• Targeting of tankers off Venezuela and in Black Sea could boost rates
Seizure off Venezuela, attacks in Black Sea and ongoing sanctions should push Asian crude buyers to charter more compliant tankers. Sanctioned crude flows have declined vs highs in September and October. Average VLCC rates rose to $108,034 per day on Thursday, highest since December 1.
• A peace deal doesn’t mean the end of the shadow fleet
Lack of appetite in Europe to lift sanctions even in the event of peace in Ukraine. Deception has become much easier to achieve. Shipping faces question on what happens with shadow fleet vessels if sanctions are lifted. With peace talks between Ukraine, Russia and the US ongoing, shipping must begin to ask itself what happens to the shadow fleet if sanctions are lifted.
• DeepOcean secures extended IMR deal with Equinor
DeepOcean has strengthened its long-standing ties with Equinor after securing an extension to its subsea inspection, maintenance and repair
(IMR) frame agreement. The renewal will keep the ocean services provider busy through 2026 and into 2027, using specialised IMR vessels and a wide suite of subsea capabilities.
The contract covers offshore IMR work as well as onshore engineering and project management, which will be handled from DeepOcean’s Haugesund office and supported by its remote operations centre at Killingøy.
Olaf Hansen, managing director of DeepOcean’s Europe operation, said the extension ensures continuity ahead of the arrival of the company’s next-generation IMR vessel Rem Ocean in 2027.
The extension builds on the eight-year IMR contract the two
companies signed in late 2024, which covers Equinor-operated fields on the Norwegian continental shelf and other assets in Europe. With the latest award, DeepOcean’s IMR work for Equinor will run unbroken from 2006 through 2035 — a collaboration spanning nearly 30 years.
• US forces intercepted and seized a sanctioned oil tanker off the coast of Venezuela. The action may make it much harder for Venezuela to export its crude, as other shippers are now likely to be more reluctant to load its cargoes, escalating pressure on Nicolas Maduro’s government. The Tanker was reportedly involved in circumventing US Sanctions by trading Oil with Iran or Cuba, amidst broader US military buildup in the region. Most of the nation’s oil goes to China, usually through intermediaries.
• South Korea, Japan protest over China, Russian aircraft incursions. South Korea and Japan reacted furiously on Wednesday after Chinese and Russian military aircraft conducted joint patrols around the two countries, with both Seoul and Tokyo scrambling jets. South Korea said it had lodged a protest with representatives of China and Russia, while Japan said it had conveyed its ‘serious concerns’ over national security. Two Russian Tu-95 nuclear capable bombers on Tuesday flew from the Sea of Japan to rendezvous with two Chinese H-6 bombers in the East China Sea, then conducted a joint flight around the country. The incident comes as Japan is locked in a dispute with China over comments PM Sanae Takaichi made about Taiwan.
• US nuclear-capable bombers fly with Japanese fighters over Sea of Japan. Alliance drill signals unity amid escalating tension over China radar incident.
• China’s military again aims to divide ‘vast Pacific Ocean’ with US. What recent incident involving Chinese and Japanese fighter jets means in a geopolitical context. On December 6, J-15 aircraft from Chinese carrier Liaoning intermittently locked radar on Japanese F-15 fighter jets. The incident is believed to be part of Beijing’s intimidation tactics related to Japanese PM’s remark on a possible Taiwan contingency. The US National Security Strategy, which prioritizes the Western Hemisphere as America’s sphere of influence. The Chinese military likely thought that the new strategy could create room for it to expand its theatre of action in the east.
• Trump ends birthright citizenship in the US, says it was ‘for slaves’, not rich’. Thanks to his fantasies including ‘Gold Card’ for a million bucks.
• Allies must aid collective defense or face ‘consequences’.
U.S. allies who hesitate spending more on defense and refuse to contribute to collective defense will face “consequences,” U.S. Defense Secretary Pete Hegseth told the Reagan National Defense Forum.
He praised South Korea, Israel, Poland, Germany and some others for stepping up investments and assuming greater responsibility for their own defense. He described them as “model allies” deserving of U.S. favor.
“Allies that do not, allies that still fail to do their part for collective defense, will face consequences,” he said, in language typically reserved for adversaries.
On China, one Asian diplomat felt that Hegseth had “regressed” from his speech at the Shangri-La security forum in Singapore.
In that May speech, Hegseth said that the threat of China conquering Taiwan by force is “real” and could be “imminent.” If
deterrence fails, the Pentagon will be ready to fight and win “decisively,” he had said.
• The EU is pushing to reach an agreement as early as tomorrow to lengthen the bloc’s freeze on Russian assets using emergency powers — a key step toward tapping the funds to help Ukraine.
• Yesterday, days after US President Donald Trump declared peace in eastern Democratic Republic of Congo, Rwanda-
backed rebels captured yet another key city in the mineral-rich region, as brutal fighting displaced more than 200,000 people.
• It was the latest evidence that Trump’s claims about ending eight wars in his pursuit of a Nobel Peace Prize have never quite added up.
• At the same time, more than half a million people fled revived border clashes between Cambodia and Thailand — two countries that, like their African counterparts last week, had a White House- sponsored ceremony in October.
• Indian state-owned Coal India’s (CIL) output increased on the year in November, but supplies eased.
CIL, which accounts for nearly three-quarters of the country’s output, produced 68mn t of coal in November, up by 1.2pc on a year earlier and about 20pc higher than October, according to provisional data from the company. The monthly increase was probably supported by the late arrival of the dry season, as monsoon rains that typically ease by September continued in October this year, hampering output that month.
Supplies, including dispatches to utilities and other coal consumers, totalled 62.7mn t in November, down by 200,000t on a year earlier but up from 58.3mn t in October, the data show. The month-on-month increase came with the onset of the drier season, which typically lifts overall economic activity.
CIL’s production and supplies remained under pressure in April- November — the first eight months of India’s April 2025- March 2026 financial year. CIL produced 453.5mn t of coal during this period, down by 3.7pc from a year earlier, while its supplies were
down by 2pc on the year at 479mn t.
This trend was in line with a broad weakness in utility coal demand over the past few months, underpinned by extended monsoon rains and an uptick in hydropower output.
Broad demand fundamentals remain sluggish in India, with coal- fired generation dropping in November from a year earlier.
Nationwide coal-fired generation stood at 93.62TWh in November, down from 100.1TWh a year earlier, and little changed from
93.54TWh in October, data from the Central Electricity Authority (CEA) show. Hydropower generation rose to 9.8TWh in November from 8.63TWh a year earlier, while falling from 16.4TW. Utility stocks remained high because of a decline in coal-fired generation. Power plants held 53.67mn t in stock as of 30 November, compared with 47.61mn h in October.
Well above 39.94mn t on 30 November 2024, according to the CEA.
Weak fundamentals have also weighed on the country’s coal imports this year. India imported 13mn tons of thermal coal in October, down by over 4% from a year earlier and over 7% lower than in September. India’s cumulative imports in January-October stood at 136mn tons, down from 143mn tons in the same period a year earlier.
• India explores blends beyond E20 as Ethanol overcapacity mounts. Why Blend Ethanol? The Government has maintained that blending Ethanol in fuel will reduce India’s dependence on fuel imports, and generate income for the country’s farmers. India paid an import bill of $137 billion to bring in 234 million tons of crude oil in FY25. According to estimates approximately $1.44 trillion ($16 billion) worth of foreign exchange has been saved and 24.5 million metric tons of crude oil substituted in the past 11 years since Ethanol blending program started.
• China and a clutch of EU countries have objected to planned exemptions for big US multinationals from global tax obligations,
raising the risk of Donald Trump resurrecting a “revenge tax” on
foreign investment.
• Volodymyr Zelenskyy held a meeting virtually with Scott Bessent and Jared Kushner, discussing “key elements for recovery, various mechanisms and visions for reconstruction,” the Ukrainian president said.
• The US-Indonesia trade deal is at risk of collapse as US officials become increasingly frustrated at what they view as Jakarta reneging on the terms of the agreement reached in July.
• Here’s how money from Saudi Arabia, Abu Dhabi and Qatar
became crucial in the battle for Warner Brothers.
• The US will vet social media accounts for visa waiver travel, including citizens of the UK and France.
• A group of Maga lobbyists has helped trigger a dramatic intervention and is overturning decades of US policy in the Balkans.
• Trump has been gradually but very deliberately raising the pressure on Nicolás Maduro’s regime in Venezuela. He took another big step on Wednesday by seizing an oil tanker off the coast of the Latin American country.
So far, US operations in the Caribbean and Eastern Pacific have been dominated by military strikes on alleged drug boats in international waters, but the seizure of an oil tanker adds a new dimension to the campaign.
In a statement on X, accompanied by a video of the operation, Pam Bondi, the US attorney-general, said the tanker was transporting sanctioned crude oil from both Venezuela and Iran.
“For multiple years, the oil tanker has been sanctioned by the United States due to its involvement in an illicit oil shipping network supporting foreign terrorist organisations,” the statement read.
The seizure of the tanker caused Brent crude prices to rise by more than 1 per cent to $62.68 in yesterday’s mid-afternoon trading, amid concerns Venezuela could struggle to ship its oil overseas. They have since fallen back.
Maduro did not mention the seizure in a speech in Caracas yesterday afternoon, though he struck a defiant tone towards the US.
“We are prepared to break the teeth of North American imperialism,” he said, before launching into a rendition of Bob Marley’s “Don’t Worry, Be Happy”.
“Anyone who wants Venezuelan oil must respect the law and national sovereignty,” Maduro said. “We will never again be an oil colony.”
• China just tested what may be the world’s largest drone mothership, a leap forward in its ability to launch swarming, weaponized UAVs. The Jiutian acts like an airborne carrier, hosting multiple drones and missiles. It’s the latest move in a rapid military upgrade that includes new amphibious assault ships and expanding nuclear ambitions, all aimed at challenging US supremacy.
• Remember, it was Ukraine’s outgunned, outmanned and outspent troops who reshaped modern warfare with cheap drones that have held off Russia for almost four years. Now Kyiv, racing to keep peace efforts on track, has sent a revised plan to Washington—but disputes over territory and security guarantees may still block a deal. Allies will weigh a bid to move swiftly on Trump’s proposal even as Ukraine’s forces launched their first strike on Russian Caspian oil production.
• Breaking News : Zelensky Floats
Referendum Over Territory as US Pressure Mounts
Ukrainian President Volodymyr Zelenskiy floated the prospect of
putting the issue of territorial control in the country’s east to a
referendum as Kyiv comes under mounting pressure to agree to
terms of an emerging peace plan to end Russia’s war.
Moscow has insisted that Ukraine withdraw its forces from the eastern Donbas, which includes areas of the Donetsk and Luhansk regions that the Russian military has failed to capture in its nearly four-year invasion.
• World’s biggest VLCC owner: Booming rates to climb higher next year
China Merchants Energy Shipping believes current earnings bonanza could be topped as fundamentals remain strong
China Merchants Energy Shipping (CMES) has a bullish view of
long-term VLCC rates, with next year looking particularly promising. The Shanghai-listed owner believes the current positive freight market could potentially last into 2028. Board secretary Kong Kang told an earnings call that the market is being supported by a limited supply of sanctions-compliant tankers and healthy oil demand, according to Platts.
• Greek capesize shake-out accelerates with George Economou selling oldest ship
Major owner sees Asian interests lap up yet another big bulker that enters the third decade of its work life. George Economou is taking advantage of firm secondhand values for old capesizes to sell his second such vessel this month. Ship management sources and brokers said that the 180,100-dwt Montecristo (built 2005), the oldest capesize in the fleet of the Greek tycoon’s bulker player, TMS Dry, is being sold to Far Eastern interests — most likely Chinese — for a price exceeding $20m.
• Hartmann orders methanol bulker backed by 10-year charter
Partnership with Heidelberg Materials includes option for another cement vessel at Chinese yard.
• Germany’s Hartmann Group is ordering up to two methanol dual- fuel bulkers for operation in Norway. The first firm 9,000-dwt ship will carry cement under a 10-year contract for Heidelberg Materials of Germany.
• Over 30 sanctioned tankers at risk of being seized by US after shock VLCC detention
• Shipping data shows sizeable Venezuelan-trading armada fits the profile of the ill-fated Skipper. At least another 30 sanctioned tankers could be at risk of seizure by the US over Venezuelan trading, shipping data suggests. US President Donald Trump said
a US-blacklisted VLCC believed to be the 310,000-dwt Skipper (built 2005) was detained on Wednesday by the US Coast Guard with a Venezuelan crude cargo.
• Venezuela denounces US tanker seizure as
an act of piracy
Location transponder of vessel suspected of being seized shows it sailing off Grenada on Thursday morning.
Venezuela’s government has called the US seizure of a VLCC off
its coastline a blatant theft and an act of international piracy. The country’s interior minister, Diosdado Cabello, went so far as calling the US “murderers, thieves, pirates”. On Wednesday, the US seized a VLCC off the Venezuelan coast in an apparent new US tactic in sanctions enforcement — armed seizures of ships at sea. The tanker in question is widely believed by security experts to be the 310,000-dwt Skipper (built 2005), which, like most sanctioned dark fleet vessels, has both obscure ownership and management.
• Italy’s Snam pays out $147m to buy out other key shareholder in Livorno FSRU
terminal
Igneo infrastructure fund exits as state energy company takes control.
Italian energy company Snam is buying a 48.2% stake in the floating storage and regasification unit-based LNG terminal off Livorno on Italy’s Tuscan coast. Under the deal, state-controlled Snam will pay €126m ($147m) to infrastructure fund Igneo to acquire the stake and increase its shareholding in terminal owner and operator OLT Offshore LNG Toscana to 97.3%.
• Business as usual for Panama Canal as US pursues forceful Latin America stance
America’s new National Security Strategy underscores an aggressive stance towards ‘non-hemispheric’ investments in ports and infrastructure
There was an average of 33.5 transits per day through both
locks systems in November, on par with levels in prior two months
Neopanamax locks transits down 11% in November vs October, primarily driven by a decline in VLGC transits
• Secondhand boxship market maintains momentum as recycling hits 20-year low
• Brokers report sustained momentum in the secondhand containership market. Strong interest maintained across all vessel sizes despite a shortage of charter-free tonnage. A mere 12 boxships totalling 8,000 teu have been scrapped this year, with just one vessel above 1,000 teu
• Indonesia’s coal exports fell on the year in October because of ample supplies in key market China. This is despite increased coal-fired power generation that month and hot weather in China.
The world’s largest coal exporter shipped 47.8mn t of coal in October, down by 7.3pc from 51.6mn t a year earlier and higher by 5pc from 45.5mn t in September, according to Indonesian customs data.
Indonesia’s coal exports reached 423mn t in January-October, down by 7pc from nearly 457mn t in the same period a year earlier, customs data show. At the current pace, Indonesian exports could reach 508mn t this year, down from 558mn t in 2024.
Indonesia exported 21.2mn t of coal to China, down by nearly 20pc on the year from 26.4mn t in 2024. But Chinese utilities were actively restocking after the summer and exports were up by 10.7pc from September. China accounted for 44pc of Indonesia’s seaborne thermal coal exports in October.
China’s thermal power generation rose by 7.3pc on the year to 514TWh in October, according to the country’s National Bureau of Statistics (NBS). Utilities in the country likely held enough stocks to cater for power demand despite the fall in domestic output and imports to the country in October.
Demand from India weakened in October. Indonesia shipped
7.69mn t of coal to the country in October, down by nearly 4pc from around 8mn t in 2024 and lower by 14pc from a month earlier. India accounts for 16pc of Indonesia’s exports in October, after a slight recovery in September when exports to India reached 8.9mn t with the market anticipating a post-monsoon rebound.
But coal demand in India remains weak because of an extended monsoon season. The rainy weather weakened coal-fired power generation and weighed on economic activity in the country.
Nationwide coal-fired generation stood at 93.5TWh in October, down from 108.8TWh a year earlier and 96.9TWh in September, according to data from India’s Central Electricity Authority.
Meanwhile, Indonesia exports to Japan and South Korea rose in October. A peak summer season drove demand for coal-fired generation in those countries and utilities were actively re-stocking in October.
Indonesian shipments to Japan reached 2.75mn tons in October, up by 32% from 2.09mn tons a year earlier and 36% higher from September. Exports to South Korea reached 2.72mn tons that month, rising by nearly 20% on the year from 2.27mn tons and 6.5% higher from September.
• Italy signals deeper trade push into India: As India enters the final leg of concluding its trade deal with the European Union, Italy, a key constituent of the bloc, signalled a stronger commercial push into India, with a target of Euros 700 billion exports by 2027. Deputy Prime Minister Antonio Tajani met commerce Minister Piyush Goyal and said his nation sees significant opportunity in India.
• New Zealand team visiting India for trade discussions. A delegation from New Zealand will be in India on Friday (today) for talks on the proposed free trade deal with their Indian counterparts. New Zeland Trade Minister Todd McClay will meet the Indian Commerce Minister to review the progress of the talks.
Baltic News 11th December, 2025
BALTIC INDICES 11/12/2025
DRY INDEX: 2294 (- 136)
CAPESIZE INDEX: 3927 (- 357)
PANAMAX INDEX: 1724 (- 40)
SUPRAMAX INDEX: 1387 (- 18)
HANDYSIZE INDEX: 814 (- 9)
BCI TC AVG $/DAY 32569 (- 2958) BPI82 TC AVG $/DAY 15519 (- 359) BSI TC AVG $/DAY 17534 (- 226) BHSI TC AVG $/DAY 14650 ( – 169)
TIMECHARTER
‘XH Deep Cover’ 2024 83070 dwt dely CJK 16/20 Dec trip via NoPac redel Singapore-Japan intention grains $15,800 – Reachy
‘Medi Noshima’ 2025 82486 dwt dely Yosu 16/17 Dec trip via NoPac redel Vietnam intention grains $14,750 – Oldendorff –
‘Aurora Borealis’ 2023 82315 dwt dely CJK 12/13 Dec trip via Australia redel Singapore-Japan $15,500 – Seakudos
‘Star Sophia’ 2007 82295 dwt dely Rotterdam 10 Dec trip via Newport News redel Joft Lasfar intention coal $20,000 – Jera GM
‘Pacific Celerity’ 2025 81869 dwt dely Nansha 13/14 Dec trip via Indonesia redel Japan $15,500
‘Antiparos’ 2013 81572 dwt dely Dublin 10 Dec trip via US Gulf redel Skaw-Gibraltar $18,000 – Olam
‘Georgitsi’ 2012 81310 dwt dely Chiba 14/15 Dec trip via WC Canada redel India intention coal $14,250 – Jera
‘Cymona Pride’ 2014 78056 dwt dely Gibraltar 12 Dec trip via US Gulf redel China $23,500 – Refined Success
‘Rosco Sandalwood’ 2004 76801 dwt dely Hong Kong
11/12 Dec trip via Indonesia redel Singapore-Japan $12,000
‘ATP Fortune’ 2011 55596 dwt dely Singapore prompt trip via Indonesia redel Thailand $15,000
‘Sion Star’ 2011 37152 dwt dely Bahia Blanca prompt trip redel North Brazil $22,000
‘Atlantic Glory’ 2011 33472 dwt dely passing Kanmon prompt trip redel SE Asia $8,000
‘Nestor I’ 2011 32312 dwt dely Continent prompt trip redel E Mediterranean $14,500 – T Bulk
VOYAGES ORE
‘TBN’ 185000/10 Port Hedland/Qingdao 22/24 Dec
$11.35 fio 80000shinc/30000shinc – Cargill
‘TBN’ 170000/10 Dampier/Qingdao 27/29 Dec $10.25 fio 90000shinc/30000shinc – Rio Tinto
‘TBN’ 170000/10 Dampier/Qingdao 27/29 Dec $10.05 fio 90000shinc/30000shinc – Rio Tinto
‘TBN’ 160000/10 Port Hedland/Qingdao 27/29 Dec
$10.25 fio 80000shinc/30000shinc – BHP
COAL
‘TBN’ 80000/10 EC Australia/Gangavaram or Krishnapatnam 5/14 Jan $14.90 fio 35000shinc/40000shinc – NMDC
‘TBN’ 72000/10 HPCT/Dung Quat 1/10 Jan $15.00 fio 25000shinc/10000shinc – Hoa Phat
BALTIC FORWARD ASSESSMENTS – THURSDAY 11 DECEMBER 2025
BFA CAPESIZE
PERIOD VALUE CHANGE
Dec 25 33,039 $/day -750 ↓
Jan 26 19,739 $/day 1,004- ↓
Feb 26 15,939 $/day -675 ↓
Mar 26 20,107 $/day -286 ↓
Apr 26 22,514 $/day -250 ↓
May 26 24,082 $/day -411 ↓
Jun 26 24,907 $/day -422 ↓
Q4 25 28,738 $/day -250 ↓
Q1 26 18,595 $/day -655 ↓
Q2 26 23,834 $/day -361 ↓
Q3 26 25,546 $/day -200 ↓
Q4 26 26,057 $/day -175 ↓
Q1 27 16,829 $/day -128 ↓
Cal 26 23,508 $/day -348 ↓
Cal 27 22,604 $/day -160 ↓
Cal 28 21,182 $/day -57 ↓
Cal 29 19,957 $/day -43 ↓
Cal 30 19,068 $/day -39 ↓
Cal 31 18,879 $/day -32 ↓
Cal 32 18,729 $/day -22 ↓
BFA PANAMAX 82
PERIOD VALUE CHANGE
Dec 25 15,738 $/day -273 ↓
Jan 26 12,854 $/day -703 ↓
Feb 26 12,674 $/day -726 ↓
Mar 26 14,217 $/day -644 ↓
Apr 26 14,986 $/day -470 ↓
May 26 14,918 $/day -423 ↓
Jun 26 14,829 $/day -415 ↓
Q4 25 16,314 $/day -91 ↓
Q1 26 13,248 $/day -692 ↓
Q2 26 14,911 $/day -436 ↓
Q3 26 14,061 $/day -270 ↓
Q4 26 13,690 $/day -200 ↓
Q1 27 12,538 $/day -152 ↓
Cal 26 13,978 $/day -399 ↓
Cal 27 13,209 $/day -175 ↓
Cal 28 13,221 $/day -50 ↓
Cal 29 13,117 $/day -60 ↓
Cal 30 12,884 $/day 12 ↑
Cal 31 12,774 $/day 17 ↑
Cal 32 12,765 $/day -7 ↓
BFA SUPRAMAX 63
PERIOD VALUE CHANGE
Dec 25 17,313 $/day -42 ↓
Jan 26 13,555 $/day -418 ↓
Feb 26 13,230 $/day -433 ↓
Mar 26 14,759 $/day -368 ↓
Apr 26 15,323 $/day -176 ↓
May 26 15,445 $/day -121 ↓
Jun 26 15,305 $/day -118 ↓
Q4 25 17,514 $/day -14 ↓
Q1 26 13,848 $/day -406 ↓
Q2 26 15,358 $/day -138 ↓
Q3 26 14,780 $/day -161 ↓
Q4 26 14,480 $/day -122 ↓
Q1 27 13,177 $/day -39 ↓
Cal 26 14,617 $/day -206 ↓
Cal 27 13,941 $/day -82 ↓
Cal 28 13,948 $/day -40 ↓
Cal 29 13,913 $/day -28 ↓
Cal 30 13,698 $/day 14 ↑
Cal 31 13,680 $/day 14 ↑
Cal 32 13,559 $/day 4 ↑
BFA SUPRAMAX 58
PERIOD VALUE CHANGE
Dec 25 15,279 $/day -42 ↓
Jan 26 11,521
Baltic Exchange Index – 11 DECEMBER 2025 Baltic Exchange Capesize 182 Index
Route Description Value Change
===== ========================================== ====== ======
C8_182 182000mt Gib/Hamburg transatlantic RV 48,525 – 4244
C9_182 182000mt Cont-Med trip China-Japan 60,056 – 3505
C10_182 182000mt China-Japan transpacific RV 30,609 – 3705
314_182 182000mt China-Brazil round voyage 26,050 – 1491
C16_182 182000mt Backhaul 18,028 – 1539
=================================================== ======= ====
C5TC 182 Weighted Timecharter Average 34,265 – 2937
Baltic Exchange Index – 11 DECEMBER 2025 Baltic Exchange Capesize Index 3927 (- 357)
Route Description Value($) Change
====== =================================== ======== ======
C2 160000mt Tubarao to Rotterdam 15.288 – 0.712
C3 160-170000mt Tubarao to Qingdao 22.014 – 0.750
C5 160-170000mt W Australia to Qingdao 10.130 – 0.725
C7 150-160000mt Bolivar to Rotterdam 18.188 – 0.968
C8_14 180000mt Gibraltar-Hamburg T/A RV 43,813 – 4187
C9_14 180000mt Conti/Med Trip China/Japan 55,556 – 3500
C10_14 180000mt China/Japan T/P RV 27,875 – 3855
C14 180000mt China-Brazil RV 23,032 – 1291
C16 180000mt N.China to Skaw-Passero 15,556 – 1494
C17 170000mt Saldanha Bay to Qingdao 17.520 – 0.620
========================================== ======== =======
5TC Weighted Timecharter Average 35,569 – 2958
Baltic Exchange Panamax 82500mt Index 11 DECEMBER 2025 Baltic Exchange Panamax Index 1,724 (- 40)
Route Description Value ($) Change
====== ================================= ======== ======
P1A_82 Skaw-Gib T/A RV 18,200 + 45
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 22,812 – 48
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 13,879 – 857
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 9,573 – 210
P6_82 Dely Spore Atlantic RV 14,201 – 434
====== ================================= ======= =====
P5TC Weighted Timecharter Average 15,519 – 359
The following routes do not contribute to the BPI or Weighted TC Average.
Route Description Value ($) Change
====== ================================= ======== ====== P5_82 S. China Indo RV 14,178 – 1000
P7 66000mt Mississippi Rvr to Qingdao 53.514 – 0.600 P8 66000mt Santos to Qingdao 36.357 – 0.607
Baltic Exchange Supramax Index – 11 DECEMBER 2025 Baltic Exchange Supramax Index 1387 (-18)
Route Description Value ($) Change
====== ========================================= ========= =====
S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 20,058 – 42
S1C_63 US Gulf trip to China-South Japan 28,714 – 379
BS2_63 North China one Australian or Pacific RV 15,250 – 438
BS3_63 North China trip to West Africa 12,950 – 50
S4A_63 US Gulf trip to Skaw-Passero 31,264 + 50
S4B_63 Skaw-Passero trip to US Gulf 12,729 – 292
BS5_63 West Africa trip via ECSA to North China 21,864 – 236
BS8_63 South China trip via Indo to EC.India 16,907 – 450
BS9_63 W.Africa trip via ECSA to Skaw-Passero 18,157 – 225
S10_63 S.China trip via Indonesia to South China 14,750 – 263
S15_63 Indian Ocean trip via S.Africa to Far East 16,275 – 54
====== ========================================= ========= =====
S11TC Weighted Timecharter Average 17,534 – 226 S10TC Supramax(58) Timecharter Average 15,500 – 226
Baltic Exchange Index – 11 DECEMBER 2025 Baltic Exchange Handysize Index 814 (- 9)
Route Description Value ($) Change
====== ======================================== ========= ======
HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 10,550 – 129 HS2_38 Skaw-Passero trip Boston – Galveston 12,954 – 153 HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 23,136 – 58 HS4_38 USGulf trip via USG or NCSA to Skaw-Passero 22,646 + 117
HS5_38 SE Asia trip to Spore – Japan 12,538 – 405
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp 11,756 – 207
HS7_38 N.China-S.Kor-Jpn trip to SE Asia 11,300 – 188
====== ======================================== ========= ======
7TC Weighted Timecharter Average 14,650 – 169
(c) Baltic Exchange Information Services Ltd., 2025
Marex Media
The Author
Mr Bansi Jaising – photo you have
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