• World War 3 Will end in a Nuclear Armageddon, with Global Conflicts on the rise and escalating.
• Putin Addresses Army Generals, confirms Oreshnik Missile deployment. The Russian President Putin has warned that Russia is prepared to escalate the conflict in Ukraine while reinforcing its nuclear deterrence.
• How China Wins the Future
Beijing’s Strategy to Seize the New Frontiers of Power
When the Chinese cargo ship Istanbul Bridge docked at the British port of Felixstowe on October 13, 2025, the arrival might have appeared unremarkable. The United Kingdom is China’s third-largest export market, and boats travel between the two countries all year.
What was remarkable about the Bridge was the route it had taken—it was the first major Chinese cargo ship to travel directly to Europe via the Arctic Ocean. The trip took 20 days, weeks faster than the traditional routes through the Suez Canal or around the Cape of Good Hope.
Beijing hailed the journey as a geostrategic breakthrough.
The Price of American Authoritarianism
What Can Reverse Democratic Decline?
When Donald Trump won re-election in November 2024, much of the American establishment responded with a shrug. After all, Trump had been democratically elected, even winning the popular vote. And democracy had survived the chaos of his first term, including the shocking events at the Capitol on January 6, 2021. Surely, then, it would survive a second Trump presidency.
That was not the case. In Trump’s second term, the United States has descended into competitive authoritarianism—a system in which parties compete in elections but incumbents routinely abuse their power to punish critics and tilt the playing field against their opposition.
• How Europe Lost
Can the Continent Escape Its Trump Trap?
When U.S. President Donald Trump returned to office in January 2025, Europe faced a choice. As Trump made draconian demands for greater European defence spending, threatened European exports with sweeping new tariffs, and challenged long-held European values on democracy and the rule of law, European leaders could either assume a confrontational stance and push back collectively or choose the path of least resistance and give in to Trump. From Warsaw to Westminster, from Riga to Rome, they chose the latter. Instead of insisting on bargaining with the United States as an equal partner or asserting their self-declared strategic autonomy.
• How to Survive in a Multi-aligned World
The Indian Way of Strategic Diversification
As the United States re-evaluates its global commitments and questions the existing international order, longtime American allies and partners are seeking alternatives to foreign policy strategies that rely heavily on Washington. Canada, South Korea, and the European Union have all talked about building ties with a wider range of countries. Qatar, Saudi Arabia, and the United Arab Emirates are hedging against U.S. unpredictability by cementing other partnerships; the Saudis, for instance, recently concluded a security deal with Pakistan. Such efforts aim to make countries less vulnerable to sudden changes in any single bilateral relationship and give them more options.
• India Doesn’t Want to Need China
But U.S. Policy Is Forcing New Delhi to Turn to Its Rival
In August, five years after a fatal military clash between China and India, Indian Prime Minister Narendra Modi travelled to Tianjin to meet with Chinese leader Xi Jinping at the Shanghai Cooperation Organization summit. The visit marked Modi’s first trip to China since relations between the Asian neighbours soured in 2020. Western analysts were struck by images of Modi holding hands and laughing with Xi and Russian President Vladimir Putin. Several observers feared that U.S. President Donald Trump’s tirades and tariffs—he imposed a 50 percent tariff rate on India over the summer—had pushed New Delhi into Beijing’s side.
• The West’s Last Chance
How to Build a New Global Order Before It’s Too Late
The world has changed more in the past four years than in the previous 30. Our news feeds brim with strife and tragedy. Russia bombards Ukraine, the Middle East seethes, and wars rage in Africa. As conflicts are on the rise, democracies, it seems, are in demise. The post–Cold War era is over. Despite the hopes that followed the fall of the Berlin Wall, the globe did not unite in embracing democracy and market capitalism. Indeed, the forces that were supposed to bring the world together—trade, energy, technology, and information—are now pulling it apart.
• Welcome to Balance of Power
Visitors to Oslo for the Nobel Peace Prize celebrations last week couldn’t help but notice the absence of traffic din, with only the quiet hum of electric vehicles downtown. Private cars, taxis, even the ferries shuttling into port are mostly battery-powered.
It’s going to be a while before anywhere else in Europe matches Norway’s level of EV penetration.
The European Union’s decision this week to bow to industry
lobbying and pull back from an effective ban on combustion engines means less pressure on the bloc’s 27 governments to emulate non-EU member Norway in adopting cleaner transport.
Easing requirements that would have halted sales of new gasoline and diesel-fuelled cars from 2035 gives the auto industry more time to adjust.
The EU Commission’s logic is to mitigate the cost to Europe’s carmakers of making the transition at a time when they are already struggling on several fronts. EV sales growth has disappointed, slowing last year after countries including Germany — the EU’s largest market — withdrew incentives.
But it’s also a recognition of the changed geopolitical situation since the rules were crafted — and another marker in a global pullback from green policies.
US President Donald Trump is leading the retreat, dismissing climate change as a hoax and rolling back green measures introduced under the Biden administration. On Monday, Ford announced $19.5 billion in charges tied to the U-turn on its electric strategy.
That leaves China at the vanguard.
As Trump doubles down on fossil fuels, Beijing leads the world in clean tech. China’s BYD is set to become the No. 1 seller of battery-electric cars in 2025.
The EU isn’t going into reverse gear on EVs; it’s taking its foot off the pedal on the world’s most aggressive timeline for phasing out combustion engines.
But it’s China, not Europe or the US, that’s moving ahead.
Calls are growing for the EU to approve a massive loan to Ukraine backed by frozen Russian assets without the support of Belgium, where almost all of them are located, at a leaders’ summit starting today. Meanwhile, Russia is resorting to increasingly costly borrowing to plug a widening gap in its military budget as the US and Ukraine’s European allies continue to hammer out details of a potential peace plan.
• Turkey is seeking to return S-400 air-defence systems it bought from Russia nearly a decade ago, a move that would end a controversial deal that roiled its relationship with Washington and could potentially allow Ankara to buy the American F-35 stealth fighters it has long sought. Turkish President Recep Tayyip Erdoğan raised the issue at talks with Russian counterpart Vladimir Putin in Turkmenistan last week, sources say.
• Trump looked to reassure Americans concerned about the rising cost of living by announcing plans for a special holiday payment to military-service members and housing reforms in the new year. He also used the prime-time address from the White House to extol his accomplishments from the first year back in the White House and convince voters they should still blame his predecessor for persistent economic anxieties.
• Chinese Foreign Minister Wang Yi expressed support for Venezuela yesterday, criticizing one-sided coercion hours after Trump ordered a blockade of oil tankers to ratchet up pressure on the South American nation. Separately, Venezuela may soon have to start closing some oil wells as it runs low on storage capacity following last week’s tanker seizure and US plans to block other sanctioned vessels.
• The US approved arms sales to Taiwan worth up to $11 billion aimed at strengthening the democracy’s defences against any possible invasion. The package, one of its biggest yet to Taipei, covers a broad range of equipment including missiles, drones and artillery systems, and is likely to draw a sharp response from China.
• India’s landmark Oman trade deal deepens Gulf push
India on Thursday signed a comprehensive economic partnership agreement (CEPA) with Oman that seeks to strengthen the country’s economic and strategic engagement with the Gulf and deepens its footprint in the region. The pact – India’s second deep trade agreement with a Gulf nation after the UAE – aims to look at market access, services mobility and investment footholds. For Oman, the agreement is only its second bilateral trade deal after the US in 2006. Under the agreement, Oman has offered zero-duty access on 98.08% of its tariff lines, covering 99.38% of India’s exports by value, with immediate tariff elimination on 97.96% of tariff.
• The Indian Government is considering several measures to prevent a domestic sugar glut and ensure timely payments to farmers, with a policy announcement expected in January. The Government is monitoring the 202-26 sugar season, where gross production is projected to reach 34.3 million tonnes. The plan will be to ensure the stock build-up is prevented to extent possible and the sugar cane farmers get their payment in time.
• All that Cheap Chinese stuff is now Europe’s problem. Trump’s tariffs have re-directed the flow of low-valued packages away from the US into backyard warehouses on the Continent; the new ‘Silk Road’. President Trump’s crackdown on Chinese imports in the US has redirected a tsunami of cheap stuff in Europe. Some of it is pooled in Xue Er’s backyard. A stay-at-home Mom in her 40’s who moved from Shanghai to the U.K. in 2021, Xue recently built a 320 sq.foot shed to store clothes, bags and small furniture from Chinese merchants, many of whom are eager to broaden beyond the American market. When orders come in she packs and ships the products, cutting the turnaround time. In a good month she earns Pds.3,000 to Pds.5000. The shadow logistic network has powered China’s trade surplus past $1 trillion for the first time this year. Chinese immigrants get paid to store goods in spare rooms. Trump’s trade war has rewired global commerce. China is outfoxing Trump’s efforts to isolate Beijing, with shipments to Europe and S.E.Asia more than offsetting the nearly 20% contraction in the U.S.
• EU Commits to a $105 Billion Loan to Ukraine—but Without Russian Assets
The bloc is divided about how to confront Russia over its war in Ukraine.
Territory has emerged as the central stumbling block to a peace deal between Ukraine and Russia. The initial U.S.-led proposal calls for Kyiv to surrender the “Fortress Belt,” the fortified strip of land that forms the backbone of the country’s defences. Ukraine’s leaders cannot accept this.
European leaders committed to lend Ukraine 90 billion euros, or around $105 billion, to help the country keep fighting Moscow’s invasion but failed to agree on a plan to use frozen Russian assets for the loan.
The vow to loan Ukraine money amounts to a financial lifeline at a crucial moment, but the European Union’s inability to agree on handing Kyiv tens of billions of dollars in Russian funds underlines divisions in the bloc over the extent to which they are prepared to confront Russia.
• Putin Warns He Will Achieve Aims in Ukraine Through Negotiation or War
The Kremlin leader called European leaders backing Ukraine ‘piglets’
who wanted to feed on Russia’s collapse.
• Venezuela invasion – The oil War nobody is talking about 100,000 troops. Imperial greed blatant and unapologetic the centuries old ravaging of South America laid bare.
• Cancer Doctor are making a Fortune off Drug-Trial Participants. Physicians stand to earn big money when signing up patients for drug trials. Lately, some of these trials have been producing dubious science.
The future cancer drug research just might be in Omaha, Nebraska, between a Panda Express and a Mattress Firm. Here, in an otherwise unremarkable storefront, a little-known clinic called XCancer has become one of the most trusted research partners of pharmaceutical companies seeking to test experimental prostrate cancer medicines. XCancer and its sole physician, Luke Nordquist, have participated in more than 200 trials over 15 years, and played a leading role in testing Novartis AG’s widely advertised blockbuster, Pluvicto.
A big draw is speed: Nordquist says he can open a trial in as little as two weeks, unlike big academic research centres that take several months of layers of management and lengthy internal review protocols. “They come to me first”, says Nordquist.
Increasingly, privately owned clinics like Nordquist’s are the engine room of a fast-growing, lucrative and for many patients, little understood business. So many trials for cancer drugs are now underway – 2,400 recently compared to 400 in 2000. Drug companies by one estimate spend $80 billion a year on clinical trials in oncology.
• Donald Trump’s decision to approve previously banned exports of Nvidia’s H200 AI chips to China may turbocharge the People’s Liberation Army’s technological ambitions, narrowing America’s edge in military supremacy.
• Global firms can now own 100% stakes in Indian insurers following a sweeping overhaul of the financial sector aimed at attracting more long-term foreign capital. Parliament approved removing the foreign ownership cap on insurance companies, previously set at 74%. Meanwhile, the country’s securities regulator has cut the fee paid by domestic mutual funds to brokerages and slashed the basic management charge.
• PDD Holdings fired a government relations team in Shanghai following a fistfight between employees and Chinese regulators who were performing checks at the e-commerce company, according to people familiar. The fracas risks drawing heightened scrutiny from the State Administration for Market Regulation, which has broad enforcement powers and a history of high-profile corporate probes.
• China Vanke, once the nation’s biggest homebuilder, is edging closer to one of China’s largest-ever debt restructurings. The developer has asked some commercial banks to delay interest payments and is struggling to win bondholder approval to extend the maturity on 2 billion yuan ($284 million) of notes that matured Dec. 15. It’s also seeking a 12-month extension on another bond due Dec. 28.
• Hong Kong cancelled its annual fireworks show over Victoria Harbor, a decision that comes around three weeks after a deadly blaze in a high-rise estate. The city is instead holding a “countdown event” in Central, the Hong Kong Tourism Board said in a statement on Wednesday.
• EU and UK expand sanctions on Russian shadow fleet targets The shadow fleet — and all its risks — will persist, no matter what happens in 2026 | Black Sea security has ‘materially deteriorated’
• Nordic American Tankers trims old tonnage ahead of newbuild push
• Nordic American Tankers has booked a healthy profit from the sale of two older suezmax tankers as the company presses on with its fleet renewal strategy.
The New York-listed owner said it has sealed a deal to sell a pair of 2004- and 2005-built suezmaxes for a combined net price of
$50m. Both vessels are debt free and are due to be delivered to their new owners in January 2026.
While NAT did not name the buyer, the 2004-built ship is listed as the 150,037 dwt Nordic Luna, the oldest vessel in the company’s fleet. The group also counts three 2005-built suezmaxes among its remaining ships. The company said it expects to record a book gain of about $14m from the transaction, strengthening its cash position as it lines up its next newbuilding move.
NAT has already flagged plans to return to the newbuilding market, having signed a preliminary agreement for two suezmax tankers at a South Korean yard. A firm contract is expected to be concluded in January 2026, with deliveries pencilled in for the second half of 2028.
The Owner last ordered new ships in 2020, when it booked two suezmaxes at Samsung Heavy Industries. Those vessels were delivered in 2022 under a sale-and-leaseback arrangement with Ocean Yield.
Alongside newbuildings, NAT has been active in the secondhand market. Earlier this year it took over two 2018-built suezmaxes from Ocean Yield and bought two 2016-built units from Eastern Pacific Shipping for around $65.6m apiece.
The Herbjørn Hansson-led Company currently controls a fleet of 20 suezmaxes, with the latest sale underlining its efforts to lower fleet age while locking in value from older tonnage.
• EU widens shadow fleet net as UK and US tighten energy sanctions
The European Union has escalated its campaign against Russia’s shadow fleet, adding another 41 vessels to its sanctions list and taking the total number of designated ships to nearly 600, as Western powers intensify pressure on Moscow’s oil revenues.
The latest EU move targets a mix of tankers accused of transporting Russian crude and petroleum products using what Brussels described as “irregular and high-risk shipping practices,” alongside five vessels allegedly involved in moving stolen Ukrainian grain and cultural goods from occupied territories. The sanctioned ships now face port access bans and restrictions on maritime services across EU member states.
The EU also moved against individuals and companies facilitating these trades, including Pakistani-Canadian oil trader Murtaza Ali Lakhani and executives linked to 2Rivers Group, formerly Coral Energy, allegedly identified as a major intermediary for Russian oil exports since 2022.
The EU and G7 are considering replacing the Russian oil price-cap regime with a blanket ban on Russia-linked maritime services, including shipping, insurance, crewing, and tanker operations, even for exports to third countries such as India and China. If included in the EU’s next sanctions package in early 2026, this would represent the EU’s most significant escalation of maritime restrictions to date, though it remains unclear whether and how such a ban could be implemented consistently across all G7 jurisdictions.
Across the Channel, the UK mirrored parts of the EU action and went further, unveiling 24 new sanctions aimed at Russia’s energy sector and associated supply networks. London directly targeted four of Russia’s largest remaining unsanctioned oil producers – Tatneft, Russneft, NNK-Oil and Rusneftegaz Group – which together generate more than $20bn in revenue and account for close to a tenth of Russia’s recent oil exports.
“With Russian oil revenues in free fall, now is the time to tighten the squeeze on Putin’s brutal war machine and bring Russia to the negotiation table,” said UK sanctions minister Stephen Doughty. “Our message is clear – the UK will not rest until Putin ends the bloodshed and there is a just and lasting peace in Ukraine.”
UK foreign secretary Yvette Cooper stressed the coordinated nature of the Western response, saying: “At this critical moment for Ukraine, Europe is stepping up. Together, the UK and our allies are piling the pressure on Putin – going after his oil, gas and shadow fleet – and we will not relent until he abandons his failed war of conquest and gets serious about peace.”
In Washington, the United States continues to signal readiness to escalate maritime sanctions, having already imposed sweeping measures on Russian oil majors Rosneft and Lukoil in October.
Treasury secretary Scott Bessent said at the time: “Now is the time to stop the killing and for an immediate ceasefire,” adding that the US stands ready to increase pressure to support diplomatic efforts.
Separately, the US Treasury has expanded sanctions on Iran’s shadow fleet operations, designating dozens of vessels and shipping companies involved in deceptive petroleum trades. “Treasury will continue to deprive the regime of the petroleum revenue it uses to fund its military and weapons programs,” said under-secretary John Hurley.
• DryDel doubles down on capesize newbuilds
Greek bulker owner DryDel Shipping has moved to deepen its exposure to larger tonnage, signing contracts for two more capesize bulk carriers at Japan’s Namura Shipbuilding.
The latest deals take DryDel’s capesize orderbook to four vessels, all under construction at the Japanese yard. The Athens-based company placed its first-ever capesize order in late 2024, booking a pair of 182,000-dwt ships with deliveries scheduled for 2028.
DryDel confirmed this week that two additional 182,000 dwt capes have been agreed, with the most recent contract signed this year following a third newbuilding deal in July 2025. Delivery of the latest vessel is set for 2029.
The ships will be fitted with scrubbers and Tier III, EEDI Phase 3- compliant engines, reflecting the owner’s focus on fuel efficiency and emissions performance as it grows its fleet.
Chief executive Costas Dellaportas said the orders mark another step in the company’s long-term strategy. “With this addition, 11 dry bulk vessels are currently under construction, all featuring ultra-efficient engines and high performance,” he said, adding that DryDel has continued to back Japanese shipyards “through actions, not just words”.
DryDel entered the capesize segment as part of a broader shift toward larger bulkers, building on a long-standing relationship with Japanese yards. The owner had previously ordered four handysize bulk carriers at Namura and says it has invested more than $800m in 25 newbuilding projects at leading Japanese shipyards since 2019.
• California’s Clippership sets sail on zero- emission autonomy
California’s Clippership has contracted Dutch shipyard KM Yachtbuilders to build its first RINA-approved, 24 m long zero-emission, autonomous, wind-powered vessel.
The ship is scheduled to launch in late 2026 to serve transatlantic, Caribbean and South American pilot routes, areas where other pioneering sail cargo vessels are also eyeing growing business.
The ship features twin, foldable rigid wings for primary wind propulsion and is designed for open-ocean autonomy. The vessel has a cargo capacity of up to 75 Euro-pallets within its climate-controlled cargo hold.
A Clippership spokesperson said: “Partnering with KM Yachtbuilders places our design in the hands of a shipyard known for building safe and innovative aluminum vessels, and RINA’s design approval ensures full alignment with applicable international regulations.”
Started in a Los Angeles garage by brothers Nico and Luca Cymbalist, and Kai Matsuka, Clippership is a maritime robotics company whose mission is to build a new way of transporting cargo across oceans and waterways.
“If successful, we will open new point-to-point trade routes, revitalize small ports, and dramatically reduce the environmental impact of transporting cargo over the ocean,” the company states on its website.
• And that’s a wrap
Venezuela has begun deploying naval escorts for vessels carrying oil byproducts as they depart its ports, underscoring a rapid escalation in maritime tensions following US president Donald Trump’s threat of a “total and complete” blockade of sanctioned oil tankers trading to and from the country.
The escalation of attacks on commercial shipping in the wider Black Sea region took a deadly turn early Thursday after a Ukrainian drone strike hit a tanker docked at the southern Russian port of Rostov-on-Don, killing two crewmembers and setting the vessel ablaze. “I call on all parties to refrain from targeting innocent seafarers, port workers and merchant ships. Shipping should not be used as collateral in geopolitical situations,” urged IMO secretary-general Arsenio Dominguez.
UK shipbroking group SSY struck a deal to acquire Grieg Shipbrokers, adding one of Scandinavia’s longest-standing brokerage houses to its expanding global platform. The deal is set to take effect in January 2026, subject to customary conditions.
Among many great Contributions this week, Roar Adland, SSY’s head of research, gave his 2026 shipping market outlook in which he quipped: “Sentiment will eat careful fundamental research for breakfast any day.”
• Brokers in disbelief as new Chinese yard clinches debut order from Greek owner Revived yard operation in Shandong secures ultramax deal with Victor Restis company Entreprises Shipping & Trading.
With ship owners scrambling to secure ever-harder-to-find newbuilding slots, a previously unknown Chinese shipbuilder has emerged with a sizeable debut order from Greek clients.
Shandong LianMeida Shipbuilding, a company set up in in the Penglai district of Yantai City in Shandong Province, was established just three months ago.
• Costas Delaportas doubles capesize bulker orderbook in Japan with fresh deals
Greek owner DryDel Shipping has four big bulkers under construction at top-tier yard. DryDel Shipping, a Greek owner of modern bulkers, has accelerated its pivot towards larger tonnage with two new Capesize bulkers ordered at Namura Shipbuilding. Twelve months after placing its debut order for a pair of 182,000- dwt Capesize ships at a Japanese yard, DryDel announced on Thursday that it has signed contracts for two more vessels this year.
• China’s maritime law rewrite sharpens
liability picture for shipowners Minimal unification narrows gaps between domestic and international carriage without opening cabotage.
China’s revised Maritime Code is reshaping risk allocation for shipowners by narrowing legal gaps between domestic and international carriage while preserving strict limits on foreign access to coastal trades.
China’s top legislature approved a revised Maritime Code on 28 October, with the new version set to take effect on 1 May 2026 and replace the 1993 framework with 16 chapters and 310 articles.
• The Trump effect: How disruptive has the US President really been for shipping?
Trump has made shipping increasingly political and has been a major newsmaker. However, how much has the returning president really swayed the markets? After jolting world trade with global tariffs in April, US President Donald Trump had a message for spiralling stock markets.
“THIS IS A GREAT TIME TO BUY!!!” he said, with his characteristic all-caps.
Even in shipping, this proved to be somewhat right.
• Shipowners splash $150bn on newbuilding orders with Gianluigi Aponte digging deepest
2025’s contract total is well ahead of the 10-year average, Clarksons says. Shipowners are continuing to invest heavily in new vessels, according to new figures from UK-based Clarksons Research. The company said 2025 has seen steady contracting, with 1,627 ships of 116.8m cgt ordered through to the end of November.
• Fake Iraq callers sanctioned in latest US targeting of Iran’s ‘shadow fleet’
US targets 29 shadow fleet tankers in latest Iran designations At least 14 faked AIS data to show them loading in Iran during 1H25. Most tankers targeted on Thursday are on the smaller side and ship petroleum products
Baltic Shipping News 18th December, 2025
BALTIC INDICES 18/12/2025
DRY INDEX: 2071 (- 50)
CAPESIZE INDEX: 3675 (- 19)
PANAMAX INDEX: 1389 (- 91)
SUPRAMAX INDEX: 1258 (- 50)
HANDYSIZE INDEX: 758 (- 16)

BCI TC AVG $/DAY 30480 (- 157)
BPI82 TC AVG $/DAY 12505 (- 813)
BSI TC AVG $/DAY 15904 (- 627)
BHSI TC AVG $/DAY 13641 (- 286)

TIMECHARTER

‘Fjeld Saga’ 2013 82908 dwt dely Belfast 20/23 Dec trip via US Gulf redel PMO-Japan intention India $20,000 – Cargill
‘BBG Liuzhou’ 2015 82293 dwt dely Chiba 22 Dec trip via Australia redel India $10,250
‘Aquaprima’ 2022 82270 dwt dely Takehara 23/24 Dec trip via EC Australia redel India $11,500
‘Vosporos’ 2010 82217 dwt dely Incheon 23 Dec trip via NoPac redel Singapore-Japan $11,500 – Marubeni
‘Darya Shanti’ 2016 82028 dwt dely Dalian 22/23 Dec trip via NoPac redel Singapore-Japan intention grains $11,400 – Bunge –
‘SM Santos’ 2020 80857 dwt dely Gibraltar 21 Dec trip
via US Gulf redel China $21,000 – Refined Success –
‘Nestor S’ 2011 75200 dwt dely EC South America trip redel Singapore-Japan $14,000 + $400,000bb
‘Golden Lily’ 2002 73193 dwt dely Taishan 23/24 Dec trip via Indonesia redel South China intention coal $6,000
‘Lem Marigold’ 2020 63663 dwt dely Recalada prompt trip redel Bangladesh $16,250 + $625,000bb – Guardian Bulk
‘Spring Oasis’ 2014 63291 dwt dely Huangpu prompt trip via Indonesia redel Thailand $13,300 – Panocean
‘Jabal Almisht ‘ 2019 63139 dwt dely Tyne prompt trip redel Egypt –
Turkish Mediterranean intention scrap $20,750 – Weco
‘Tai Helios’ 2013 53857 dwt dely Koh Sichang 18/19 Dec trip via Indonesia redel China $8,750
‘Seacon Liverpool’ 2025 42870 dwt dely CJK prompt trip via Far East redel Los Angeles – Lazaro Cardenas intention steel products $12,250 – Panocean
‘Federal Prestige’ 2023 42701 dwt dely Fangcheng prompt trip via Ho Chi Minh redel Ishinomaki or Tahara intention woodpellets $12,300 – Swire
‘Freja Bulker’ 2024 40281 dwt dely Geraldton or opt prompt trip redel Ushant – Skaw intention lupins $15,000 – Summit
‘Nordorinoco’ 2015 38040 dwt dely Arzev prompt trip redel EC Mexico intention urea $12,000 for 45 days thereafter $14,000
‘Yasa Kyoto’ 2023 37396 dwt dely Tubarao prompt trip redel Adriatic $21,000
‘Thebe’ 2014 35954 dwt dely wwr La plata or Recalada prompt trip redel Kuwait intention petcoke $21,000 – Cargill
‘Uniglobe’ 2013 35826 dwt dely Barranquilla prompt trip redel Brazil intention coal $17,000 – Pacific Basin
‘Alycia’ 2012 35058 dwt dely Pecem prompt trip redel Continent $20,000
‘Global Symphony’ 2014 34446 dwt dely Fushiki prompt trip via Bukpyung redel Portland intention cement $8,000 – Pacific Basin
‘Eurostar’ 2013 33912 dwt dely Paranagua 25/30 Dec trip redel Continent intention steels $19,000 – BBC
‘Tan Binh 279’ 2013 28222 dwt dely Singapore prompt trip via SE Asia redel Yantai intention copper concentrates $9,000 – HMM
VOYAGES ORE
‘TBN’ 170000/10 Dampier/Qingdao 2/4 Jan $10.45 fio 90000shinc/30000shinc – Rio Tinto
‘TBN’ 170000/10 Tubarao/Qingdao 16/22 Jan $24.00 fio 3 days shinc/30000shinc – ECTP
‘Genco Liberty’ 2016 160000/10 Port Hedland/Qingdao 2/4 Jan $10.50 fio 90000shinc/30000shinc – BHP
‘Cape XL’ 2011 160000/10 Port Hedland/Qingdao 3/5 Jan $10.50 fio 80000shinc/30000shinc – FMG
CAPESIZE
The market ended the day on a slightly softer note, with the BCI 5TC easing by $157 to settle at $30,480. Sentiment in the North Atlantic remained subdued, with limited fresh activity and a generally softer tone persisting throughout the day. In contrast, Pacific activity gathered momentum as three miners entered the market. Opening offers in the high $10.00s led to a number of fixtures concluded at $10.45–$10.50, nudging the C5 index up by 0.135 to $10.50. From South Brazil to China, conditions were more mixed but showed signs of improvement. Following yesterday’s C3 fixture at $23.50, bids were reported to strengthen, with market talk of $24.00 being paid for 16/22 January laycan and offers heard closer to $25.00. Despite the firmer bid-side sentiment, the C3 index slipped by 0.222 to close at $24.073.

Atlantic
ETCP fixed a TBN for 170,000/10 from Tubarao to China for 16/22 January at $24.00, further details have not come to light. ArcelorMittal fixed a Brege Bulk TBN for 160,000/10 from Ponta Da Madeira to Flushing and Dunkirk for 7/11 January at $14.85.
Asia
Rio Tinto fixed a TBN for 170,000/10 from Dampier to Qingdao for 2/4 January at $10.45. BHP fixed the Genco controlled Genco Liberty (180,387 2016) for 160,000/10 from Port Hedland to Qingdao 2/4 January at $10.50. FMG fixed Cape XL (181,458 2011) for 160,000/10 from Port Hedland to Qingdao for 3/5 January at $10.50.
PANAMAX
The market remained on a downward trajectory today, with sentiment weakening further amid a lack of fresh fixtures across both the Atlantic and Pacific. Transatlantic and fronthaul rates continue to face pressure as charterers push for lower numbers, while owner resistance is gradually eroding. In Asia, the market continues to trend lower and remains very quiet, reflecting a lack of cargoes and limited replenishment. While some Indonesian tenders have emerged, activity has largely been confined to smaller and older Panamax vessels. The abundance of prompt tonnage has further weakened market fundamentals, enabling charterers to advance increasingly aggressive rate ideas for early coverage. Period activity remained muted, and the P5TC average declined by $813 to close the week at $12,505.
Atlantic
The Nestor S (75,033 2011) fixed basis aps EC South America 23 December for a trip redelivery Singapore-Japan at $14,000 +$400,000bb although no charterer was reported.
Asia
The Zhen Xiang 6 (75,302 2017) open in Putian 21 December fixed for an Indonesia round voyage but further details lacked. The scrubber fitted Darya Shanti (82,028 2016) open in Bayuquan 20 December fixed for a NoPac grains run to Messrs Bunge but a rate did not emerge.
SUPRAMAX
Further erosion again across the sector. The US Gulf maintained its strong downward trend with very little fresh enquiry and a build-up of prompt tonnage. Activity remained relatively slow from the South Atlantic and the Continent also lacked fresh impetus. The Asian arena saw demand although again rates remained under downward pressure as tonnage availability remained strong. The 11TC fell another $627 to finish the day at $15,904.
Atlantic
An ultramax was heard to have been fixed for a trans-Atlantic run in the mid $20,000s but further details remained under wraps. Elsewhere, the African Baza (61,313 2015) was rumoured fixed delivery Recalada trip to the WC South America at $26,000.
Asia
The V Star (56,734 2013) fixed $15,000 delivery Fujairah for trip via Sitra to WC India with fertiliser with Damico.
HANDYSIZE
Another challenging day unfolded for the sector across both basins, with soft sentiment persisting. Across the Continent- Mediterranean, the number of available vessels are preventing any significant improvements, keeping rates slightly below the previous levels. In the US Gulf, sentiment also remained subdued, as the lengthening tonnage list continued to exert downward pressure on rates. The South Atlantic market stayed slow, with very limited fixing activity reported; charterers were bidding significantly below previously agreed levels. From Asia, brokers reported ongoing negative sentiment. Increased availability of tonnage, particularly in Southeast Asia, combined with limited enquiry, continued to weigh on rates. The 7TC average dropped by $286, closing at $13,641.
Atlantic
The Leonard Schulte (43,477 2017), open Port Harcourt, was placed on subjects for a Santos to Continent–Gibraltar trip at $19,500 by Cargill.
The Karlino (39,035 2019) was also placed on subjects for a transatlantic trip at $19,000, though further details were not disclosed. Additionally, the Lucky Luke (42,083 2025), open Philadelphia on 26 December, was placed on subjects for a Norfolk to Continent–Baltic trip with coal, while the Ken Un (37,429 2015), open Veracruz 27–28 December, was placed on subjects for a US Gulf to Continent trip.
Further details on both fixtures were not disclosed.

Asia
The Seacon Liverpool (42,870 2025) was reported fixed on delivery CJK for a trip via the Far East to Los Angeles–Lázaro Cárdenas with steel products at $12,250 by Pan Ocean. Meanwhile, the Freja Bulker (40,281 2024) fixed delivery Geraldton, with an option, for a trip to Ushant–Skaw carrying lupins at $15,000 by Summit, though further details were not disclosed.
Baltic Exchange Index – 18 DECEMBER 2025
Baltic Exchange Capesize 182 Index

Route Description Value Change

C8_182 182000mt Gib/Hamburg transatlantic RV 38,388 – 1150
C9_182 182000mt Cont-Med trip China-Japan 56,033 – 345
C10_182 182000mt China-Japan transpacific RV 32,205 + 591
314_182 182000mt China-Brazil round voyage 29,791 + 186

C16_182 182000mt Backhaul 16,267 – 161

C5TC 182 Weighted Timecharter Average 33,515 + 17

Baltic Exchange Index – 18 DECEMBER 2025
Baltic Exchange Capesize Index 3675 (- 19)

Route Description Value($) Change

C2 160000mt Tubarao to Rotterdam 14.250 – 0.050
C3 160-170000mt Tubarao to Qingdao 24.073 – 0.222
C5 160-170000mt W Australia to Qingdao 10.500 + 0.135
C7 150-160000mt Bolivar to Rotterdam 15.438 – 0.306
C8_14 180000mt Gibraltar-Hamburg T/A RV 33,525 – 913
C9_14 180000mt Conti/Med Trip China/Japan 51,278 – 639
C10_14 180000mt China/Japan T/P RV 29,520 + 530
C14 180000mt China-Brazil RV 26,959 + 141
C16 180000mt N.China to Skaw-Passero 12,556 – 127

C17 170000mt Saldanha Bay to Qingdao 18.150 – 0.125

5TC Weighted Timecharter Average 30,480 – 157

Baltic Exchange Panamax 82500mt Index 18 DECEMBER 2025
Baltic Exchange Panamax Index 1,389 (- 91)

Route Description Value ($) Change

P1A_82 Skaw-Gib T/A RV 14,436 -1419
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 19,872 -835
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 10,545 -741
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 8,038 -418

P6_82 Dely Spore Atlantic RV 11,564 -490

P5TC Weighted Timecharter Average 12,505 – 813

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

Route Description Value ($) Change

P5_82 S. China Indo RV 9,528 – 1105
P7 66000mt Mississippi Rvr to Qingdao 49.500 – 1.064
P8 66000mt Santos to Qingdao 32.786 – 0.671

Baltic Exchange Panamax 82 Asia Index – 19 December 2025

Route Description Size (MT) Value($) Change

P5_82 S.China one Indo RV 8,528 -1,000

Baltic Exchange Supramax Index – 18 DECEMBER 2025
Baltic Exchange Supramax Index 1258 (- 50)

Route Description Value ($) Change

S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 19,117 – 533
S1C_63 US Gulf trip to China-South Japan 25,086 – 1203
BS2_63 North China one Australian or Pacific RV 13,950 – 406
BS3_63 North China trip to West Africa 12,520 – 65
S4A_63 US Gulf trip to Skaw-Passero 26,850 – 2389
S4B_63 Skaw-Passero trip to US Gulf 11,646 – 218
BS5_63 West Africa trip via ECSA to North China 20,489 -454
BS8_63 South China trip via Indo to EC.India 14,636 -793
BS9_63 W.Africa trip via ECSA to Skaw-Passero 17,450 -336
S10_63 S.China trip via Indonesia to South China 12,563 -684

S15_63 Indian Ocean trip via S.Africa to Far East 14,921 – 729

S11TC Weighted Timecharter Average 15,904 – 627
S10TC Supramax(58) Timecharter Average 13,870 – 627

Baltic Exchange Supramax Asia Index – 19 December 2025

Route Description Value($) Change

S2_63 N.China one Austr or Pac RV 13,463 -487
S8_63 S.China via Indonesia/Ec India 13,961 -675

S10_63 S.China via Indo/S.China 11,903 -660

S3TC Weighted Time Charter Average 13,155 -592

Baltic Exchange Index – 18 DECEMBER 2025
Baltic Exchange Handysize Index 758 (- 16)

Route Description Value ($) Change

HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 9,929 – 200
HS2_38 Skaw-Passero trip Boston – Galveston 12,079 – 250
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 21,322 – 839
HS4_38 USGulf trip via USG or NCSA to Skaw-Passero 21,643 – 464
HS5_38 SE Asia trip to Spore – Japan 11,394 – 162
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn 11,013 – 118

HS7_38 N.China-S.Kor-Jpn trip to SE Asia 10,381 – 107

7TC Weighted Timecharter Average 13,641 – 286
(c) Baltic Exchange Information Services Ltd., 2025

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