Sops, schemes to fuel India’s ship Engines – The monster shipyards of China, Korea and Japan have dominated the world’s shipbuilding for long. Gone are the days when Germany, Norway and Denmark were the tallest in this field. Now India seems to want to muscle in. A series of measures to build, repair and finance ships in India are likely this year, as the country aims to become a global maritime hub. The Government is working nearly a dozen mission mode measures to fire up the local shipping industry, including a maritime development fund and policies to strengthen domestic ships and ports. Recall the days when the Government had ‘SDFC’ funds available to Indian shipping companies for development and were diverted to other business fields under the nose of the Government. It is never too late and we now have a Government which is more pragmatic than in the past. Let’s hope that India stands tall in this Industry in the next few years.
India keeps a close watch for any impact on International North- South Transport Corridor (INSTC) and Chabahar as Conflict rages between Israel and Iran.
American chip equipment manufacturer Applied Materials plans to establish a chip manufacturing centre in Bengaluru for $400 million over four years.
Abu Dhabi National Oil Co.’s bullish US$18.7 billion takeover bid for Santos will weigh who controls critical energy

infrastructure against the need to address a looming domestic gas shortfall.

The US has announced a review of the Aukus defence deal, increasing doubts about whether the country will follow through on its pact with Australia and the UK.
Meanwhile, Iran is racing to get its oil out into the world, a sign of the unusual logistical steps that Tehran is undertaking as the US mulls joining Israel in bombing the Persian Gulf state.
Donald Trump will decide within two weeks whether to strike Iran, the White House said, adding that the president believes diplomacy with Tehran is still an option. Meantime, Israel said it destroyed around half of Iran’s missile launchers and warned its

attacks may “create the conditions” to bring down Iran’s government.

Xi Jinping shows no sign of rescuing Iran as Trump ramps up pressure. China was quick to condemn Israel after its assault against Iran. Yet, Pres. Xi Jinping has shown no sign of rushing to provide weapons and other support that would help Tehran.
India plans to clamp down on structures near airports that don’t comply with vertical limits, as the Government seeks to tighten aviation safety.
White House Press Secretary Levitt said at a press conference that US President Trump will make a decision within two weeks on whether to attack Iran. Trump believes that negotiations with Iran are possible in the near future and recognizes that a diplomatic solution is still an option. Earlier, CBS reported, citing anonymous sources, that Trump believes it is necessary to disable the uranium enrichment facility in Fordow, central Iran. Meanwhile, Israel has further expanded its attacks on Iran’s nuclear facilities, warning that a series of attacks could lead to the collapse of the Iranian regime. Some experts also believe that Israel can destroy the Fordow nuclear facility without the US military’s bunker busters or stealth B2 bombers.
Tariff Hike in sight : The Canadian government has indicated the possibility of raising tariffs on U.S. steel and aluminum if trade negotiations with the Trump administration reach an impasse. The government announced that it would “adjust current retaliatory tariffs effective July 21 to levels consistent with progress toward a broader trade agreement with the United States.” The United States imposes a 50% tariff on steel and aluminum imported from abroad. Meanwhile, Canada currently applies a 25% tariff on steel and aluminum products produced in the United States.
Risk of economic stagnation : The International Monetary Fund (IMF) warns of the risk of a slowdown in the European economy. Urgent measures must be taken to address slowing growth, weak investment and growing geopolitical threats, the report said. Trade tensions and weak demand are dampening growth momentum in Europe, with risks clearly skewed to the downside. The IMF expects euro zone growth to stagnate at 0.8% this year, despite

record low unemployment and inflation approaching target. To revive productivity, the IMF called for a “decisive push” to deepen the European Union’s single market.

Of the conflict in the Middle East with calls for an end to hostilities and a return to dialogue.

Israel struck more of Iran’s nuclear sites and warned its

attacks could bring down Tehran’s leadership. Both sides await US President Donald Trump’s decision on whether to join the offensive. Senior US officials are understood to be preparing for the possibility of a strike in coming days.

Xi Jinping reaches out to his fellow ‘Red Aristocrats’ – This week’s China Up Close focuses on “red aristocrats.” These are children of senior Chinese Communist Party officials, and many of them were present at a recent symposium in Beijing to commemorate the 120th anniversary of Chen Yun’s birth. Chen was a party heavyweight and political rival of Deng Xiaoping. In his speech, Chinese leader Xi Jinping called for party members to maintain political resolve in a difficult environment.
U.S. Steel deal helps America compete with China: Nippon Steel CEO

Hashimoto says commitments made to Trump will not hinder

operations

A federal appeals court cleared the way for President Trump to keep using the National Guard to respond to immigration protests in Los Angeles, declaring that a judge in San Francisco erred last week when he ordered Mr. Trump to return control of the troops to Gov. Gavin Newsom of California.
Spain is pushing back against NATO’s proposal to raise the defence spending target to 5% of a country’s gross domestic product, setting up a potential confrontation with US President Donald Trump, who wants Europe to pay more for its security. In a letter to NATO chief Mark Rutte, Spanish Prime Minister Pedro Sanchez opposed the proposed increase, which the alliance aims to formalize at next week’s summit. The meeting of

NATO members comes amid growing concerns over Russia’s war in Ukraine and Trump’s threats to scale back US security commitments in Europe unless allies significantly boost military expenditure

Indian authorities have launched criminal case against the owner, master, and crew of the Singapore-flagged container vessel Wan Hai 503 following a major fire and explosion incident that left four crew members dead.

The incident began on June 9 at 12:30 AM local time when the vessel experienced a large explosion while en route from Colombo to Mumbai, approximately 78 nautical miles off the Kerala coast. Of the 22 crew members aboard, 18 were rescued from lifeboats, while four remain missing – including two Taiwanese nationals, one from Myanmar, and one from Indonesia.

The Fort Kochi Coastal Police filed charges under India’s Bharatiya Nyaya Sanhita (BNS) criminal code for multiple offenses, including reckless navigation, acts endangering public ways or navigation, negligent conduct regarding poisonous substances, and negligent handling of explosive substances, according to local media reports.

According to the First Information Report (FIR), the accused were aware that the containers held flammable materials, explosives, and hazardous chemicals. The incident resulted in fuel and oil leaking into the sea, with several containers also falling overboard. The FIR also noted that harmful gases and chemicals released from the burning containers posed serious risks to fishermen and marine ecosystems.

The latest update from the Indian Coast Guard indicates progress in salvage operations. As of June 14, the tow has been transferred to the tug Offshore Warrior, with the vessel located 35 nautical miles off the coast The vessel will be held at least 50 nautical miles from the coast pending further decisions.

This incident follows a similar case involving the MSC Elsa 3, which sank off Kochi on May 25, in which similar charges were filed.

That vessel went down approximately 13 nautical miles off Kerala’s

coast after developing a severe list. All 24 crew members were rescued

in that incident. Of particular concern were 13 containers classified as hazardous cargo containing Calcium Carbide, known to react violently with water and release flammable gases.

A Fort Kochi Coastal Police spokesperson confirmed that the charges in the Wan Hai 503 case mirror those filed against the captain and crew of the MSC Elsa-3.

Seaborne Trade Growth in 2025 and Vessel Segment Analysis :

Owners: Weakening Chinese demand and softer global tonne-miles may limit upside—prioritize vessels in demand-resilient trades; Capesize owners benefit from bauxite trade and supply constraints.;

Panamax/Ultramax Owners should prepare for potential oversupply.
➔ Investors: Pay close attention to shifts in commodity flows (e.g., bauxite, South American grains) when assessing asset deployment.; Relative asset values may diverge—opportunities exist in segments with structural resilience.
➔ Charterers: Broaden sourcing strategies and remain agile in cargo planning to hedge against sudden shifts in trade patterns.
Seaborne iron ore trade in H1 2025 exhibited notable volatility: cyclone‑impacted shipments in Australia depressed volumes in February, but logistical catch‑up pushed March exports near record levels. Global flows softened versus 2024, led by a ~5% YoY drop in Chinese imports amid mill destocking, while India’s rising imports contributed to geographic diversification. Market participants are increasingly hedging shipment risk—April SGX volumes rose 9% YoY, with financial players now representing over half of open interest. The underlying shipping network remains efficient but susceptible to regional disruptions. Looking ahead to H2, trade volumes are expected to normalize post‑cyclone season, with Simandou’s November debut offering moderate upside—though ramp‑up risk remains. Continued derivative activity signals market concern about route stability, reinforcing iron‑ore trade’s strategic complexity in 2025.

H1 2025 coal trade contracted, with both thermal and coking coal flows weighed down by weaker Asian demand, robust domestic production in China and India, and ongoing supply competition. The outlook for global seaborne coking coal trade in 2025 remains soft, with volumes projected to fall around 2.5% year-on-year, reflecting weaker steel demand and mounting macroeconomic pressures on key economies. While a gradual recovery is possible in 2026, the rise of ‘greener’ steelmaking methods could accelerate the decline in coking coal trade beyond current forecasts. In H1, thermal shipments declined as falling Chinese and Indian imports, high stockpiles, and Indonesian export cuts offset a brief rebound in Asian imports in May. Capacity tightness at Australian ports also reshaped routing. In coking coal, a sharp dip in Asian seaborne imports in February was followed by gradual recovery as India adjusted quotas and sourcing patterns shifted—highlighted by China’s first coking coal exports to Indonesia in May.

Australian exports were impacted by earlier weather and mine closures but are expected to partially recover. Sino-U.S. tariff measures and shifting trade policies continue to drive reallocation of coking coal flows. Looking ahead, thermal coal trade is set to remain subdued under ongoing supply and demand pressures, while coking coal is likely to show resilience in the near term as market participants diversify sources, but faces long-term downside risk from evolving steel industry decarbonisation.

Global grain trade gained momentum in the first half of 2025, supported by higher exports of coarse grains, wheat, and soybeans amid record harvests and evolving trade patterns. Soybean trade was particularly dynamic: Chinese imports are set to reach an all-time high of

15.2 million tonnes in June, marking a 44% year-on-year increase, almost entirely driven by increased arrivals from Brazil as the share of

U.S. soybeans continues to decline in the face of ongoing tariff barriers. Overall, seaborne agricultural flows into China are projected to exceed 16 million tonnes for the month, representing a 33% increase compared to June 2024. The record Brazilian soybean crop and the lowest seasonal prices since 2020 have encouraged this shift, further consolidating Brazil’s role as China’s principal supplier. Freight rates on Brazil–China Panamax routes have registered only modest gains, as increased fleet capacity has offset higher cargo volumes. Wheat exports

also advanced, buoyed by competitive pricing and firm demand in Asia and the Middle East. For the remainder of 2025, global grain trade is forecast to expand by approximately 1% in tonne-mile terms, supported by strong U.S. corn and soybean production, steady growth in coarse grain exports, and increasingly diverse sourcing. Nevertheless, the outlook remains subject to ongoing weather risks, low stock levels in key markets, and potential changes in trade policy, particularly in the context of ongoing U.S.–China negotiations, which may further influence the direction and composition of grain and soybean flows in the coming months.

Minor bulk trade is expected to see modest growth in the second half of 2025, led by continued strength in bauxite and fertilizer shipments. Bauxite exports have been a major driver, underpinned by sustained Chinese import demand from Guinea and Australia and new alumina capacity coming online. However, recent policy moves in Guinea have created fresh uncertainty for the global bauxite market. The government has cancelled over 120 mining licences and suspended several active operations, resulting in a significant build-up of unsold bauxite at Kamsar port and raising the prospect of export restrictions or new taxes on raw bauxite. These developments have the potential to disrupt global bauxite flows, tighten supply, and increase volatility in minor bulk shipping for the remainder of the year. Fertilizer trade

remains active, with low inventories in some regions driving restocking and seasonal agricultural demand providing support, but higher input costs and logistical challenges may limit overall growth. As a result, minor bulk trade will remain highly sensitive to policy changes, logistics, and evolving environmental regulations, with Guinea’s bauxite sector emerging as a key uncertainty for the dry bulk market outlook in late 2025.

India is preparing to source crude oil from outside the Persian Gulf and cut its own refined product exports should the Strait of Hormuz be blocked to ship traffic, India’s Oil Minister said. Some market watchers are concerned that Iran, could choose to attack tankers sailing through Hormuz or close the Strait altogether.

A steady India offers the wobbly world a useful Anchor. The world today is undergoing a recalibration of trade ties. From Tariff escalation, de-escalation with YoYo effects and geopolitical

conflicts to export curbs and volatile commodities, the post – globalisation order is fundamentally being re-shaped.

Recent free trade agreements (FTA’s) with the U.K., UAE and Australia have gone beyond mere tariff concessions, encompassing critical areas like services, digital trade and investments – a hallmark of a tech-forward economy. India is expediting discussions with the U.S. on a trade agreement.

EU confirms it wants price cap cut to $45 as it sanctions 77 ships

Moves aimed to pressure tanker trades further.

The price cap for non-sanctioned shipments of Russian oil could be about to become much lower.

European Commission president Ursula von der Leyen Three confirmed the bloc wants to cut the ceiling from $60 per barrel to

$45.

Iran issues new threat to shut Strait of Hormuz chokepoint as vessel traffic carries on. Members of the Parliament’s National Security Committee said such an option is on the table.

Closing the Strait of Hormuz is on the menu as Iran mulls its response to attacks from Israel and potential intervention from Western powers.

Iranian parliament National Security Committee head Behnam Saeedi said closing the key waterway — where roughly one-third of all global seaborne crude oil passes daily — was on the table, according to Reuters, citing the government-backed Mehr news agency.

Iran jails tanker crews for five years as it seizes two extra ships. The operations were carried out by naval patrol officers, supported by a marine commando unit.

Fuel was stored in vessel tanks and large containers, Taheri added.

The ships have now been handed over to the National Iranian Oil Products Distribution Co.

The vessels have not been named, but they join a growing list to fall foul of Iranian forces this year over smuggling allegations.

These are usually small vessels and not always tankers. Some reports have suggested offshore ships are involved, but this has not been confirmed.

Iran is known for some of the world’s lowest fuel prices due to heavy subsidies.

Price differences with neighbouring countries encourage smuggling.

In April, the Tanzanian ship registry said two vessels seized by Iran were no longer on its books.

Iran’s Islamic Revolutionary Guards Corps said it had arrested two Tanzanian-flagged ships carrying 1.5m litres of smuggled diesel.

Tensions in the Middle East have reached a boiling point this week as senior US officials reportedly prepare for a potential military strike on Iran, a move that threatens to ignite a wider regional conflict.

According to a Bloomberg report citing individuals familiar with the matter, the US is actively planning for the possibility of a weekend strike in response to escalating hostilities between Iran and Israel with the New York Times reporting earlier in the week Iranian

officials will consider laying mines along the Strait of Hormuz if the US does enter the war.

Freight markets are reacting swiftly. VLCCs have surged to nearly

$55,000 a day, more than doubling from just a week ago when global averages hovered in the mid-$20,000 a day range. LR2 tankers have similarly spiked to over $45,000 a day, their highest level since July 2024.

This surge is particularly significant given that 60 to 65% of global VLCC and LR2 liftings are tied to the Middle East region, according to data from Jefferies, making these vessels the most exposed to geopolitical turbulence in the Persian Gulf and surrounding waters.

The Greek Ministry of Shipping issued an advisory earlier this week, urging all Greek-flagged vessels to avoid Iranian waters wherever possible. The advisory cites historical risks to freedom of navigation and merchant ship safety, particularly near Iran’s shores, the Strait of Hormuz, and the Gulf of Oman.

The most immediate impact has been felt in the insurance markets. According to Marsh McLennan, the world’s largest marine insurance broker, hull and machinery insurance rates for vessels transiting the Strait of Hormuz have jumped more than 60% in just a matter of days.

Premiums have risen from 0.125% to 0.2% of a vessel’s value. For

a $100m tanker, this pushes insurance costs from $125,000 to

$200,000—with brokers warning that prices could rise further if an actual strike materialises.

Insurers are also closely monitoring electronic interference, which has been affecting navigational systems in the region, particularly near Iran’s Port of Bandar Abbas. The UK Maritime Trade Operations (UKMTO) and the US-led Combined Maritime Force’s Joint Maritime Information Centre (JMIC) have issued multiple advisories warning ships of GPS spoofing and signal anomalies.

A collision between two tankers near the strait earlier this week— one of which reportedly transmitted irregular positioning data—has heightened suspicions of deliberate interference.

Insurers are also increasingly concerned about the Iranian-backed Houthi militant group expanding its targeting of commercial vessels.

Several speakers at Marine Money Week 2025 in New York yesterday discussed the Israel-Iran conflict and its implications for shipping, with most senior tanker executives dismissing the likelihood of a prolonged closure of the Strait of Hormuz.

Svein Moxnes Harfjeld, CEO of DHT Holdings, said there was no precedent for a closure of the strait, while Lois Zabrocky, CEO of International Seaways, said China and India, massive importers of Middle Eastern oil, would do all they could to make sure the strait remains open.

Lars Barstad, the CEO of Frontline, another major tanker owner, described the market dynamics since the Israel-Iran conflict kicked off last Friday as a “Mexican standoff” between charterers and owners.

Knut Traaholt, the CFO at Flex LNG, reckoned Iran would sue for peace, and the country had no interest in blocking the strait, a vital source of revenues for the Middle Eastern republic.

John Boots, CFO of CoolCo, added historical context, pointing out that even during the Iran-Iraq war of the 1980s and the two Gulf Wars, the strait was never properly closed.

Kristian Sørensen, CEO of BW LPG, discussed the current rush to secure LPG cargoes and ships out of the Middle East as all as the US as an alternative.

One of the most famous names in French shipping has passed away.

French shipowners’ association Armateurs de France has revealed that Philippe Louis-Dreyfus, a leading figure in international shipping and former president of the organisation, has died at the age of 80.

He left a lasting mark on the shipping sector at the helm of Louis Dreyfus Armateurs, guiding the family business into new maritime and industrial sectors, particularly in the field of service vessels.

President of Armateurs de France from 2002 to 2004, Philippe Louis-Dreyfus played a key role in the modernisation of the French flag, with the establishment of the French International Register and the introduction of the tonnage tax regime.

He also chaired the European Community Shipowners’ Association from 2006 to 2009 and then became the head of he world’s largest shipping association, BIMCO, in 2015.

Louis-Dreyfus strongly advocated for a reduction in vessel speed, which he considered the most effective and accessible short-term solution to decarbonise the global fleet.

“Philippe Louis-Dreyfus left a profound mark on our sector. His commitment, strategic vision, and commitment to the common good have significantly contributed to the international reputation of the French merchant navy,” said Martens Laurent, general delegate of Armateurs de France.

Singapore’s Proteus teams with Symbio to bring automotive

hydrogen fuel cell tech to shipping

A new hydrogen fuel cell system tailored for maritime applications has been unveiled by Singapore-based Proteus Energy in partnership with French hydrogen fuel cell specialist Symbio.

The modular system, known as the Proteus Maritime Fuel Cell Solution, is intended for deployment on vessels such as harbor craft, coastal ships, offshore support vessels, and inland waterway vessels. The first product in the lineup, the Proteus75, offers a 75 kW output per fuel cell stack, with scalability through stack combinations.

Symbio is jointly owned by Michelin, Stellantis, and Forvia, and has previously supplied hydrogen systems for road vehicles including cars, buses, and trucks in Europe.

Designed to support both all-electric and hybrid vessel propulsion, the marine-adapted system can be configured as a modular power pack or integrated directly into a vessel’s structure to extend operational range and reduce battery strain in hybrid configurations, Proteus explained.

Baltic Index Drops to One-Week low as larger vessel rates dip. It fell for the third consecutive session to a one week low on Thursday as rates declined across larger vessel segments. The main index, which monitors rates for Capes, Panamax and Supramax shipping vessels was down 123 points, or 6.6%, at 1,571, the lowest level since June 11. The Capesize index lost 364 points, or about 10.6% to 3,078, the lowest in more than a week. the panamax index, which covers medium-sized vessels used for coal and grain, slipped 1.8% to 1,353. In contrast, the supramax index edged up 1.5% to 963. Meanwhile, escalating geopolitical tensions are driving up shipping insurance costs. Data on Wednesday showed marine war risk premiums for vessels operating near Israeli waters surged to around 0.7%, amid renewed conflict with Iran, according to industry sources.

BALTIC INDICES 19/06/2025

DRY INDEX: 1751 (- 123)

CAPESIZE INDEX:	3078 (- 364)
PANAMAX INDEX:	1353 (- 25)
SUPRAMAX INDEX:	963 (+ 14)
HANDYSIZE INDEX:	621 (+ 2)

BCI TC AVG $/DAY 25524 (- 3022) BPI82 TC AVG $/DAY 12174 (- 231) BSI TC AVG $/DAY 12175 (+ 174) BHSI TC AVG $/DAY 11179 (+ 41)

TIMECHARTER

‘Yasa Eagle’ 2012 82525 dwt dely Mariveles 24 Jun trip via Indonesia redel South China $12,000 – cnr

‘Yasa Diamond’ 2021 84973 dwt dely Zhoushan 23/25 Jun trip via EC Australia redel Singapore-Japan

$13,500 – cnr

‘Pan Concord’ Cobelfret relet 2024 82814 dwt dely Gibraltar 20/21 Jun trip via NC South America redel Singapore-Japan $21,500 – Norden

‘SFL Yangtze’ 2012 81664 dwt dely retro Navlakhi 13 Jun trip via EC South America redel Singapore-Japan

$12,800 – cnr

‘Basic Sun’ 2024 81650 dwt dely Wenzhou 28/29 Jun trip via Indonesia redel Japan $13,500 – Cargill –

‘Kamares’ 2004 74444 dwt dely South China prompt trip via Indonesia redel China $8,250 – cnr

‘Tai Sentry ‘ 2024 64589 dwt dely Kendari 24/27 Jun trip via Indonesia redel India $16,000 – Seapol

‘Vecco’ 2015 38850 dwt dely SW Pass end Jun trip via Mississippi River redel EC Mexico intention grains

$17,400 – Pacnav

‘Clipper Spey’ 2011 33985 dwt dely Hong Kong prompt trip redel Far East $9,000 – cnr

PERIOD

‘Guo Hai Lian 168’ 2012 75812 dwt dely Tanjung Bin prompt 5/7 months redel AG-Japan $11,500 – Seapol VOYAGES

ORE

‘Mineral Danmark’ 2024 170000/10 Ponta Da Madeira/Jaigarh 15/19 Jul $23.50 fio 3 days shinc/30000shinc – Vale – <18/6 fixture>

‘TBN’ 170000/10 Tubarao/Qingdao 18/25 Jul $22.50 fio 3 days shinc/30000shinc – Oldendorff

‘Cosco TBN’ 170000/10 Tubarao option West Africa/Qingdao 16/22 Jul $22.75 fio 3 days shinc/30000shinc – Cargill – <18/6 fixture>

‘TBN’ 70000/10 Seven Islands/Fos 1/10 Jul $12.00 fio 60000shinc/23000shinc – Arcelor Mittal

COAL

‘TBN’ 80000/10 Gladstone/Gangavaram 11/20 Jul

$17.05 fio 35000shinc/40000shinc – RINL – <18/6 fixture>

‘TBN’ 75000/10 Gladstone/Gangavaram 16/25 Jul

$16.85 fio 35000shinc/40000shinc – RINL – <17/6 fixture>

Baltic Exchange Index – 19 JUNE 2025 Baltic Exchange Capesize 182 Index

Route Description Value Change

===== ========================================== ==

C8_182 182000mt Gib/Hamburg transatlantic RV 38,643 – 4607

C9_182 182000mt Cont-Med trip China-Japan 56,606 – 2488 C10_182 182000mt China-Japan transpacific RV 23,727 – 2064 C14_182 182000mt China-Brazil round voyage 23,907 – 3818 C16_182 182000mt Backhaul 9,031 – 944

=================================================== =

C5TC 182 Weighted Timecharter Average 28,282 – 2797

Baltic Exchange Index – 19 JUNE 2025

Baltic Exchange Capesize Index 3078 (-364)

Route Description Value($) Change

====== =================================== =======

C2 160000mt Tubarao to Rotterdam 10.936 – 0.271

C3 160-170000mt Tubarao to Qingdao 22.850 – 1.680

C5 160-170000mt W Australia to Qingdao 9.315 – 0.205

C7 150-160000mt Bolivar to Rotterdam 16.221 – 1.193

C8_14 180000mt Gibraltar-Hamburg T/A RV 33,714 – 4786 C9_14 180000mt Conti/Med Trip China/Japan 51,625 – 2625 C10_14 180000mt China/Japan T/P RV 20,191 – 1936 C14 180000mt China-Brazil RV 19,988 – 3662

C16 180000mt N.China to Skaw-Passero 4781 – 782

C17 170000mt Saldanha Bay to Qingdao 17.574 – 1.109

========================================== =======

5TC Weighted Timecharter Average 25,524 – 3022

Baltic Exchange Panamax 82500mt Index 19 JUNE 2025 Baltic Exchange Panamax Index 1,353 (-25)

Route Description Value ($) Change

====== ========================= ======== ====== P1A_82 Skaw-Gib T/A RV 12,309 – 264

P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 18,908 – 296 P3A_82 HK-SKorea incl Taiwan, Pacific/RV 11,307 – 172 P4_82 HK-SKorea incl Taiwan to Skaw-Gib 7,688 – 98 P6_82 Dely Spore Atlantic RV 12,036 – 273

====== =========================== ======= =====

P5TC Weighted Timecharter Average 12,174 – 231

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

Route Description Value ($) Change

================================== ======

P5_82 S. China Indo RV 10,561 + 181

P7 66000mt Mississippi Rvr to Qingdao 46,450 – 0.257 P8 66000mt Santos to Qingdao 34.893 – 0.086

Baltic Exchange Supramax Index – 19 JUNE 2025 Baltic Exchange Supramax Index 963 (+14)

Route Description Value ($) Change

====== ========================================= =====

S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 12,183 – 25 S1C_63 US Gulf trip to China-South Japan 20,221 0

BS2_63 North China one Australian or Pacific RV 11,019 + 550 BS3_63 North China trip to West Africa 10,270 + 40

S4A_63 US Gulf trip to Skaw-Passero 21,800 – 43 S4B_63 Skaw-Passero trip to US Gulf 8,550 + 14

BS5_63 West Africa trip via ECSA to North China 14,696 + 153 BS8_63 South China trip via Indo to EC.India 11,550 + 379 BS9_63 W.Africa trip via ECSA to Skaw-Passero 13,079 + 72

S10_63 S.China trip via Indonesia to South China 8,678 + 325 S15_63 Indian Ocean trip via S.Africa to Far East 11,333 + 50

====== ========================================= =====

S11TC Weighted Timecharter Average 12,175 + 174 S10TC Supramax(58) Timecharter Average 10,141 + 174

Baltic Exchange Index – 19 JUNE 2025 Baltic Exchange Handysize Index 621 (+ 2)

Route Description Value ($) Change

====== ======================================== ======

HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 5,764 – 93 HS2_38 Skaw-Passero trip Boston – Galveston 8,279 – 100 HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 16,811 + 105 HS4_38 USGulf trip via USG or NCSA to Skaw-

Passero 16,964 + 514

HS5_38 SE Asia trip to Spore – Japan 10,800 – 50 HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp 10,306 – 7 HS7_38 N.China-S.Kor-Jpn trip to SE Asia 9,806 – 7

====== ======================================== ======

7TC Weighted Timecharter Average 11,179 + 41

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