- The India Trump Made
- How American Bullying Is Shaping Indian Foreign Policy
Over the last decade, India has drawn ever closer to the United States, tentatively aligning itself with Washington as it continues to eschew formal alliances. This approach has paid off, securing U.S. investment, defence cooperation, and technological exchange, as well as the sense that the friendship between the world’s two largest democracies would only grow.
Indian policymakers were mostly untroubled when Donald Trump returned to the White House this year. They assumed that Washington valued the partnership and that ties would only grow stronger, not least because of the apparent chemistry between Trump and Indian Prime Minister Narendra Modi during the President’s first term.
But now, India must reassess its American gamble.
Since the summer, Trump has departed from the policy of recent U.S. administrations and sought to pressure India. He increased tariffs to 50 percent on India in August, ostensibly as a penalty for its ongoing purchases of Russian oil. And he agreed to a raft of deals with India’s neighbour and rival, Pakistan, irking Indian officials.
In apparent response, Modi attended the Shanghai Cooperation Organization summit in Tianjin in September 2025, where he met with Russian President Vladimir Putin and Chinese leader Xi Jinping; his presence made it seem as if India were aligning with U.S. competitors.
Putin will be visiting New Delhi on 4th December (this week), where his meeting with Modi risks giving the same impression.
This signalling, however, is not tantamount, as some observers have suggested, to India abandoning its recent foreign policy strategy for a wholly different approach.
Instead, the path that India seems to be taking—and, indeed, should be taking—is a form of what its foreign policy establishment often calls “multi-alignment,” an orientation designed to build stronger ties with many countries, even if those states have contradictory interests.
Despite the friction of this year, the United States will remain India’s most important partner, albeit a more erratic and occasionally troublesome one.
India will also continue to cultivate relationships with economically and technological capable middle powers, including Australia, Japan, Singapore, and the Gulf states.
But the place where Indian foreign policy might have the most to gain is in Europe. Although not a like-for-like replacement for the United States, Europe is a reliable partner with strong technological capabilities, shared concerns about Chinese coercion, and a steadier foreign policy than that currently evident in Washington. European Leaders are expected to be India’s Chief Guests for the annual Republic Day Parade on 26th January, 2026. This indicates both sides want to strengthen ties between European Nations and India.
By pursuing a renewed multi-alignment in this way, New Delhi can try to hedge against both American unpredictability and Chinese aggression while maintaining the strategic autonomy that has long been central to its foreign policy doctrine.
- JFE’s mega deal for Bhushan Steel to help JSW slash debt. While sustaining an expansion drive, billionaire Sajjan Jindal-led JSW Steel will transfer the steel assets of Bhushan Power & Steel Ltd. (BPSL) into a new 50:50 joint venture with Japan’s JFE Steel Corporation. The deal is anchored by JFE’s Rs. 15,750-crore commitment, is expected to halve JSW Steel’s debt and ring-fence the BPSL, assets under a clean JV structure. JSW has managed to turn around the operations of BPSL and ramp up its capacity from 2.75mtpa to 4.5mtpa.
- Russian company eyes terminals, shipbuilding push in India. State-affiliated Delo Group is eyeing India’s inland waterways and strategic ports for projects. The Plan is to develop terminals on India’s inland waterways such as rivers and canals, as well as strategic ports including Mormugao in Goa through joint-ventures with local public and private shipyards. The plan by the shipping and logistics major, founded by Russian Oligarch Segey Shishkarev, is expected to gain traction, with a firm agreement expected to be inked after Russian President Vladimir Putin’s visit to India, starting this evening (4th December).
After courting Japan and South Korea, New Delhi is turning to long-time ally Moscow to fuel the next phase of its shipbuilding and port
development ambitions. A Dalo Group team was in India last month for joint collaborations for anchoring a Russia-led maritime infrastructure footprint in India, to mark a significant expansion of Russia’s maritime presence in the Indo-Pacific.
Shishkarev, is a former member of Russia’s lower house of Parliament
Duma, owns a 50% stake in Delo.
- India’s Jan-October’25 Iron Ore imports are at 6 year high ! The imports hit a six-year high this year as steel mills stepped up overseas purchases to overcome shortages of high-grade ore and take advantage of lower global prices. It more than doubled to over 10 mio tonnes in the first 10 months of 2025 from a year ago.
- Emmanuel Macron and Xi Jinping met in Beijing, with the French president seeking the Chinese leader’s help in ending the war in Ukraine and urging Beijing to boost investment in France, as both sides look to rebalance their economic ties. This is not as simple as it appears. President Xi Jinping will want French support to influence Japan so China can claim Taiwan as ‘One China’, President Xi has already asked his Chinese Army to be prepared to take over Taiwan in 2027 and comes back as ‘One China.’
- The UK’s Labour Government, which appears on a shaky ground at the moment, appears poised to approve China’s plan for a massive new embassy in London, as Prime Minister Keir Starmer looks to put spying fears aside and revive his plans for a diplomatic reset with Beijing.
- Merz in Danger with Business warning Germany is in “Free Fall”.
- A Ukraine peace deal is still proving elusive for Trump
Russian President Vladimir Putin’s long-held hopes of dividing the
U.S. from its Western allies may have gained traction with the notable absence of Secretary of State Marco Rubio today from the NATO foreign ministers’ meeting in Brussels. It was the first time in decades that a U.S. secretary of state had skipped the year-end meetings of the defence alliance.
Rubio’s absence was even more glaring because it came just after
White House negotiators Steve Witkoff and Jared Kushner had spent five hours at the Kremlin negotiating with Putin a
ceasefire in Ukraine – without any representatives from Ukraine. It also came after a leaked ceasefire plan crafted by the White House envoys and a Kremlin insider heavily favoured concessions to Russia, alarming European allies. Plus, there was the
leaked phone call transcript showing that Witkoff had coached a Putin adviser on how the Russian leader could flatter President Donald Trump into accepting Russia’s position on Ukraine.
The role of real estate investors Witkoff and Kushner in such high- stakes diplomacy is unusual, but it appears to suit Trump’s belief that they can duplicate their success in securing a ceasefire in Gaza. And it fits with Russia’s argument that the business of peace can come from doing business: lifting Western economic sanctions and welcoming Russia back into the group of seven leading democratic economies – even though Putin’s Russia is hardly democratic.
The plan would also have forced Ukraine to give up territory it had not won militarily. It would have been banned from ever joining NATO. And its promises of U.S. security guarantees were flimsy, at best. Rubio stepped in at the last minute to make the Witkoff- Kushner proposal less lopsided. Not surprisingly, Putin immediately rejected it as “absolutely unacceptable.” Before they arrived, he went on television dressed in military fatigues and lamenting the loss of life, including of Ukrainians, in the nearly four-year war. Ukraine called it “disinformation” to influence the negotiations.
The recent flurry of diplomacy comes against a backdrop of Russian military advances and political troubles for Ukraine. Putin escalated his bombing of civilian targets and claimed his ground forces had gained control of a strategic city. Ukrainian President Volodymyr Zelenskyy was also weakened, forced to fire two key cabinet ministers and his powerful chief of staff under suspicion of a multimillion-dollar corruption scandal.
Witkoff and Kushner will be meeting with a top Ukrainian official in Miami tomorrow and Zelenskyy posted on X that the diplomacy must be backed up by “pressure on Russia – the aggressor.”
With a ceasefire in Ukraine still elusive, Trump told his Cabinet yesterday that Ukraine was “not an easy situation” and “a mess.” Still, the President has found a way to declare himself a
peacemaker. Today, the building across from the State Department that for decades housed the U.S. Institute of Peace has a new name. Taken over by DOGE last June, what used to be a nongovernment, congressionally authorized think tank dedicated to resolving world conflicts is now the “Donald J. Trump Institute of Peace.”
· India and China make trade a climate issue as EU carbon levy looms
Countries push back against CBAM over steel and trade barrier
concerns. Despite significant tensions between them, India and China have found common ground in their opposition to the European Union’s carbon tariff set to take effect at the start of 2026, with the Asian nations ramping up their opposition at recent United Nations climate talks.
· Xi Jinping tells France’s Macron that decoupling means disruption
Dozen deals signed in Beijing as trade imbalances, Ukraine and Taiwan loom. Chinese President Xi Jinping on Thursday urged visiting French counterpart Emmanuel Macron to uphold multilateralism and reject decoupling, while pledging to import more high quality products.
· China’s Wang Yi urges France to support its position on Japan
Foreign minister says Beijing, Paris should enhance communication, cooperation. Foreign Minister Wang Yi reaffirmed China’s position on Tuesday on remarks made by Japan’s prime minister regarding Taiwan during talks with his French counterpart in Beijing and called on Paris to “continue to understand and support” that stance.
Japanese Prime Minister Sanae Takaichi said last month a hypothetical Chinese attack on democratically ruled Taiwan could trigger a response from Tokyo.
China and France should enhance communication and cooperation, Wang told French Foreign Minister Jean-Noel Barrot, who was accompanying French President Emmanuel Macron on a three-day state visit to China.
· China’s quantum leap will eclipse US aircraft carriers, analysts say
Next-generation computers could render traditional weapons obsolete
A parliamentary debate between Japanese Prime Minister Sanae Takaichi and an opposition politician over possible Taiwan contingencies
- from a maritime blockage in the Bashi Channel to outright occupation
- kicked off a new round of tensions with China. Yet analysts warn that such scenarios may soon be overshadowed by a new weapon : Quantum Computing.
· Would Japan fight to defend Taiwan? 5 things to know
Row with China over Takaichi statement spotlights Abe-era security laws
The diplomatic dispute between Beijing and Tokyo over Japanese PM Sanae Takaichi’s comments regarding Taiwan has raised questions about what role the Japanese Self-Defence Forces could play in a crisis.
· US renews commitment to Japan’s defense, including Senkaku Islands
Alliance remains ‘cornerstone of peace and security’ in Indo-Pacific: State Department
The United States on Thursday reconfirmed its commitment to Japan’s defence as “unwavering” under their decades-old security treaty amid escalating tensions between its key Asian ally and China.
U.S. State Department spokesman Tommy Pigott made it clear on social media that the treaty covers the Japan-administered, China-claimed Senkaku Islands, located just 170 kilometers away from Taiwan.
Pigott’s X post came as China, infuriated by Japanese Prime Minister Sanae Takaichi’s recent remarks on Taiwan, ramps up pressure on Japan with the dispatch of coast guard vessels to waters near the uninhabited islets, travel warnings and moves to suspend imports of Japanese seafood.
“The U.S.-Japan Alliance remains the cornerstone of peace and security in the Indo-Pacific,” he wrote. “We firmly oppose any unilateral attempts to change the status quo, including through force or coercion, in the Taiwan Strait, East China Sea, or South China Sea.”
U.S. President Donald Trump has not extensively talked about Taiwan from a security perspective. Following his meeting with Chinese President Xi Jinping late last month in South Korea, Trump told reporters that the self-ruled island China claims as part of its territory was not discussed.
China views Taiwan as a renegade province to be reunified with the mainland, by force if necessary, and Beijing has increased the scale and frequency of its military exercises around the democratic island.
Tensions between Japan and China have reached a boiling point since Takaichi said in parliament on Nov. 7 that a Chinese attack on Taiwan could amount to a “survival-threatening situation” for Japan, when asked about such a hypothetical situation by an opposition lawmaker.
Takaichi’s statement was interpreted as suggesting that Japan could deploy its Self-Defence Forces, with Beijing, which views Taiwan as a purely internal issue, reacting sharply.
· China-US deal to ease rare-earth controls hits snag over scope
Regional authorities contradict claims that measures from April will be halted
Discrepancies have emerged over the details of China’s agreement with the U.S. to pause rare-earth export restrictions, with Washington saying past controls will also be eliminated, a condition that has not been announced by Beijing.
· Trump tariffs likely to worsen Pakistan’s 21-year-high jobless rate
Experts predict half a million job losses on expected dip in exports to US
Pakistan is facing the prospect of more job losses as U.S. Pres. Trump’s tariff measures threaten to cut exports to the world’s largest economy, experts warn, as a new labour survey shows Pakistan’s unemployment rate hitting its highest level in two decades, leaving key export sectors exposed to further layoffs.
· Pakistan’s trade war with Afghanistan boomerangs on its economy
Taliban turns to Iran and India after border clashes shut key routes
Pakistan is expected to lose a billion dollars annually now that it has closed its border with Taliban-ruled Afghanistan, which has responded by shifting trade toward Iran and India, a chain of events that picked up pace when Islamabad reacted to repeated insurgent attacks with airstrikes across the border.
China chases economic rally with giant Hainan free trade port, across the whole island. Tropical southern island becomes testing ground for Xi’s liberalization ambitions amid tariff turmoil.
· VLCC rate outloofi for 2026: not as high as today, not as low as 2024
Temporary market drivers that pushed VLCC rates to six figures should alleviate, but structural drivers should keep rates at very healthy levels next year. Lower oil prices in 2026 could temper Middle East exports, but exports from the Americas to Asia should provide continued structural support for VLCC’s. Outcome of Russia-Ukraine peace talks is a variable for tanker markets next year; for VLCCs, it could be a positive. Analysts speaking at the Breakwave Day forum on Thursday predicted continued strength in the VLCC market next year, even after spot rates fall back from this quarter’s stratospheric highs.
· Bab el Mandeb transits hit highest level in nearly two years
Data shows shipping is gradually making a return to the Red Sea. Follows signals from key carriers that return could be closer than ever. Transits remain down more than 50% on pre- Galaxy Leader levels. Sentiment has been building for a Red Sea return for some time now, and while the traffic is trending upwards it also suggests that this is not a quick rebound.
· Blacfi Sea war risfi rates up 250% since start of November
Kyiv now claiming responsibility all but openly. Region becoming more volatile risk environment. Premiums likely to head north should conflict intensify. Underwriters ‘fear worst’ if Russia retaliates for drone strikes.
· Fleet supply and freight rates drive crude tanfier values higher
Crude tanker asset prices have climbed sharply in recent weeks, fuelled by soaring freight rates and a tightening pool of
available compliant vessels. High freight rates and the growing share of tankers locked into shadow fleet trades are reducing effective supply and lifting asset prices. Ten-year-old VLCCs now average $88m, with five-year-old units at around $118m, while older units have gained 8% in value since August.
Limited sales activity reflects owners’ reluctance to offload vessels amid a firm market.
· Diana Shipping drives up rates for ultramax bulker pair
Greek Owner ups charter level by at least $1,300 per day.
Greece’s Diana Shipping hot charter streak is now rekindled with a pair of term deals secured at higher rates than before, as freight markets hit year-highs. The New York-listed owner has fixed out two ultramax bulkers to two different companies, it announced in a statement yesterday.
· Hapag-Lloyd, MSC and Maersk said to be circling Zim amid takeover speculation
Big boxship names linked to bids or interest in Israeli line following offer by CEO Glickman and shipowner Abraham (Rami) Ungar. German container ship giant Hapag-Lloyd is said to have made an offer to buy Israeli line Zim, with heavyweights MSC Mediterranean Shipping Co and AP Moller-Maersk also expressing an interest. This is according to Israel’s Globes website, which said the German owner’s offer is in the initial stages, with no talks having taken place between the two sides.
· Many dark fleet tankers lying idle as sector
remains ‘super-inefficient’
While the number of vessels in the dark fleet seem high, many are inactive, says Oil Brokerage. A leading shipping analyst believes the dark fleet is one of the most inefficient businesses in shipping.
Oil Brokerage’s global head of shipping research, said that while the size of the dark fleet or shadow fleet on paper makes up about 20% of the global fleet, “in real terms the business is super inefficient”.
· Hafnia boss Mikael Skov urges regulators to block shadow fleet tankers’ return to mainstream
BW Group company’s chief executive makes plea as Ukraine peace talks continue. Chief executive Mikael Skov finished Hafnia’s earnings call on Monday with a plea to shipping regulators not to allow shadow fleet tankers back into mainstream markets as a result of any peace deal between Ukraine and Russia. The Danish boss said these ships often operate with poor safety standards.
· Greek owners Minerva and Alimia stack product tanker orders at Hengli
Andreas Martinos makes his debut at the Chinese yard where Thanassis Laskaridis is a trusted client. China’s Hengli Shipbuilding has added a new client to its bulging Greek orderbook. Minerva Marine, a traditional Greek tanker player led by Andreas Martinos, has booked its first newbuilding at the yard — a single LR2 that is due for delivery in January 2027, according to market sources.
Minerva and Laskaridis boost tanker bets with LR2s at Hengli
Hengli Heavy Industry has tightened its foothold in the Greek newbuilding market after securing fresh LR2 product tanker orders from shipowning groups Alimia and Laskaridis.
The Chinese yard confirmed it has signed multiple effective contracts for LR2s with the Athens-based owners, marking another step forward in its push into high-end liquid cargo carriers.
The LR2s ordered at Hengli will incorporate the yard’s latest “green” platform, meeting IMO Tier III emission limits while targeting fuel-efficient operations and enhanced safety standards, the yard said.
The Thanassis Laskaridis-led Alimia Group, through its shipping arm Minerva Maritime, has signed up for a pair of LR2 tankers at Hengli, with delivery dates running through the first half of 2027. The order expands the group’s tanker book to 10 vessels — five MR2s, three LR2s and two VLCCs — as the owner continues to diversify beyond dry bulk.
The deal builds on a string of recent contracts between the two sides. Last month, Laskaridis booked two VLCCs at the same yard, scheduled for handover in early 2027. Hengli is already constructing a series of 10 kamsarmax bulk carriers for the group, several of which have been delivered.
Andreas Martinos-led Minerva has meanwhile joined the latest round of LR2 ordering at Hengli, adding to its broader fleet expansion programme. Although the owner has recently focused on container newbuildings in the 1,800–3,000 teu range at Chinese yards, Minerva also holds four LR2s under construction at New Times Shipbuilding for delivery in 2027.
Industry sources say the latest Hengli LR2 contracts reflect growing confidence among Greek owners in the yard’s product tanker platform and delivery record. Hengli has emerged as one of the busiest Chinese builders for Greek newbuildings. The Dalian- based yard has secured contracts for a broad spread of vessel types in recent months, with 2025 orderbook nearing 100 vessels and forward slots now stretching into 2029.
· Global liners look at acquiring ZIM
Hapag-Lloyd is seeking to acquire ZIM, Israel’s largest container carrier, according to multiple media outlets, but the move is already running into resistance from ZIM’s workers’ committee, which has warned that the presence of Qatari and Saudi sovereign funds among the German carrier’s shareholders could pose a national security risk. Hapag-Lloyd’s main shareholders are German billionaire Klaus-Michael Kühne and Chilean shipping
group CSAV, each holding around 30%. They are followed by the City of Hamburg with roughly 14%, Qatar’s state investment authority with about 12.5%, and Saudi Arabia’s sovereign wealth fund with close to 10%.
Other global liners, including Mediterranean Shipping Co and Maersk, have also been linked to potential interest in ZIM. Late last month, the ZIM board rejected an offer by ZIM CEO Eli Glickman and Ray Car Carriers head Rami Ungar to acquire the company at a $2.4bn valuation. ZIM said at the time that it had formed a team to examine strategic alternatives regarding the company’s future.
Any transaction faces significant structural and political obstacles. ZIM is protected by a Special State share designed to safeguard its status as an Israeli entity and to ensure fleet availability for national security needs. That golden-share structure gives the Israeli government effective veto power over any takeover, and labour representatives are reportedly opposed to the company falling under foreign control. Hapag-Lloyd ran into a similar barrier in 2023 when it attempted to acquire South Korea’s HMM, only for the deal to be blocked after the government declined to allow the sale of the national carrier to a foreign buyer. Hapag-Lloyd and ZIM have history. Prior to the pandemic, Hapag-Lloyd explored acquiring ZIM at a time when the Israeli carrier was in financial difficulty.
- Splash Wrap: Dark times across the Black Sea
Insurance rates for ships trading in the Black Sea have jumped sharply following a fresh wave of attacks on vessels linked to Russia. Russian president Vladimir Putin has warned that Moscow could expand its response if such attacks continue, saying retaliatory measures could extend to ships belonging to countries that support Ukraine. Ukrainian special forces are also thought to have been behind the targeting of a product tanker at anchor thousand of kilometres away off Senegal.
Hapag-Lloyd, Mediterranean Shipping Co and Maersk have all been linked this week to potential interest in acquiring Israeli carrier ZIM.
Gunvor entered a new chapter after its management team agreed to buy out the company’s existing ownership, ending Torbjörn Törnqvist’s long run as majority shareholder. The Swiss-based commodity trading giant will now be fully owned by a group of senior employees, with no outside shareholders involved.
This week we carried two Maritime CEO interviews,
with StormGeo CEO Kim Sørensen and Léon Gommans, the CEO of Dutch maritime digital specialist Teqplay. This week’s standout Contribution came from Carl Martin Faannessen, CEO of Noatun Maritime, who described why he was in two minds when it comes to AI and crewing. “An AI will never ask a seafarer for money, but an AI also will not build the connective tissue that fosters loyalty and understanding”. We’ve had a tremendous amount of comments and thoughts in recent weeks on how AI is reshaping shipping operations at sea and ashore.
· LNG newbuilding enquiry picks up with 2029 slots due to sell out next year
Shipping players crunch the numbers and conclude market will be short on vessels. Companies looking to order LNG newbuildings next year are likely to be faced with offers for delivery dates in 2030, as enquiry
for vessels ticks up with the expectation of firm contracts being inked. Speaking at the World LNG Summit & Awards in Istanbul, Hanwha Ocean’s head of European business development, Georgios Plevrakis, said interest in LNG newbuildings has risen over the past three to four months, both for fleet expansion projects and for replacing older tonnage.
· Shipowners shortlist emerges for Equinor LNG newbuilding tender
Names slimmed to five for those competing to net term-charter business to back new vessels. Five shipowners are battling it out to build a series of LNG carrier newbuildings for Norwegian energy company Equinor.
Those following the business listed the companies as BW LNG, Knutsen OAS Shipping, Maran Gas Maritime, NYK and Seapeak.
Equinor has selected South Korean shipbuilder Hanwha Ocean to build up to four LNG carriers, TradeWinds reported last month.
Baltic News 4th December, 2025
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BALTIC FORWARD ASSESSMENTS – 04 DECEMBER 2025 BFA CAPESIZE
PERIOD VALUE CHANGE
Dec 25 33,471 $/day 642
Jan 26 21,543 $/day -403
Feb 26 16,314 $/day 82
Mar 26 19,864 $/day -93
Apr 26 22,186 $/day 79
May 26 24,121 $/day 78
Jun 26 25,186 $/day 93
Q4 25 28,882 $/day 214
Q1 26 19,240 $/day -139
Q2 26 23,831 $/day 83
Q3 26 25,596 $/day 0
Q4 26 26,075 $/day -39
Q1 27 16,886 $/day -14
Cal 26 23,686 $/day -23
Cal 27 22,668 $/day -64
Cal 28 21,268 $/day -28
Cal 29 20,018 $/day 14
Cal 30 19,082 $/day -4
Cal 31 18,900 $/day 0
BFA PANAMAX 82
PERIOD VALUE CHANGE
Dec 25 16,415 $/day -416
Jan 26 14,393 $/day -282
Feb 26 13,904 $/day -250
Mar 26 15,254 $/day -209
Apr 26 15,717 $/day -140
May 26 15,413 $/day -67
Jun 26 15,359 $/day -21
Q4 25 16,540 $/day -139
Q1 26 14,517 $/day -247
Q2 26 15,496 $/day -76
Q3 26 14,352 $/day -138
Q4 26 13,917 $/day -98
Q1 27 12,712 $/day -65
Cal 26 14,571 $/day -139
Cal 27 13,463 $/day -81
Cal 28 13,383 $/day -36
Cal 29 13,153 $/day -24
Cal 30 12,904 $/day -5
Cal 31 12,749 $/day -1
BFA SUPRAMAX 63
PERIOD VALUE CHANGE
Dec 25 17,634 $/day -250
Jan 26 15,216 $/day -254
Feb 26 14,223 $/day -186
Mar 26 15,538 $/day -128
Apr 26 15,705 $/day -47
May 26 15,838 $/day -39
Jun 26 15,634 $/day -46
Q4 25 17,621 $/day -83
Q1 26 14,992 $/day -190
Q2 26 15,726 $/day -44
Q3 26 15,123 $/day -50
Q4 26 14,659 $/day -14
Q1 27 13,113 $/day 15
Cal 26 15,125 $/day -75
Cal 27 14,123 $/day -61
Cal 28 14,030 $/day -15
Cal 29 13,927 $/day -14
Cal 30 13,666 $/day -4
Cal 31 13,670 $/day -2
BFA SUPRAMAX 58
PERIOD VALUE CHANGE
Dec 25 15,600 $/day -250
Jan 26 13,182 $/day -254
Feb 26 12,189 $/day -186
Mar 26 13,504 $/day -128
Apr 26 13,671 $/day -47
May 26 13,804 $/day -39
Jun 26 13,600 $/day -46
Q4 25 15,587 $/day -83
Q1 26 12,958 $/day -190
Q2 26 13,692 $/day -44
Q3 26 13,089 $/day -50
Q4 26 12,625 $/day -14
Q1 27 11,079 $/day 15
Cal 26 13,091 $/day -75
Cal 27 12,089 $/day -61
Cal 28 11,996 $/day -15
Cal 29 11,893 $/day -14
Cal 30 11,632 $/day -4
Cal 31 11,636 $/day -2
BFA HANDYSIZE
PERIOD VALUE CHANGE
Dec 25 14,640 $/day -5
Jan 26 12,575 $/day -80
Feb 26 10,970 $/day 45
Mar 26 12,470 $/day -55
Apr 26 12,410 $/day -75
May 26 12,330 $/day -62
Jun 26 12,280 $/day -50
Q4 25 15,029 $/day -1
Q1 26 12,005 $/day -30
Q2 26 12,340 $/day -62
Q3 26 11,870 $/day -45
Q4 26 11,520 $/day -35
Q1 27 10,610 $/day 50
Cal 26 11,934 $/day -43
Cal 27 11,710 $/day 15
Cal 28 11,120 $/day -5
Cal 29 11,070 $/day 0
Cal 30 11,080 $/day 0
Cal 31 11,180 $/day 0
BALTIC INDICES 04/12/2025
| DRY | INDEX: | 2814 (- | 31) |
| CAPESIZE INDEX: | 5319 (- | 68) | |
| PANAMAX INDEX: | 1863 (- | 29) | |
SUPRAMAX INDEX: 1441 (- 3)
HANDYSIZE INDEX: 841 (+ 1)
BCI TC AVG $/DAY 44108 (- 564) BPI82 TC AVG $/DAY 16767 (- 265) BSI TC AVG $/DAY 18213 (- 37) BHSI TC AVG $/DAY 15146 (+ 19)
TIMECHARTER
‘Leda C’ 2011 81526 dwt dely EC South America 25 Dec trip redel Red Sea intention grains $17,750 + $775,000 bb – LDC
‘JY Lake’ 2019 81176 dwt dely Brake 6 Dec trip via EC Canada redel Skaw-Gibraltar $19,500 – Jera GM – <scrubber benefit for owners>
‘Sasebo Eco’ 2014 77888 dwt dely Mailiao 9 Dec trip via Indonesia redel India intention coal $17,750
‘Orchid Rising’ 2004 76466 dwt dely Hong Kong 11 Dec trip via Indonesia redel South China $16,900 – Cambrian
‘Xin Meng Xiang’ 2002 74222 dwt dely Fangcheng 8 Dec trip via Indonesia redel South China $16,100 – Cambrian
‘Astro Nembus’ 2017 63510 dwt dely Santos prompt trip redel Karachi intention grains $16,750 + $675,000bb – LDC
‘Sentinel’ 2013 63301 dwt dely Hazira prompt trip via Kandla redel China intention salt $17,000
‘Sinicea Graeca’ 2015 63270 dwt dely Cochin ely Dec trip via Richards Bay redel Bangladesh intention coal $16,000 – Enesel
‘Common Galaxy’ 2015 63249 dwt dely Kandla 4 Dec trip redel China $16,500
‘Crimson Glory’ 2015 57981 dwt dely Navlakhi prompt trip via Kandla redel Indonesia intention salt $15,500 – HMM
‘Aquarius Honor’ 2011 56646 dwt dely Jintang prompt trip redel Mediterranean $13,500 – Glinting Ocean
‘Seacon Monaco’ 2025 42864 dwt dely Bunbury prompt trip redel China intention alumina $17,500 – Union Bulk
VOYAGES ORE
‘Mercuria TBN ‘ 180000/10 Itaguai/Qingdao 25/27 Dec
$26.80 fio 60000shinc/30000shinc – CSN
‘TBN’ 170000/10 Dampier/Qingdao 19/21 Dec $12.10 fio 90000shinc/30000 shinc – Rio Tinto
‘Eurydice D’ 2009 160000/10 Port Hedland/Qingdao 21/23 Dec $12.10 fio 80000shinc/30000shinc – BHP
‘TBN’ 160000/10 Port Hedland/Qingdao 19/21 Dec
$12.10 fio 80000shinc/30000shinc – FMG
Baltic Exchange Index – 04 DECEMBER 2025 Baltic Exchange Capesize 182 Index
Route Description Value Change
===== ========================================== ====
C8_182 182000mt Gib/Hamburg transatlantic RV 66,350 + 112 C9_182 182000mt Cont-Med trip China-Japan 75,967 + 1078 C10_182 182000mt China-Japan transpacific RV 40,650 – 2544 314_182 182000mt China-Brazil round voyage 33,836 – 255 C16_182 182000mt Backhaul 23,622 – 34
======================================================
C5TC 182 Weighted Timecharter Average 45,088 – 806
Baltic Exchange Index – 04 DECEMBER 2025 Baltic Exchange Capesize Index 5319 (- 68)
Route Description Value($) Change
====== =================================== ======
| C2 | 160000mt Tubarao to Rotterdam | 17.738 + 0.007 | |
| C3 | 160-170000mt Tubarao to Qingdao | 25.718 – 0.150 | |
| C5 | 160-170000mt W Australia to Qingdao | 12.075 – 0.530 | |
| C7 | 150-160000mt Bolivar to Rotterdam | 22.366 – 0.094 | |
| C8_14 180000mt Gibraltar-Hamburg T/A RV | 61,875 – | 63 | |
| C9_14 180000mt Conti/Med Trip China/Japan | 71,500 + 889 |
| C10_14 180000mt China/Japan T/P RV | 37,815 – 2475 |
| C14 180000mt China-Brazil RV | 30,632 – 245 |
| C16 180000mt N.China to Skaw-Passero | 20,722 + 166 |
| C17 170000mt Saldanha Bay to Qingdao | 21.465 + 0.790 |
========================================== ========
5TC Weighted Timecharter Average 44,108 – 564
Baltic Exchange Panamax 82500mt Index 04 DECEMBER 2025 Baltic Exchange Panamax Index 1,863 (- 29)
Route Description Value ($) Change
====== ================================= ======== P1A_82 Skaw-Gib T/A RV 17,823 – 236
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 23,571 – 367 P3A_82 HK-SKorea incl Taiwan, Pacific/RV 17,132 – 430 P4_82 HK-SKorea incl Taiwan to Skaw-Gib 10,400 – 25 P6_82 Dely Spore Atlantic RV 15,436 – 200
====== ================================= ==========
P5TC Weighted Timecharter Average 16,767 – 265
The following routes do not contribute to the BPI or Weighted TC Average.
Route Description Value ($) Change
====== ================================= ======== P5_82 S. China Indo RV 17,263 – 250
P7 66000mt Mississippi Rvr to Qingdao 55.457 – 0.250 P8 66000mt Santos to Qingdao 38.243 – 0.286
Baltic Exchange Panamax 82 Asia Index – 05 December 2025
Route Description Size (MT) Value($) Change
===== ====================== ======== ======
P5_82 S.China one Indo RV 16,969 -294
Baltic Exchange Supramax Index – 04 DECEMBER 2025 Baltic Exchange Supramax Index 1441 (- 3)
Route Description Value ($) Change
====== ========================================= ====
S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 20,458 – 30 S1C_63 US Gulf trip to China-South Japan 29,589 – 140
| BS2_63 | North China one Australian or Pacific RV | 16,156 – 7 | ||
| BS3_63 | North China trip to West Africa | 13,460 | – | 30 |
| S4A_63 | US Gulf trip to Skaw-Passero | 31,389 | – | 65 |
| S4B_63 | Skaw-Passero trip to US Gulf | 13,304 | – | 110 |
| BS5_63 | West Africa trip via ECSA to North China | 22,589 | – | 86 |
| BS8_63 South China trip via Indo to EC.India 18,300 | – 54 | |||
| BS9_63 W.Africa trip via ECSA to Skaw-Passero 18,700 | – 18 | |||
| S10_63 S.China trip via Indonesia to South China 15,491 | – 3 | |||
| S15_63 Indian Ocean trip via S.Africa to Far East 16,725 | + 42 | |||
| ====== ========================================= | ===== | |||
| S11TC Weighted Timecharter Average 18,213 – | 37 | |||
| S10TC Supramax(58) Timecharter Average 16,213 – | 37 | |||
Baltic Exchange Supramax Asia Index – 05 December 2025
Route Description Value($) Change
====== =============================== ======= =====
S2_63 N.China one Austr or Pac RV 16,094 -62 S8_63 S.China via Indonesia/Ec India 18,179 -121 S10_63 S.China via Indo/S.China 15,400 -91
====== =============================== ======= ======
S3TC Weighted Time Charter Average 16,497 -88
Baltic Exchange Index – 04 DECEMBER 2025 Baltic Exchange Handysize Index 841 (+ 1)
Route Description Value ($) Change
====== ======================================== =====
HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 10,893 – 86 HS2_38 Skaw-Passero trip Boston – Galveston 13,407 – 143 HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 23,094 + 311 HS4_38 USGulf trip via USG or NCSA to Skaw-Pass 22,514 + 143 HS5_38 SE Asia trip to Spore – Japan 13,700 – 21 HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn 12,363 – 18 HS7_38 N.China-S.Kor-Jpn trip to SE Asia 11,944 – 19
====== ======================================== ======
7TC Weighted Timecharter Average 15,146 + 19
(c) Baltic Exchange Information Services Ltd., 2025
Marex Media