Is it for control of Rare Earths Globally ? Is it for control of Nuclear Power ? Is it a Test Ground for Efficiency of Arms ?
Tracking India’s shift towards a cleaner Future:
Strike Set Back Iran’s Nuclear Program only by a few months, U.S. Report says. Preliminary classified findings indicate that the attack sealed off the entrances to two facilities but did not collapse their underground buildings. Iran Casts Cease-Fire as Proof that it’s Military has prevailed. Officials in Iran were claiming victory, saying that its armed forces had imposed a truce on Israel. But defeat seemed a more accurate reading of recent events.
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Israel and Iran appeared to be honouring a truce unexpectedly announced by Donald Trump overnight, after the US president reacted angrily to early breaches by both sides. The ceasefire agreement followed an extraordinary night in which Tehran retaliated against a US attack over the weekend by launching missiles at an American air base in Qatar. Iran’s move was telegraphed — with Qatar and the US being forewarned — and there were no casualties. Unclear ceasefire deal adds to uncertainty in Middle Eastern waters Ships are treading warily through the Gulf today, with sky-high tanker rates, as a brief truce between warring factions Israel and Iran looks to have fallen apart. Shortly after midnight, US president Donald Trump announced that Israel and Iran had agreed to a ceasefire, claiming an end to what he described as the 12-day war. In a post on his Truth Social platform, Trump said the ceasefire would be “complete and total” and phased in over 24 hours. Iranian state television later confirmed the ceasefire, several hours after Trump’s announcement. According to the Jerusalem Post, Israeli prime minister Benjamin Netanyahu confirmed on Tuesday morning that Israel had accepted Trump’s proposed ceasefire with oil prices dropping in early trading. However, as Daily Splash, our free newsletter was readying for publication, Israel’s defence minister accused Iran of violating the ceasefire, with the nation intercepting a missile and ordering “powerful strikes” on Tehran. Iranian state media denied reports that it fired a missile at Israel after the ceasefire began. “While talk of a ceasefire is cautiously optimistic, the situation in the region remains highly fragile with the next 24 hours critical to whether both sides enact and uphold de-escalation,” stated an update from maritime security specialists Vanguard. Whether the ceasefire holds will dictate where tanker rates head from here, with one Minerva Marine VLCC, Zouvra, making headlines yesterday for being fixed on subjects at a time-charter equivalent rate of $107,000 a day.
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Oil held losses but continued to fluctuate. Equities and stock-index futures jumped, the dollar fell and gold retreated. Meanwhile, the biggest mystery of the war remains unsolved: the location of Iran’s near-bomb-grade uranium. Donald Trump’s arrival ensured that today’s NATO summit would be a nervy affair as the US president flew to The Hague fuelling fresh doubts about the superpower’s commitment to the alliance. NATO leaders met to agree on raising defence spending to 5% of GDP, largely under American pressure. Trump joined other heads of state and government for a dinner hosted by King Willem-Alexander of the Netherlands last night, hours after he disclosed a fawning private message from NATO chief Mark Rutte. They’re on edge after Trump once again cast doubt on the alliance’s cornerstone provision that members defend each other from attack. “Article 5 is about when an attack on one is an attack on all. It’s very, very clear,’’ EU top diplomat Kaja Kallas reiterated yesterday. Geopolitical Chokepoint: The Busy waters off Southern Iran
The 6 Miles of Water Keeping Global Markets on Edge
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Iran had threatened to close the Strait of Hormuz, rattling oil markets
Shipping Routes Shift Toward Omani Waters in Strait of Hormuz Amid Heightened Tensions Vessel tracking data from June 19 and 20 shows a significant shift in shipping traffic through the Strait of Hormuz, with most vessels now avoiding Iranian waters and navigating entirely within Omani-controlled sea lanes. The Strait, a critical artery for global energy flows, is governed by an IMO-sanctioned Traffic Separation Scheme. At its narrowest point, both the inbound and outbound channels lie in Omani waters. Historically, traffic also passed through Iranian territory, especially in the wider approaches and deeper into the Arabian Gulf. That has now changed. Ships now approach via International waters in the Gulf of Oman and stay in Omani waters within the Strait. Once inside the Gulf, vessels are clustering along the Emirati coast near Ras Al Khaimah, steering clear of Iranian territory unless bound for Iranian ports. This rerouting has led to more congested sea lanes, raising collision risks. The Royal Navy of Oman faces mounting pressure to maintain secure and uninterrupted passage. The country is familiar with past threats in the Strait, including drone attacks, limpet mines, and cruise missiles. There are concerns that factions within the Iranian Revolutionary Guard could act independently, further destabilizing the region. Oman, maintaining open diplomatic channels with Tehran, has likely conveyed that any infringement on its sovereignty could strain bilateral relations. Recent Iranian aircraft arrivals in Muscat are believed to relate to Oman-mediated U.S.-Iran talks, underscoring Muscat’s strategic role as a neutral facilitator. While Oman has made no official statement about the rerouted traffic or naval deployments, its silence should not be mistaken for passivity. The Omani Navy is closely monitoring the situation through radar installations and patrol vessels operating from Goat Island Naval Base in Musandam. Quiet diplomacy paired with strong maritime oversight defines Oman’s current approach to managing rising tensions while safeguarding the integrity of its territorial waters.
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On the North coast lies Iran, and on the south coast lies the Musandam peninsula, shared by the United Arab Emirates and the Musandam Governorate, an exclave of Oman. The strait is about 104 miles (90 nmi; 167 km) long, with a width varying from about 60 mi (52 nmi; 97 km) to 24 mi (21 nmi; 39 km). U.S. strikes on several Iranian nuclear sites represent a meaningful escalation of the Middle East conflict that could lead Tehran to disrupt vital exports of oil and gas from the region, sparking a surge in energy prices. But history tells us that any disruption would likely be short-lived. Investors and energy markets have been on high alert since Israel launched a wave of surprise airstrikes across Iran on June 13, fearing disruption to oil and gas flows out of the Middle East, particularly through the Strait of Hormuz, a chokepoint between Iran and Oman through which around 20% of global oil and gas demand flows. While there have been no major disruptions to the global oil supply so far, the attacks on Iran — by Israel and then the US — have rattled investors, sending oil futures soaring by around 10% since the start of hostilities, among fears Iran could retaliate by disrupting shipping in the Strait of Hormuz. From the perspective of the global economy, there are few places as strategically important. The waterway, located between the Persian Gulf and the Gulf of Oman, is only 21 miles wide at its narrowest point. It’s the only way to ship crude from the oil-rich Persian Gulf to the rest of the world. Iran controls its northern side.
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About 20 million barrels of oil, about one-fifth of daily global production, flow through the strait every day, according to the US Energy Information Administration (EIA), which called the channel a “critical oil chokepoint.”
On Sunday evening, following US airstrikes on three of Iran’s nuclear facilities, Brent crude, the global benchmark, briefly surged above $80 per barrel, according to Refinitiv data, the first time that’s happened since January. Before the conflict, prices had largely hovered between $60 and $75 a barrel since August 2024.
But over the course of the Asian trading day on Monday, Brent and WTI, the US benchmark, gave up their early gains. Brent last traded 0.53% lower at $76.49 per barrel, while WTI was 0.62% lower at $73.38. Whether oil prices will climb further now depends on Iran’s response. Rob Thummel, senior portfolio manager at energy investment firm Tortoise Capital, told CNN that a potential disruption to the Iran-
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controlled sea route would cause oil prices to surge toward $100 per barrel.
Iran and Israel may be nearing a pause in their 12-day war after US President Donald Trump announced a ceasefire. The specific timing of the pause—and Israel’s response to Trump’s announcement—remains uncertain, and attacks were reported by both sides in the early hours of today. Brent crude prices slumped after Trump’s announcement. Futures on the S&P 500 Index jumped 0.5%, while MSCI’s Asia Pacific share gauge headed for its biggest gain in seven weeks. The dollar fell against all its major peers and gold dropped as much as 1%.
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The current Heatwave in North Eastern U.S. : Now, there’s nothing wrong with men showing a little leg in the office — after all, it’s 101° F in NYC and Sarah Green Carmichael says corporate culture is now accepting of shorts — but not all shorts are created equally. Like, there’s a BIG difference between a pair of nicely pressed chinos and a pair of cargos that look like they were crumpled on the floor of your bedroom all weekend. (Male readers, make of that what you will.)
- Fire-damaged Morning Midas car carrier sinks The salvors, Resolve Marine, have reported that the Morning Midas car carrier sank in international waters in the North Pacific, following a fire that broke out onboard on June 3. Damage caused by the fire, compounded by heavy weather and subsequent water ingress, caused the Morning Midas to sink at around 16.35 local time zone (UTC -9) on June 23, in waters approximately 5,000 m deep and 360 nautical miles from land. As a precaution, two salvage tugs containing pollution control equipment remain on site to monitor for any signs of pollution or debris.
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The Liberian-flagged car carrier Morning Midas, managed by Zodiac Maritime, caught fire approximately 360 miles southwest of Adak, Alaska, while en-route from Yantai, China, to Lázaro Cárdenas, Mexico. The vessel was transporting over 3,000 vehicles, including approximately 70 fully electric and 681 hybrid models. The fire reportedly originated on a deck housing electric vehicles, raising concerns once again about the risks associated with lithium-ion batteries in maritime transport. Despite the crew’s efforts to contain the blaze using onboard suppression systems, the fire intensified, leading to the evacuation of all 22 crewmembers, who were safely rescued by the nearby containership COSCO Hellas. • Gulf war risk premiums double but softening now expected | Tanker stocks plunge after Trump’s ceasefire message | Pacific Basin chief calls for polluter penalties over green incentives. - NATO leaders meet today as Secretary General Mark Rutte tries to prevent others from following Spain in breaking ranks over a 5% spending target. The UK is expected to commit to that level. It may take longer to become a citizen of Portugal.
- UK retailers have made “huge strides” on boardroom gender equality with the number of women now close to parity, a study showed. The proportion of female board members has risen to 47% from 32% in 2021. Still, minority ethnic representation on boards stands at just 8%, down from 12% in 2024.
- Germany’s LNG terminals are busier than ever but much of the fuel they import is flowing back abroad, data compiled by Bloomberg show. That’s left domestic storage levels low and sparked worries the state may need to intervene later.
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The wealthy are leaving the UK in droves for tax havens such as Monaco, Switzerland and Dubai. But many well-heeled Europeans with similar dreams of escape are finding they can’t leave quite so easily. • Norway taxes unrealized capital gains at as much as 38%. - High-tax nations across Europe are seeking to slow the departure of rich residents by hitting them with a levy on the value of their assets when they depart.
- Known as exit taxes, the idea is to make them think twice before leaving—or pay their fair share if they do.
- China and India are reducing Indonesian thermal coal imports, favouring higher-energy alternatives from Mongolia, South Africa, and Tanzania due to competitive pricing. Consequently, Indonesian coal exports have declined, prompting miners to focus on domestic demand, particularly from nickel smelters, which offer better prices than power utilities or exports to China. A Putin War with NATO would Cost the World $1.5 Trillion. The NATO Chief says Russia may be ready for an attack on Eastern Europe within five years.
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European officials tracking the ramp up of Putin’s military are wrestling with a threat that would have been scarcely plausible a few years ago: war with Russia. Russia is churning out artillery shells, drones and missiles at a rate that will soon surpass the needs of its troops in Ukraine. The US and Israel’s attack on Iran, a Kremlin ally, has dealt another blow to global stability, even as Trump announced a tentative cease-fire. Putin is sounding emboldened. Trump demands Israel stop dropping bombs on Iran, calling it a “major violation” of a fragile ceasefire announced hours ago. Yesterday, President Trump declared that Iran and Israel had reached a cease-fire, bringing an end to what he called “the 12-Day War.” Iran and Israel later confirmed the truce. But it was tenuous: The sides traded fire until the last moments before it went into effect, and Israel said Iranian missiles had killed four people. Soon after the truce began, sirens again blared in northern Israel. Israel said Iran had launched missiles during the cease-fire, a claim Iran’s military denied. “We will respond with force,” the chief of staff for Israel’s military said. Trump’s announcement, which caught even some of his top officials by surprise, may not be the end of the conflict. We also don’t know if the war so far has accomplished the primary objective for Israel and the U.S.: to dismantle Iran’s nuclear program. Whether last week’s American strikes actually destroyed their targets remains unclear. And what if Iran tries to rebuild its program? Look at what the War with Iran leaves unresolved. Four questions: Trump at first claimed that American bombs obliterated Iran’s nuclear program. So far, though, much remains unsettled: Did the U.S. strikes destroy their targets? American officials say that U.S. bombs and missiles did “severe” damage to Iran’s nuclear facilities. But we still don’t know much about their effect, particularly on Fordo, where Iran enriches uranium. The military had previously claimed that it
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could wipe out the site with just two bunker-busting bombs; it ultimately dropped a dozen. Officials may not get answers for days or weeks, if ever. The same trait that makes Fordo so hard to strike — that it’s deep underground — also makes gauging its status difficult. Does Iran have a secret enrichment facility? Before the U.S. attacks, Iran said that it had built a new enrichment site, its third, “in a secure and invulnerable location.” The facility is possibly under a mountain, similar to Fordo. If it’s up and running with the newest centrifuges, it could enrich uranium for nuclear weapons within months. Where is Iran’s stockpile of enriched uranium? American officials concede that they don’t know. Iran might have moved it before the strikes, given all the warnings about a looming U.S. attack. The 880 pounds of uranium — enough to fit in the trunks of 10 cars — is enriched to 60 percent purity, below the 90 percent used in nuclear weapons, David Sanger, covers national security. Will Iran rebuild? Its leaders may decide that the pursuit of nuclear weapons is futile — that Israel and the United States will simply destroy anything Iran creates. But after seeing how easily Israel and America blew through its defences, Iran may instead conclude the opposite: that the best way to protect itself is a nuclear deterrent. After all, that strategy has recently worked for Russia and North Korea. The inspectors How do we know anything at all about Iran’s nuclear program? That’s the job of the International Atomic Energy Agency, which reports to the United Nations. It checks on levels of enrichment and the whereabouts of bomb-grade uranium to ensure that Iran isn’t building a weapon. How? What does the I.A.E.A. do? In 1968, Iran signed the Treaty on the Non-proliferation of Nuclear-Weapons, which requires it to declare the contents of its inventory. The I.A.E.A. ensures it’s telling the truth. To do that, inspectors visit nuclear sites to weigh uranium canisters and take
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samples to measure enrichment levels. One difficulty in getting an accurate view of Iran’s work: The inspectors did not make surprise visits. Instead, they sought permission before entering facilities. They were still doing so until Israeli bombs fell 11 days ago. And now? The agency is using satellite images to assess damage remotely, but experts say those tools don’t make up for on-site inspections. The I.A.E.A. wants to return to track Iran’s nuclear stockpile, including the near-bomb-grade uranium whose location remains unknown. But … After the attacks, Iran’s Parliament is said to have approved the outline of a bill that would suspend future cooperation with the agency. - The cease-fire came hours after Iran fired missiles at an American military base in Qatar but gave the U.S. advance notice. The attack, which did not kill anyone, suggested Iran was looking for an off-ramp from the conflict. • We will take a quick look at some of the critical figures and data in the energy markets this week. We will then look at some of the key market movers early this week before providing you with the latest analysis of the top news events taking place in the global energy complex over the past few days. On a Lighter Note: 1) Why did you bomb Iran – because we suspect they have nuclear weapons; 2) Why did you bomb Syria – because we suspect they have nuclear weapons, finally 3) Why didn’t you bomb North Korea: “Because we know they have nuclear Bombs”.
14 - Box carriers maintain Israeli port calls amid escalating Iran tensions
- Zim’s domestic operations remain unaffected by conflict, including in despite recent missile strikes; launches ‘Zim on Air’ hybrid service
- Hapag-Lloyd pulls direct Israel services, while Maersk continues to omit Haifa as Ashdod calls continue as scheduled
- Senate Republicans are aiming to wipe away some $3.8 trillion in red ink, but not the actual debt itself, from their signature tax-and-spending bill by using an unprecedented parliamentary manoeuver. Led by Majority Leader John Thune of South Dakota, the GOP is pushing through a version of a House bill that could come down even harder on lower-income and disabled Americans, while making permanent some business tax breaks. The Senate bill even seeks to scale back some of President Donald Trump’s populist promises when it comes to taxes on tips and overtime. Both bills seek to extend—and ostensibly need to pay for—the party’s multitrillion-dollar tax cuts during Trump’s first term, which were largely a boon to corporations and America’s wealthy.
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Baltic Shipping News: Baltic Dry rose to 1,681 Index Points on June 24, 2025, up 0.42% from the previous day. Over the past month, Baltic Dry’s price has risen 29.71%, but it is still 12.72% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity.
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BALTIC INDICES 23/06/2025 DRY INDEX: 1674 (- 15) CAPESIZE INDEX: 2818 (- 61) PANAMAX INDEX: 1362 (+ 12) SUPRAMAX INDEX: 979 (+ 6) HANDYSIZE INDEX: 628 (+ 4) BCI TC AVG $/DAY 23367 (- 512) BPI82 TC AVG $/DAY 12254 (+ 103) BSI TC AVG $/DAY 12374 (+ 69) BHSI TC AVG $/DAY 11306 (+ 82) TIMECHARTER ‘Aquaholic’ 2008 83730 dwt dely aps South Africa 29 Jun trip redel India $13,250 + $325,000 bb – Oldendorff ‘Jen LR’ 2023 82411 dwt dely Qinhuangdao 28 Jun trip via EC Australia redel India $12,850 – Tata NYK
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‘Orient Peony’ 2022 82195 dwt dely Bahudopi 2 Jul trip via Indonesia redel Japan $16,500 – Cargill ‘Falkonera’ 2012 81641 dwt dely aps Sur, Oman prompt trip redel Skaw-Gibraltar intention ferts $8,500 first 65 days, $12,000 thereafter – WBC ‘Ying Shun’ 2013 81169 dwt dely Singapore 28 Jun trip via Indonesia redel South China $10,000 – cnr ‘Irene Madias’ 2012 79516 dwt dely Weda 2 Jul trip via Indonesia redel EC India $12,000 / redel WC India 11,500 – Amarante ‘Dolphin 79’ 2006 75709 dwt dely Krishnapatnam 29 Jun trip via EC South America redel Singapore-Japan $8,000 – Cofco Agri ‘Tomini Harmony’ 2015 63590 dwt dely Port Elizabeth prompt trip redel China intention manganese ore $14,000 + $140,000 bb – cnr ‘Eagle’ 2010 58018 dwt dely Houston prompt trip redel Nigeria intention wheat $20,000 – cnr ‘Zaraar Hanif’ 2009 55693 dwt dely Nghi Son 24/28 Jun trip via Vietnam redel Chittagong intention clinker $13,300 – Norvic ‘Courageous ‘ 2005 52346 dwt dely Campha prompt trip via Indonesia redel China $8,000 – Fullinks VOYAGES ORE ‘Easter Luck’ 2007 170000/10 Tubarao/Qingdao 16/22 Jul $23.50 fio 3 days shinc/30000shinc – Cosco – <23/6 fixture> ‘TBN’ 170000/10 TRMT/Qingdao 2/4 Jul $6.50 fio 90000shinc/30000shinc – Vale
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COAL ‘DAT TBN’ 80000/10 TBCT/Samcheonpo 1/10 Jul $7.49 fio 35000satpmshex/21500lt shinc – Kepco tender ‘TBN’ 75000/10 Gladstone/Dhamra 10/19 Jul $13.60 fio scale/18000shinc – Trafigura MISC ‘TBN’ 59000/10 bauxite Kamsar/San Ciprian 6/12 Jul $13.00 fio 24000shinc/15000shinc – Cobelfret GRAIN ‘TBN’ 58000/10 US Gulf/South Korea 1/10 Jul $55.50 fio 11 daps – cnr Baltic Exchange Index – 24 JUNE 2025 Baltic Exchange Capesize 182 Index Route Description Value Change ===== ========================================== ==== C8_182 182000mt Gib/Hamburg transatlantic RV 34,143 – 286 C9_182 182000mt Cont-Med trip China-Japan 53,150 – 244 C10_182 182000mt China-Japan transpacific RV 21,473 – 857 C14_182 182000mt China-Brazil round voyage 24,120 + 1270 C16_182 182000mt Backhaul 8,000 – 188 =================================================== == C5TC 182 Weighted Timecharter Average 26,311 – 79 Baltic Exchange Index – 24 JUNE 2025 Baltic Exchange Capesize Index 2817 (- 1) Route Description Value($) Change ====== =================================== ===== C2 160000mt Tubarao to Rotterdam 10.721 + 0.014 C3 160-170000mt Tubarao to Qingdao 23.175 + 0.705 C5 160-170000mt W Australia to Qingdao 8.923 – 0.252 C7 150-160000mt Bolivar to Rotterdam 14.936 – 0.161 C8_14 180000mt Gibraltar-Hamburg T/A RV 29,071 – 322 C9_14 180000mt Conti/Med Trip China/Japan 48,438 – 218
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C10_14 180000mt China/Japan T/P RV 18,086 – 882 C14 180000mt China-Brazil RV 20,065 + 1360 C16 180000mt N.China to Skaw-Passero 4000 – 150 C17 170000mt Saldanha Bay to Qingdao 17.589 + 0.217 ========================================== ======= 5TC Weighted Timecharter Average 23,360 – 7 Baltic Exchange Panamax 82500mt Index 24 JUNE 2025 Baltic Exchange Panamax Index 1,384 (+ 22) Route Description Value ($) Change ====== ================================= ======== P1A_82 Skaw-Gib T/A RV 12,586 + 222 P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 19,238 + 213 P3A_82 HK-SKorea incl Taiwan, Pacific/RV 11,621 + 313 P4_82 HK-SKorea incl Taiwan to Skaw-Gib 7,719 + 94 P6_82 Dely Spore Atlantic RV 12,359 + 121 ====== ================================= ======= P5TC Weighted Timecharter Average 12,455 + 201 The following routes do not contribute to the BPI or Weighted TC Average. Route Description Value ($) Change ====== ================================= === P5_82 S. China Indo RV 11,033 + 277 P7 66000mt Mississippi Rvr to Qingdao 46,729 + 0.086 P8 66000mt Santos to Qingdao 35.371 + 0.135 Baltic Exchange Panamax 82 Asia Index – 25 June 2025 Route Description Size (MT) Value($) Change ===== ====================== ======== P5_82 S.China one Indo RV 11,294 +261
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Baltic Exchange Supramax Index – 24 JUNE 2025-06-25
Baltic Exchange Supramax Index 983 (+ 4)
Route Description Value ($) Change ====== ========================================= ===== S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 12,183 + 16 S1C_63 US Gulf trip to China-South Japan 19,639 – 350 BS2_63 North China one Australian or Pacific RV 11,631 + 125 BS3_63 North China trip to West Africa 10,750 + 70 S4A_63 US Gulf trip to Skaw-Passero 20,829 – 514 S4B_63 Skaw-Passero trip to US Gulf 8,761 + 90 BS5_63 West Africa trip via ECSA to North China 14,846 + 60 BS8_63 South China trip via Indo to EC.India 12,114 + 193 BS9_63 W.Africa trip via ECSA to Skaw-Passero 13,104 + 11 S10_63 S.China trip via Indonesia to South China 9,250 + 219 S15_63 Indian Ocean trip via S.Africa to Far East 11,538 + 229 ====== ========================================= === S11TC Weighted Timecharter Average 12,425 + 51
S10TC Supramax(58) Timecharter Average 10,391 + 51 Baltic Exchange Supramax Asia Index – 25 June 2025 Route Description Value($) Change ====== =============================== ======= S2_63 N.China one Austr or Pac RV 11,775 +144 S8_63 S.China via Indonesia/Ec India 12,393 +279 S10_63 S.China via Indo/S.China 9,541 +291 ====== =============================== ======= S3TC Weighted Time Charter Average 11,306 +225 Baltic Exchange Index – 24 JUNE 2025 Baltic Exchange Handysize Index 628 ( 0) Route Description Value ($) Change ====== ======================================== ===== HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 5,636 – 64 HS2_38 Skaw-Passero trip Boston – Galveston 8,064 – 136 HS3_38 Rio de Janeiro-Recalada trip Skaw-Passero 17,211 + 100 HS4_38 USGulf trip via USG or NCSA to Skaw-Pass 17,457 + 100 HS5_38 SE Asia trip to Spore – Japan 11,000 + 12 HS6_38 N.China-S.Kor-Jpn trip N.China-S.Kor-Jpn 10,363 0
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HS7_38 N.China-S.Kor-Jpn trip to SE Asia 9,925 + 31 ====== ======================================== ==== 7TC Weighted Timecharter Average 11,311 + 5 (c) Baltic Exchange Information Services Ltd., 2025
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