• How is global shipping trying to decarbonise?

What are the green fuels that may be used? Why is it difficult to implement changes in shipping? What does India need to do? Why is the government encouraging green ammonia production in India? What are the challenges?
Global shipping is on course towards decarbonisation by 2040-50. This represents a huge opportunity for India. Merchant ships largely use Very Low Sulphur Fuel Oil (VLSFO), diesel, and methane gas stored in liquid form as fuel. LNG-powered engines with their higher efficiency of some five percentage points are likely to be a transition fuel before shipping moves to green fuels such as green ammonia, green or e-methanol and biofuels by 2040 and net zero thereon.
Global shipping is on course towards decarbonisation by 2040-50. This represents a huge opportunity for India. Merchant ships largely use Very Low Sulphur Fuel Oil (VLSFO), diesel, and methane gas stored in liquid form as fuel. LNG-powered engines with their higher efficiency of some five percentage points are likely to be a transition fuel before shipping moves to green fuels such as green ammonia, green or e-methanol and biofuels by 2040 and net zero thereon.
• Alaska is the most earthquake-prone state. Here is why Wednesday’s earthquake was notable
• Wednesday’s magnitude 7.3 earthquake off Alaska’s Aleutian Islands chain struck in a region that has experienced a handful of powerful quakes within the last five years — including one that shook communities almost exactly two years earlier.
• Officials said Thursday they had received no reports of injuries or major damage from the latest event, which triggered a tsunami warning that lasted about an hour before being downgraded and prompted communities along a 700-mile (1,127-km) stretch of Alaska’s southern coast to urge people to move to higher ground. The official maximum wave height at Sand Point, a community 55 miles (88 kilometers) north of the epicenter, was about 3.9 inches (10 centimeters), said Kara Sterling, a lead duty scientist at the National Tsunami Warning Center. It occurred at low tide.
• Prague Airport terminal ‘closed’ amid ‘possible presence of explosive’
Prague Airport took to social media to confirm that Terminal 2 had been partially closed after the discovery of the ‘possible presence of an explosive’ as police were called
• A major airport in a city loved by British tourists was “closed” after possible explosives were found in a secure area.
• A section of Prague Airport was temporarily shut today after an urgent police operation was launched this afternoon. The airport’s Terminal 2 was shut following the “possible presence of an explosive”, according to local cops. The major European airport announced the temporary closure in a X post, saying: “For security reasons, access through the central security checkpoint in Terminal 2 has been temporarily suspended. A police operation is currently taking place on site. As a precautionary measure, part of Terminal 2 has been temporarily closed to the public.”
• Co’s in talks with Adani Ports to move cargo throughroad
• Around 10 companies are in discussion with Adani Ports to move their cargo by road when EXIM (export-import) cargo operations begin at Vizhinjam International Port by the end of the year. This will give many companies a direct link to Europe because they currently depend on feeder ships handling their import and export containers through Colombo or Vizhinjam. The companies are in the fields of apparel, retail, automotive and other manufacturing sectors.
• A port official said, “These are only discussions that are happening because the port is ready for exim operations when road connectivity is established.” He mentioned that work is underway to create the road connectivity by providing a connection to the highway. “This is expected to be completed in three to four months. Once this is ready, trucks will be able to move containers brought by mother ships to different parts of the country,” the official said.
• This development saves time and cost for companies that import or export components, chemicals, and raw materials between India and Europe or China. It is estimated that importers can reduce the time taken to receive a consignment to 25 days or less compared to the 40-50 days if routed via Colombo or Vizhinjam to other ports along the eastern and western coasts using feeder ships. The consignments will then have to be moved by road from these ports to the factories.
• The industrial clusters in the southern states are looking forward to EXIM cargo operations to begin. The road connectivity may be ready in three months. The port expects that 10 to 20% of its containers can be EXIM in three years. The rail connectivity will take three years, so it will take some time for EXIM to become full- fledged.
• Vizhinjam Port, which completed a year since the first container ship San Fernando arrived on July 11, 2024, has so far handled 392 ships, including 23 ultra-large ships, and has handled 8.30 lakh containers. The port has a capacity to handle 10 lakh containers in a year and will have capacity to handle 62 lakh containers when subsequent phases are completed. The second phase expansion work is expected to start in the coming months.
• “Not worried about US Sanctions on Russia Oil Imports”
India is not worried about threats of US sanctions on countries that buy Russian oil as there is enough supply in the market, Petroleum Minister Mr. Hardeep Singh Puri said. More oil would come in, easing prices further. Pres. Trump said the US could impose 100% tariffs on Russia and ‘secondary tariffs’ on countries importing its oil, mainly China and India, if Moscow did not agree to a deal to end the Ukraine War in 50 days. The Minister said “my own view is the price of oil will come down, only because there is more oil available in the international market.
There is more oil coming on the global market from the Western Hemisphere i.e. from countries like Brazil, Guyana and Canada. They are not even OPEC Members. India has maintained that its strategy for sourcing energy prioritises its national interest and that of Indian consumers.
• Oily water dumped from former Eagle Bulk vessel by engineer after engine room flooded
• Whistleblower scapegoated after pollution offence in US
• The US government has fined a technical manager after oily waste was dumped from a former Eagle Bulk Shipping vessel following engine room flooding.
• Eagle Ship Management (ESM) pleaded guilty to pollution offences relating to the 58,000-dwt Gannet Bulker (built 2010) in 2021, the Department of Justice (DoJ) said.
• Ship registry and 105 vessels among entities listed in EU’slatest Russian sanctions
• The European Union officially rolled out its 18th sanctions package today, overcoming opposition from Slovakia earlier in the week. The sanctions are aimed squarely at crippling Moscow’s revenue streams and tightening the noose on its shadow fleet of sanctioned tankers
• Under the new measures, the oil price cap for Russian crude will be tightened—reduced to roughly $47–$48 per barrel, or about 15% below prevailing prices. Meanwhile, transactions related to Nord Stream pipelines are now fully banned, and refined oil products made from Russian crude face a complete import prohibition.
• The EU will blacklist 105 additional vessels tied to Russia’s shadow tanker fleet, and for the first time has decided to sanction an, as yet unspecified, ship registry. This move builds on earlier efforts, bringing the total number of sanctioned vessels to well over400. Also of interest from a shipping perspective has been the decision to sanction the biggest Rosneft refinery in India.
• Financially, the package targets Russian and third-country banks suspected of aiding sanction evasion. It also includes asset freezes and transactional bans on key military-linked energy entities like Rosneft and Surgutneftegas. The Nord Stream ban further severs EU ties to Russian energy infrastructure.
• EU foreign policy chief Kaja Kallas declared this sanctions package “among the strongest to date,” emphasising it would continue ramping up pressure until Moscow halts its aggression. Commission president Ursula von der Leyen echoed the tone, saying “Strength is the only language that Russia will understand.”
• Earlier this week, US president Donald Trump announced a sweeping threat to impose secondary sanctions on nations importing Russian exports. Trump warned that unless Russia agrees to a peace deal within 50 days, by September 3, his administration would introduce a 100% tariff on Russian goods and apply secondary sanctions on buyers of Russian oil.
• India and China remain the main buyers of Russian crude, accounting for 33% and 21% of imports year-to-date per AXS Marine data, respectively. On clean products, Turkey and Brazil have been the main buyers, accounting for 26% and 14% year-to- date, respectively. On LNG, the EU remains the main buyer, with Japan taking the largest share of Asian countries.
• In related shadow fleet news, Malaysia has said it will implement new regulations by the end of July aimed at tightening enforcement against illegal ship-to-ship (STS) oil transfers in its territorial waters. Under the new regulations, vessels caught conducting unauthorised oil transfers will face immediate detention. Malaysia has been one of the main areas where shadow tankers transfer sanctioned oil to then take to China.
• MPC Container Ships spends $228m on four 4,500 teu orders in China
• Oslo-listed MPC Container Ships has placed a $228m order for four 4,500 teu container vessels at China’s Taizhou Sanfu Ship Engineering with secured three-year charters, as well as divesting some older tonnage while expanding its financing platform with new debt facilities totalling over $100m.
• The ships, which will deliver in 2027, will generate around $140m in revenue from their initial three-year charters, the company said in a release.
• The tonnage provider revealed today it is letting go of three older 1,300 teu ships for $31.5m with existing charters attached.
• “Our ongoing fleet renewal strategy is further reinforced by these measures.
• New York cancels offshore wind power line project due to Trump ban
• New York’s Public Service Commission has stopped the project that would bring offshore wind power to New York City.
• Gas and electric utility customers would pay for the costs of the transmission lines to transport wind power that doesn’t exist, leaving them vulnerable to rate hikes, especially due to Trump’s decision to block the issuance of new permits for offshore wind projects.
• In 2023, the commission decided to construct new power lines to deliver at least 4,770MW of offshore wind energy to New York City by 2033. That project has now been cancelled.
• After the New York Independent System Operator started the search in April last year for companies to build the power lines, 28 proposals arrived at their address from four different companies with offers ranging from $7.9bn to $23.9bn.
• “We will continue to press forward regarding infrastructure needs for offshore wind in the future once the federal government resumes leasing and permitting for wind energy generation projects,” said PSC chair Rory Christian.
• The original 2023 plan was supposed to meet the climate goal of 9GW from wind by 2035. But without government support, they can’t know what design or plans to use for the power lines.
• Moscow orders ship hull sweeps after surge in mystery blasts
• Russia’s state-run port operator FSUE Rosmorport has announced a RUB 3.16 billion ($39.5m) tender to inspect the underwater sections of vessels at key Baltic Sea ports amid mounting concerns over maritime sabotage.
• The sweeping safety initiative follows a string of mysterious explosions on merchant ships, most recently aboard StealthGas’s ammonia tanker Eco Wizard (pictured) at the Ust-Luga energy hub earlier this month. That blast—officially described as a “minor leak”—triggered the evacuation of the vessel and temporary port closure. Damage inspection revealed large holes in the hull, with metal bent inward, fuelling speculation of an external attack.
• The new contract is divided into four lots, covering ports at Saint Petersburg, Ust-Luga, Primorsk, Vysotsk, Vyborg and Kaliningrad. Work will include detailed surveys of propellers, rudders, thrusters, sea chests, and bulbous bows, using sonar, hydroacoustic systems, and remotely operated underwater vehicles (ROVs) to detect unplanned or potentially explosive objects.
• Each vessel inspection is expected to cost between RUB578,000 and RUB2.8m, depending on vessel class. Bidding is open until July 24, with contracts to be awarded by August 4.
• The Eco Wizard blast followed similar incidents in February, when the Turkish-owned Koala was rocked by three explosions at Ust- Luga, and in June when the Vilamoura, a suezmax managed by TMS Tankers, was hit after calling at Russian ports.
• The Ust-Luga incidents are part of a growing list of maritime explosions involving tankers linked to Russian trade, including outside the Baltic. In recent months, explosions on the Seajewel and Seacharm (both aframaxes managed by Thenamaris) in the Mediterranean, as well as the Grace Ferrum off Libya, have raised alarms among maritime security experts, many of whom suspect the use of limpet mines.
• In December 2024, the Ursa Major, a Russian general cargo ship, sank in the western Mediterranean following an underwater explosion. While official statements have often downplayed these events, local authorities and international observers increasingly view them as a coordinated campaign against Russia’s export of fossil fuels.
• The string of blasts recorded in recent months will likely initiate a review of war risk premium rates for vessels calling Russian Baltic Sea ports, maritime security specialist Ambrey suggested earlier this month. Ambrey is advising shipping companies to conduct asset screening assessments for all charter-party agreements and purchases, and to carry out dynamic voyage risk assessments.
• Irene Rosberg, programme director of the Blue MBA at Copenhagen Business School:
• The map has changed, and it keeps changing. In maritime, this is no longer a cliché; it’s a daily reality.
• For those of us shaping the next generation of leadership at the CBS Blue MBA, the biggest challenge facing senior executives today isn’t volatility. It’s the instinct to treat volatility as temporary. Geopolitical flashpoints, carbon regulation, digitalisation, AI, economic instability; these aren’t passing storms. They’re permanent weather systems, and the leadership playbook must evolve.
• Traditional strategic models based on long-range planning and stable assumptions are now, frankly, liabilities. Strategic rigidity is dangerous. Leaders must learn to pivot, reassess, and move fast. But that doesn’t mean becoming reactive. It means developing a new literacy: one rooted in systems thinking, scenario planning, and the emotional intelligence to lead people through ambiguity.
• This is not a future problem. It’s now. The maritime sector is already paying the price for a strategy gap, in cost overruns, lost talent, and missed opportunities. We see companies struggling not because of lack of capital, but because of lack of capacity: strategic, organisational, and human.
• Outdated strategy, outdated tools
Strategic planning in our industry still leans too heavily on static tools and dated models. Many maritime leaders are brilliant operators but have never been trained to think and lead strategically in today’s hyper-fluid environment. Worse, they often lack the confidence to question the very structures and assumptions they inherited.
What’s missing isn’t brainpower, it’s mindset.
Take decarbonisation. It’s one of the most pressing strategic dilemmas of our time, and many companies still debate whether to retrofit engines or invest in future-fuel tech. We’ve seen Blue MBA participants confront this dilemma head-on in their Integrated Strategy Projects. One recent project evaluated whether a leading tanker company should remain in its medium-size segment or take the high-risk leap into VLCC’s. Another explored whether to develop retrofit solutions or leap directly to dual-fuel innovation, a decision with major implications for both capital and compliance.
These aren’t academic case studies. These are real-world, board- level questions with enormous uncertainty, and they require leaders who are prepared to make bold, informed decisions with incomplete data.
• The talent risk no one wants to talk about
Another under-acknowledged strategic risk is talent. Maritime is struggling to attract and retain future leaders. If we fail to invest in people, we’ll soon be asking the workforce to solve tomorrow’s problems using yesterday’s tools. That simply won’t work.
What we need are leaders who are digitally literate, emotionally intelligent, and capable of cross-functional thinking. Leaders who are collaborative, purpose-driven, and open to life-long learning, not just in name, but in practice.
At the Blue MBA, we’ve built a curriculum around these principles. Our goal is to help the industry not just react to change but shape it by producing executives who thrive in uncertainty. From scenario planning and systems design to leadership under pressure, we give participants the frameworks, exposure and confidence to lead. What I’ve learned after two decades leading this programme is simple: the best leaders are not the most experienced. They’re the most adaptable. They have the courage to unlearn, the humility to listen, and the foresight to see complexity not as chaos but as opportunity.
• The next five years will be defined by those who choose to lead with resilience, clarity and curiosity, and those who wait for the map to settle.
• One of those options will still be in business.
• Subsea 7 wins new Equinor contract for North Sea development
Offshore engineering and services provider Subsea 7 has secured a contract for work on Equinor’s Fram Sør development project, located offshore Norway.
The project’s work scope encompasses engineering, procurement, construction, and installation of subsea structures and flowlines, including 53 km of production, gas lift, and water injection lines. It also includes the installation of the umbilical system.
It follows the award of a contract for front-end engineering and design in January, which finalised the technical definition of the development.
Engineering and project management will begin immediately in Subsea 7’s offices in Norway and the UK. Offshore installation activities are expected in 2026, 2027, and 2028.
The exact financial details of the deal were not revealed, but the company did describe it as a large contract, which puts it in the $300m to $500m range.
The Fram Sør area is located 10-30 km north of the Equinor-operated Troll C platform, some 70 km northwest of Bergen. The Fram Sør project will be connected to the existing Fram and Troll C infrastructure.
The contract is subject to the approval of a plan for development and operations.
• CSSC Shipping signs for Newcastlemax newbuilds
CSSC Shipping has moved to bolster its dry bulk portfolio with a pair of newcastlemax newbuilds.
The Hong Kong-listed leasing arm of state-owned China State Shipbuilding Corporation (CSSC) has struck a deal for the 210,400 dwt units with Qingdao Beihai Shipbuilding and China Shipbuilding Trading.
Each vessel is priced at RMB528m ($73.5m), with deliveries scheduled by December 2027 and March 2028. The ships will be taken on by two of CSSC’s special-purpose vehicles, Fortune Propulsion and Fortune Prosperity.
CSSC Shipping, which is listed with more than 30 bulkers, stated the transactions will enable it to optimise its fleet profile. As all parties involved in the transaction fall under the CSSC group umbrella, the deal remains subject to approval by independent shareholders, the company said in a filing.
• Russia’s Arctic LNG ambitions remain largely frozen
• Loadings at Russia’s heavily sanctioned Arctic LNG 2 project indicate operator Novatek is resuming some level of operations despite setbacks
• Two sanctioned LNG tankers have loaded at the facility, promised to become Russia’s largest LNG plant with an output of nearly 20m tonnes a year
• Sanctions have left operator Novatek under pressure from Moscow, struggling to sell LNG from the project
Order surge hits: Tanker fleet growth to outpace demand from next year, Veson Nautical warns
• Analysts say a bundle of tankers ordered in 2024 will start to have an effect in 2026
• Tanker owners should beware the effects of an expanded newbuilding orderbook, according to analytics company Veson Nautical.
• In its third quarter preview, its analysts noted a surge in new yard contracts last year.
• Japan’s K-Line Plans To Divert More Ships Away From U.S. Over Rising Tariffs
• Japanese shipping company Kawasaki Kisen (K-Line) is preparing to reroute more of its vessels away from the United States as it gets ready for the possibility of increased U.S. tariffs. This was shared by CEO Takenori Igarashi during an interview on Wednesday.
• Igarashi said that the company has already made some changes to its U.S. services and may shift more ships to other regions. He mentioned that there have been times when ships on certain routes were not fully loaded, leading the company to reduce how often it runs container services between East Asia and the United States.
• He said that K-Line is currently adjusting its fleet capacity based on the amount of cargo available. Since taking over as CEO in March, Igarashi said the company has been closely watching trade developments, especially concerning tariff changes between the U.S. and China.
• For the financial year ending in March 2026, K-Line expects to face an impact of around 30 billion yen, which equals approximately $200 million. This includes losses from its car carrier segment, a drop in container volumes, and lower freight rates.
• The container shipping division is expected to be particularly affected, depending on the outcome of U.S.-China tariff talks. U.S. President Donald Trump has warned that higher tariffs could be imposed on several trading partners if trade deals are not finalised by August 1.
• Igarashi explained that depending on the final tariff levels different countries receive, and how those affect global trade flows, the result could actually benefit shipping in some cases, especially if cargo has to travel longer distances.
• Seatrium To Deliver One Of World’s Largest FPSOs To Petrobras’ Buzios Field
Seatrium Limited has announced that it is ready to deliver the PETROBRAS 78 (P-78), the first in a series of turnkey Floating Production Storage and Offloading (FPSO) vessels to Brazil’s national oil company, Petroleo Brasileiro S.A. (Petrobras).
The sailaway ceremony for the P-78 took place two weeks ago at Seatrium’s yard in Singapore. After delivery, the P-78 will be deployed in the Buzios field, which is the largest deepwater oil field in the world.
The FPSO has a production capacity of 180,000 barrels of oil per day (bopd) and can process 7.2 million cubic metres (mcbm) of gas per day. It also has a storage capacity of 2 million barrels of oil, making it one of the largest FPSOs operating globally.
Seatrium’s Chief Executive Officer, Chris Ong, said through the company’s official communication that they are proud to deliver the first EPC FPSO in this series to Petrobras.
He added that Seatrium, as a leading provider of sustainable offshore energy and infrastructure assets, is dedicated to helping Petrobras reduce carbon emissions from its floating production units. He also mentioned that Seatrium’s partnership with Petrobras spans five other FPSO projects, all of which include innovative features focused on sustainability.
Seatrium follows a One Seatrium Global Delivery Model, which allows its teams to collaborate with global industry leaders and execute projects across different locations. This model helps the company overcome geographical barriers by using its international network of shipyards and partners.
For the P-78, Seatrium’s teams fabricated the topside modules weighing 54,000 metric tonnes (MT) across multiple shipyards located in Singapore, China, and Brazil. The integration and commissioning works were completed in Singapore. Once the FPSO reaches the Buzios field, Seatrium will carry out the final offshore commissioning phase there.
Petrobras’ Executive Officer for Engineering, Technology and Innovation, Renata Baruzzi, said that the P-78 is not only the largest and most complex unit ever built for Petrobras but also represents a significant step forward for the company.
She mentioned that the vessel includes new technical specifications and incorporates lessons learned from previous FPSO projects like the Replicantes and Cessão Onerosa series.
• World’s 1st Ocean-Going Ammonia Gas Carrier Equipped With WinGD’s Ammonia Engine
Swiss marine power company WinGD has become the first engine designer to bring an ammonia-fuelled two-stroke marine engine to market following the delivery and installation of its X52DF-A engine on a 46,000m3 LPG/ammonia carrier being built for EXMAR.
The vessel will be the first ammonia-fuelled gas carrier in service, and the engine among the first of WinGD’s ammonia-fuelled X-DF-A design to enter commercial operation.
The 52-bore engine was built by HD Hyundai Heavy Industries’ Engine & Machinery Business Unit (HHI-EMD) and installed on the first of four sister vessels to be built at HD Hyundai Mipo shipyard in South Korea.
The results from WinGD’s laboratory test engine runs were confirmed at the factory, with low emissions and efficient performance similar to diesel engines offering a robust solution for operators seeking to deploy ammonia fuel.
“With such convincing results it is clear that ammonia fuel has a vital role to play in the decarbonisation of our industry. Working with trail-blazer partners like EXMAR has been essential in bringing this technology to market. We’re proud to be at the forefront of the clean-energy transition, delivering the innovative propulsion solutions the industry needs as it strives for a more sustainable future.”- Sebastian Hensel, VP of Research and Development, WinGD
The X-DF-A engine features high-pressure ammonia injection supplemented by a low, targeted pilot fuel dose of around five per cent at full load.
The engine delivers load handling, dynamic response and fuel efficiency on par with WinGD’s equivalent diesel-fuelled X Engines in both ammonia and diesel operating modes. Further optimisation will continue for the second engine in the 52-bore series, which will be delivered later this year.
• The UK, Prime Minister Keir Starmer hinted the UK may join Germany in purchasing weapons from the US to give to Ukraine, a person familiar said. The two leaders signed a new “Kensington Treaty” on Thursday, which includes commitments for the two nations to assist each other in case of armed attack.
• In the East, Russia, China and India, founders of the BRICS group are planning a Tri-Group between these countries to support each other against the Tariff Wars and Sanctions leashed on them.
• China expressed its support for Russia’s initiative to revive the dormant Russie-India-China (RIC) troika, saying the Trilateral co- operation not only serves the interest of the three countries but also the security and stability of the region and the world.
• Petrobras likely to redirect oil to Asia: Brazil state-run oil firm Petrobras may redirect the oil it sells to the US, sending more to Asia and Pacific markets, due to higher tariffs the US announced on Brazil. Although oil and gas exports make up a hefty share of Brazil’s exports to the U.S., Petrobras CEO said it is not an essential market for the firm. It is not much that we export to the US, in the first public comments about the 50% tariff US President announced. The South American country has supplied less than 3% of the oil the US has consumed so far in 2025.
• The trade war is dominating the agenda everywhere. As some of the world’s most powerful finance ministers meet at a beach- side resort in South Africa, this year’s Group of 20 host is struggling to keep its priorities on course. Trump’s tariff shockers and the acrimony they have wrought between major economies is complicating South Africa’s stated aims, which include debt relief, sustainable finance and reforms to the world’s development-finance institutions.
• A rebel army is building a rare-earth empire on China’s border. The Bloomberg Big Take looks at how the Kachin Independence Organization, which fought for decades in obscurity in Myanmar, came to be supplying essential minerals to manufacturers around the world.
BALTIC INDICES 17/07/2025
DRY INDEX: 2030 (+ 124)
CAPESIZE INDEX: 3021 (+ 379)
PANAMAX INDEX: 1933 (- 34)
SUPRAMAX INDEX: 1335 (+ 20)
HANDYSIZE INDEX: 670 (+ 6)
BCI TC AVG $/DAY 25055 (+ 3147)
BPI82 TC AVG $/DAY 17399 (- 301)
BSI TC AVG $/DAY 16875 (+ 255)
BHSI TC AVG $/DAY 12066 + 121)
TIMECHARTER
‘Cymona Star’ 2006 87036 dwt dely Fangcheng 24/25 Jul trip via Indonesia redel Japan $21,000 – NS United –
‘Sea Destiny’ 2014 82172 dwt dely Machong 21/23 Jul trip via Indonesia redel India $15,000 – Seapol
‘Glory Pegasus’ 2013 82165 dwt dely Beihai 15 Jul trip via Indonesia redel Japan $21,000 – Cobelfret –
‘Malena’ 2019 81575 dwt dely aps EC South America 11/13 Aug trip redel Skaw-Gibraltar $28,000 – TMM
‘Pan Pegasus’ 2019 81553 dwt dely Pohang 20 Jul trip via NoPac redel Japan $15,350 – Kline
‘AE Jupiter’ 2007 74476 dwt dely Hong Kong 18/19 Jul trip via Indonesia redel S China $14,500 – cnr
‘Nord Nile’ 2025 63969 dwt dely Bataan 15/30 July trip redel US Gulf intention steels $11,000 for first 50 days, $15,500 thereafter

‘Astro Merope’ 2015 63628 dwt dely Chittagong prompt trip via Indonesia redel WC India $14,500
‘Kaspar Schulte’ 2012 58758 dwt dely Pipavav 22 July trip redel China intention salt $11,500 – Allianz
‘Desert Spring’ 2012 57437 dwt dely Ireland prompt 2 laden legs redel Far East $15,000 – Anglo
‘Xin Hai Tong 29’ 2011 57295 dwt dely Zhoushan 24 Jul trip redel Mediterranean $17,500 for first 60 days, $20,000 thereafter
‘Wooyang Hermes’ 2008 54296 dwt dely Gangavaram 23/26 Jul trip via EC India redel China $11,700 – Seapol
‘Ocean Bliss’ 2024 39548 dwt dely Port Arthur 24 Jul trip redel Mucuripe intention petcoke $15,000 – Norden
‘Aston Trader’ 2017 39486 dwt dely Vancouver 26 Jul trip via NoPac redel Japan intention grains $15,950 – XO Shipping
‘Honest Sky’ 2013 95719 dwt dely Hitachinaka 20/23 Jul trip via Australia redel Singapore-Japan $16,250
‘Declan Duff’ 2012 93253 dwt dely Mariveles 21 Jul trip via Indonesia redel Malaysia $18,000 – Deyesion
‘SDTR Gloria’ 2022 84930 dwt dely Takehara 17/18 Jul trip via Australia redel India $18,000 – Oldendorff
‘Aquaruby’ 2022 82015 dwt dely Caofeidian 18 Jul trip via EC Australia redel India $16,500 – Cargill
‘Sakizaya Orchid’ 2017 81588 dwt dely Caofeidian 19/21 Jul trip via Dalian redel Japan $16,500 –
Oldendorff
‘Aeneas’ 2011 81586 dwt dely Qinzhou 18/19 Jul trip via Indonesia redel India $14,000 – Norden
‘Ying Shun’ 2013 81169 dwt dely Shantou 17/21 Jul trip via Indonesia redel Taiwan $15,000 – Oldendorff
‘Kypros Land’ 2014 77060 dwt dely Songxia 17/20 Jul trip via EC Australia redel Singapore-Japan $16,500
‘Aspen Trader ‘ 2024 40608 dwt dely Chittagong prompt trip redel Continent intention steels $13,000
‘Crystal Land’ 2005 38981 dwt dely North Brazil prompt trip redel West Mediterranean $14,600
‘African Weaver’ 2016 34369 dwt dely Kandla prompt trip via East Africa redel Durban intention bagged rice $12,500
‘Clipper Dee’ 2013 31638 dwt dely Colombo prompt trip redel West Africa intention bagged rice $12,000
VOYAGES
ORE
‘Mineral Edo’ 2012 180000/10 Tubarao/Qingdao 25/30 Aug $22.98 fio 3 days shinc/30000shinc – Bunge
‘Yasa Dream’ 2008 180000/10 Ponta Ubu/Qingdao 5/14 Aug $23.45 fio 60000shinc/30000shinc – Samarco
‘TBN’ 160000/10 Port Hedland/Qingdao 1/10 Aug
$9.75 fio 80000shinc/30000shinc – NYK
‘TBN’ 160000/10 Port Hedland/Qingdao 2/6 Aug $9.75 fio 80000shinc/30000shinc – Oldendorff
‘TBN’ 170000/10 Dampier/Qingdao 1/3 Aug $8.85 fio 90000shinc/30000shinc – Rio Tinto
‘Hermina’ 2012 170000/10 Tubarao/Qingdao 13/17 Aug $22.00 fio 3 days shinc/30000shinc – Cargill
‘Kline TBN’ 170000/10 Saldanha Bay/Qingdao 5/9 Aug $14.55 fio 90000shinc/30000shinc – Ore and Metal
‘TBN’ 160000/10 Port Hedland/Qingdao 2/4 Aug $8.60 fio 80000shinc/30000shinc – BHP
‘TBN’ 160000/10 Port Hedland/Qingdao 2/4 Aug $8.65 fio 80000shinc/30000shinc – BHP
Baltic Exchange Index – 17 JULY 2025
Baltic Exchange Capesize 182 Index

Route Description Value Change

C8_182 182000mt Gib/Hamburg transatlantic RV 35,229 + 1602

C9_182 182000mt Cont-Med trip China-Japan 52,706 + 7262 C10_182 182000mt China-Japan transpacific RV 27,286 + 4382 C14_182 182000mt China-Brazil round voyage 25,310 + 2690 C16_182 182000mt Backhaul 5,688 + 1150

C5TC 182 Weighted Timecharter Average 28,461 + 3498
Baltic Exchange Index – 17 JULY 2025
Baltic Exchange Capesize Index 3021 (+ 379)

Route Description Value($) Change

C2 160000mt Tubarao to Rotterdam 10.364 + 0.664
C3 160-170000mt Tubarao to Qingdao 22.714 + 1.259
C5 160-170000mt W Australia to Qingdao 9.745 + 0.950
C7 150-160000mt Bolivar to Rotterdam 15.471 + 0.554
C8_14 180000mt Gibraltar-Hamburg T/A RV 30,500 + 1750
C9_14 180000mt Conti/Med Trip China/Japan 48,750 + 7250
C10_14 180000mt China/Japan T/P RV 23,064 + 4419
C14_180000mt China-Brazil RV 21,220 + 2293
C16 180000mt N.China to Skaw-Passero 2119 + 1000

C17 170000mt Saldanha Bay to Qingdao 16.580 + 0.961

5TC Weighted Timecharter Average 25,055 + 3147
Baltic Exchange Panamax 82500mt Index 17 JULY 2025
Baltic Exchange Panamax Index 1,933 (- 34)

Route Description Value ($) Change

P1A_82 Skaw-Gib T/A RV 20,964 – 386
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 26,450 – 425
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 14,729 – 59
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 8,9440

P6_82 Dely Spore Atlantic RV 16,453 – 492

P5TC Weighted Timecharter Average 17,399 – 301
The following routes do not contribute to the BPI or Weighted TC Average.

Route Description Value ($) Change

P5_82 S. China Indo RV 15,122 + 28
P7 66000mt Mississippi Rvr to Qingdao 56,643 + 0.164
P8 66000mt Santos to Qingdao 41,500 – 0.536
Baltic Exchange Panamax 82 Asia Index – 18 July 2025

Route Description Size (MT) Value($) Change

P5_82 S.China one Indo RV 15,139 +17
Baltic Exchange Supramax Index – 17 JULY 2025
Baltic Exchange Supramax Index 1335 (+ 20)
Route Description Value ($) Change
====== ========================================= ====
S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 16,450 + 54
S1C_63 US Gulf trip to China-South Japan 28,418 + 39
BS2_63 North China one Australian or Pacific RV 14,463 + 219
BS3_63 North China trip to West Africa 13,850 + 330
S4A_63 US Gulf trip to Skaw-Passero 29,021 – 172
S4B_63 Skaw-Passero trip to US Gulf 12,275 + 268
BS5_63 West Africa trip via ECSA to North China 21,771 + 610
BS8_63 South China trip via Indo to EC.India 16,818 + 268
BS9_63 W.Africa trip via ECSA to Skaw-Passero 17,771 + 596
S10_63 S.China trip via Indonesia to South China 13,797 + 266

S15_63 Indian Ocean trip via S.Africa to Far East 14,975 + 254

S11TC Weighted Timecharter Average 16,875 + 255
S10TC Supramax(58) Timecharter Average 14,841 + 255
Baltic Exchange Supramax Asia Index – 18 July 2025

Route Description Value($) Change

S2_63 N.China one Austr or Pac RV 1 4,675 +212
S8_63 S.China via Indonesia/Ec India 17,154 +336

S10_63 S.China via Indo/S.China 14,116 +319

S3TC Weighted Time Charter Average 15,232 +279
Baltic Exchange Index – 17 JULY 2025
Baltic Exchange Handysize Index 670 (+ 6)

Route Description Value ($) Change

HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 6,439 + 164
HS2_38 Skaw-Passero trip Boston – Galveston 8,496 + 117
HS3_38 Rio de Janeiro-Recalada trip Skaw – Pass 18,211 + 183
HS4_38 USGulf trip via USG or NCSA to Skaw-Pass 15,514 + 214
HS5_38 SE Asia trip to Spore – Japan 12,431 + 87
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn 11,669 + 88

HS7_38 N.China-S.Kor-Jpn trip to SE Asia 11,638 + 19

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