Greenland
What was never for Sale now be up for Sale even if by Force!
A nation of 6 million, the country has about 16,000 uniformed employees in the military and emergency services. Denmark relies heavily on Nato for Security. The U.S. military maintains a permanent presence at Pituffik Air Base in northwest Greenland. Denmark has accommodated US presence as it does not have the capability to defend the Greenland and benefits from US security guarantees through NATO.
Greenland sits off the northeastern coast of Canada, with more than two-thirds of its territory lying within the Arctic Circle. That has made it crucial to the defence of North America since World War II, when the U.S. occupied Greenland to ensure it didn’t fall into the hands of Nazi Germany and to protect crucial North Atlantic shipping lanes.
Security threats
In 2018, China declared itself a “near-Arctic state” in an effort to gain more influence in the region. China has also announced plans to build a “Polar Silk Road” as part of its global Belt and Road Initiative, which has created economic links with countries around the world.
Then U.S. Secretary of State Mike Pompeo rejected China’s move, saying: “Do we want the Arctic Ocean to transform into a new South China Sea, fraught with militarization and competing territorial claims?”
Meanwhile, Russia has sought to assert its influence over wide areas of the Arctic in competition with the U.S., Canada, Denmark and Norway. Moscow has also sought to boost its military presence in the polar region, home to its Northern Fleet and a site where the Soviet Union tested nuclear weapons. Russian military officials have said that the site is ready for resuming the tests, if necessary.
Tata Steel trials Canadian ore to hedge against future shortages
Tata Steel has booked a bulk shipment of iron ore lumps from Tata Steel Minerals Canada (TSMC), marking the first time the Indian Steelmaker has sourced this key raw material from its Canadian arm for use in India. Many of Tata Steel’s captive leases will expire in 2030. The shipment consists of Iron Ore lumps with aluminium content below 1%, Iron content of about 64% and a size range of 10-40mm. At present Tata Steel meets 100% of its iron ore requirements in India through its six captive mines located in Jharkhand’s Noamundi, and Odisha’s Katamati, Joda East, Khondbond, Vijaya II and Koidahas. It also plans to expand mining at Odisha’s Gandhalpada and Kalamang.
Oil, US and Venezuela Crisis
What it means for India?
In early 2026, a dramatic event shook geopolitics and financial markets: the United States carried out a military operation in Venezuela, capturing President Nicolás Maduro and bringing him to the US to face charges.
The Venezuelan government was effectively replaced with Delcy Rodríguez as interim president, adding to political uncertainty.
This was not a routine In diplomatic move. It marked a sharp escalation, and global markets took note. But to understand why this matters financially, we need to look beyond politics and focus on Venezuela’s role in the global oil system, and how its oil flows affect prices, trade, and economies far beyond Latin America, including India.
17 percent of global proven reserves barrels about 303 billion proven crude oil reserves in the world the largest could Venezuela is not just another oil-producing nation. It has, estimated at . That’s roughly Saudi Arabia and Canada, more than
Most of this oil is heavy crude, located in the Orinoco Belt. Heavy crudes are not as easy to refine as light oils, but they are valuable to refining systems designed for them, especially in the United States Gulf Coast.
Having large reserves is like having a massive savings account. But savings only matter if you can spend them.
Despite holding huge oil wealth, Venezuela hasn’t been a top producer for years.
In the early 1970s, Venezuela produced around (7% of global output). But output has collapsed due to mismanagement, lack of investment, and. Recent estimates put production at around today.
That gap between what Venezuela produce (millions of barrels per day) and what it financial argument.
produces (under a million) is the heart of the Global oil prices are driven by current and expected supply, not just by how much oil is underground.
Even if Venezuela can produce millions of barrels, what really moves markets is how much oil can reach refiners now or in the near future. When a country like Venezuela produces far less than expected, it creates a perceived supply gap.
Analysts have said that if Venezuela’s output were to return to higher levels, say around 2 million bpd, it could put downward pressure on long-term oil prices by around $4 per barrel by 2030.
Reserves Venezuela: Sitting on the World’s Biggest Oil Supply
Oil Prices Don’t React to Reserves, They React to actually percent of global oil output day 3.5 million barrels per long-running US sanctions 1.1 million bpd, roughly.
Production Why Reserves Don’t Always Translate Into 1.3 million bpd
Markets hate uncertainty. When a major producer is not producing its potential, traders price in risk, and prices tend to rise or become volatile.
For the US, Venezuela’s oil story is not abstract.
Many US refineries, especially along the Gulf Coast, are designed to process heavy crude, which Venezuelan oil historically supplied. In the early 2000s, the US imported over from Venezuela. But sanctions and export halts reduced this dramatically, and in recent years the figure dropped to a fraction of that.
Lower Venezuelan oil supply forced the US to source heavy crudes from farther regions, like Canada or West Africa, which and increases import reliance. That feeds into domestic fuel prices.
Energy security is partly about price, but also about reliability of supply, which is why a country close to the US with huge oil potential matters.
When people say Venezuela was “hurting world trade,” it does not mean Venezuela blocked ships or closed sea routes. There were no tankers stopped in the Caribbean, and no major shipping lanes were disrupted like we saw during the Ukraine war or Red Sea attacks.
The problem was not blocked trade. The problem was happened.
Once US sanctions tightened, Venezuelan oil could no longer be sold freely to many buyers or processed through normal banking channels. But oil does not stop moving just because sanctions exist. Instead, it moves in less visible ways.
Venezuelan crude began flowing through middlemen, often changing hands multiple times before reaching the final buyer. Tankers were used for was sold at risk. cargo origins were obscured, and oil to compensate buyers for legal and financial.
This created three major issues for global markets.
large discounts ship-to-ship transfers at sea how trade diversification and cost adds
Why This Matters to the United States
created complexity without blocking trade Sanctions and distorted trade: How Venezuela First, pricing became distorted: Because Venezuelan oil was sold at steep discounts and outside transparent markets, it no longer.
From a finance perspective, this kind of opaque trade is inefficient.It does not reduce global oil demand or supply in a clean way, but it raises risk premiums, increases volatility, and makes energy markets less predictable.
So Venezuela did not damage world trade by stopping oil from moving. It affected world trade by forcing oil into complex, risky, and less transparent routes, which is exactly what financial markets try to avoid.
The Geopolitical Money Trail: China, Russia, and Debt
Beyond production and trade, there’s the question of who benefits financially. Venezuela’s government and its state oil company PDVSA owe large amounts to creditors, including China, which financed oil-for- loans deals worth billions. Reuters has referenced roughly $10 billion in oil-backed debt owed to China.
Some Venezuelan assets abroad, like the US-based refining
arm CITGO, have been tied up in legal battles between creditors and the government. These kinds of financial entanglements matter because they influence where future oil revenues will actually flow.
What the US Is Trying to Change, and Why
From a finance perspective, the US strategy seems to be about normalising oil flows and trade, not just political leadership.
Here’s what markets are watching: reflected true supply and demand. This weakens global price discovery, which is the process by which markets decide what oil is actually worth. Second, uncertainty increased volatility: Traders and refiners could not clearly see how much oil was entering the market, where it was going, or at what price. When supply becomes harder to track, markets tend to overreact to news, leading to sharper price swings. Third, costs rose across the system: Banks, insurers, and shipping companies faced higher compliance costs to avoid sanction violations. Many chose to stay away altogether, reducing liquidity in the market and pushing more trade into grey channels. Whether Venezuelan production can rise sustainably equity markets, bond yields, and currency stability.
All of these affect global supply expectations, pricing, and investment flows.
What this means for India and Indian investors
India may be far from Venezuela, but the impact shows up much closer to home, mainly through oil prices, inflation, and trade balance.
India imports more than 85 percent of its crude oil needs. That means any global oil price volatility directly affects India’s economy. When Venezuelan oil is pushed into opaque and discounted trade channels, global oil markets become harder to read. This uncertainty often leads to price spikes, even if actual supply has not fallen sharply.
For India, higher oil prices translate into three direct pressures.

First, higher inflation. Crude oil affects fuel prices, transport costs, and manufacturing expenses. When global oil prices rise or become volatile, it puts upward pressure on retail inflation in India. This can limit how aggressively the RBI can cut interest rates.
Second, pressure on the trade deficit and rupee. Oil imports are one of India’s biggest expenses. Even a small increase in crude prices raises India’s import bill, widening the trade deficit. A wider trade deficit often puts pressure on the rupee, especially during global risk-off periods.
Third, impact on government finances. Fuel subsidies, excise duties, and state taxes are closely linked to oil prices. When prices rise sharply, the government faces tough choices between absorbing costs, cutting taxes, or letting prices rise for consumers.
There is also a supply-side angle for India. India has been buying discounted oil from sanctioned countries like Russia. But reliance on such sources increases exposure to geopolitical risk.
From an investor’s point of view, this matters because oil prices influence in India.
Sectors like aviation, paint, FMCG, logistics, and chemicals are especially sensitive to crude price movements. Whether American and other global companies can legally invest in Venezuela’s oil fields How quickly oil exports can return to transparent, above-board trade channels Where that oil goes, to the US, China, or others.
So while Venezuela does not trade oil directly with India in large volumes today, its role in global oil supply still affects India through prices, volatility, and macro stability.
ISRO to kick off 2026 with PSLV-C62 launch on 12th January ISRO is gearing up for its first launch of the new year with the PSLV-C62 mission from Sriharikota. The primary payload of the mission is the EIOS-N1, an imaging satellite built for strategic purposes by the DRDO. The rocket will also carry a small probe device, Kestrel Initial Demonstrator.
Britain’s wealthiest households are seeing their finances weaken as higher taxes and slowing pay growth hit disposable incomes after years of strong gains. That threatens consumer spending, complicating Chancellor Rachel Reeves’ plans to rely on a consumer-led recovery. The country’s tax changes are prompting wealthy families to scale back UK family offices, with billionaires relocating staff and assets abroad.
US high seas seizures will test Russian resolve to protect shadow fleet
Seizure of Marinera prompts questions about UNCLOS legitimacy and sovereign state protection of ships. Marinera dumped fraudulent Guyana identity to join Russian flag mid-voyage.
US action calls into question how much protection is offered to the recent influx of shadow fleet tankers to the Russian flag.
No state has the right to use force against vessels duly registered in the jurisdictions of other states, argues Russia as US seized Russian-flagged shadow fleet ship.
Venezuela sanctions rule out rapid return of tankers
US, EU and UK restrictions unchanged. Country’s oil sector facing immediate storage crisis. But American self-interest may preclude pragmatic course. Getting a Washington OK isn’t easy and doesn’t guarantee clearance from Brussels and London.
Venezuela marine war risk rates ‘will be high’
Maduro capture changes little for now. But picture complicated by sanctions and vessel seizures. Most liftings undertaken by shadow fleet tankers. Country and offshore installations already listed by JWC. War risk premiums for Venezuela-bound ships are poised to climb, as insurers reassess exposures following US intervention and capture of Nicolás Maduro.
US high seas seizures will test Russian resolve to protect shadow fleet
Seizure of Marinera prompts questions about UNCLOS legitimacy and sovereign state protection of ships.
Marinera dumped fraudulent Guyana identity to join Russian flag mid-voyage. US action calls into question how much protection is offered to the recent influx of shadow fleet tankers to the Russian flag. No state has the right to use force against vessels duly registered in the jurisdictions of other states, argues Russia as US seized Russian-flagged shadow fleet ship.
US forces swoop on two tankers in Venezuela blockade
The M Sophia will join two other ships off the coast of US held since anti-Maduro regime operation was launched last month.
US forces have seized two VLCCs on opposite sides of the Atlantic
Ocean during helicopter-backed raids targeting Venezuela’s oil export trade. On Wednesday, the military seized a Russian-flagged tanker it had been pursuing for two weeks off the coast of Iceland after the 318,500-dwt Marinera (ex-Bella 1, built 2002) eluded its blockade.
On the same day, about 6,000 km (5,200 nautical miles) to the south, another ship, the 320,100-dwt M Sophia, was captured when American forces dropped onto the deck from a helicopter, according to footage posted by the US Southern Command.
Russia-bound tanker reportedly attacked in Black Sea
Palau-flagged Suezmax Elbus was struck while en route to Novorossiysk from Singapore, according to Lloyd’s List Intelligence casualty report. Vessel ownership and flag changed in November. No injuries or pollution were reported. A Russia- bound tanker was reportedly attacked on Wednesday while sailing off the Turkish coast in the Black Sea.
Oslo stock winner Himalaya Shipping sees higher bulker even rates in 2026
Geopolitics and China remain primary risks for newcastlemax vessels, CEO says. Himalaya Shipping was the top-performing shipping stock in Oslo last year. The Tor Olav Troim-backed newcastlemax owner returned around 67% in 2025.
Bulker stocks top pick for shipping in 2026 as giant Simandou mine adds shine
Top Norwegian analysts turn an eye to dry cargo equities after tankers ruled the waves last year. Fearnley Securities and Clarksons Securities see bulkers as the top sector for stocks this year. “2026 is looking very strong, with likely upside to asset values,” Fearnley Securities analyst Fredrik Dybwad said in a report. Fearnley Securities recommends investors buy shares in owners of large dry bulk vessels, such as CMB.Tech and Himalaya Shipping.
Sinokor Maritime linked to huge slew of buys and charter deals on vintage VLCC tonnage
Massive gamble in play by enigmatic South Korean owner. South Korea’s Sinokor Maritime is being named as the Buyer and Charterer behind a mammoth haul of VLCC tonnage numbered at upto 30 ships.
Contships extends feeder sales drive in deals with Turkish and Greek buyers
Greek asset player Nikolas Pateras signs deals for five vessels with Medkon Shipping and Metrostar Management. Contships Logistics, a major independent owner of feeder container ships, continues taking advantage of high secondhand values amid ongoing, strong demand for such vessels. The Nikolas Pateras-led company is estimated to have raised more than $60m from two separate sale deals agreed earlier this week for five of its ships.
Japanese giant MOL and Indian national oil company forge joint venture to order ethane carriers
South Korea’s Samsung Heavy Industries tipped to be the builder for two 100,000-cbm ethane carriers.
India’s Oil and Natural Gas Corp (ONGC) and Japanese shipping giant Mitsui OSK Lines (MOL) have joined forces to own and operate very large ethane carriers (VLECs). The Indian producer announced that it had agreed with MOL on joint venture and capital agreements for equity participation in Bharat Ethane One and Bharat Ethane Two.
Japanese giant wins deal to provide VLECs for India’s ONGC
Ethane carriers look likely to be built in South Korea

Mitsui OSK Lines had won in July 2025, Indian producer Oil and Natural Gas Corp (ONGC)’s tender for very large ethane carrier (VLEC) newbuildings. ONGC disclosed that, subject to board approval, it has signed a head of agreement with MOL to build, own and operate two ships.
The oil and natural gas company floated the tender early this year and three companies — Japan’s MOL and NYK and Malaysia’s MISC Berhad — were reported to have been shortlisted.
Seatrade buys stake in JR Shipping Group
Partnership will focus on developing, ordering and financing next- generation vessels.
Seatrade has taken a strategic stake in JR Shipping Group. The Curacao-based shipping company joins the Dutch owner as “a long- term, industry-driven investor, contributing extensive maritime expertise, a strong international network, investment capacity and access to global financing markets,” according to a statement. The partnership will focus on developing, ordering and financing next-generation vessels.
• Trump quits anti-piracy and trade bodies in broad UN retreat
The Trump administration yesterday announced it is withdrawing from 66 organisations, a mixture of NGO’s and United Nations’ bodies.
Of note for the shipping industry is the US decision to pull out of the Regional Cooperation Agreement on Combatting Piracy and Armed Robbery against Ships in Asia (RECAAP), as well as the UN Conference on Trade and Development (UNCTAD), and UN Oceans, an inter-agency coordination mechanism on ocean and coastal issues within the United Nations system.
Secretary of state Marco Rubio, who led the review, commented on the 66 organisations: “The Trump administration has found these institutions to be redundant in their scope, mis-managed, unnecessary, wasteful, poorly run, captured by the interests of actors advancing their own agendas contrary to our own, or a threat to our nation’s sovereignty, freedoms, and general prosperity.”
Trump warned that his review of further findings of the Secretary of state remains ongoing, suggesting other bodies could face similar treatment.
The Trump administration has had a strained relationship with another UN body, the International Maritime Organization (IMO), over the past 12 months, walking out of climate talks last April and then helping down the IMO’s Net-zero Framework agreement in October. Nevertheless, the US sought and won for re-election in late November to Category (a) at the IMO Council, the UN body’s executive organ responsible, under the assembly, for supervising the work of the organisation.
• Suezmax tanker damaged in Black Sea drone attack
A suezmax tanker was struck by a drone while transiting the Black Sea on Wednesday, according to a casualty report.
The Palau-flagged Elbus, a 2005-built, 159,062 dwt tanker, was sailing eastbound around 30 miles off the Turkish coast when it experienced what was described as an unmanned marine vehicle and drone attack. Tracking data shows the tanker diverted from its course at the time of the incident, making a sharp turn toward the Turkish coastline. Turkish media reported that coast guard teams were dispatched to the area following an emergency call from the vessel. The drone strike caused damage to the upper section of the ship, but no injuries or pollution were reported. The tanker was able to reach safety and is now anchored off İnebolu, on Turkey’s Black Sea coast, where it arrived on its own power. Other local reports said the vessel was assisted by Turkish authorities during its move to port for inspection.
forces, which targeted several tankers trading with Russia, had not claimed responsibility for the incident. The incident adds to mounting security concerns for commercial shipping in the Black Sea, particularly for vessels linked to Russian energy exports.
The Elbus changed ownership in November, with its owner and manager listed in Hong Kong and mainland China. The tanker, previously known as Euroleader, departed Singapore and was reportedly heading for the Russian port of Novorossiysk.
• Suez traffic still 60% down 100 days after last Houthi attack
Suez Canal traffic remains sharply lower more than three months after the last reported Houthi attack, underlining how slow ship operators have been to return to the Red Sea route.
According to BIMCO, it has now been 100 days since the last vessel was attacked, when the Minervagracht was hit on September 29. The Houthis declared an end to attacks 43 days later, but transit volumes through the canal have yet to recover in any meaningful way.
“In the first week of 2026, Suez Canal transits were still around 60% below the same week in 2023, before widespread diversions around the Cape of Good Hope began,” said Niels Rasmussen, BIMCO’s chief shipping analyst.
Close to 100 ships have been attacked or hijacked since November 2023. While several incidents occurred late in 2023, significant declines in Suez traffic only took hold from January 2024. Since then, quarterly deadweight capacity transiting the canal has been between 51% and 64% lower than in 2023.
The picture remained largely unchanged through 2025. Suez Canal dwt transits were 57% to 64% lower than pre-crisis levels, with container shipping seeing the sharpest drop. In the fourth quarter of 2025, container ship transits were down 86% compared with 2023, while bulkers, crude tankers and product tankers were down 55%, 32% and 19% respectively.
Product tankers have been the main exception. Higher freight rate premiums have encouraged more of this segment back through the canal. In the final quarter of 2025, product tanker transits were only 19% lower than in 2023, compared with a 45% drop during 2024.
Container shipping has largely stayed away. However, CMA CGM has said it will return its MEDEX and INDAMEX services to Suez Canal routings from January 2026. Maersk also made a tentative move back in December, when the Maersk Sebarok became the first Maersk vessel to transit the canal since early 2024. The carrier said further sailings would depend on security conditions continuing to meet its thresholds.
Lower war risk premiums could help bring more traffic back. S&P Global reported in early December that Red Sea premiums had fallen to about 0.2% of hull value, the lowest level since November 2023.
“A normalisation of ship transits now appears more likely than at any point over the past two years, but the pace remains uncertain,”
Rasmussen said. While a return to Suez would cut operating costs for owners, it would also reduce tonnage demand. BIMCO estimates a full normalisation could cut containership demand by around 10%, with other sectors facing reductions of 2% to 3%.
• CMB.TECH cashes in on VLCC and capesize sales
Belgian shipowner CMB.TECH has agreed the sale of eight vessels across its tanker and dry bulk fleets, booking a combined capital gain of around $269.2m.
The Antwerp-based group said the largest part of the transaction comes from the sale of six VLCCs under its Euronav platform. The vessels sold are the 2007-built Daishan, the 2011-built Hirado, the 2013-built Hojo, and, Dia, Antigone and Aegean, built between 2015 and 2016.
The VLCC sales are expected to bring in approximately $261.1m, based on net sales prices versus book values, the company said, adding that the delivery of the tankers to their new owners is scheduled for the first quarter of 2026.
Separately, CMB.TECH has sold two capesize bulk carriers through its Bocimar arm. The vessels are the 2009-built
Golden Magnum and Belgravia. These sales are expected to result in an additional capital gain of around $8.1m. The two bulkers were delivered to their new owners in January 2026.
CMB.TECH said proceeds from the disposals will be used to repay existing debt facilities, with the company intending to distribute 50% of the profit generated by the sales to shareholders. The transactions form part of the group’s broader fleet rejuvenation strategy, as CMB.TECH continues to recycle older tonnage while reshaping its portfolio around newer and alternative-fuel vessels.
• Why thinking differently will be key in 2026
At a time when certainty is in short supply, learning how to think disruptively can help us make better decisions, argues Thomas Zaidman, managing director of Sagitta Marine.
The Swiss Federal Intelligence Service (FIS) recently published a manual in which this most peaceable of nations laments the growth of cognitive blind spots in understanding where risk exists and where threats might arise.
At the start of another year which appears to promise to be as surprising and disruptive as the last, what better time to take some sensible Swiss advice and reflect on how our mental biases impact our thinking and how to improve our understanding of the present and future?
The FIS identifies six potential weak points in or thinking; how do we translate this emphasis on psychology and what it tells us about our own mental blind spots into a shipping context?
Stress test your beliefs
It sounds simple, but how often do we push the button without really thinking through all the potential implications and whether what we think is right or wrong? Beliefs can be firm and strongly held; that doesn’t mean they are always right in a fast-changing, volatile market.
In shipping, this often shows up when we assume a particular trade or cargo flow will always be there. A belief that a basin is structurally tight or that a customer will consistently re-fix can lead to overconfidence on positioning. Stress-testing that belief means asking what happens if volumes pause, a port becomes constrained and whether today’s decision still holds up under those scenarios.
Think statistically
We place a lot of emphasis on gut feel, but in truth, that gut only reflects what the data already tells us. If you know where the market is, how it’s trending and what the bigger picture looks like, you can make that decision based on actual insight rather than hope.
Gut feel matters, but over time it is shaped by patterns. Looking at historical rate distributions, seasonal behaviour, ballaster positioning, and forward supply helps separate probability from hope. A statistically informed decision – such as fixing length versus staying spot – doesn’t eliminate risk, but it ensures the odds are consciously understood rather than guessed.
Ask yourself what you know and what you don’t
It’s very easy to assume we know better than colleagues or counterparts, but we can all benefit from a little Rumsfeld-style speculation. How can I model uncertainty to reflect knowledge gaps or emerging risks?
We often assume we understand a voyage because we have ‘done it before’. But minor variables – draft restrictions, berth productivity, local working practices, weather windows – can materially change outcomes. Acknowledging what is unknown allows uncertainty to be priced in, contingencies to be planned, and surprises to be managed rather than reacted to.
Show intellectual modesty
Every day is a school day, they say, but in reality, unless we practice lifelong learning, we tend to rely on accumulated and assumed knowledge rather than fresh ideas. Not knowing something doesn’t mean it can’t be learned, understood and acted upon.
Markets evolve faster than experience alone. Ports modernise, regulations shift, and counterparties adapt. Operators who remain curious, about alternative routes, or changing charterer behaviour, are better positioned than those relying solely on how things used to work. In shipping, learning is not optional; it is part of risk control.
Deploy creative thinking
Probably the cornerstone of active risk management in shipping. On paper, the business is vanishingly simple. In practice, it’s a Swiss watch of moving parts that need to work together. Doing so efficiently requires creative application of intellect and experience to really see where the opportunity exists and how to exploit it.
Two voyages with identical rates can deliver very different results depending on sequencing, bunkering strategy, or optionality built into the fixture. Creative thinking might mean structuring flexibility into redelivery, combining operational efficiencies, or identifying a triangulation that others overlook. This is where experience and imagination intersect to create real value.
Periodically think the opposite of your assumptions
Assumptions are innate to our many unconscious biases so it should be a natural process to perform a mental 180 every now and then. This might be the most theoretical of these exercises; you don’t have to act against your instincts but examining them might be just what is needed.
If the consensus is that rates must rise, ask what would happen if they don’t. If everyone is chasing a trade, ask why. Testing the inverse scenario, without necessarily acting on it—often reveals hidden risks or overlooked opportunities. In shipping, this discipline can prevent crowded positioning and costly confirmation bias.
• Precious Shipping: War over diplomacy and a reality check for dry bulk bulls
The managing director Mr. Hashim of Thai dry bulk concern Precious Shipping, is well known for speaking his mind in a forthright, erudite manner. In conversation with Maritime CEO, he pulls no punches while discussing the markets, and most pertinently, the events coming out of Caracas over the weekend that have subsequently led the coverage on all shipping and commercial media this week. “Nowhere do they call it illegal to invade another country, bomb and kill its people, destroy their port infrastructure and military bases, capture its elected sovereign head of state and his wife, fly them to US to stand ‘trial’ whatever that may mean, and then threaten to do the same with other neighbouring countries if they do not tow the US line.”.
• Today, economics trumps everything else, and war is the default option, not diplomacy
2026 will be filled with similar or worse events” Hashim predicts, citing Colombia, Mexico, Cuba and Greenland as potential US targets. “At every conference, every seminar, every meeting within the shipping community in the last few months, we hear everyone singing from the same sheet – ‘the freight market is going to do very well in 2026!’. Inflation has refused to go lower than 3% for two whole years, and economists think sticky inflation is here to stay so long as there is no recession. As a result, Hashim reckons interest rates will continue to dip.
On the demand side, the biggest mover in dry bulk according to Him is what is being described as the “Pilbara killer”, the Simandou iron ore mines of Guinea, where round trips to China on giant Newcastlemaxes are more than three times more tonne miles intensive than from Australia. “Once the bigger ships start getting tied up in the Guinea cargoes, their rates will shoot up so much so that the Cape cargoes will be split into Kamsarmax sizes, thereby pulling up the Kamsarmax rates, and that will positively impact the rates for the Ultras and Supras, and then flow down into the Handy sizes, too.
Precious’s priorities have been to sell older vessels, replacing them with larger, younger, and eco/electronic-engined ships.
• Fujian Haitong steps into newbuild market with MPP order
Chinese bulker owner Fujian Haitong Development has continued its fleet expansion with a rare move into the newbuilding market, ordering three multipurpose heavylift vessels at Taizhou Kouan Shipbuilding. The Shanghai-listed company disclosed the deal in a stock exchange filing, putting the total investment at up to RMB900m ($129m) before tax. Delivery dates for the 62,000 dwt units have not been specified, although the yard is contractually required to deliver each vessel within 12 months of steel cutting, subject to allowable delays.
The order marks a shift for Fujian Haitong, which has grown rapidly in recent years largely through secondhand acquisitions rather than yard orders. The strategy has allowed the company to scale up quickly and cost-effectively, with management targeting a 100-vessel fleet over the medium term.
Founded in 2009, Fujian Haitong initially focused on the supramax segment before moving into larger bulker classes, including capesize tonnage. By mid-2025, the company controlled a fleet of more than 70 bulk carriers, alongside a growing number of multipurpose vessels.
The Owner entered the heavylift MPP segment last year, taking delivery of its first units and opening the door to higher-margin project cargoes and equipment transport. The latest newbuilds are seen as a further step into that space, as demand for project and specialised cargo shipping remains firm against a backdrop of an ageing global MPP fleet and limited orderbook. The vessels will be contracted through Haitong International Shipping, a wholly owned subsidiary, with the company saying the investment is aimed at expanding carrying capacity, strengthening fleet structure and improving competitiveness and profitability.
• Sanctioned LNG carriers activate Saam FSU off the Kola Peninsula
A sanctioned LNG transhipment operation is emerging off Russia’s Kola Peninsula, with shadow vessels routing cargoes via the long- idle Saam FSU in Ura Bay. The Russian-flagged, 400-meter-long, 60-meter-wide floating storage unit has been stationed in Ura Bay since June 2023 but has seen little activity until recently, according to the Barents Observer.
It also notes that the 2016-built 172,000-cbm LNG carrier Christophe de Margerie is now shuttling LNG between the Utrenny terminal and the Saam FSU, serving the sanctioned Arctic LNG 2, a mammoth project developed by Novatek, to ship LNG to Europe and Asia via Arctic shipping routes. This rare Arc7 ice- class shadow tanker is capable of operating independently in heavy Arctic ice. This week, the 21-year-old, 138,000 cbm Arctic Pioneer, a ship previously linked to AIS manipulation, has arrived in the area and is most likely loading LNG at the Saam.
Earlier satellite imagery placed the elderly workhorse at the Arctic LNG 2 site, while its AIS signal showed it operating north of Norway, leading to it being sanctioned by Western authorities.
Other sanctioned LNG carriers of similar size and ice class have also been loading cargo in Ura Bay recently. These include the Voskhod (ex-SCF Yamal) and the 2023-built Buran. The latter recently failed to reach Utrenny due to heavy ice, despite assistance from a nuclear icebreaker. Despite sanctions, Novatek has completed two of the three planned LNG production facilities at the Arctic LNG 2 project, despite restrictions that have blocked delivery of a raft of ice-class LNG carriers, forcing reliance on a growing shadow fleet.
• Red Sea return to unmask container shipping’s two-tier capacity crisis
Red Sea reopening exposes a split fleet: megaship oversupply vs shrinking small vessel capacity. Newbuilds are almost entirely large ships, locking in long-term excess on mainlines Small ships are ageing out, threatening regional connectivity.
The Red Sea’s reopening will trigger more than a routing reset. It will expose a structural mismatch in the container fleet with too many large ships and too few small ones, prompting a period that will be defined by uneven capacity and widening regional disparities.
For decades, the narrative was simple: If you wanted cheap, bulk chemicals (APIs), you went to China.
They crushed the competition – including India – on price and scale. But if you wanted innovation, you stayed in the West.
That narrative is dead.
Over the last few years, China has quietly transformed from the world’s factory into a biotech superpower. The numbers don’t lie.
For the first time in history, China has surpassed the US in the number of annual clinical drug trials.
But if you don’t believe the trial numbers, look at where the money is going. Western Big Pharma is literally buying Chinese innovation to save its own pipelines.
Just look at the deal flow from mid-2025:

Pfizer & 3SBio: In May, Pfizer paid a massive $1.25 billion upfront to Chinese biotech 3SBio for exclusive rights to a new cancer drug.
The giant of the West, effectively admitted that a Chinese lab had built a better mousetrap than they could.
GSK & Hengrui Pharma: Soon after, British giant GSK dropped
$500 million upfront to partner with Jiangsu Hengrui Pharmaceuticals with an option to buy 11 more drugs, with a total potential value of $12 billion.
Regeneron & Hansoh Pharma: Around the same time, American biotech leader Regeneron paid $80 million upfront (in a deal valued at $2 billion) for an experimental obesity and diabetes drug from Hansoh Pharma.
And overall, for the full year 2025, China saw $136 billion worth of such deal-making for the pharmaceutical and biotech sector alone.
I repeat, $136 billion. More than Rs 12 lakh crore! Insane! Why is this happening? It isn’t just about cost anymore.
Speed: China’s clinical trial ecosystem is significantly faster and less bureaucratic
Talent: They have an army of PhDs and researchers executing at a scale the West cannot match – and not just that, their army of PhDs and researchers in the biotech and pharma space far outnumber the rest of the world combined. It’s just insane
Capital: Years of heavy state and private investment are finally bearing fruit.
Thus, the West is no longer just betting on Chinese manufacturing – they are betting on Chinese science.
The “Copycat” era is over. The “Innovation” era has begun. Quite literally. What do you think?
The New Likely War Spot brewing ‘again’ in the World:
• IRAN BURNS AS KHAMENEI REACHES FOR PROXIES
At a time of mounting protests and a deepening economic crisis,
Iran’s regime is preparing for the possibility of an attack.
Senior officials have been dispatched to coordinate positions with the regime’s terrorist proxies across the Middle East.
Supreme Leader Ayatollah Ali Khamenei is projecting above all a sense of pressure.
• Legal Battle
1,000 – That’s how many companies are suing the Trump administration over his tariffs. The Supreme Court is poised to decide the fate of most of the tariffs as soon as may be this week, with hundreds of companies already lined up hoping to recoup their share of billions of dollars in duties paid so far.
European re-armament isn’t just a matter of self-defense. It’s also big business. We are told Germany and India are hammering out the details of a submarine-manufacturing deal worth atleast $8 billion. Berlin’s defense industry has kicked into high gear after the Russian invasion of Ukraine.
• Lead story
The Trump administration is intent on choking off Venezuela’s oil exports. This will come as an irritant to the Kremlin, which yesterday denounced the seizure of a Russian-flagged tanker traveling in the North Atlantic. Beijing, too, will be less than pleased − the vast majority of Venezuelan crude ends up in China.
For Cuba’s government, however, it could be existential. For years, Havana has relied on subsidized oil from Venezuela to try to keep the lights on. In recent years, it hasn’t always worked − a series of recent blackouts in Cuba has served as a handy visual metaphor for the country’s economic crisis.
When a U.S. special ops team snatched Nicolás Maduro from a compound in Caracas, it didn’t only take away Venezuela’s leader, it took away Cuba’s closest ally and economic lifeline. And speculation that Cuba could be next for U.S. intervention misses the point. As President Donald Trump himself said: “I don’t think we need (to take) any action … Cuba looks like it’s ready to fall.”
Joseph J. Gonzalez, an expert on Cuba-U.S. relations, thinks Trump might be right. In recent years, Cubans have been leaving the country in droves. Those who remain are looking increasingly favourably on the idea of a Cuba without its long-standing communist government. “If the Yankees showed up today, most of us would probably greet them as liberators,” one Cuban-based friend of Gonzalez told him.
Baltic News 9th January, 2026
BALTIC FORWARD ASSESSMENTS –
THURSDAY 08 JANUARY 2026 BFA CAPESIZE
PERIOD VALUE CHANGE
Jan 26 19,804 $/day 608
Feb 26 16,611 $/day 690
Mar 26 21,893 $/day 932
Apr 26 23,836 $/day 732
May 26 24,836 $/day 643
Jun 26 25,593 $/day 668
Q1 26 19,436 $/day 743
Q2 26 24,755 $/day 681
Q3 26 26,189 $/day 485
Q4 26 26,464 $/day 339
Q1 27 17,411 $/day 411
Q2 27 23,143 $/day 350
Cal 27 23,189 $/day 443
Cal 28 21,475 $/day 246
Cal 29 20,225 $/day 175
Cal 30 19,139 $/day 107
Cal 31 18,932 $/day 78

BFA PANAMAX 82
PERIOD VALUE CHANGE
Jan 26 12,440 $/day 243
Feb 26 12,593 $/day 364
Mar 26 15,632 $/day 321
Apr 26 16,049 $/day 395
May 26 15,879 $/day 204
Jun 26 15,650 $/day 154
Q1 26 13,555 $/day 309
Q2 26 15,859 $/day 251
Q3 26 15,054 $/day 197
Q4 26 14,632 $/day 214
Q1 27 12,500 $/day 135
Q2 27 13,882 $/day 175
Cal 27 13,607 $/day 171
Cal 28 13,316 $/day 81
Cal 29 13,281 $/day 63
Cal 30 13,081 $/day 64
Cal 31 12,844 $/day 7

BFA SUPRAMAX 63
PERIOD VALUE CHANGE
Jan 26 12,716 $/day 93
Feb 26 12,613 $/day 133
Mar 26 15,841 $/day 186
Apr 26 16,191 $/day 353
May 26 16,255 $/day 364
Jun 26 16,184 $/day 364

Q1 26 13,723 $/day 137
Q2 26 16,210 $/day 361
Q3 26 15,709 $/day 332
Q4 26 15,230 $/day 217
Q1 27 13,302 $/day 100
Q2 27 14,438 $/day 104
Cal 27 14,223 $/day 103
Cal 28 14,013 $/day 43
Cal 29 13,895 $/day 18
Cal 30 13,743 $/day 53
Cal 31 13,720 $/day 36

BFA SUPRAMAX 58
PERIOD VALUE CHANGE
Jan 26 10,682 $/day 93
Feb 26 10,579 $/day 133
Mar 26 13,807 $/day 186
Apr 26 14,157 $/day 353
May 26 14,221 $/day 364
Jun 26 14,150 $/day 364
Q1 26 11,689 $/day 137
Q2 26 14,176 $/day 361
Q3 26 13,675 $/day 332
Q4 26 13,196 $/day 217
Q1 27 11,268 $/day 100
Q2 27 12,404 $/day 104
Cal 27 12,189 $/day 103
Cal 28 11,979 $/day 43
Cal 29 11,861 $/day 18
Cal 30 11,709 $/day 53
Cal 31 11,686 $/day 36
BFA HANDYSIZE
PERIOD VALUE CHANGE
Jan 26 11,130 $/day -10
Feb 26 10,280 $/day 105
Mar 26 12,600 $/day 70
Apr 26 12,685 $/day 60
May 26 12,715 $/day 96
Jun 26 12,555 $/day 75
Q1 26 11,337 $/day 55
Q2 26 12,652 $/day 78
Q3 26 12,240 $/day 110
Q4 26 11,920 $/day 100
Q1 27 11,050 $/day 20
Q2 27 11,820 $/day 50
Cal 27 11,725 $/day 35
Cal 28 11,370 $/day 15
Cal 29 11,170 $/day 0
Cal 30 11,134 $/day 0
Cal 31 11,161 $/day -6

BALTIC INDICES 08/01/2026 DRY INDEX: 1718 (- 58)
CAPESIZE INDEX: 2721 (- 157)

PANAMAX INDEX: 1336 (+ 19)
SUPRAMAX INDEX: 976 (- 17)
HANDYSIZE INDEX: 613 (- 11)

BCI 182 TC AVG $/DAY 24682 (- 1416)
BPI82 TC AVG $/DAY 12028 (+ 177)
BSI TC AVG $/DAY 12336 (- 213)
BHSI TC AVG $/DAY 11040 (- 189)

TIMECHARTER
‘Thassos Warrior’ 2010 93243 dwt dely Dahej 10/11Jan trip via South Africa redel Far East $13,000

‘Panafrican’ 2008 83690 dwt dely US Gulf 7 Jan trip redel East Mediterranean $14,500+$450,000bb – Bulk Trading

‘Gallia Graeca II’ 2025 82000 dwt dely EC South America 30 Jan trip redel Singapore-Japan $16,000 + $600,000bb – Norden

‘Alexandra’ 2017 81870 dwt dely Dung Quat 11 Jan trip via Indonesia redel India $9,500

‘Eastern Quince’ 2013 81792 dwt dely CJK 10 Jan trip via EC Australia redel India $9,500

‘Shandong Fu Zhi’ 2019 81784 dwt dely Zhoushan
11/12 Jan trip via Australia redel India $10,000 – TataNYK

‘Amadeus’ 2016 81676 dwt dely Ube 7 Jan trip via EC Australia redel Malaysia $9,900

‘SM New Orleans’ 2019 80897 dwt dely retro Krishnapatnam 27 Deec trip via Ec South America redel Singapore-Japan $13,500 – WBC –

‘Rosco Ginkgo’ 2005 76620 dwt dely Huizhou 13/15 Jan trip via Indonesia redel Singapore-Japan $9,000

‘Chailease Cherish’ 2013 76195 dwt dely Xiamen 13 Jan trip via Indonesia redel South China $9,250

‘Aster Ocean’ 2004 75798 dwt dely Ningde 7 Jan trip
via Indonesia redel South China $7,500 – Century Scope

‘Shen Hua 805 ‘ 2014 75347 dwt dely Hong Kong 6
Jan trip via Indonesia redel Philippines $8,500 – Oldendorff

‘He Ming’ 2012 73541 dwt dely Qinzhou 7 Jan trip via Indonesia redel Singapore-Japan $7,500

‘Shanghai Bulker’ 2012 56719 dwt dely Samarinda prompt trip via Indonesia redel Philippines $12,500

‘Amilyn’ 2015 34443 dwt dely Yantai 13/14 Jan trip redel EC India intention steels $9,750

PERIOD
‘Maia’ 2009 82193 dwt dely Visakhapatnam 12/23 Jan 17/19 months redel worldwide $14,000 – Paralos –

‘Rizokarpaso’ 2023 82114 dwt dely CJK 13 Jan 6/10 months redel worldwide $16,500 – ADMI

VOYAGES ORE
‘TBN’ 170000/10 Dampier/Qingdao 24/26 Jan $7.80 fio
90000shinc/30000shinc – Rio Tinto

‘Saiko’ 2010 170000/10 Seven Islands/Qingdao 22/28 Jan $28.80 fio 90000shinc/30000shinc – Glencore

‘TBN’ 160000/10 Port Hedland/Qingdao 18/20 Jan
$8.00 fio 80000shinc/30000shinc – BHP

‘TBN’ 160000/10 Port Hedland/Qingdao 19/21 Jan
$7.90 fio 80000shinc/30000shinc – BHP

COAL
‘TBN’ 80000/10 Newport News – Norfolk/EC India 15/24 Feb $30.95 fio 40000shinc/40000shinc – VSP
‘TBN’ 75000/10 APCT/EC India

SAIL
1/10 Feb $13.15 fio 35000shinc/35000shinc
‘TBN’ 75000/10 Hampton Roads/Ijmuiden 30 Jan/4 Feb
$14.00 fio 25000shinc/20000shinc – Tata NYK

‘Scarlet Falcon’ 2014 75000/10 Dalrymple Bay/Paradip 21/30 Jan
$12.60 fio scale/15000shinc – Trafigura

Cosco TBN’ 70000/5 Newport News /Jorf Lasfar 17/20 Jan $13.65 fio 30000shinc/30000shinc – Jera

GRAIN
‘Reachy TBN’ 66000/10 Santos/China 1/31 Mar $35.00 fio 8000sshex/8000sshex

Baltic Exchange Index – 08 JANUARY 2026
Baltic Exchange Capesize Index 2721 (- 157)

Route Description Value($) Change

C2 170000mt Tubarao to Rotterdam 11.631 – 0.475
C3 170000mt Tubarao to Qingdao 21.077 – 0.646
C5 160-170000 mt W Australia to Qingdao 7.880 – 0.110
C7 160000mt Bolivar to Rotterdam 13.994 – 0.519
C8_182 182000mt Gibraltar-Hamburg T/A RV 30,325 – 2613 C9_182 182000mt Cont/Med Trip China/Japan 49,167 – 2611
C10_182 182000mt China/Japan T/P RV 19,336 – 646
C14_182 182000mt China-Brazil or W.Africa RV 24,564 – 918
C16_182 182000mt Far East – Atlantic BH 8,630 – 1937

C17 170000mt Saldanha Bay to Qingdao 15.495 – 0.390

5TC Weighted Timecharter Average 21,179 – 1416
5TC_182 Weighted Timecharter Average 24,682 – 1416

Baltic Exchange Panamax 82500mt Index
08 JANUARY 2026 Baltic Exchange Panamax Index 1,336 (+ 19)

Route Description Value ($) Change

P1A_82 Skaw-Gib T/A RV 12,077 + 18
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 17,941 +300
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 10,886 +129
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 7,481 +60

P6_82 Dely Spore Atlantic RV 12,484 + 347

P5TC Weighted Timecharter Average 12,028 + 177

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

Route Description Value ($) Change

P5_82 S. China Indo RV 9,669 + 588
P7 66000mt Mississippi Rvr to Qingdao 47.507 + 0.171
P8 66000mt Santos to Qingdao 32.987 + 0.308

Baltic Exchange Supramax Index –
08 JANUARY 2026 Baltic Exchange Supramax Index 976 (- 17)

Route Description Value ($) Change

S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 17,050 – 246
S1C_63 US Gulf trip to China-South Japan 20,100 – 161
BS2_63 North China one Australian or Pacific RV 9,750 – 156
BS3_63 North China trip to West Africa 9,300 -350
S4A_63 US Gulf trip to Skaw-Passero 19,814 -332
S4B_63 Skaw-Passero trip to US Gulf 10,350 -175
BS5_63 West Africa trip via ECSA to North China 18,600 -118
BS8_63 South China trip via Indo to EC.India 10,179 -92
BS9_63 W.Africa trip via ECSA to Skaw-Passero 15,407 – 197
S10_63 S.China trip via Indonesia to South China 7,869 – 112
S15_63 Indian Ocean trip via S.Africa to Far East 12,100 – 325
====== ========================================= ====
S11TC Weighted Timecharter Average 12,336 – 213
S10TC Supramax(58) Timecharter Average 10,302 – 213

Baltic Exchange Index – 08 JANUARY 2026
Baltic Exchange Handysize Index 613 (- 11)

Route Description Value ($) Change

HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 7,700 – 314
HS2_38 Skaw-Passero trip Boston – Galveston 9,357 – 400
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 16,594 -106
HS4_38 USGulf trip via USG or NCSA to Skaw-Passero 15,871 -108
HS5_38 SE Asia trip to Spore – Japan 10,150 -138
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn 9,681 -119

HS7_38 N.China-S.Kor-Jpn trip to SE Asia 8,838 -218

7TC Weighted Timecharter Average 11,040 – 189

Marex Media

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