between the capital and the country’s river ports and seaports.

MSC chief executive Soren Toft said the investment underscores the group’s view that Bangladesh is positioned to become a major regional trading gateway. “Our investment in the Pangaon Inland Container Terminal reflects our belief that Bangladesh has the potential to become one of South Asia’s major gateways for regional and global trade,” he said.

Under the concession, Medlog will expand PICT’s facilities and introduce new technology aimed at lifting efficiency and reducing bottlenecks. The upgraded terminal is expected to handle around 160,000 teu a year. Medlog will also charter barges from PICT to strengthen river connections between Pangaon and other inland terminals and coastal ports.

Medlog’s executive director, said the company is committed to shifting more domestic cargo to waterways to cut emissions and support industrial growth. “By investing in dedicated river terminals, barge links and multimodal infrastructure, we are committed to reducing carbon emissions, easing urban congestion and supporting our customers’ growth,” he said.

MSC’s move comes amid a wave of new foreign investment in Bangladesh’s port and logistics infrastructure. Earlier this year, APM Terminals, the port operating arm of Maersk, signed a $550m deal for the 30-year concession to build and operate the Laldia Container Terminal in Chattogram. Scheduled to open in 2030, the facility is expected to add more than 800,000 teu of annual handling capacity and eventually allow Chattogram to serve ships of up to 6,000 teu — more than double the current limit.

· Østensjø Rederi orders hybrid offshore tug from Spanish yard

and operator Østensjø Rederi has signed a newbuild contract with Spanish shipbuilder Astilleros Gondán for the construction of a next-gen offshore tug.

The newbuild, a Skipsteknisk ST 933 design, will be the largest and most powerful tug in Østensjø’s fleet. It is scheduled for delivery in the first quarter of 2028.

With a bollard pull of 150 tonnes, a DP-2 dynamic positioning system, and a comprehensive winch package, the tug will be able to perform complex tasks, supporting high operational flexibility.

It is equipped with a diesel-electric hybrid propulsion system for fuel- efficient operations, as well as being prepared for methanol fuel. The vessel will be able to accommodate 14 crew members.

“Building on our extensive experience from tug operations, we have focused on developing a tug that delivers both the capacity and reliability required for offshore tug operations, meeting the demands of tomorrow,” said Kristian Helland Vea, CEO of Østensjø Rederi.

Glickman’s $2.4bn play for ZIM rejected as board eyes wider options

Israeli shipping company ZIM has rejected an offer to acquire the company at a $2.4bn valuation. ZIM announced on Tuesday that it has formed a team to examine strategic alternatives regarding the company’s future.

The move followed a non-binding offer submitted by ZIM CEO Eli Glickman and Rami Ungar, who heads up Ray Car Carriers, to purchase all of the company’s shares and delist it from the New York Stock Exchange. The offer was submitted a few months ago but was officially disclosed for the first time on Tuesday.

ZIM’s board of directors said yesterday it is looking at alternatives and has received indications of interest from multiple parties, including strategic interest, which it is evaluating carefully.

“A transaction is complicated, in our view, as the company has a substantial cash position, a key attractive factor, but also a high- cost operation, which can lead to meaningful cash burn in a soft freight environment (which we forecast ahead),” suggested shipping analysts at investment bank Jefferies in a note to clients.

ZIM is the 10th largest container line in the world, operating a fleet of just over 700,000 slots. Glickman has been the CEO of the company since 2017, taking the line public via a New York IPO fin 2021.

· Imagine a foreign power turning off your city’s entire transport system. Instantly.

That is the specific fear keeping intelligence officers awake in Norway and Denmark right now.

Read some amazing stuff from Denmark last night.

China’s Yutong is the world’s No.1 manufacturer of all kinds of buses, including electric ones.

For context: In 2024, its e-bus production was 3x of India’s total bus production of FY25. It’s just crazy.

And, in Scandinavia? They have absolutely captured the market. Oslo, Copenhagen, everywhere.

They hold ~60% of the e-bus market share in Denmark alone. It is a clear commercial rampage. The European manufacturers are nowhere close

And, see, these modern EVs are not just vehicles. They are massive, rolling computers. And like your iPhone, they need updates.

The code is written in China. The updates are pushed via the Cloud. The control remains at HQ

And this is what got Norway and Denmark’s transport authorities suspicious.

So, they actually took a new Yutong bus and drove it into a decommissioned mine deep inside a mountain to block all signals and see what the bus was trying to broadcast.

And, they discovered the bus had “direct digital access” to the battery and power systems, routed through a Romanian SIM card back to servers in China.

Meaning? They claim in a flick of a second, Yutong could brick the entire fleet – Potentially.

Think about the leverage.

If Europe gets into a trade war with China? Or if NATO makes a move China dislikes? Click – Potentially.

The buses stop moving. The doors don’t open. The capital city grinds to a halt. No soldiers needed. Just a line of code sent over the air (OTA).

Yutong obviously implies they would never do this. They claim all EU data is stored safely in Frankfurt. But the capability exists. And in geopolitics, capability is everything.

And here is the kicker nobody talks about. This is NOT just about buses.

This applies to almost every Chinese EV, smartphone, TV, and refrigerator and more.

If it has an interactive system connected to a server in Beijing or Shanghai, it is a potential hostage

We spend so much time discussing tariffs and batteries. But we ignore the digital leash attached to these assets

Pretty unnerving, no?

· Ahmedabad just won the bid to host the 2030 Commonwealth Games!

But wait — is this a gold medal for the economy… or another Delhi 2010 disaster waiting to happen? Let’s break down the REAL money story.

Birmingham 2022 saw a 25% tourism explosion for THREE YEARS after the Games.

Ahmedabad could easily pull ₹15,000–20,000 crore in visitor spending alone. That’s not pocket change that’s life-changing money flowing into Gujarat’s streets!

The venues? We’re not starting from zero.

Narendra Modi Stadium (1.32 lakh seats — the biggest on Earth) is already there. Add a quick athlete village, some upgrades, and boom — world-class sports city unlocked.

Gold Coast 2018 venues still earn $60 million AUD (~₹400 crore)

EVERY YEAR post-Games.

Imagine Sardar Patel complex charging premium for concerts, IPL finals, Coldplay 2.0 for decades!

National flex activated

Construction companies licking their chops (₹50,000+ crore in contracts). Tourism boards printing “Incredible India” posters with Ahmedabad skylines

GIFT City rubbing shoulders with global investors who flew in for the Games and never left. This is India saying: “We’re not just the back office of the world anymore.”

Okay, but what about the horror stories?

Delhi 2010: ₹70,000 crore spent, corruption scandals, half-empty stadiums rotting.

Victoria, Australia literally cancelled 2026 because costs hit ₹37,000 crore — and said “no thanks.”

So the big question: Can Gujarat pull this off without the drama?

· Automobile Industry in China today :

Just 8 yrs ago, Ford’s sales in China were equal to what Tata

Motors, Mahindra, and Hyundai combined used to sell in India.

And today? Their China sales are now ~1/4th of what Tata Motors alone sells in India. We are talking about a freefall from over 12 lakh cars sold a year to just about 1.12lacs projected for 2025.

That is a ~90% wipe-out in less than a decade. It really shocks me.

This is a story about the “Great Reversal” of the global auto industry.

Look at Audi. The brand that defines “Vorsprung durch Technik” (Progress through Technology). They just unveiled a new car out in Europe
But if you look under the hood? It is basically a rebadged Chinese car. They took existing Chinese tech and slapped the four rings on the grill
Similarly, Mazda, the renowned Japanese carmaker, has unveiled another rebadged Chinese car in Japan

Until a decade ago, China used to local players rebadge cars made by Volkswagen and other foreign carmakers!

And, Volkswagen has gone as far as to state this on record.

They intend to rely heavily on introducing Chinese cars to the world. Why?

It can HALVE their massive R&D spending on EVs! Think about the implications of that. The Germans, who spent the last 50 yrs teaching the world how to build cars, are now admitting they cannot compete on cost or tech without Chinese help.

This is as clear as it gets. We are witnessing a total shift in gravity. China used to be a market that had no major car makers at all.

They were the factory floor. They were the ones copying Western designs.

Now? The tables have turned completely. China is now the provider of tech

They are the provider of critical components

They are the provider of SURVIVAL to the world’s biggest legacy players

The student has become the master. The legacy giants are now the ones playing catch-up, trying to patch their logos onto Chinese innovation just to stay relevant in the EV race.

It is a fascinating geopolitical puzzle. It is quite amazing, isn’t it?

Hong Kong is reeling from its deadliest fire in decades, with 83 confirmed dead, 45 hospitalized, and over 300 residents still missing after a wind-fanned inferno tore through a dense high- rise housing complex. The blaze, which started Wednesday afternoon, spread with unprecedented speed across seven of Wang Fuk Court’s eight towers, trapping residents on upper floors and darkening the skies over the northern Tai Po district as firefighters struggled to reach those calling desperately for help.

Witnesses described scenes of chaos as flames climbed the bamboo scaffolding surrounding the buildings under renovation. With no alarms sounding, many residents learned of the fire only from calls by relatives or neighbours; elderly residents in wheelchairs and families returning home rushed through smoke-filled corridors to escape. By Thursday, crews had extinguished flames in four towers but remained unable to access the highest levels of the others, leaving hundreds of families anxiously awaiting news.

Authorities have arrested two directors and an engineering consultant from the construction company overseeing the renovation, citing “gross negligence” and raising serious questions about non-compliant materials that appeared to accelerate the spread of the fire. The disaster has ignited scrutiny over Hong Kong’s safety standards and the continued use of bamboo scaffolding — and poses a major political test for Chief Executive John Lee just days before legislative elections.

India approved an $815 million incentive program to jump- start domestic production of rare earth magnets, aiming to cut its heavy reliance on China, which processes about 90% of global supply. The seven-year plan offers sales-linked incentives and capital subsidies to build industrial facilities and create 6,000 metric tons of annual-capacity, a move officials call strategically vital for manufacturing and chips. Mining stocks jumped on the news, and major Indian conglomerates including Vedanta and JSW have already shown interest as global supply chains tighten following China’s export restrictions.

· Zero-emission trade routes expand as China, India and Brazil step in

The global push to develop green shipping corridors gathered momentum in 2025, with 25 new zero-emission trade routes launched this year and major emerging economies stepping more firmly into the effort, according to the latest Annual Progress Report on Green Shipping Corridors from the Getting to Zero Coalition and the Global Maritime Forum.

The fourth edition of the report, At a Crossroads, lifts the worldwide tally to 84 active corridor initiatives—up from 59 a year ago—and shows a marked shift in activity toward China (+4), India (+4), Brazil (+2), Chile (+2), Ghana, and Kenya. The authors said these countries are positioning themselves early to capture the industrial and energy-market advantages tied to new zero-emission fuels and bunkering hubs.
The update landed just weeks after the International Maritime Organization pushed back adoption of its planned Net-Zero Framework until at least October next year, delaying a system intended to help close the cost gap between fossil fuels and cleaner alternatives. The report cautioned that the setback risks fuelling a “wait-and-see” attitude that could stall progress.

“The move of major countries like China, India and Brazil into green corridors is hugely promising,” said Jesse Fahnestock, director of decarbonisation at the Global Maritime Forum. “But these corridors aren’t just climate projects—they’re strategic economic infrastructure. Early movers stand to gain on energy, trade and technology.”

For the first time, four green corridor projects have now reached the “realisation” phase, where vessel construction, fuel production, or port infrastructure buildout is underway. Even so, many initiatives remain stuck at the feasibility stage, where high fuel costs and uncertain policy support continue to slow investment decisions.

Compared with last year’s report, the mix of shipping segments has changed little. The main exception is a jump in tanker activity, driven largely by the addition of six ammonia-carrier corridors. There has also been a notable rise in initiatives listed as “to be determined,” reflecting the wave of newly announced corridors that have yet to finalise key details such as the vessel segment.

The report urged governments and industry to use the next 12 months to advance projects rather than wait for IMO clarity. It highlighted national programmes—including the EU’s Global Gateway, H2Global and Australia’s Hydrogen Headstart—as immediate tools that could move corridors into advanced stages and help secure first-mover status once the IMO finalises its policy.

“We have at least 12 months before the IMO’s Net-Zero Framework is adopted,” Fahnestock said. “That time can either be spent waiting, or used to build projects that create strategic advantages and position participants for future global rewards. Those who act now will be best placed when regulation catches up.”
To maintain momentum, the report recommended that corridor partners push ahead with efforts to shrink the fuel cost gap, ensure readiness for future IMO incentives, engage more actively with cargo owners willing to pay a premium for cleaner transport, and lean on national policy to accelerate early deployments.

Since the concept emerged with the Clydebank Declaration at COP26 in 2021, green corridors have been seen as a proving ground for new fuels and technologies that could set the pace for wider decarbonisation across shipping. The authors noted that their impact extends beyond hardware and investments—many of the biggest shifts are happening behind the scenes through collaboration between ports, shipowners, fuel suppliers and regulators. With the industry approaching key 2030 climate milestones, the report highlighted the next few years will determine whether green corridors transition from pilots to a scaled global network capable of shifting the sector onto a net-zero track.

· Japan’s big three lines back homegrown ship design push

Japan’s three major shipping lines — Nippon Yusen Kaisha, Mitsui OSK Lines, and Kawasaki Kisen Kaisha — are joining forces with the country’s top shipyards in a push to reinvigorate domestic shipbuilding. According to Nikkei Asia, the trio will invest in MILES, a Tokyo-based design company jointly owned by Mitsubishi Heavy Industries (51%) and Imabari Shipbuilding (49%).

The move aims to standardise bulk carriers and revive domestic LNG carrier construction, which has largely moved overseas.

Observers note parallels with China’s SDARI system, where centralised, government-backed ship design accelerates standardisation and efficiency.

The investment dovetails with a wider government-led plan to modernise Japanese shipyards. Among many stimulus measures announced last week, the new government led by Sanae Takaichi is calling for a 10-year, roughly Y1trn ($6.4bn) public-private fund to build capacity, with a goal of doubling shipbuilding volume by 2035 compared with 2024.

For decades, Japan led global shipbuilding, peaking at 50% of output in the 1990’s. Today, its share has slid to roughly 10%, dwarfed by China (70%) and South Korea.

· Allseas lands Enbridge contract in US Gulf

Allseas has secured a contract from Enbridge Offshore Facilities to install more than 500 km of deepwater export pipelines in the US Gulf.

The Swiss contractor will build and install four export lines linking upcoming deepwater fields in the Keathley Canyon area to existing hubs in Green Canyon and Garden Banks. The package covers 321 km of 24-inch and 26-inch oil pipeline feeding into the Green Canyon 19 platform, and 195 km of 12-inch gas pipeline tied into Enbridge’s Magnolia Gas Gathering System.

The oil line will eventually link to the Rome pipeline, scheduled for installation in 2028, while the gas system will tie into the Sparta gas pipeline – owned by Enbridge and Shell – which Allseas is set to install in 2026.

The company will carry out the offshore campaign in 2027–2028 using its pipelay vessel, Solitaire. Financial terms have not been disclosed. With the new award, Allseas has added another large project to its long-running US Gulf portfolio. The company has already installed more than 8,000 km of subsea pipelines in the region and said the latest deal highlights its ongoing role in supporting critical energy infrastructure as operators expand production in deeper waters.

· Seaspan eyes nuclear-powered boxships

Nuclear-powered containerships could unlock $68m in annual savings and eliminate greenhouse gas emissions, according to a new Lloyd’s Register and LucidCatalyst report for Seaspan Corporation, the world’s largest containership tonnage provider.

The report examines the technical, economic, and regulatory potential of integrating small modular reactors (SMRs) into the containership fleet.

For vessel operators, nuclear-powered vessels eliminate their highest operating costs, up to $50m annually in bunker fuel and an estimated $18m in carbon penalties.

· Nuclear propulsion transforms shipping economics, not just emissions

According to the analysis, a single 15,000 teu nuclear-powered containership operating at 25 knots (39% faster than conventional vessels) could deliver up to 38% higher annual cargo capacity compared to conventionally fuelled vessels through a combination of increased speed (enabling 6.3 versus 5 round voyages annually) and 5% additional container space from the elimination of fuel tanks and systems.

The report highlights that translating these requirements into a rigorous, requirements-led supply chain and procurement strategy, through a cross-industry consortium, is essential for widespread success. If the industry pledges to purchase more than 1,000 units in 10–15 years, it estimates that modular reactors could be produced for $750–1,000 per kilowatt, significantly cheaper than conventional nuclear power plants, and maintained within standard vessel drydock cycles. Each unit would be designed to operate for around five years between refuelling, drastically reducing downtime and providing independence from global bunkering networks.

The study outlines a roadmap showing how manufactured nuclear propulsion units could reach commercial readiness within four years of starting an intensive program, with total system costs below $4,000/kW and fuel costs under $50/MWh. Market modelling indicates potential uptake of 40–90 GW by 2050, depending on regulatory progress and industry adoption.

The findings also point to best practices for designing a competitive supply chain that provides depth of supply, competition on price and performance, and avoids vendor ‘lock-in’, as well as innovative reactor and fuel-leasing models that could help shipowners and operators manage upfront costs while maintaining safety and regulatory compliance.

The report forms the first phase of a three-part programme. The next stage will focus on concept design and regulatory readiness, including engagement with shipyards, port authorities, and nuclear regulators. A final phase will create a detailed implementation roadmap, outlining risk management, certification, and investment strategies for large-scale deployment.

Peter Jackson, chief technology officer at Seaspan, said: “Naturally, there are challenges to overcome, but I am confident that ongoing work in this area and studies like this will soon allow nuclear-powered containerships to be operating safely, economically, and emission-free.”

Eric Ingersoll, managing partner, LucidCatalyst, added: “Nuclear propulsion transforms shipping economics, not just emissions. Our analysis shows that nuclear-powered containerships will likely outcompete conventionally fuelled and green fuelled competitors— dominating their trading routes through superior performance without requiring green premiums. The key to unlocking this advantage is organising the market through sophisticated supply chain and technology strategies.”

· Shadow ports: how cutting off Russia’s access to maritime trade could help sanctions have real impact

The closest to a workable definition of the shadow fleet has been established by Lloyd’s List, but to take action on something, everybody needs to know what actually is that something. So, the first step must be an agreement on what the amorphous shadow fleet actually is Ukrainian lawmaker Oleh Dunda and president of Auxilium Worldwide Ian Ralby argue for a more functional approach to Russian economic sanctions enforcement with a focus on access to ports as a key step.

SANCTIONS against Russia’s so-called “shadow fleet” have not stopped the flow of Russian oil and thus have neither frozen the Russian economy nor thwarted Russia’s aggression in Ukraine. By contrast, the sanctions have pushed Russian oil to Asia, where it has created closer relationships between Russia and key states that have similar anti- Western inclinations including China and North Korea.

Ineffective sanctions enforcement has helped major states establish a fully operational “sanctioned economy” that is big enough to compete with the world’s legitimate and illicit economies. In that regard, Russia’s trade surplus actually peaked in 2024, increasing by 8% to $152bn.

According to the latest forecast by the Bank of Russia, this figure will be lower in 2025 — $111bn. But this is still a huge amount, allowing the destruction of Ukrainian cities to continue and Russia’s wider malign influence to proliferate. It is time, therefore, that Europe and the wider West recognise they have another tool that they have not used before: putting pressure on ports that serve Russia’s shadow fleet*.

If vessels cannot call at ports, they cannot engage in trade. Every state has the sovereign right to deny any vessel access to its ports, and the states that have an interest in curtailing Russian aggression should start to use this power more proactively.

Both denying the shadow fleet access to European ports and sanctioning extraterritorial ports that give access to the shadow fleet will help diminish the logistics of the Russian Federation’s Baltic terminals, through which the shadow fleet continues to deliver millions of barrels of oil to Asia each month. It will also make states in other parts of the world think twice about allowing shadow fleet vessels into their ports, lest they end up themselves being sanctioned.

Workable definition

But to even start this process, a preliminary element is required: define the shadow fleet. Right now, it is a colloquial term. The International Maritime Organization has issued a general definition of “a dark fleet” or “a shadow fleet” but it is not sufficiently precise to make a consistent determination of what vessels are and are not included. The key question is: could a watch stander at a maritime operations centre use the definition to identify which vessels are and are not part of the shadow fleet? Thus far, the answer is no.

The closest to a workable definition of the shadow fleet has been established by Lloyd’s List, but to take action on something, everyone needs to know what actually is that something. So, the first step has to be to come to an agreement on what the amorphous shadow fleet actually is. Then the second step has to be to make it unattractive for any port to receive a shadow fleet vessel.

No tanker of any age can remain on the high seas forever: they need to refuel, purchase provisions and water, undergo maintenance and engage in other activities that support the main functions of trade.

Imposing sanctions on ports that serve and support the shadow fleet will help remove the cargo flow of European operators from them and deprive them of insurance and financial support from recognised market participants. It is unlikely that Russia, even with its partners and enablers like China, will be able to offer anything to replace them. The same sanctions should be applied to ships that offer what amount to port services in international waters by servicing the shadow fleet.

After the annexation of Crimea in 2014, the EU, the US and several other countries imposed sanctions against the ports of Sevastopol, Yalta, Feodosia, Kerch and Yevpatoria, banning any ship calls, equipment deliveries and investments in port infrastructure. The time has come to expand the geography of port sanctions and other restrictive measures. Ports and even canals at critical chokepoints, if made inaccessible to the shadow fleet, would have a significant impact. Without those transit points, Russian tankers may not be able to embark on the lengthy, risky and costly journeys to circumvent normal sea lanes.

But even short of sanctioning the ports, there is another approach. Every port to be part of the international trade system, has to be audited under the International Ship and Port Facility Security Code. Established in 2004 as a response to the terrorist attacks on the US of September 11, 2001, the ISPS Code falls within the Safety of Life at Sea Convention.

Ports must demonstrate compliance with the code, or international vessels either will not call at those ports, or insurance premiums to use the ports will increase. Instead of simply sanctioning the ports, therefore, another approach would be to seek to have them deemed ports of non- compliance under the ISPS Code on account of servicing the shadow fleet. The risks of environmental spill, safety hazard and other problems that are replete within the shadow fleet would more than warrant such a black mark on the ports that allow them to operate.

Finally, more can be done to encourage ports to voluntarily reject the shadow fleet. The Port Authorities Roundtable, for example, is the sort of forum that could discuss the practical concerns relating to servicing shadow fleet vessels and come to a resolution on how to handle or reject them.

Additionally, regional and subregional agreements of such a nature could be reached in different parts of the world, making it more difficult for the shadow fleet to operate, Russian oil to make its way to customers, and the Russian Federation to afford to maintain its unlawful assault on Ukraine.

While issuing sanctions against ships and shipowners associated with the “shadow fleet” has become a favourite tool of states, the results have clearly not been as dramatic or effective as desired. Part of the problem is that sanctions enforcement at sea is incredibly difficult as navies and coastguards struggle to add such responsibilities to an already overwhelming list of requirements.

A more functional approach, therefore, is to focus on the point where those ocean-going ships come into contact with the land. Since every state has more experience in terrestrial enforcement matters than maritime enforcement, ports should become the main focus of efforts to subdue the Russian economy and with it Russia’s unlawful aggression.

Oleh Dunda is a Ukrainian lawmaker from Dnipro representing the Servant of the People party. He is a member of the Verkhovna Rada Committee on the Organization of State Power.

· GMS chief forecasts rebound in ship recycling as marfiet pressures mount

Anil Sharma, head of the world’s largest ship-recycling cash buyer GMS, expects global recycling activity to finally accelerate from 2026 following four slow years. Rising new containership deliveries, stabilisation of Red Sea routes and the ageing shadow fleet will all be factors in boosting deliveries of old ships to recyclers. While Indian recyclers are accepting shadow fleet vessels via local-currency transactions, Bangladesh and Pakistan have avoided them completely.

After a fallow four years for ship recyclers Sharma believes more vintage ships will be making their way to scrap yards. Meanwhile, GMS has intensified efforts to support HKC compliance, providing training and infrastructure guidance to yards, including helping Pakistan achieve its first HKC-compliant facility.

· Baltic Dry Index nears two-year high as capesize spot market takes off

Indicator shows the overall strength of dry cargo markets. Another good day for the capesize spot market has pushed the Baltic Dry Index (BDI) to its highest level in almost two years.

Average Capesize spot rates broke through the $35,000 per day level on Thursday as iron ore charterers booked vessels to feed seasonal import demand from China. Tonnage lists have shortened and rates have gone up.

· ‘We’re rather sellers than buyers’: Saverys says price is right to cash in older VLCCs

CEO tells analysts not to be surprised if CMB.Tech disposes of more veteran vessels. Alexander Saverys has warned the market not to be surprised if CMB.Tech offloads more of its older ships. The Belgian shipowner’s chief executive has overseen the disposal of a VLCC and a Capesize in the third quarter, as new-buildings are delivered. And he told an-earnings call that asset values are attractive.

OPEC+ nations will likely stick with a decision to pause oil production increases in early 2026 when they meet on Sunday. The coalition’s online gathering is on track to simply ratify the policy agreed earlier this month, we’re told. Even so, it’s uncertain moment for the oil market, with Trump pushing for a peace deal in Ukraine that could — if it materialized — eventually unlock some Russian supply.
Israel braces for new threats from Syria: The northern front is no longer just a Lebanese problem. In a closed-door session of the Knesset Foreign Affairs and Defence Committee on Wednesday, Defence Minister Israel Katz delivered a sobering assessment that left no room for illusion: Israel is not heading toward any peace agreement with Syria, and the security situation on the Golan Heights is rapidly deteriorating.

· Seeking support on the Taiwan issue

Chinese Foreign Minister Wang Yi held a telephone conversation with French Presidential Foreign Affairs Advisor Emmanuel Bonne. During the meeting, Wang stated that Prime Minister Sanae Takaichi’s recent “provocative” remarks regarding Taiwan violate China’s sovereignty and territorial integrity. He also sought France’s support on issues related to China’s core interests and expressed his hope that France would continue to adhere to the “One China” principle. China has escalated the conflict, sending a letter to the United Nations warning that it would take resolute self-defence measures if Japan intervenes militarily in the Taiwan Strait situation.

· The final version is yet to be released.

Russian President Vladimir Putin said that U.S. President Donald Trump’s proposals for ending the war in Ukraine could form the basis for a future agreement, but that no final version exists yet. However, he indicated he is open to discussions. Putin claimed that, as far as he knows, the 28-point proposal was restructured into four parts during the U.S.-Ukraine talks in Geneva, and that this could serve as the basis for negotiations. “Of course, I am ready to meet at some point and engage in serious discussions on some individual issues. Everything needs to be put into diplomatic language,” he said.

· MSC’s ascent rewrites power balance and risfi in container shipping

MSC’s massive secondhand and newbuilding spree has opened an unprecedented capacity gap over rival liners. Competitors’ defensive ordering is inflating a record orderbook and baking in a new overcapacity cycle. Carrier’s rise could force the rest of the industry to rethink long-term strategy on scale, alliances and capital deployment

Russia says sanctions prevented it from paying IMO dues

More than £2m is owed to the IMO in late contributions Nations with outstanding balances normally can’t vote in IMO Council election

Russia, along with others, has sought an exemption from that rule Despite over £2m being owed to the IMO from member states, more than 97% of contributions have been received, which is an improvement on the previous two years.

Old ideas take a long time to die. I am struck by how many people cannot let go of the assumption that Chinese companies innovate mostly by copying the West, stealing Western ideas and taking subsidies in order to compete unfairly. All of those things happen, but they do not explain why Chinese industries are powering ahead. While many in the West are fretting about China’s presence in solar power, electric vehicles and artificial intelligence, they are missing its astonishing progress in two other frontier technologies: autonomous vehicles and new drugs.

A robotaxi revolution is gathering pace, which could reshape transport, logistics and everyday urban life. And in medicine China has turned itself from a copycat maker of generics into the world’s second-largest developer of new drugs, including those tackling cancer. As these industries spread around the world, they will exemplify the power of Chinese innovation. The West should learn from China’s strengths. If it treats China’s success as just another example of unfairness, it will be left lagging behind.

Britain : Take Britain as a parable for how mainstream parties are struggling to govern. Britain’s productivity growth is paltry; the cost of borrowing is too high; and voters are unhappy. In response, the budget, presented on November 26th by Rachel Reeves, the Chancellor of the exchequer, should have been a moment of radicalism.

Instead, Ms Reeves offered a bodge job. The Chancellor failed to lessen Britain’s economic and political vulnerability. In 2029, the end of the government’s maximum five-year term, taxes will have reached 38% of GDP, the highest in the post-war era. That is roughly the same as Germany today; it is higher than Spain and not far off Norway and Sweden.

The combined polling share of the populist-right Reform UK and populist-left Green parties now exceeds that of Labour and the Conservatives, the duopoly that has dominated British politics for over a century. If this continues, change will eventually be forced on Britain by the financial markets or by voters stampeding towards the extremes. The tragedy is that, if only the country were better run, Britain’s economy would have plenty going for it.

The War in Ukraine: Amid a shocking corruption scandal in Kyiv and relentless pressure from Russia on the battlefront, the White House is pressing a new ceasefire plan. Can we ask what peace would look like—and whether it is even possible.

Baltic News 27^th November, 2025

Baltic Exchange Daily Fixture List

Date: 27th Nov 2025

PERIOD

‘Zhong Chang Zhou Shan’ 2013 75049 dwt dely Luoyuan 30 Nov 4/6 months redel worldwide $15,000 – Xiehai

TIMECHARTER

‘Glory Eagle’ 2012 95349 dwt dely Campha 3 Dec trip via Indonesia redel Japan $19,000 – Jera

‘Xing Fu Hai’ 2022 85038 dwt dely Xinsha 8 Dec trip via WC Australia redel Singapore-Japan $22,500

‘Ocean Venus’ 2010 83416 dwt dely Gibraltar 6 Dec trip via US East Coast redel India $26,000 – Oldendorff

‘Great Amber’ 2023 82773 dwt dely Rizhao 28/29 Nov trip via EC Australia redel South China $20,500 – Multimax

‘CCS Orchid’ 2017 81966 dwt dely Tsuruga 28/29 Nov trip via EC Australia redel China $19,500

‘ETG Hayate’ 2022 81957 dwt dely Busan 27/28 Nov trip via Port Latta redel Japan $19,000 – Jera

‘Ultra Ocelot’ 2020 81900 dwt dely Incheon 29 Nov trip via E Australia redel South China $18,000 – Richland – <scrubber fitted>

‘Star Betty’ 2011 81168 dwt dely Bilbao 2 Dec trip via US East Coast redel India $25,000 – Oldendorff

‘Pictor’ 2002 76598 dwt dely Shanghai 29/30 Nov trip via NoPac redel Philippines intention grains $16,000 – Costamare

‘Thaleia’ 2011 74979 dwt dely Safi 28/29 Nov trip via NC South America redel Cartagena $19,000 – Bunge

‘TD Hamburg’ 2017 63463 dwt dely Singapore 27/28 Nov trip redel China $17,500

‘Victoria May’ 2016 58634 dwt dely Jebel Ali prompt trip redel Bangladesh $16,500 – Teambulk

‘Mykonos Dawn’ 2017 37880 dwt dely Recalada prompt trip redel WC South America intention Chile $26,000 – Drydel

‘Grace’ 2006 35283 dwt dely Antwerp prompt trip via North France redel Abidjan intention grains $12,000

‘Sealion’ 2012 32860 dwt dely Recalada prompt trip redel Morocco $18,000 – Norden

‘C-Inspiration’ 2011 28258 dwt dely Beira 22/24 Nov trip redel Mediterranean intention minerals $12,000

VOYAGE: GRAIN

‘TBN’ 66000/10 U.S. Gulf/North China 22/31 Dec $56.00 fio 10000shinc/8000shinc – ADMI

VOYAGE: COAL

‘TBN’ 80000/10 Gladstone/Visak 15/25 Dec $19.40 fio 35000shinc/20000sshex – SAIL

‘Kim Oldendorff’ 2019 75000/10 Baltimore/Bahodopi 9/18 Dec $40.75 fio 25000shinc/25000shinc – Javelin

‘Avenir TBN’ 75000/10 RBCT/Hon Mieu-Cai Mep 2 Dec $20.50 fio 10000shinc/10000shinc – IMI

VOYAGE: ORE

‘Newport News’ 2017 185000/10 Port Hedland/Qingdao 16/18 Dec $10.95 fio 80000shinc/30000shinc – BHP

‘Milos Warrior’ 2011 170000/10 Tubarao/Qingdao 26/31 Dec $24.40 fio 3 days shinc/30000shinc – ECTP

‘Oldendorff TBN’ 150000/10 Tubarao/Misurata 20/29 Dec $20.75 fio 3 days shinc/12500shinc – Vale

‘TBN’ 160000/10 Port Hedland/Qingdao 16/18 Dec $11.20 fio 80000shinc/30000shinc – BHP

CAPESIZE

The market extended its positive momentum today, with the BCI 5TC climbing a further $1,973 to settle at $35,133. The Pacific continued to drive gains, supported by another session featuring all three major miners alongside solid operator demand and several tender cargoes.

Early offers on C5 emerged in the high $11s, with reported fixtures concluded around $11.20–$11.30, while talk of higher numbers, potentially in the $11.65 region, remained unconfirmed. The C5 index trended higher, adding 0.645 to reach $11.605. In the Atlantic, sentiment was mixed. C3 appeared increasingly date-sensitive, with late December fixtures heard at $24 on C3, though the index itself eased marginally by 0.168 to $24.523. The North Atlantic, however, continued to stand out as the week’s key performer. Stronger fronthaul fixtures overnight propelled the C9 index up by $3,750 to $56,278, with further improvement expected as bid levels strengthened on the follow.

Atlantic

The Daiichi controlled First Ace (182,396 2025) eta Tubarao 27 December is reported to have fixed for 170,000/10 Tubarao to Qingdao at $24.00, further details have not been reported. ECTP fixed the Polembros controlled Milos Warrior (179,276 2011) eta Brazil 26-28 December at $24.40 basis C3, further details have not been disclosed. Vale is reported to have fixed yesterday Oldendorff TBN for 150,000/10 from Tubarao to Misurata for 20/29 December at $20.75, lacking further details.

Asia

Rio Tinto fixed a TBN for 170,000/10 from Dampier to Qingdao for 13/15 December at $11.35. BHP fixed a TBN for 160,000/10 from Port Hedland to Qingdao for 16/18 December at $11.20 and also fixed Newport News (208,021 2017) for 185,000/10 from Port Hedland to Qingdao for 16/18 December at $10.95. FMG also covered eta 11 December although further details have not come to light.

PANAMAX

The market continues to show mixed views on short-term direction, with some participants emphasizing that fundamentals remain strong while others believe conditions are starting to look toppy. This caution is reflected in Owners reducing offers on prompt tonnage to secure fixtures before the upcoming weekend, signalling waning momentum.

At the same time, several market players suggest that fronthaul routes, particularly for prompt positions, may have reached a ceiling, with limited visible upside unless fresh demand emerges. Overall, sentiment remains divided between confidence in underlying strength and expectations of an impending plateau or softening.

In Asia, we continue to hear talk of a two-tier market. Charterers appear willing to pay a premium for cargoes requiring larger, modern tonnage, particularly on Indonesia to Japan trades, while the same strength is not reflected in short Indonesian round voyages, where vessel age is less of a factor and bids are notably softer.

On the period side, the Tiger South (76,213 2013) open in Hong Kong 1/4 December heard fixed for short period at around $15,500 by Xiehai, but further details were not disclosed. The 5TC average slipping by $31 to finish the day at $17,655.

Atlantic

The Kim Oldendorff (81,284 2019) was reported to have fixed a voyage stem with Messrs Javelin for a 75,000/10 coal stem from Baltimore to Bahodopi for 9/18 December at $40.75, though no further details were disclosed.

Asia

The Star Amber (82,023 2019) Fangcheng 30 November was said to have fixed a trip via EC Australia redelivery India at $17,500, but further details were not disclosed.

SUPRAMAX

Unsurprisingly it was a rather muted day with the ‘Thanksgiving’ holiday in the United States. The Atlantic seemingly taking a breather, with little fresh information to be had. Sentiment remained unchanged across the US Gulf and South Atlantic many watching to see what will happen over the next few days after people return to their desks. The Asian arena again saw positive movement with a fairly healthy cargo book.

Activity remained in the Indian Ocean, the AE Mercury (57,346 2011) open Djibouti was heard to have been fixed basis delivery Salalah for a trip EC India at $18,250, but no more details came to light. The 11TC average closed up $31 to finish at $18,167.

HANDYSIZE

The market delivered a mixed performance today, with some regions remaining steady while others recorded slight gains. The BHSI closed the day at 825 whilst the 7TC average improved by $53 to settle at $14,845. In the Continent and Mediterranean, fundamentals remained sound, although reported activity was limited.

The South Atlantic and US Gulf continued to show strength, with solid demand and firm sentiment pushing rates above previous levels. The Bam Despina (32,411 2005) was placed on subjects for delivery Recalada for a trip to Ireland at around $21,000 by ADM, and the Eco Wildfire (33,296 2013) was also placed on subjects for a trip from Vila do Conde to Norway at $18,500 by Berge, though no further details were disclosed.

In Asia, conditions remained unchanged, and the overall market appeared well balanced, with no notable shifts in sentiment or activity.

Baltic Exchange Index – 27 NOVEMBER 2025
Baltic Exchange Capesize 182 Index

Route    Description                                    Value   Change
=====    ==========================================   ====
C8_182 182000mt Gib/Hamburg transatlantic RV       45,906 +1725
C9_182 182000mt Cont-Med trip China-Japan            60,011 +3817
C10_182 182000mt China-Japan transpacific RV          37,232 +2768
314_182 182000mt China-Brazil round voyage             30,988 – 171
C16_182 182000mt Backhaul                                         19,356 +2973
=================================================== ==
C5TC 182 Weighted Timecharter Average               37,585 +2034

Baltic Exchange Index – 27 NOVEMBER 2025
Baltic Exchange Capesize Index             4236 (+238)
Route   Description                           Value($) Change
====== =================================== ========
C2 160000mt Tubarao to Rotterdam 15.088 + 0.963
C3 160-170000mt Tubarao to Qingdao 24.523 – 0.168
C5 160-170000mt W Australia to Qingdao 11.605 + 0.645
C7 150-160000mt Bolivar to Rotterdam 17.550 + 0.394
C8_14 180000mt Gibraltar-Hamburg T/A RV 41,688 + 1750
C9_14 180000mt Conti/Med Trip China/Japan 56,278 + 3750
C10_14 180000mt China/Japan T/P RV 34,595 + 2970
C14 180000mt China-Brazil RV 27,818 – 264
C16 180000mt N.China to Skaw-Passero 16,583 + 3122
C17 170000mt Saldanha Bay to Qingdao 19.655 + 0.880
========================================== ========
5TC    Weighted Timecharter Average           35,133 +1973

Baltic Exchange Panamax 82500mt Index 27 NOVEMBER 2025
Baltic Exchange Panamax Index 1,962 (- 3)

Route Description Value ($) Change
====== ================================= ========
P1A_82 Skaw-Gib T/A RV 18,605 – 54
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 25,012 – 178
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 18,248 + 148
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 10,594 + 60
P6_82 Dely Spore Atlantic RV 16,272 – 141
====== ================================= =======
P5TC Weighted Timecharter Average 17,655 – 31

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

Route Description                        Value ($) Change
====== ================================= ========
P5_82 S. China Indo RV                                  18,575 +    62
P7     66000mt Mississippi Rvr to Qingdao 56.836 – 0.128
P8          66000mt Santos to Qingdao              39.250 – 0.171

Baltic Exchange Supramax Index – 27 NOVEMBER 2025
Baltic Exchange Supramax Index 1437 (+ 2)

S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 20,700 – 292
S1C_63 US Gulf trip to China-South Japan 29,217 – 308
BS2_63 North China one Australian or Pacific RV 16,025 + 75
BS3_63 North China trip to West Africa 13,520 + 80
S4A_63 US Gulf trip to Skaw-Passero 31,329 – 185
S4B_63 Skaw-Passero trip to US Gulf 13,658 + 4
BS5_63 West Africa trip via ECSA to North China 23,192 + 167
BS8_63 South China trip via Indo to EC.India 18,064 + 78

BS9_63 W.Africa trip via ECSA to Skaw-Passero 18,992 + 24
S10_63 S.China trip via Indonesia to South China 15,044 + 150
S15_63 Indian Ocean trip via S.Africa to Far East      16,292 + 184
====== ========================================= ====
S11TC Weighted Timecharter Average                    18,167 +   31
S10TC              Supramax(58) Timecharter Average            16,133 +   31

Baltic Exchange Index – 27 NOVEMBER 2025
Baltic Exchange Handysize Index 825 (+ 3)

Route   Description                                Value ($) Change
====== ======================================== ======
HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 11,114 –   86
HS2_38 Skaw-Passero trip Boston – Galveston                             13,643 +   22
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 21,256 + 245
HS4_38 USGulf trip via USG or NCSA to Skaw-Pass 21,514 + 193
HS5_38 SE Asia trip to Spore – Japan 13,664 0
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn 12,344 + 25
HS7_38 N.China-S.Kor-Jpn trip to SE Asia 12,025 + 12

7TC Weighted Timecharter Average 14,845 + 53

BALTIC FORWARD ASSESSMENTS – THURSDAY 27 NOVEMBER 2025

BFA CAPESIZE

PERIOD VALUE CHANGE
Nov 25 28,538 $/day 225 ↑
Dec 25 29,543 $/day 872 ↑
Jan 26 22,218 $/day 625 ↑
Feb 26 16,029 $/day 472 ↑
Mar 26 20,286 $/day 215 ↑
Apr 26 21,700 $/day 193 ↑
Q4 25 27,508 $/day 365 ↑
Q1 26 19,511 $/day 437 ↑
Q2 26 23,743 $/day 72 ↑
Q3 26 25,664 $/day 14 ↑
Q4 26 26,182 $/day 11 ↑
Q1 27 16,950 $/day 64 ↑
Cal 26 23,775 $/day 133 ↑
Cal 27 22,682 $/day 64 ↑
Cal 28 21,193 $/day 11 ↑
Cal 29 19,996 $/day -15 ↓
Cal 30 19,100 $/day 34 ↑
Cal 31 18,921 $/day 30 ↑
Cal 32 18,732 $/day 3 ↑

BFA PANAMAX 82

PERIOD VALUE CHANGE
Nov 25 16,947 $/day -32 ↓
Dec 25 17,327 $/day -427 ↓
Jan 26 15,443 $/day -318 ↓
Feb 26 14,393 $/day -251 ↓
Mar 26 15,657 $/day -275 ↓
Apr 26 15,858 $/day -161 ↓
Q4 25 16,837 $/day -153 ↓
Q1 26 15,165 $/day -281 ↓
Q2 26 15,479 $/day -239 ↓
Q3 26 14,379 $/day -171 ↓
Q4 26 13,897 $/day -125 ↓
Q1 27 12,728 $/day -60 ↓
Cal 26 14,730 $/day -204 ↓
Cal 27 13,536 $/day -63 ↓
Cal 28 13,291 $/day -54 ↓
Cal 29 13,101 $/day -30 ↓
Cal 30 12,886 $/day -1 ↓
Cal 31 12,742 $/day -1 ↓
Cal 32 12,765 $/day 0 →

BFA SUPRAMAX 63

PERIOD VALUE CHANGE
Nov 25 17,552 $/day 14 ↑
Dec 25 17,805 $/day -72 ↓
Jan 26 15,588 $/day -350 ↓
Feb 26 14,016 $/day -307 ↓
Mar 26 15,645 $/day -189 ↓
Apr 26 15,598 $/day -97 ↓
Q4 25 17,688 $/day -19 ↓
Q1 26 15,083 $/day -282 ↓
Q2 26 15,730 $/day -115 ↓
Q3 26 15,263 $/day -121 ↓
Q4 26 14,784 $/day -111 ↓
Q1 27 12,963 $/day -78 ↓
Cal 26 15,215 $/day -157 ↓
Cal 27 14,177 $/day -68 ↓
Cal 28 14,002 $/day -25 ↓
Cal 29 13,913 $/day -13 ↓
Cal 30 13,645 $/day 0 →
Cal 31 13,658 $/day 0 →
Cal 32 13,550 $/day 0 →

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