- Top Thermal Coal importers China and India are slashing Indonesian shipments of power generating fuel in favour of energy- dense grades from elsewhere as global fall in prices has made higher quality coal more competitive. Coal purchases by China and India from Indonesia, the world’s biggest exporter, are dropping faster than their thermal coal imports, as both nations shift towards higher-calorific value (CV) coal that yields more energy per ton. The alternate sources that are being looked at are from Mongolia, South Africa and Tanzania. This is forced miners to focus on domestic demand, particularly local nickel smelters, which offer better prices than power utilities or exports to China.
- Higher CV Coal is more expensive, but produces more energy for every dollar spent at current prices. One mio tons of higher CV coal can replace 1.2-1.3 mio tons or even 1.5 mio tons from Indonesia. In China, Indonesian medium and low-calorific thermal coal has been struggling to compete with discounted Russian supplies of similar grades. Ramli Ahmad, the President director of Indonesian miner Ombilin Energi, said Indonesian coal could make a come back if prices of higher grades rise to the Middle-East conflict, but lower CV Coal will suffer as long as more energy- dense grades are competitive.
- Mongolian coal in China and South African coal in India have been the biggest gainers at Indonesia’s expense, with their shares touching record high’s in these first five months of 2025.
- What is “Tokara Law” ? A Manga artist’s 1990 vision : An unspoken Japanese Rule. Both pointing to July 5, 2025 (two days away). The Tokara Islands are shaking again (North Japan) and in two days is the date she drew with no explanation. When Tokara shakes, something bigger always follows. Whether you believe in the Tokara Law or not only time will tell in two days.
- We have seen War over territories, strategic areas, military strengths in comparison, over Mineral Wealth of other Nations that we want under our control whether on Land or below the Sea, Inland Waterways conflict and rights……Wait is my view and be
ready to see Wars or Control over Drinking water and I see its roots originating from the US Soil. Billionaires will pour in the money to control as they did with the Armament, Pharma Industries etc. Sounds far-fetched does it not?
I hope my foresight is wrong.
- Sanctions on Russia: Before the Ukraine Russia war, Russia exported $6 mio worth of Coal; $70 mio worth of Gas and $56 mio worth of Oil, which gave Russia annually $132 billion worth imported by Europe. The Sanctions dropped the sales to $7 mio by Oil, $17 mio by Gas and Nil by Coal, dropping the total sales from #132 billion down to just $24 billion, a loss of about $100 billion. Experts predicted Russian economy will collapse within 3 to 6 months and will not be able to afford the cost of the War. Russian economy remained stable, unemployment rate went down. The biggest reason behind this is India used to buy around $1.5 bio of Oil, $0.3 bio worth of Coal and $ 0.2 bio of Gas. Roughly $2.0 billion in the end with Imports from Russia after the war. These figures increased to $0.3 bio Coal, $82.0 bio worth of Oil and $0.2 bio worth of Gas totalling about $96 billion which have created more jobs, reduced unemployment and allowed Russia to continue the war.
- Indian Shipyard buys key Sri Lankan Shipyard to push back China. India has executed a powerful maritime Manoeuver by acquiring control of Colombo Dockyard PLC, Sri Lanka’s largest Shipbuilding facility. Through Mazagon Dock Shipbuilders Ltd, this
$52,96 million move aims to assert Indian presence in a region long contested by Chinese influence. India gains a strategic maritime foothold with the Colombo Dockyard, countering China’s hold over Hambantota. More than Shipbuilding, it’s a long-term geopolitical move in South Asia. It’s control allows India to establish a firm footprint in a high-value corridor of the Indian Ocean. In an era where Maritime Assets are becoming geopolitical leverage points, this acquisition directly counters China’s increasing sway over regional infrastructure and port access.
MDL’s acquisition allows it to shift part of it’s shipbuilding work to Colombo, boosting revenue and reviving the Dockyard. Shared design and Technical strengths will cut costs and strengthen
India’s Maritime Supply chain. The Japanese exit during Sri Lanka’s financial distress created a rare strategic opening for India. Sri Lanka turned to India as its shipbuilding sector faced crisis and Japan withdrew support. India’s MDL stepped in, offering financial and technical strength. A strategic move that counters growing Chinese influence in the region. Once approved, Colombo Dockyard will become a MDL Subsidiary, boosting India’s Naval readiness and regional logistics. It marks a strategic blend of Commerce, Security and influence abroad.
- European corporate giants, including German carmaker Mercedes Benz and French luxury group LVMH, are leading a rearguard action to blunt the bloc’s response to US President Donald Trump’s proposed sanctions. In a bid to head off a transatlantic trade war, some executives have been holding back- channel meetings with US officials to pursue their own interests.
European efforts to tone down the risk of a full-blown trade war unfolded as a top Chinese official suggested there’s reason to optimistic about ties between the world’s two biggest economies. Both the Chinese and the Americans are hoping for a “friendly, good” relationship between their countries, and politicians are expected to heed the will of the people, said Liu Jianchao, head of the Communist Party’s International Department.
For its part, the Trump administration moved to close loopholes that have allowed Chinese trade to avoid tariffs. Its deal with Vietnam suggested there’s not much room to further cut levies on Beijing.
- BlackRock is considering a sale of its stake in the leasing rights to Saudi Aramco’s natural-gas pipeline network back to the energy giant. People familiar with the potential deal said talks between the asset manager and Aramco are continuing.
The US investor could weigh other options for the pipeline if the discussions fail to lead to an agreement.
- Switzerland and Germany have agreed to jointly purchase multiple ground-based air defence systems as part of the European Sky Shield Initiative, in a push by the two countries to ramp up collaboration in defense procurement. The agreement foresees the purchase of medium-range ground-based air defence from German manufacturer Diehl, according to a Swiss government statement. Negotiations with the manufacturer are largely completed and the contract is expected to be signed in coming weeks.
- The struggling Port Pirie smelter in South Australia could be a test case in how much Western governments are willing to spend to break China’s dominance in critical minerals. Owner Nyrstar Australia is proposing a multimillion-dollar upgrade so the smelter can produce antimony — a key mineral used in munitions, semiconductors, solar panels and batteries.
- Australians have enthusiastically embraced rooftop solar panels. Now the government has introduced a A$2.3 billion rebate plan to get more people to install batteries at their homes, to store all of that solar power to smooth out supply at times of peak demand.
- The world’s biggest polluter is cleaning up its act, writes Bloomberg Opinion’s award-winning columnist David
Fickling. China’s size is so overwhelming that when its fossil fuel
consumption peaks, as it’s doing now, it will shift the direction of the whole planet.
- Sanctioned VLCC player has charter ties to major shipowners and oil companies
- Greece’s Navios Maritime Partners, Japan’s Shoei Kisen and South Korea’s Sinokor reported to have charters to VS Tankers
-
VS Tankers-controlled VLCC Hillah (built 2021). is owned by Shoei Kisen, which bareboat chartered it to Navios Maritime Partners, which bareboat chartered it to the Dubai company formerly known as AISSOT.
At least three mainstream shipowners are reported to have charter links to the Iraqi- controlled VLCC operator that was sanctioned by the government of US President Donald Trump on Thursday.
Shipping databases show that ships in the fleet VS Tankers are either owned or chartered by Greece’s Navios Maritime Partners, South Korea’s Sinokor Merchant Marine and Japan’s Shoei Kisen Kaisha.
Two of the world’s largest crude tanker charterers are also tied to a pair
of the VLCC’s.
- Shipping veteran teams with
$50bn private equity group to
hunt maritime tech takeovers
- US-based GTCR forms Maris Investments with Manish Singh at the helm
- Ship management veteran Manish Singh has formed a new company backed by a major US private equity fund to make acquisitions in the maritime technology arena.
- Chicago-based investor GTCR said it had begun a management partnership with the former V.Group executive to set up Maris Investments.
- Panamax bulker owners biggest winners from rising US grain exports
- But tonne-mile demand slumps due to a fall in sailing distances
- US seaborne grain exports rose 9% from January to June this year, boosted by strong maize exports, according to shipping association Bimco.
- Panamaxes were the biggest beneficiary of the surge in grain exports, as at least 46% of US grain cargoes were loaded onto that vessel class.
- Capesize spot rates cut in half from early summer highs
- Index assessment has almost halved over the past two weeks
There are too many open vessels relative to cargo supply right now, particularly in the Atlantic.
- Spot rates for capesize bulk carriers are falling back to earth following their mid-June spike.
- Empty vessels have returned to the Atlantic and will soon begin to pressure the Pacific market too, according to analysts.
- The basket assessment for average rates has fallen by close to 50% since hitting $30,944 per day on 16 June, the highest level in almost a year.
- Vietnam”s raw trade deal with the U.S. isnt’s a good deal. It is a bitter-sweet outcome. While the country has managed to escape a 46% tariff that the US President had threatened to impose, its US- bound exports will still face a 20% duty. If cargo sent from Vietnam happens to be a trans-shipment of goods made elsewhere, then that tariff barrier would rise to 40%. This is a device to stop
exporters from using its ports to game the US-set matrix of tariffs that vary from one country to another based on a puzzling formula. Under the deal, US Exporters will get “total access” to Vietnam’s markets. This has been interpreted to mean that Hanoi will impose no import duties on American goods. This is woefully lopsided against Vietnam.
- Indian Oil plans to set up green hydrogen fuel retail network.
- IMD to buy two 4th generation INSAT series from ISRO satellites to help improve weather forecast.
Timor-Leste joins rapidly growing marfiet of fafie registries tafiing in sanctioned tonnage
- Timor-Leste confirmed as the latest in a recent rash of new fraudulent registries being used by sanctioned vessels
At least eight vessels have adopted the fake flag since April, most are using a variety of deceptive shipping practices to evade scrutiny
Emergence of Timor-Leste flag comes weeks after Malawi was alerted to the same scam, prompting a request to Interpol to investigate. Timor-Leste, Asia’s youngest democracy, has just joined the rapidly expanding list of unwitting governments being used by fraudsters as a front for entirely fake shipping registries employed by sanctioned ships engaging in high-risk clandestine trades.
- Lloyd’s List has tracked at least eight ships that have started using
the fake Timor-Leste flag since April.
Five of the ships are directly sanctioned as a result of their involvement in shadow fleet operations.
Source: Lloyds Intelligence
- Representatives from Timor-Leste’s National Directorate of Maritime Transport have confirmed that none of the ships have been registered by the government, which is now examining how the “illegal” ships could be stopped.
- According to Alberto Pereira, from the Timor-Leste National Directorate of Maritime Transport, the government is liaising with at least one other government and “relevant parties” in a bid to shut down the register and stop the ships from signalling a Timor- Leste identification.
- Ships registered to fraudulent flags signal their fake credentials via a unique nine-digit number assigned to a vessel or shore station known as a Maritime Mobile Service Identity number.
- “Timor-Leste has not issued any MMSI numbers or registered
ships from other countries,” Pereira said.
- “Any ships using the flag and MMSI number are illegal and it is hoped that they can be detained and processed according to international law,” he continued.
- The Timor-Leste government was first alerted to the fraud when Lloyd’s List first reported sanctioned tankers were reflagging to Timor-Leste in April.
US designates 12 tanfiers and Iraqi terminal in first Iran sanctions since bombing nuclear sites
- VS Oil Terminal in Iraq’s Khor al Zubair designated by Ofac, along
with owner, Iraqi- UK national Salim Ahmed Said, and his network
- Designations mark first US shipping sanctions since the Israel-Iran
war that also saw the US bomb Iran’s nuclear facilities
- Nine tankers and three LPG carriers also sanctioned
- Ofac highlights use of fake Iraqi origin documents and blending operations.
- After bombing Iran’s nuclear facilities in late June amid the 12-day Israel-Iran war, the US resumed its ‘maximum pressure’ sanctions campaign on Iran on Thursday with fresh designations targeting over 30 tankers, individuals, and entities.
- German container ship owner Leonhardt & Blumberg is continuing to divest its handysize container fleet.
- The Hamburg-based company — once the largest tonnage provider of container vessels in this category — is lining up the sale of its third vessel this year
- Trump aims to shut Trade Loopholes China uses to evade Tariffs. Pres. Trump’s two-tiered trade deal with Vietnam. This was done to squarely at practices China has long used to skirt US Tariffs. The widespread legal shifting of production to S.E.Asian factories and the murkier and illegal “Origan washing” of exports through their ports. On a lighter note – China is one country that supplies leather footwear to the Indian markets by ‘Stamping’ them “Designed in Italy’ instead of saying “Made in China” and Container loads have been coming to India to the Retail footwear marketers.
- Glencore in talks with UK government over crude supply deal to insolvent refinery
- Trader and charterer took over shipments to Lindsey plant from Trafigura last year
- Giant charterer and trader Glencore is said to be in talks with the British government over a deal to supply the insolvent Lindsey refinery.
- Reuters reported that the status of its offtake contract with the east coast of England is also being discussed, according to sources.
- Maersk Tankers brings technical management in-house as it awaits new VLACs
- Synergy Group deal ended as Danish operation prepares for 10 newbuildings
- Denmark’s Maersk Tankers is setting up its own technical management operation ahead of the delivery of its fleet of very large ammonia carriers (VLACs).
- The Copenhagen-based company’s product tankers will be
included in the new department to ensure scale.
- Donald Trump said he’ll start sending letters to 10 to 12 trading partners today, setting unilateral tariffs ahead of his July 9 deadline for negotiations. He added that countries will start paying the levies on August 1. Many major partners including the European Union, Japan and South Korea are still working to finalize deals.
- Moscow launched one of its most intense drone attacks in weeks on Kyiv after Trump said he made no progress “at all” with Russian President Vladimir Putin in a phone call about Ukraine. Trump said he’ll speak Volodymyr Zelenskiy today.
- As the US and EU hold trade negotiations, the bloc’s businesses are working behind the scenes to prevent harsh retaliation against US President Donald Trump’s tariffs, fearing such measures could
lead to escalation and harm European industry. Major European firms like Mercedes-Benz and LVMH are urging against a tough stance on US tariffs and pushing the EU for a quick deal, we’re told. Executives are lobbying to remove iconic American products like bourbon from a list of goods to be targeted in retaliation. While the commission signals “all options” are on the table if negotiations go awry, its tone has softened as the July 9
deadline looms. Trump said his administration will start sending out letters to trading partners today setting unilateral tariff rates, with payments due Aug. 1. Commission President Ursula von der Leyen earlier reinforced her position that the EU aims for an agreement in principle with the US by the deadline.
- Ukraine Talks | Trump said he was “very disappointed” with a phone yesterday with Russia’s Vladimir Putin. The US leader said he’s set to speak today with Ukrainian President Volodymyr Zelenskiy, who said he plans to discuss the US decision to halt the transfer of artillery rounds and air defenses.
- Sky Shield | Switzerland and Germany have agreed to jointly purchase air defense systems under the European Sky Shield Initiative. The move is in line with Switzerland’s new strategy to source more arms from Europe and counter supply-chain strains by deepening cross-border collaboration.
- Greek Recovery | Once teetering on the edge of economic collapse at the peak of its debt crisis in 2015, Greece has staged a turnaround and is now outperforming many of its euro zone peers on several fronts. A decade on, the country boasts renewed investor confidence.
- Ukraine’s War Economy :
- Almost three and a half years of war have transformed the battle- hardened country into a weapons factory.
- Compared with almost anywhere in the world, new equipment is being developed and deployed at a fraction of the cost and on a massively compressed timescale.
- As Russia’s full-scale invasion grinds on, Ukraine is producing
some 40% of its weaponry at home. It’s a crucial development for
a country that remains dependent on US intelligence and deliveries of air-defense systems to intercept Russian drone and missile attacks.
- The importance was driven home this week with the abrupt decision by President Donald Trump’s administration to halt supplies. It can also offer a model for NATO members now looking to ratchet up military spending to respond to a more volatile strategic environment, Kyiv argues.
- “My country is becoming the arsenal of the free world,”
said Oleksandr Kamyshin, President Volodymyr Zelenskiy’s
advisor for strategic affairs.
- Innovation has long been visible with the military’s use of low-cost drones to attack Russian positions and take out battle tanks, altering the nature of the battlefield. Last month’s brazen strike on strategic bombers in synchronized attacks on Russian air bases in Siberia and the far north were the clearest demonstrations of the new reality.
- Kyiv hopes the burst of production will be a pillar of the country’s postwar recovery. Its procurement budget is around $12 billion, though the country can now produce battle-tested hardware worth three times that amount. European governments looking to re-arm should pay attention, Ukrainian government officials have said.
- For now though, weapons exports are subject to a ban — a source of tension for those in the industry. The focus is on converting innovation into production. Roman Sulzhyk, a former JP Morgan and Deutsche Bank executive who runs a venture fund for military technology startups, said he’s backing “mind-boggling” military- technology ventures.
- “The Ukrainian mil-tech scene is extremely hot right now,” he said.
· BALTIC INDICES 03/07/2025
- DRY INDEX: 1434 (- 9)
CAPESIZE INDEX: 1894 (- 64)
| PANAMAX INDEX: | 1507 (+ | 15) |
| SUPRAMAX INDEX: | 1052 (+ | 21) |
| HANDYSIZE INDEX: | 633 (+ | 1) |
- BCI TC AVG $/DAY 15705 (- 537) BPI82 TC AVG $/DAY 13565 (+ 141) BSI TC AVG $/DAY 13301 (+ 271) BHSI TC AVG $/DAY 11388 (+ 20)
· TIMECHARTER
‘Post Marvel’ 2013 95711 dwt dely Caofeidian 1/3 Jul trip via East Australia redel Singapore – Japan $8,000
- ‘United Sapphire’ 2019 85188 dwt dely Jaigad 2 Jul trip via Richards Bay redel India $14,500 – Ultrabulk
- ‘CL Peking’ 2021 85174 dwt dely Tanjung Bin 10/11 Jul trip via WC Australia redel China intention iron ore
$17,500 – Refined Success
- ‘Seacon Antwerp’ 2024 82806 dwt dely Rotterdam 5/8 Jul trip via NC South America redel Singapore – Japan
$21,250
- ‘Lowlands Concord’ 2024 82788 dwt dely Hamburg 9/11 Jul trip redel UK-Continent $14,750
- ‘Mastro Nikos’ 2011 82177 dwt dely retro Paradip 25 June trip via EC South America redel Singapore-Japan intention grains $14,250
- ‘Greek Seas’ 2015 82043 dwt dely passing Singapore 4 Jul trip via EC South America redel Singapore – Japan $14,000 – Bunge
- ‘Alexandria’ 2017 81870 dwt dely Bahodopi 7 Jul trip via West Asutralia redel China $17,000
- ‘Shandong Fu En’ 2017 81774 dwt dely passing Skaw 7/9 Jul trip redel Singapore – Japan $19,000 – Oldendorff
- ‘Athina L’ 2011 81358 dwt dely retro Amsterdam 29 Jun trip via NC South America redel Skaw-Gibraltar
$12,250
- ‘Valadon’ 2014 81105 dwt dely Hong Kong 8/10 Jul trip via EC Australia redel Malaysia intention coal $10,250 – Lestari
- ‘Afrossa’ 2014 78175 dwt dely retro Kakinada 15 Jun trip via EC South America redel Singapore – Japan
$14,000 – Pacific Bulk
- ‘Prabhu Sakhawat’ 2005 75944 dwt dely passing Ningde, SE China 8 Jul trip via Indonesia redel South China intention coal $10,500 – Cambrian
- ‘BSM Fangcheng’ 2020 63674 dwt dely Port Elizabeth prompt trip redel China intention manganese ore
$16,000 + $160,000 bb – Drydel
· VOYAGES
- ORE
- ‘TBN’ 170000/10 Dampier/Qingdao 18/20 Jul $7.15 fio 90000shinc/30000shinc – Rio Tinto
- ‘TBN’ 160000/10 Port Hedland/Qingdao 19/21 Jul
$7.30 fio 80000shinc/30000shinc – BHP
- ‘TBN’ 160000/10 Port Hedland/Qingdao 18/20 Jul
$7.40 fio 80000shinc/30000shinc – FMG
· COAL
- ‘TBN’ 75000/10 Dalrymple Bay/Praia Mole 18/28 Jul
$13.25 fio scale load/20000shinc – Mittal
- ‘TBN’ 75000/10 HPCT-DBCT-Abbot
Point/Visakhapatnam 5/14 Aug $16.45 fio 35000shinc/20000sshex – SAIL
BALTIC FORWARD ASSESSMENTS – THURSDAY 03 JULY 2025
BFA CAPESIZE
PERIOD VALUE CHANGE
| Jul 25 | 16,263 $/day | -87 |
| Aug 25 | 17,833 $/day | 345 |
| Sep 25 | 19,904 $/day | 346 |
| Oct 25 | 20,925 $/day | 333 |
| Nov 25 | 20,367 $/day | 296 |
| Dec 25 | 19,075 $/day | 308 |
| Q3 25 | 18,000 $/day | 201 |
| Q4 25 | 20,122 $/day | 312 |
| Q1 26 | 12,813 $/day | 138 |
| Q2 26 | 17,596 $/day | 113 |
| Q3 26 | 20,804 $/day | 175 |
| Q4 26 | 21,496 $/day | 142 |
| Cal 26 | 18,177 $/day | 141 |
| Cal 27 | 18,917 $/day | 46 |
| Cal 28 | 18,613 $/day | 5 |
BFA PANAMAX 82
PERIOD VALUE CHANGE
| Jul 25 | 13,596 $/day | 751 |
| Aug 25 | 12,935 $/day | 528 |
| Sep 25 | 12,839 $/day | 498 |
| Oct 25 | 12,577 $/day | 260 |
| Nov 25 | 12,328 $/day | 187 |
| Dec 25 | 11,782 $/day | 145 |
| Q3 25 | 13,123 $/day | 592 |
| Q4 25 | 12,229 $/day | 197 |
| Q1 26 | 10,241 $/day | 151 |
| Q2 26 | 12,020 $/day | 153 |
| Q3 26 | 11,882 $/day | 65 |
| Q4 26 | 11,624 $/day | 62 |
| Cal 26 | 11,442 $/day | 108 |
| Cal 27 | 11,503 $/day | 94 |
| Cal 28 | 11,831 $/day | 50 |
BFA SUPRAMAX
PERIOD VALUE CHANGE
| Jul 25 | 12,021 $/day | 417 |
| Aug 25 | 12,163 $/day | 438 |
| Sep 25 | 12,271 $/day | 438 |
| Oct 25 | 12,183 $/day | 450 |
| Nov 25 | 11,933 $/day | 400 |
| Dec 25 | 11,225 $/day | 383 |
| Q3 25 | 12,152 $/day | 431 |
| Q4 25 | 11,781 $/day | 412 |
| Q1 26 | 9,333 $/day0 | 75 |
| Q2 26 | 11,158 $/day | 137 |
| Q3 26 | 11,025 $/day | 62 |
| Q4 26 | 10,758 $/day | 66 |
| Cal 26 | 10,569 $/day | 86 |
| Cal 27 | 10,854 $/day | 96 |
| Cal 28 | 10,946 $/day | 38 |
BFA HANDYSIZE
PERIOD VALUE CHANGE
| Jul 25 | 11,850 $/day | 237 |
| Aug 25 | 12,088 $/day | 250 |
| Sep 25 | 11,900 $/day | 325 |
| Oct 25 | 11,838 $/day | 325 |
| Nov 25 | 11,675 $/day | 300 |
| Dec 25 | 11,288 $/day | 150 |
| Q3 25 | 11,946 $/day | 271 |
| Q4 25 | 11,600 $/day | 258 |
| Q1 26 | 9,250 $/day0 | 150 |
| Q2 26 | 11,114 $/day | 339 |
| Q3 26 | 11,138 $/day | 438 |
| Q4 26 | 10,700 $/day | 275 |
| Cal 26 | 10,551 $/day | 300 |
| Cal 27 | 10,525 $/day | 212 |
| Cal 28 | 10,550 $/day | 87 |
Baltic Exchange Index – 03 JULY 2025
Baltic Exchange Capesize Index 1894 (- 64)
Route Description Value($) Change
====== =================================== ========
| C2 | 160000mt Tubarao to Rotterdam | 8.693 – 0.243 | |
| C3 | 160-170000mt Tubarao to Qingdao | 18.750 – 0.020 | |
| C5 | 160-170000mt W Australia to Qingdao | 7.385 + 0.325 | |
| C7 | 150-160000mt Bolivar to Rotterdam | 12.129 – 0.557 | |
| C8_14 180000mt Gibraltar-Hamburg T/A RV | 18,643 – 2250 | ||
| C9_14 180000mt Conti/Med Trip China/Japan | 39,125 – 931 | ||
| C10_14 180000mt China/Japan T/P RV | 11,859 + 1598 | ||
| C14 | 180000mt China-Brazil RV | 13,061 – 244 | |
C16 180000mt N.China to Skaw-Passero -613 – 1576 C17 170000mt Saldanha Bay to Qingdao 13.978 – 1.022
========================================== ========
5TC Weighted Timecharter Average 15,705 – 537
Baltic Exchange Panamax 82500mt Index 03 JULY 2025 Baltic Exchange Panamax Index 1,507 (+ 15)
Route Description Value ($) Change
====== ================================= ======== P1A_82 Skaw-Gib T/A RV 14,630 + 294
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 20,413 + 105 P3A_82 HK-SKorea incl Taiwan, Pacific/RV 11,973 – 116 P4_82 HK-SKorea incl Taiwan to Skaw-Gib 7,709 – 125 P6_82 Dely Spore Atlantic RV 13,673 + 327
====== ================================= =======
P5TC Weighted Timecharter Average 13,565 + 141
The following routes do not contribute to the BPI or Weighted TC Average. Route Description Value ($) Change
====== ================================= ========
P5_82 S. China Indo RV 11,869 – 164
P7 66000mt Mississippi Rvr to Qingdao 48,007 + 0.086 P8 66000mt Santos to Qingdao 36,307 + 0.328
Baltic Exchange Panamax 82 Asia Index – 4 July 2025
Route Description Size (MT) Value($) Change
===== ====================== ========
P5_82 S.China one Indo RV 11,911 +42
Baltic Exchange Supramax Index – 03 JULY 2025 Baltic Exchange Supramax Index 1052 (+21)
Route Description Value ($) Change
====== ========================================= =====
S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 12,767 + 142 S1C_63 US Gulf trip to China-South Japan 19,932 + 446 BS2_63 North China one Australian or Pacific RV 12,425 + 156
BS3_63 North China trip to West Africa 11,500 + 200 S4A_63 US Gulf trip to Skaw-Passero 21,957 + 1243 S4B_63 Skaw-Passero trip to US Gulf 9,529 + 72 BS5_63 West Africa trip via ECSA to North China 15,875 + 136 BS8_63 South China trip via Indo to EC.India 13,593 + 293 BS9_63 W.Africa trip via ECSA to Skaw-Passero 13,622 + 43 S10_63 S.China trip via Indonesia to South China 10,831 + 325 S15_63 Indian Ocean trip via S.Africa to Far East 12,200 + 158
====== ========================================= =====
S11TC Weighted Timecharter Average 13,301 + 271 S10TC Supramax(58) Timecharter Average 11,267 + 271
Baltic Exchange Supramax Asia Index – 4 July 2025
Route Description Value($) Change
====== =============================== =======
S2_63 N.China one Austr or Pac RV 12,588 +163 S8_63 S.China via Indonesia/Ec India 13,890 +297 S10_63 S.China via Indo/S.China 11,123 +292
====== =============================== =======
S3TC Weighted Time Charter Average 12,541 +240
Baltic Exchange Index – 03 JULY 2025
Baltic Exchange Handysize Index 633 (+ 1)
Route Description Value ($) Change
====== ======================================== ======
HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 5,700 + 20 HS2_38 Skaw-Passero trip Boston – Galveston 7,821 0 HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 17,667 – 5 HS4_38 USGulf trip via USG or NCSA to Skaw-Passero 15,700 – 164 HS5_38 SE Asia trip to Spore – Japan 11,513 – 12
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp 10,856 + 137 HS7_38 N.China-S.Kor-Jpn trip to SE Asia 10,531 + 137
====== ======================================== =====
7TC Weighted Timecharter Average 11,398 + 20
(c) Baltic Exchange Information Services Ltd., 2025
++
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Mr Bansi Jaising – photo you have
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