US Issues Tsunami Warning for Hawaii After Powerful Quake

• The US issued a tsunami warning for Hawaii following a
off the east coast of Russia, alongside a similar alert
from Japan.
• The magnitude 8.7 earthquake struck southeast of Petropavlovsk- Kamchatsky on the Kamchatka Peninsula, according to the US Geological Survey, on Wednesday morning local time.
• “A tsunami has been generated that could cause damage along coastlines of all islands in the state of Hawaii,” the US National Weather Service’s Tsunami Warning System said in a bulletin, calling for urgent action to protect lives and properties.
• Tsunami warnings were also issued for the Aleutian Islands with
alerts for the entire US and Canadian West Coast, the
US National Weather Service’s Tsunami Warning System. Guam
is under a tsunami advisory.
• Japanese public broadcaster NHK switched from normal programming to show information about the warning and urged people to flee from the shore. The broadcaster showed cars heading away from coastal areas in Matsushima in Miyagi prefecture, northern Japan.
• Parts of Japan could get waves 3 meters high, according to the nation’s weather agency. That compares to heights of nearly 40 meters during the 2011 tsunami.
• The US weather service also flagged threats of tsunami waves
hitting the Philippines, Russia, and some Pacific islands including Yap and the Marshall Islands.

Criticism of Trade Agreement between the E.U. and the U.S.
There was initially great relief in Berlin when US President Donald Trump and EU Commission President Ursula von der Leyen announced an agreement in the tariff dispute on Sunday. The danger of an uncontrolled trade war with ever-increasing tariffs and counter- tariffs has thus been averted for the time being. Chancellor Friedrich Merz declared that they had succeeded in “averting a trade conflict that would have hit the export-oriented German economy hard.”
But the day after, it’s becoming increasingly clear that the agreement between the US and the EU can hardly be considered a fair compromise. From now on, Europeans will have to accept flat US tariffs of 15%, while Trump has imposed “zero tariffs ” on US exports to Europe. And many points remain unclear. According to high-ranking US officials, US tariffs of 50% will apply to steel and aluminium, for

example. A government spokesperson said today that the details still need to be negotiated.
The deal reached therefore leaves the German steel industry in the lurch, complained Bremen Mayor. This is not a good result and a fatal sign of European weakness. The fact that the EU is waiving retaliatory tariffs primarily benefits German automakers that produce in the US and export to Europe. “Unfortunately, this puts the score at 1-0 for Trump.”
Economists view the agreement rather critically. Large listed companies may find alternatives in other markets, but for medium- sized enterprises, foreign trade headwinds are now aggravated by their locational problems here, warned DekaBank Chief Economist Ulrich Kater. And even the supposed planning security is, upon closer inspection, likely relative. “Let’s not kid ourselves: As long as Donald Trump is US President, a new round of poker for national interests can start at any time,” said Kater.
Ifo head Clemens Fuest was clear in his words. “The asymmetric trade deal is a humiliation for the EU, but it reflects the real balance of power,” he said in a post. Those who are falling behind economically and cannot protect the security of their citizens without the US should not be surprised.
• China’s AI action plan pushes global cooperation
China just released an AI action plan at the World Artificial Intelligence Conference, proposing an international cooperation organization and emphasizing open-source development, coming just days after the U.S. published its own strategy.
The details:
• The action plan calls for joint R&D, open data sharing, cross-border infrastructure, and AI literacy training, especially for developing nations.
• Chinese Premier Li Qiang also proposed a global AI co-operation body, warning against AI becoming an “exclusive game” for certain countries and companies.
• China’s plan stresses balancing innovation with security, advocating for global risk frameworks and governance in cooperation with the United Nations.

• The U.S. released its AI Action Plan last week, focused on deregulation and growth, saying it is in a “race to achieve global dominance” in the sector.
Why it matters: China is striking a very different tone than the U.S., with a much deeper focus on collaboration over dominance. By courting developing nations with an open approach, Beijing could provide an alternative “leader” in AI — offering those excluded from the more siloed Western strategy an alternative path to AI growth.

• Chinese trade negotiators and the White House said both sides are looking to potentially extend talks beyond an August deadline to resolve wide-ranging tariff disputes triggered by Donald Trump’s global trade war.
• The original 90-day suspension of trade hostilities in May saw the US president retreating from sky-high tariffs that threatened to cut off bilateral trade between the world’s largest economies. Now another 90-day delay is a possibility, according to US Treasury Secretary Scott Bessent. Chinese trade negotiator Li Chenggang confirmed that both sides agree on maintaining the truce, without elaborating on how long.

• Trump’s Aug 1 deadline for setting his so-called reciprocal tariff rates, failing which his unilateral tariffs will be applied, is fast approaching. Deals are trickling in. In all cases they are simply framework arrangements, for headline purposes and to show that he is moving things along, with much left to be negotiated. Trump is not a detail person and so the nitty gritty will be left to his administration to thrash out. The first to strike was the UK, followed by China, with a vague agreement. Then Vietnam agreed a 20% tariff on all its direct US exports and 40% for China transhipments. Next were Indonesia and the Philippines with a 19% tax on their exports to the US while they agreed to permit US goods into their countries tariff-free. The big one is Japan, being a major trading partner of the US, particularly in auto exports. It had been threatened with 25% tariffs on everything being shipped into the US. This figure has now dropped to 15%, with Europe and South Korea aiming for the

same rate, so as not to be disadvantaged on their auto exports. Japan also pledged to create a fund to invest $550bn in the US.
• This appears to be a US victory, but much depends on how much of the 15% charge is passed on to US consumers. However, it did look like Japanese capitulation, as PM Shigeru Ishiba had promised tariff-free car exports, so he may resign. Meanwhile, Goldman Sachs speculated this week that the reciprocal tariff floor will rise from 10% to 15%, confirmed by Trump the very next day. Insufficient time has passed to date to identify inflationary effects on American prices, although there are early signs with more to be learnt over the remaining months of 2025. The ‘trade deals’ struck so far cover most of the US’s major trading partners, so progress is being made. It is notable that these are bilateral one-on-one deals which compromises the likes of the ASEAN bloc’s ability to negotiate collectively. It is each for its own, with the tariff levels differing from one member nation to another, while a done deal obviates the need to apply a universal baseline tariff.
• Despite the Aug 1 deadline, the S&P and FTSE hit all-time highs this week and container shipping orders continued to roll in. Evidently, financial markets are not bothered while shipping players will take delivery of their new ships towards the end of Trump’s second and final term and appear unconcerned about threats against China-related units. Trump is being taken neither seriously nor literally. There is a growing belief in markets that the cost-push inflation of these tariffs on US consumers will be mitigated by the disinflationary impact of lower demand due to higher prices. That being the case, the net effect will be only marginally inflationary and will allow US and global base rates to be lowered helping households, companies and countries to reduce debt servicing costs and lower national deficits.
• There is a less-known factor that may be cooling concerns. On Thursday July 31, oral arguments are scheduled on Trump’s appeal of one of the earlier rulings against his use of tariffs under the International Emergency Powers Act. A Federal Circuit Court of Appeals will determine whether Trump is legally allowed to slap all these discretionary tariffs on America’s trading friends and enemies using an authority that now faces scrutiny.

• Capital Alpha, a Washington-based research firm, which pointed out that in an unusual move it expects arguments to be heard “en banc” by all eleven active judges on the court. It writes: “By hearing the case for the first time en banc, the court is sending a message that it wishes to make a decisive ruling which reflects the views of the entire court as quickly as possible. Eight of the judges are Democratic appointees, three were installed by Republicans and none by Trump.”
• It concludes that the President has his work cut out for him here. But that is not the end of it. In a different challenge to Trump’s tariffs, something even more unusual is happening in the DC Circuit Court of Appeals, according to Capital Alpha. The DC Circuit has selected a three-judge panel consisting of all Trump appointees, the odds of which happening randomly is less than 1% given that the three chosen are the only Trump appointees among 11 active jurists available. Panels in federal courts are generally assigned randomly.
• There are two inferences. Either the panel selection was a truly random event, or the DC Circuit is subtly signalling to Trump that if he cannot win with a panel of three judges he appointed, then he might as well abandon all further appeals. Arguments are scheduled for Sep 30. Over the coming months, we will find out if Trump’s elaborate, confusing and ever-changing global tariff regime is legal or not and whether it has been a complete waste of everyone’s time.

• THE TRUMP TARIFFS ET ALL
I’ll bet that nobody saw this coming. Very interesting reading below:

The Scotland Meeting Just Changed Everything—And Nobody Saw This Coming.

Trump and von der Leyen announced a 15% tariff deal, but that was just the cover story.
The real deal was never about tariffs.

Since the media won’t tell you, here’s the real breakthrough…

Everyone’s talking about the 15% tariff rate.
But they’re missing the massive shift happening behind the scenes.

This wasn’t about avoiding a trade war, it was about engineering the largest investment commitment in modern history.
Here’s what actually happened at Turnberry:

Europe agreed to spend $1.4 trillion with America over the next three years.
$750 billion in American energy purchases.
$600 billion in additional US investments. These numbers are staggering.
The “15% tariff” everyone’s focused on?
It’s higher than pre-2024 levels, but it avoids the economic chaos both sides were staring at.

Trump originally threatened 30%, then escalated to 50% tariffs.
Europe just “bought down” the tariff rate with unprecedented investment commitments.
But here’s the strategic masterstroke most people missed: Certain sectors got complete exemptions from tariffs.
Aircraft and components. Semiconductor equipment. Critical chemicals.
Some agricultural products.
These aren’t random—they’re strategic supply chains.
While media focused on the tariff headlines, Trump secured something far more valuable:

A guaranteed customer for American energy exports.

Massive European investment in US infrastructure and defence. A framework that other countries are now desperate to replicate. The speed is shocking.
Just months ago, we were staring at potential trade warfare.
European companies faced supply chain chaos. Markets were in panic mode.

Now? Both sides have a predictable framework they can plan around.
This creates a completely new template for international relations.

Instead of traditional diplomacy, Trump is using “commercial diplomacy.”
Countries can now negotiate lower tariffs by making massive investment pledges.

Japan already proved this works—$550 billion got them the same 15% rate.
The ripple effects are already starting:

Treasury Secretary Bessent confirmed 75+ countries are now “bringing their best offers.”
Everyone wants to cut a deal before facing the full tariff threat. This is the new playbook for American economic dominance. What the media won’t tell you:
European leaders are publicly celebrating, but privately they know the truth.
This isn’t a partnership—it’s America collecting tribute from its largest trading partners.

Europe just agreed to fund American energy independence. Steel and aluminium tariffs remain untouched.
Pharmaceuticals are still on the negotiating table.
But the framework is set: massive investments in exchange for market access.
This is how America rebuilds its economic empire—one deal at a time.
• Applicability: shipowners, ship operators and ship managers.

Amendments to MARPOL Annex VI Appendix IX enter into force on 1 August 2025 that require ships to collect and report additional fuel oil consumption data in a calendar year.

This additional data includes:
• Fuel oil consumption per consumer type and fuel type (including main engines, auxiliary engines etc)
• Fuel oil consumption while not underway per consumer type and fuel type
• Onshore power supplied to the ship
• Laden distance travelled
• Installation of innovative technologies
• Total transport work
Updates to and Review of the SEEMP Part II
In accordance with MARPOL Annex VI Regulation 5, the ship’s Ship Energy Efficiency Management Plan (SEEMP) Part II will require amendment and review by the flag Administration or Recognised Organisation before the subject ship collects the associated data:
• For existing ships: reviewed before 1 January 2026
• For new ships delivered on or after 1 August 2025: reviewed before the ship enters service

Section 7 of MEPC.395(82) sets out the recommended methods to collect this “new”, more granular data related to fuel oil consumption per consumer type. This includes the following primary methods:
• Using flow meters
• Bunker fuel oil tank monitoring
Lloyd’s Register (LR) understands that in most instances the use of
flow meters will be needed to improve the accuracy of data collection.

Section 7 of MEPC.395(82) further sets out the following methods which may be used if the primary methods above cannot be applied:
• Using subtraction
• Using estimation
In the case of using one of these secondary methods, it should be demonstrated why one of the two primary methods cannot be used. Where the Estimation method is adopted, prior approval of the procedure followed to estimate the fuel consumption for the consumer type is required from the Administration.
“Under way” and “not under way”
During MEPC 83, the methodology for developing a SEEMP was further amended in Amendments to the 2024 Guidelines for the Development of a Ship Energy Efficiency Management Plan (SEEMP) (Resolution MEPC.395(82)) which were adopted in MEPC.401(83).

These Guidelines clarify that “Under way” is considered as the period between full ahead on passage (FAOP) and end of sea passage (EOSP) as per the Guidelines for Setting up a Maritime Single Window (FAL.5/Circ.42/Rev.3) and therefore “Not under way” is the period between end of sea passage and full ahead on the following passage. Accordingly, the distance travelled, and hours are now to be recorded only when the ship is “Under way” as per MEPC.401(83) and not when under its own propulsion.

LR understands that the distinction between “Under way” and “not under way” is when a ship:
• A ship is not under way when it starts anchoring operations, drifting, ship-to-ship transfers, or a canal passage which

requires deviation from transit speed and would trigger an EOSP.
• Concluding such operations and reaches FAOP, triggering the
start of the ship being “under way” again.
This would imply that going forward, ships are to start adopting voyage reporting instead of daily reporting methodology, to ascertain the fuel consumption, distance travelled and hours.
What shipowners and ship managers should do now
Shipowners, ship operators and ship managers should consider this data collection at an early stage to ensure the necessary equipment and procedures are in place on board for the 1 January 2026 deadline.
Clarification of data collection dates
The IACS has adopted a Unified Interpretation (UI MPC131) which clarifies that additional data should not be collected and reported part way through a calendar year. In addition, the IMO has agreed to the same understanding, which is communicated
in MEPC.1/Circ.913 (Guidance on the Application of the Amendments to Appendix IX of MARPOL Annex VI (Resolution MEPC.385(81)).
Collection of data for new ships after 1 August 2025
For ships that enter service and start collecting data on or after 1 August 2025, it is expected that such ships will collect the data (including the additional data) in the Annex to MEPC.385(81) as they had not collected any data before the amendments entered force.

In this case, LR will request these ships collect the data in the Annex to MEPC.385(81) from the date these ships enter service.
How can we help
Emissions Verifier is LR’s digital application for covering the growing needs of the maritime industry in emissions monitoring, reporting, and verification. The SEEMP Part II template as per the latest guidelines are now available in Emissions Verifier for clients to develop their Plan.

• In between the distraction tactics of outrageous AI videos and complaining, Donald Trump has also been closing in on fresh trade deals with major partners. At the weekend, it was the European Union’s turn to lock in a could-have-been-worse 15% rate.
As most of the negotiated deals have come in at lower rates than the punitive “Liberation Day” tariffs threatened in early April, so [too the economic harm to the global economy has diminished. New economic modelling shows the hit to US growth this year is less severe, but still substantial.
Populism is a political ideology that sets up “the people” against “the other”. How does it work in practice? Researchers tested its principles in Uganda, where President Yoweri Museveni has repeatedly promised to end persistent mass land evictions. Their findings show how populist policies can offer short-term relief – but often at the cost of lasting reform.
It’s tariff season again, with the next deadline looming on Friday,
August 1.
Since the beginning of July, the United States has issued another flurry of tariff announcements, revising the sweeping plan announced on April 2. Back then, the Trump administration threatened to apply so-called “reciprocal” tariffs of up to 50% against many trading partners, plus an eye-watering 125% on Chinese imports.
In April, we modelled those measures, together with retaliation by trade partners. We reported they could cut more than 2.5% from US gross domestic product (GDP), reduce US short-run employment by 2.7%, and cut US real investment by almost 7%.
In the wake of those “Liberation Day” tariffs, financial markets took fright. On April 9 the Trump administration hit pause: the “reciprocal” tariffs were deferred until July 9 and replaced by an across-the-board 10% tariff increase, with a handful of exceptions.
Even so, the Trump tariff drum kept beating. Duties on steel and aluminium were doubled to 50%, and copper was swept in with its own 50% rate. Washington announced some “trade deals” with:
• United Kingdom – dropping the UK rate to the base rate of 10%
• China – cutting the tariff to 34%

• Vietnam – reducing its “reciprocal” tariff from 46% to 20%
• Japan – a 15% levy on all imports, including motor vehicles (otherwise tariffed at 25% for other regions)
• European Union – just announced at the weekend, reducing its
“reciprocal” tariff from 30% to 15%.
When the first pause expired this month, a second extension pushed the start date for the “reciprocal” tariffs to August 1. But the tariff announcements keep coming, with recent threats to apply revised tariffs on imports from many trading partners, including a 50% tariff on imports from Brazil.
• What do the new tariffs mean for the economy?
To find out, we reran our global economic model with the US tariff schedule as it stood on July 28, again allowing trading partners to retaliate proportionally (excluding Australia, Japan and South Korea, which have ruled out retaliation). This table compares the April projections with the updated results.
• In percent deviation from baseline forecast, including average from 2025-2040:

• African flags fly high with the dark fleet
Three African flags – Comoros, Gambia, Sao Tome – stand out in the July edition of World Fleet Monitor for their extraordinary growth.

Comoros is now the second-largest ship register in Africa, its fleet size growing by 251.3% this year. The average age of the 595 ships flying the Comoros flag is 30.4 years. Gambia’s registered fleet has shot up by 231.5%, while Sao Tome has nearly doubled, up 93.7% this year.

Earlier this month, the European Union and the United Kingdom sanctioned Intershipping Services, a UAE-based company that operates the flag registries of Gabon and Comoros, both of which have played a central role in supporting the opaque tanker network transporting sanctioned Russian crude.

Both Gabon and Comoros have long attracted scrutiny from port state control authorities. Comoros, in particular, has become synonymous with high-risk maritime behaviour. It ranks on the Paris MOU blacklist,

is red-flagged by the US Coast Guard, and is consistently in the top tier of crew abandonment cases, according to the International Transport Workers’ Federation (ITF).

Comoros is also notorious for its involvement in Iran-linked oil shipments, and both it and Gabon frequently appear in sanctions evasion alerts related to illicit trade with Venezuela, Russia, and Iran.

According to maritime analytics firm Windward, Benin has become the newest country exploited by Iran’s dark fleet, with two VLCCs falsely claiming its flag. Azelia, a 2009-built VLCC, is currently broadcasting Benin’s flag — one designated as false by the International Maritime Organization (IMO). Another VLCC, Flora, is also falsely flagged under Benin.

Both tankers were sanctioned in February by the US Treasury Department’s Office of Foreign Assets Control (OFAC) for their involvement in Iran’s illicit oil trade. Following these sanctions, Panama — the previous flag registry for both ships — stripped them of their registration.

Over the past nine months, other registries that have been fraudulently exploited include Aruba, Curacao, Guinea, Guyana, Eswatini, Malawi, and St Maarten.

• Houthis parade captive crew from sunken Greek ship in propaganda video
The Iran-backed Houthi rebels in Yemen have released a propaganda video showing 10 surviving crewmembers from the Eternity C, a Greek-managed dry bulk vessel they attacked and sank in the Red Sea earlier this month.
The Eternity C, a 36,800 dwt vessel built in 2012 and operated by Cosmoship Management, was struck as part of the Houthis’ self- proclaimed fourth phase of operations against ships allegedly linked to Israel.
In the video, Houthi fighters are seen pulling seafarers—mostly Filipino nationals—from the sea. Some are shown receiving basic medical attention, with one man, allegedly the vessel’s Russian electrician, seen in bed reportedly recovering from injuries, including a severed leg.

In a highly choreographed scene, nine of the captive crew are filmed
repeating in chorus, “We are sorry, Palestinians.”

The European Union’s naval task force, Operation Aspides, confirmed that 15 of the ship’s 25 crewmembers were initially unaccounted for following the attack, with four now presumed dead. The Houthis claim to have rescued 11 crewmembers, though they also confirmed that one body was recovered from the ship before it sank.

The United States and Human Rights Watch (HRW) have criticised the Houthis’ actions. HRW stated the rebel group is “unlawfully detaining civilians,” while US officials have accused the Houthis of “kidnapping” the missing seafarers in violation of international law.

This incident has drawn parallels to the Galaxy Leader case, where the Houthis held the crew—also largely Filipino—for more than a year before their release in January 2025.

In a statement released just hours before the video’s debut, Houthi leaders declared they would target any ship owned by companies doing business with Israeli ports, regardless of flag or destination.

The renewed threat is another blow to shipping safety in the Red Sea, already a high-risk zone due to the ongoing conflict. The Eternity
C attack follows the sinking of the Magic Seas, another Liberian- flagged, Greek-operated vessel also targeted by the Houthis earlier this month.

• Synergy appoints Vikas Trivedi as co-CEO
Singapore-headquartered shipmanager Synergy Marine Group has named Vikas Trivedi as co-CEO – ship management, with specific responsibility for its tanker and gas carrier division.

Trivedi brings nearly 25 years of senior leadership experience from another top-three global ship manager, Anglo-Eastern.

He joins existing co-CEO Ajay Chaudhry, who continues to head the dry vessel division.

Trivedi’s co-leadership role comes at a time when Synergy continues to expand in tanker, gas and dual-fuel operations, with the executive team managing a fleet of nearly 700 vessels.

“As the industry navigates the energy transition, my focus will be on building practical capabilities that help shipowners adapt with safety, clarity, and continuity. A just transition, anchored in a safety-first environment and delivered by well-trained crew, will be key to making that shift successful,” Trivedi said.

Commenting on Trivedi’s appointment, Jesper Kristensen, group CEO, added: “With Vikas and Ajay leading our divisions, we are reinforcing what Synergy stands for – dependable delivery, operational depth, and a relentless focus on quality. This leadership pairing enables us to present our full toolbox to shipowners at a time when the maritime sector is undergoing profound change—ensuring we remain a consistent, capable partner across segments and geographies.”

• World’s first International Ready for Recycling Certificate
issued

GMS, the world’s largest buyer of ships for recycling, has announced the issuance of the world’s first International Ready for Recycling Certificate (IRRC) since the entry into force of the Hong Kong International Convention for the Safe and Environmentally Sound

Recycling of Ships (HKC) on June 26. The certificate, issued by the Liberian Registry, was granted to the vessel R Pisces.
The IRRC confirms that the vessel meets all required conditions under the convention, including the inventory of hazardous materials, an approved ship recycling plan, and selection of a recycling facility with valid authorisation. R Pisces is scheduled to be recycled at Leela Responsible Recycling, located in Alang, India.
Vishaal Raj Soni, CEO of Leela Group of Ship Recycling Yards, praised the collaboration between shipowners, cash buyers, flag administrations, and certified recycling facilities, saying: “This achievement is not just a certificate. It represents a benchmark for how the future of ship recycling should be approached.”

The Hong Kong Convention sets out international requirements for ship recycling to improve safety, environmental protection, and transparency.

• Minerva Marine lines up feeder newbuilds in China
Greece’s shipowner Minerva Marine has joined the growing list of
owners lining up feeder containership newbuildings in China.

According to brokers in Athens, the Andreas Martinos-led company has signed letters of intent with two Chinese yards for up to eight 1,800 teu vessels. The orders are split between Yangzijiang Shipbuilding and Huanghai Shipbuilding, with two firm ships at each yard and options for two more at both sites.

The ships will run on conventional fuel, with each unit expected to cost between $30m and $33m, and deliveries scheduled between late 2027 and 2028.

Minerva entered the container segment in 2022 with a feeder ship order at Yangzijiang. Since late 2024, the company has also picked up four modern secondhand boxships, ranging from 1,780 to 2,430 teu.

The move reflects a broader trend across the market as owners look to replace aging feeder tonnage. Most of the recent feeder orders have gone to Chinese shipbuilders, with sources noting that major

liner operators — including MSC — are preparing for their own fleet renewals in the segment.

Analysts at MB Shipbrokers expect the ordering wave to continue, with feeder shipbuilding slots for 2028 already seeing strong demand.

• Costamare Bulkers makes first cape addition following spin-off
Costamare Bulkers Holdings, the newly launched dry cargo arm of Greek maritime giant Costamare, has completed its first reported ship acquisition since its debut in May. The company has acquired a 176,000 dwt capesize bulk carrier, formerly known as Imperator Australis, from the Japanese firm Santoku Senpaku. The 13-year-old vessel has now been renamed Imperator. With this latest purchase, the company’s cape fleet now numbers seven ships.
Costamare, led by Konstantinos Konstantakopoulos, restructured earlier this year, creating two standalone businesses focused on distinct shipping segments. The spin-off, Costamare Bulkers, was designed to attract targeted investment and offer greater financial agility by separating dry bulk operations from its containership activities.

Beyond its cape fleet, the company owns 30 other bulkers and operates an active dry bulk trading platform, CBI. This platform manages roughly 50 vessels on charter, including kamsarmaxes, capes, and newcastlemaxes.

• Houthis threaten all ships linked to Israeli trade in escalated maritime campaign
Yemen’s Houthi rebels on Sunday declared an escalation in their maritime campaign, announcing they will now target any ships belonging to companies that do business with Israeli ports, regardless of flag, ownership, or destination. The warning, delivered in a televised statement by the group’s military spokesperson, marks what the Iran-aligned militants described as the “fourth phase” of their operations against Israel.

“The Yemeni Armed Forces call on all countries, if they want to avoid
this escalation, to pressure the enemy to halt its aggression and lift

the blockade on the Gaza Strip,” the spokesperson said, calling the attacks a “religious, moral, and humanitarian responsibility.”

Houthi rebels launched their first campaign against merchant shipping of the year earlier this month, sinking two bulk carriers, killing at least four seafarers, wounding others, and kidnapping crew.

Houthis plot global mayhem? Ships linked to Israel face ‘anywhere, anytime’ missile threats. Yemen’s Houthis have issued a chilling threat: any ship linked to companies doing business with Israeli ports is now a target, regardless of its nationality or destination. In a fiery televised statement, the group announced the start of the ‘Fourth phase” of it’s war on Israel aggression and Gaza’s blockade, warning the world: pressure Israel or face the fallout on international trade routes.

• Sanctioned LNG carriers and cargoes hover as Novatek trawls for buyers
A third vessel appears to be heading in to load at sanctioned Arctic LNG 2 plant, but where will it discharge?
Several LNG carriers are coming under scrutiny after loading or
preparing to take on cargo at Russia’s sanctioned Arctic LNG 2 plant.
Speculation is swirling as to where operator Novatek will find buyers prepared to take these volumes.
Two vessels have already loaded at the 19.8-mtpa production facility’s
Utrenniy Terminal on the Gydan Peninsula.
• India has discovered rare earth elements in Madhya Pradesh’s Singrauli Coalfields. These elements are crucial for clean energy and electronics. Coal India is researching their extraction. The focus is on developing indigenous technology. This aims to reduce reliance on imports, especially from China. Restrictions on Chinese exports could impact Indian manufacturing. Research collaborations are underway with various institutes.

• Brazil in Focus for July 2025

• In June, Brazil exported 36.3 million tonnes of iron ore,
marking a 4.01 percent increase over the figures recorded in

May. • When comparing to the same period in 2024, exports rose significantly, by 9.34 percent, representing solid growth. Cumulatively, exports for the first half of the year reached 186.2 million tonnes, an increase of 3.8 percent year on year marking the highest volume recorded for this period in the past five years. • China remains the primary destination for Brazilian iron ore, accounting for approximately 69.6 percent of Brazil’s total iron ore exports in the first half of 2025.

• Year-on-year, the volumes exported also decreased by 4.29 percent, while for the first half of 2025 cumulative exports stood at 65 million tonnes, a 1.32 percent increase over the same period in 2024 and the highest volume observed over that period in the past 5 years. • The USDA also projects Brazil’s 2024/25 soybean production to reach 169 million metric tons, driven by increased planted area and favourable weather conditions.

• Brazil’s corn exports in June rose to 369.5 thousand tonnes—a steep 849.87 percent increase compared to May, as Brazil is headed into its corn harvest season. • Year-on-year however exports were significantly lower by 56.58 percent. Total exports for the first half of 2025 stood at 6.11 million tonnes, reflecting a
22.39 percent decrease compared to the sameperiod in 2024. • China, a significant buyer of Brazilian corn in previous years, has reduced its imports due to its ownbumper harvest. This forces Brazil to seek out new buyers in other markets like Iran, Egypt, and Vietnam, which may not be able to absorb the same volumes.

• Brazil’s sugar exports continued their step rise in June 2025, with the total volume reaching 3.36 million tonnes, which represents a 50.17 percent increase over the month prior. • Comparing to June 2024, exports were higher by 5.11 percent. For the first half of the year corn exports reached 12.88 million tonnes, a 23.19 percent decrease over the same period last year.

• Mills have continued to prioritize sugar production over ethanol due to favourable global sugar prices. This trend is expected to continue, despite the Brazilian government’s decision to raise the ethanol blend in gasoline starting August 2025.

• Brazil’s crude oil exports fell to 8 million tonnes in June, representing a 15.79 percent month-on-month decrease. • On a year-on-year basis however, crude oil exports increased by 16 percent. Total exports for the first half of 2025 amounted to 46.8 million, tonnes, a 2.25 percent decrease compared to the same period in 2024. • Despite the looming uncertainty of US tariffs, state-controlled Petrobras, Brazil’s largest oil producer, has relatively little direct exposure to the US, sending only 4 percent of its crude exports to the US in Q1 2025. • Wood pulp exports in June dropped to 1.96 million tonnes, a 7.4 percent decrease over May.

• Year-on-year exports however increased significantly by 16.81 percent, and the total volume exported so far this year amounted to 11.35 million tonnes, a 14.08 percent increase compared to the same period in 2024. • China remains the top consumer market for Brazilian pulp, accounting for approximately 30 percent of its exports. This strong demand from Asia is expected to continue supporting Brazilian exports, potentially absorbing some volumes diverted from the US, due to the tariffs coming into effect in August.

• In June, Brazil’s chemical fertilizer imports rose for the 4th consecutive month to 4.14 million tonnes, representing a 10.64 percent increase month-on-month. • On a year-on-year basis, imports decreased marginally by 0.7 percent, while import volumes for the first half of the year stood at 19.48 million tonnes, marking a 9.46 percent increase over 2024. • Brazil is expected to achieve record grain harvests in 2025, with projections of 327.6 million tons of cereals, legumes, and oilseeds, an 11.9 percent increase over 2024, requiring significant fertilizer application. • Wheat imports in June fell to 487 thousand tonnes, marking a significant 23.82 percent decrease month-over-month.

• Comparing to the same period last year, import volumes dropped by 19.44 percent. For the first six months of 2025, imports totalled 3.58 million tonnes, marking a 6.29 percent increase year-on year.

•In June, vessel congestion at the Port of Santos averaged 29
units, marking an 8 percent decline from May’s average. •The

average deadweight of the congested fleet also edged down by 3 percent month-on month, suggesting not only fewer vessels waiting but also lighter average tonnage. •Compared to the same period last year, the number of congested vessels was once again significantly lower, with a 35 percent drop being recorded. •At the Ports of Tubarao and Vitória, combined congestion in May averaged 13 vessels, reflecting a significant 23 percent decrease from the previous month. •The decline was even more pronounced in deadweight terms, with a 33 percent month on-month drop in total average tonnage. •Comparing to the same period in 2024, congestion at these ports was 33 percent lower, reinforcing the broader trend of easing logistical pressure that has been observed this past year.

• What Does China Want in Ukraine?
Beijing’s Ambivalence Is Limiting Its Role
• The war in Ukraine continues to shape China’s foreign relations. When European leaders visited Beijing last week to discuss trade and security, the need to find a resolution to the war was one major reason why Chinese-European relations had reached an “inflection point,” according to Ursula von der Leyen, the European Commission president. For Europe, China’s close ties with Russia and perceived support for its war effort have

overshadowed ties between China and Europe for more than three years. In Beijing, European Council President António Costa told his counterparts that China should “use its influence on Russia to respect the United Nations Charter and to bring an end of its war of aggression against Ukraine.”
• Chinese leaders have made some efforts to help broker a long- term peace deal, but they have not been able to push the conflict closer to a resolution. Although many officials
in China want the war to end, Beijing is unlikely to play a leading role in resolving the conflict and achieving a lasting peace in the region. There is no consensus among either Chinese scholars or the general public on how to understand the war—and therefore on how to respond. China’s close ties with Russia and its strategic culture have also made it difficult for Beijing to press Moscow to make any concessions that might favour Ukraine.
The longer the war drags on, however, the harder it will become to resolve fundamental tensions between China and Europe.
• Forty months into the war in Ukraine, members of China’s strategic community, including foreign policy and security officials, researchers, and pundits, still have differing views on who is at fault and how leaders in Beijing should respond. Chinese social media platforms have been ablaze with fierce debates between pro-Russian and pro-Ukrainian voices.
• For some policymakers and citizens, the war is a conflict between two sovereign states in which Russia has violated Ukraine’s territorial integrity. Given China’s own history of suffering foreign invasions, which has left an indelible mark on its collective memory, many Chinese leaders and citizens empathize with Ukraine. China’s diplomatic rhetoric emphasizes its commitment to national sovereignty and independence and its opposition to the use of force against other states—principles that align with the UN Charter and that reflect Ukraine’s position. Russia’s actions, then, go against international law that China claims to uphold. Moreover, since the Soviet Union’s dissolution, China has established positive relations with Ukraine. Ukraine has supplied vital technology to China, most notably jet engines, which has been a boon for China’s military and industrial development.

• Union Maritime locks in $130m financing for wind-assisted RL2 newbuilds
• Diversified UK shipowner Union Maritime has closed a $130m delivery financing package for two next-generation LR2 tankers.

The deal was led by Société Générale and the Export–Import Bank of China and arranged through a syndicated facility.

The vessels are scheduled for delivery from Yangzijiang Shipbuilding in late 2025 and early 2026.

Each tanker newbuild will feature BAR Technologies’ WindWings wind-assisted sails and LNG dual-fuel propulsion, positioning them, according to the company, among the most innovative and sustainable LR2 tankers built to date.

“With the integration of WindWings technology and dual-fuel capability on these vessels, Union Maritime is proud to be setting a new standard for innovation and sustainability in the maritime industry,” the company said in a social media post on LinkedIn.

The financing reinforces Union Maritime’s long-term strategy of deploying vessels with reduced emissions and operational efficiency

fuel savings. The company has already committed to a fleet of 34 wind-assisted newbuilds, including 14 LR2s, 12 chemical tankers, and eight MR tankers, all equipped with WindWings systems to boost fuel savings and lower CO₂ output.

Union Maritime’s partnership with BAR Technologies has already delivered the world’s first LR2 newbuild fitted with
WindWings, Brands Hatch (pictured), which is projected to deliver annual fuel savings of about 1,200 tonnes and reduce CO₂ emissions by over 3,800 tonnes per year — approximately a 30 % improvement compared to modern 2022 vessels.
• Hartmann and Seaboard expand boxship newbuild series in China
Germany’s Hartmann Group has exercised an option for a seventh 3,500 teu containership at Taizhou Sanfu Ship Engineering, continuing its LNG dual-fuel newbuilding programme tied to US carrier Seaboard Marine.

The latest ship marks an expansion of a series launched in 2021, when Hartmann ordered three vessels with options for three more.

The new order is priced around $75m, a notable increase from the original six, which were booked at roughly $60m each.

The ships are being built to a high-specification dual-fuel design developed by German naval architecture firm HB Hunte. All seven units are to be managed by Hartmann on behalf of Miami-based Seaboard Marine, which will deploy the vessels in regional trades.

Delivery details for the latest ship have not yet been confirmed. Four newbuilds from the initial six-ship project have already been delivered, with the remaining two expected later this year and in 2026.

• Stranded Ukrainian seafarers to get remote fix in paperwork overhaul
Ukraine is preparing to launch a pilot scheme allowing the remote
processing of seafarers’ identity documents (SID) for thousands of its

seafarers stranded abroad by war, bureaucracy, and logistical dead ends.

No fixed date has been set for the scheme’s introduction, but, according to crew supplier and management company Danica Crewing Specialists, it’s believed to be in the next few months.

This move comes at a time when many Ukrainian seafarers are often unable to return home and have limited access to government services.

For the first time, Ukrainian seafarers located abroad will be able to apply for or renew their national SID through a new remote centre in Warsaw. This removes the need to return home for critical paperwork and other obstacles which jeopardised jobs and contracts.

Responsibility for issuing SIDs will shift from local port captains to the Maritime Administration and enable a fully paperless certification process.

Danica, which manages large numbers of Ukrainian crew, revealed in a statement that this would be a ‘transformational shift toward modern maritime services capable of unlocking continuity and security for the country’s workforce.’

“This is a practical solution to a very real problem and one that could inspire other flag states to modernise and support their seafarers more effectively. Too often, outdated processes and paperwork gaps have forced Ukrainian crew off ships despite being willing and able to work. A remote option is not just convenient. It is essential to their livelihoods,” said Henrik Jensen, CEO of Danica Crewing Specialists.

Baltic News :
BALTIC INDICES 29/07/2025
DRY INDEX: 2109 (- 117)
CAPESIZE INDEX: 3476 (- 298)
PANAMAX INDEX: 1741 (- 57)

SUPRAMAX INDEX: 1281 (- 8)
HANDYSIZE INDEX: 677 (- 3)
BCI TC AVG $/DAY 28830 (- 2466) BPI82 TC AVG $/DAY 15671 (- 509) BSI TC AVG $/DAY 16186 (- 106) BHSI TC AVG $/DAY 12192 (- 53)
TIMECHARTER
‘AP Sveti Vlaho’ 2009 53529 dwt dely WC India
prompt trip via Arabian Gulf redel Bangladesh intention aggregates $11,000 – Grain Compass
VOYAGES ORE
‘TBN ‘ 170000/10 Dampier/Qingdao 12/14 Aug $9.95 fio 90000shinc/30000shinc – Rio Tinto
‘TBN ‘ 140000/10 W Australia/Kaohsiung 15/19 Aug $9 fio scale/30000shinc – CSE

Baltic Exchange Index – 29 JULY 2025
Baltic Exchange Capesize Index 3476 (- 298)
Route Description Value($) Change
====== =================================== =======
C2 160000mt Tubarao to Rotterdam 11.800 – 0.343
C3 160-170000mt Tubarao to Qingdao 24.055 – 0.580
C5 160-170000mt W Australia to Qingdao 9.952 – 0.298
C7 150-160000mt Bolivar to Rotterdam 16.857 – 1.192
C8_14 180000mt Gibraltar-Hamburg T/A RV 36,821 – 4679 C9_14 180000mt Conti/Med Trip China/Japan 55,088 – 4568 C10_14 180000mt China/Japan T/P RV 24,882 – 1236 C14 180000mt China-Brazil RV 23,855 – 1163
C16 180000mt N.China to Skaw-Passero 4438 – 1000
C17 170000mt Saldanha Bay to Qingdao 17.789 – 0.330
========================================== ========
5TC Weighted Timecharter Average 28,830 – 2466

Baltic Exchange Index – 29 JULY 2025 Baltic Exchange Capesize 182 Index

Route Description Value Change
===== ==========================================

C8_182 182000mt Gib/Hamburg transatlantic RV 40,393 – 4900 C9_182 182000mt Cont-Med trip China-Japan 59,075 – 4484 C10_182 182000mt China-Japan transpacific RV 27,923 – 1318 C14_182 182000mt China-Brazil round voyage 27,705 – 1270 C16_182 182000mt Backhaul 8,006 – 1007

C5TC 182 Weighted Timecharter Average 31,143 – 2201
Baltic Exchange Panamax 82500mt Index 29 JULY 2025 Baltic Exchange Panamax Index 1,741 (- 57)

Route Description Value ($) Change
====== ================================= ======== P1A_82 Skaw-Gib T/A RV 19,050 – 723
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 24,844 – 639 P3A_82 HK-SKorea incl Taiwan, Pacific/RV 13,125 – 403 P4_82 HK-SKorea incl Taiwan to Skaw-Gib 8,391 – 87 P6_82 Dely Spore Atlantic RV 14,345 – 516
====== ================================= =======
P5TC Weighted Timecharter Average 16,671 – 509
The following routes do not contribute to the BPI or Weighted TC Average.
Route Description Value ($) Change
====== ================================= ====== P5_82 S. China Indo RV 13,600 – 533
P7 66000mt Mississippi Rvr to Qingdao 55,436 – 0.650 P8 66000mt Santos to Qingdao 38,343 – 0.728
Baltic Exchange Panamax 82 Asia Index – 29 July 2025 Route Description Size (MT) Value($) Change
===== ====================== ======== ======
P5_82 S.China one Indo RV 13,600 -533

Baltic Exchange Supramax Index – 29 JULY 2025 Baltic Exchange Supramax Index 1281 (- 8)

Route Description Value ($) Change
====== ========================================= ====
S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 16,588 – 220 S1C_63 US Gulf trip to China-South Japan 23,071 + 189 BS2_63 North China one Australian or Pacific RV 14,619 – 31 BS3_63 North China trip to West Africa 15,000 + 50 S4A_63 US Gulf trip to Skaw-Passero 22,454 – 78 S4B_63 Skaw-Passero trip to US Gulf 11,964 – 150 BS5_63 West Africa trip via ECSA to North China 20,136 – 368 BS8_63 South China trip via Indo to EC.India 17,479 + 33 BS9_63 W.Africa trip via ECSA to Skaw-Passero 16,450 – 129 S10_63 S.China trip via Indonesia to South China 14,525 + 3 S15_63 Indian Ocean trip via S.Africa to Far East 14,392 – 616
====== ========================================= ====
S11TC Weighted Timecharter Average 16,186 – 106 S10TC Supramax(58) Timecharter Average 14,152 – 106

Baltic Exchange Index – 29 JULY 2025 Baltic Exchange Handysize Index 677 (- 3)

Route Description Value ($) Change
====== ======================================== =========
HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 6,514 – 7
HS2_38 Skaw-Passero trip Boston – Galveston 8,636 + 15
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 17,414 – 175
HS4_38 USGulf trip via USG or NCSA to Skaw-Passero 14,704 – 278
HS5_38 SE Asia trip to Spore – Japan 12,900 – 13
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp 12,288 0
HS7_38 N.China-S.Kor-Jpn trip to SE Asia 12,463 + 57
====== ======================================== =========
7TC Weighted Timecharter Average 12,192 – 53

Marex Media

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Mr Bansi Jaising – photo you have

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