Today marked an historic milestone at Helsinki Shipyard with the steel cutting of ‘PolarMax’ – the world’s most powerful conventional icebreaker.

For more than a quarter century, every icebreaker built in Finland has been built here. Half of the world’s entire icebreaker fleet was born within these walls, and nearly every major technological advancement in the field has originated from this shipyard. The expertise, methods, and culture of this team remain unmatched.

At Inocea, the strategy is to build not just ships, but a system. From Canada to Helsinki, to the new SATA Shipbuilding facility on Finland’s west coast, and now the U.S. Gulf Coast, they are creating one integrated transatlantic capability. One program, one quality system, and a distributed production model – delivering specialized vessels faster, more predictably, and more efficiently.

Polarmax is only the beginning. With Arctic demand growing, the Helsinki shipyard has developed a family of cutting-edge Arctic-capable designs – from compact corvettes to large multi-purpose platforms. To teams on both sides of the Atlantic, this achievement is not about luck, but about discipline, expertise, and relentless commitment. The Journey continues but today they cut Steel.

Earth’s natural filtering has long provided a supply of clean, fresh water. However, new testing has found a hidden risk in some of these wetlands. Conditions are just right for the production of methylmercury, and samples now show that higher concentrations of this potent form of toxic mercury are leaving some wetlands than entering it.

Eve-Lyn Hinckley, a biogeochemist at the University of Colorado, explains how methylmercury is produced in wetlands, why rising temperatures are increasing the risk, and what can be done to avoid harm to wildlife and humans.

Welcome to White House Watch! Today let’s dig into:

Breaking News:

VIBES ARE OFF

Rather suddenly, there’s been a vibe shift around artificial intelligence, the tech that’s hypnotized Wall Street and inspired cultish devotion across Silicon Valley over the past three years.

And while it’s too soon to declare August 2025 the start of the AI winter, or the AI correction, or the AI bubble bursting, or whatever slowdown metaphor you prefer, it is undeniable that a series of industry stumbles is making investors, businesses and customers do a double-take.

Among them:

Meta, which was recently shelling out $100 million signing bonuses for AI talent, has instituted a hiring freeze and is

reportedly looking at downsizing its AI division.

Sam Altman, the CEO of OpenAI and the industry’s biggest hype

man, is floating the word “bubble” in media interviews.

ChatGPT-5, billed by OpenAI as a PhD-level game-changer, is a flop.
- Coreweave, a cloud computing company backed by Nvidia, has shed nearly 40% of its value in just over a week.
- Researchers at MIT published a report showing that 95% of the generative AI programs launched by companies failed to do the main thing they were intended for — ginning up more revenue.
- Anthropic and OpenAI have struck deals to give their products to the US government for next to nothing — even as they are burning through cash and lack demonstrable paths to profitability.

Trump administration sanctions Greek shipbroker in ‘maximum pressure’ campaign against Iran

Antonios Margaritis is accused of running a network of companies that haul Iranian oil.

The US accused a low-profile Greek shipbroker of controlling a network of companies that officials accused of serving Iran’s shadow fleet. The move marked the latest salvo in US President Donald Trump’s “maximum pressure” campaign aimed at Iran’s oil industry. The US Treasury Department said its Office of Foreign Assets Control (OFAC) imposed sanctions on Antonios Margaritis, whom it accused of leveraging “decades of experience” in shipping to facilitate shipments of Iranian petroleum.

The UK took control of one of the country’s largest steelworks after a firm owned by the beleaguered tycoon Sanjeev Gupta was forced into liquidation. It follows a move by South Australia to place Gupta’s Whyalla steelworks into administration and find a new owner.

· Judge Orders That ‘Alligator Alcatraz’ Detention

Center Be Shut Down for Now

A federal judge ordered that no more immigrant detainees be sent to a center in the Florida Everglades, known as Alligator Alcatraz, and that much of the facility be dismantled.

The Fed under fire
US-EU trade tension
Laura Loomer: Trump-whisperer

Central bankers are beginning their annual summit in Jackson

Hole today under the cloud of President Donald Trump’s months-long assault on the Federal Reserve and its chair, Jay Powell.

Trump has called Powell a “stubborn mule” and “numbskull” for refusing to cut interest rates this year over concerns that tariffs will stoke inflation.

And that’s not the only challenge facing the Central Bank Chief as he prepares to deliver his high-stakes address tomorrow. Powell is also grappling with growing insurgency within his own institution.

The abrupt departure of Adriana Kugler from the Fed’s board earlier this month handed Trump an early opportunity to nominate an ally to sit in on the central bank’s monetary policy deliberations. The President picked Stephen Miran, chair of the Council of Economic Advisers, who has accused Fed officials of suffering from “tariff derangement syndrome”.

Assuming Miran is confirmed by the Senate in time for the Fed’s September meeting, he will probably join forces with governors Christopher Waller and Michelle Bowman, who backed cuts in July. That would leave Powell facing three dissenters from within his own seven- strong board, which would represent the central bank’s largest schism since 1988.

Miran “will be the agent provocateur representing Trump at the FOMC,”

said Steven Blitz, chief US economist at TS Lombard.

And in what appeared to be a further effort to influence the Fed’s board, Trump yesterday called for governor Lisa Cook to “resign, now!!!” over alleged wrongdoing related to home mortgages.

The demand came hours after Bill Pulte, head of the Federal Housing Finance Agency and a staunch Trump ally, published a letter claiming that Cook had “falsified bank documents and property records to acquire more favourable loan terms”.

Cook said last night that she had “no intention of being bullied to step down”.

Senator Elizabeth Warren criticised the president for targeting the Fed, saying he was “scrambling for a pretext to intimidate or fire chair Powell and members of the Federal Reserve board while blaming anyone but himself for how his failed economic policies are hurting Americans”.

The US will maintain steep tariffs on European cars until Brussels introduces legislation to lower its duties on American goods.
Moscow said it would only agree to security guarantees for Ukraine that give Russia an effective veto over future efforts to defend Kyiv.
Investors warned that major economies are entering a new period of “fiscal dominance,” with central banks under pressure to keep interest rates artificially low to offset the cost of record government borrowing.
Alexander Gabuev, director of the Carnegie Russia Eurasia Center, warns that Trump is playing into Putin’s plan to drag out peace negotiations while wearing down Ukraine on the battlefield.
It might take some time, but Trump’s “roving banditry” on trade will ultimately weaken the US economy, says Alan Beattie.

In the Ozark Mountains of Arkansas, a small group of homesteaders is building an exclusive community — and allowing only white applicants to live there. Experts say the development is illegal under anti-discrimination housing laws. But, the creators believe they could win a court challenge in the current political climate.

How India’s youth can challenge U.S. tariffs |

Opinion

In early August, U.S. President Donald Trump announced that imports from India to the U.S. will be charged tariffs at 50%. This includes a 25% penalty for India’s oil purchases from Russia. The

U.S. tariffs bring challenges to the Indian economy. What are the policy options for India?

Tariffs are the taxes levied on imports from other countries. The average tariff imposed by the U.S., the world’s largest export market, was 2 to 3% for two decades until 2024. All that has changed with President Trump announcing a steep hike in U.S. tariffs on April 2 this year.

If the 50% tariff rate imposed on India takes effect, a shirt that an Indian firm sells for $10 will cost as much as $15 for the U.S. consumer. The tariffs on goods from India are higher than the tariffs the U.S. has imposed on India’s export competitors.

Therefore, a similar shirt shipped from Vietnam or Bangladesh will cost $12 or less, making Indian products uncompetitive. When Mr. Trump launched the tariff war in April this year, his fury was directed mainly at China, which was charged with tariffs of 145%. But subsequently, the two countries agreed to cool off their animosities, and the U.S. tariffs on China have now come down to 30%. Astonishingly, India, a close U.S. ally, is now the country (with Brazil) threatened with the highest U.S. tariffs.

For India, the dollars it earns by selling textiles, pharmaceuticals, software services, and other products to the U.S. are critical for bridging the country’s external trade deficit. Mr. Trump’s tariffs may lead to job and income losses in India, at least in the short run. At the same time, in exchange for reducing tariffs, the U.S. is seeking greater access for its agricultural products, especially dairy, in the Indian market. This will in turn have adverse impacts on Indian farmers.

Nature of China’s influence

The unfolding tariff war shows that low wages alone will not give a lasting competitive advantage to a country in the export market.

China’s strengths emerge from its enormous scale, massive infrastructure, and growing technological capabilities. China has established an unassailable lead in several industries. Its shares in global exports are 36.3% in textiles and clothing and 24.9% in machine and electrical equipment. The corresponding shares for India are 4.4% and 0.9% respectively.

China’s vice-like grip over large parts of the global production network and exclusive access to some critical materials such as rare earths may have quickened the melting of ice between it and the U.S. Moreover, further uncertainty and tariff escalations with other countries may derail plans by global companies to diversify their investments away from China and do more business with India and Vietnam.

If left with low wages as its only bargaining chip, India will remain on the periphery of global business, ever to be pushed by lower- cost suppliers and by the whims of tariff administrators of rich countries. Despite their early starts, India’s IT and pharmaceutical industries tread unsteadily in low-value activities due to their underinvestment in research and development.

From producer to consumer

A significant source of demand for export-driven economic growth in China and other developing countries over the last few decades has been consumers in high-income countries in the West.

However, the purchasing capabilities of developed countries have been going downhill for a while due to their ageing populations and growing inequalities. With rising tariffs and protectionism, the markets in the West will also be less open.

This means that future economic growth must be built around the demand from the home markets of countries such as India and China. The populations of these countries will have to transform themselves from being low-cost producers to producers and consumers simultaneously — from being servers left with only crumbs from growth to diners who occupy the high table of capitalist progress. Such a transformation can occur only with sweeping economic changes. Wages and incomes must rise quickly in India. High-value-adding economic activities based on technology and knowledge must replace growth extracted exploitatively from labour.

The role of young India

Those who doubt Indians’ ability to partake in growth derived from skills and talent need only to look at the record of Indians in the U.S. over the past half-century. The immigration to the U.S. of engineers, doctors, and other professionals, most of them trained in India’s public universities, has grown steadily since the 1970s. Approximately, a third of the graduates from Indian Institutes of Technology (IITs) migrated abroad, most of them to the U.S., through the 1970’s and 1980’s. The population of Indian immigrants in the U.S. rose from 0.3 million in 1982 to 1.3 million in 2000 and 3.2 million in 2023. Although still only 1% of the U.S. population, Indian immigrants have a disproportionately higher representation in higher education and research and as entrepreneurs and corporate leaders. The ‘brain circulation’ they set in has contributed to the U.S.’s continued global dominance in technology and innovation.

Today, one out of every five young people in the world lives in India. At a time when the youth population is declining not only in high-income countries but also in China, the multitude of its young will be India’s trump card. Indians in the age group between 15 to 29 years and enrolled in secondary schools or colleges number approximately to 120 million, which is as big as the population of Japan. If accompanied by appropriate policy interventions to enhance their skills and training, these young Indians could become the movers and shakers in the emerging knowledge economy.

The U.S. administration will be wise enough not to underestimate India’s strategic importance by factoring in only the relatively small size of its goods trade. If young Indians are turned away from the U.S. due to visa and job restrictions, the U.S. will be the bigger loser in the long run.

As the battle on trade and tariffs rages on, India’s best defence will be its young people, their sheer numbers and the promise they hold. The home market they generate will be large enough to compensate for any dip in export earnings, provided jobs and incomes expand fast. Greater public expenditures on health and education, and a renewed focus by domestic businesses on innovation will be critical for unleashing the strengths of India’s young as a shield against growing global turbulences. (Author is a Professor of Economics at IIT, Delhi.)

· U.S. and E.U. Agree on Details of Trade Deal

The U.S. and the E.U. published much-anticipated details of their trade agreement, which would keep high tariffs on European cars.

Middle East: Israel approved new settlements in the occupied West Bank and announced that it was advancing plans to take over Gaza City, raising questions about the viability of a new cease-fire proposal.
Do we know how many Americans use psychedelics and what age groups they belong to? Helen Young, Massachusetts

It’s rising, especially among young adults. Last year, nearly 10 percent of people between the ages of 19 and 30 reported having used psychedelics in the past year, an all-time high. (Pun kind of intended.) More than 5 percent of older people said the same, a fivefold increase from 2019.

To win back Donald Trump’s favour, Switzerland is seeking a return to an old strength: peace making.

Slapped with a 39% tariff on its imports into the US, among the world’s highest levies, Bern has offered to host a conference to end the war in Ukraine, including the attention-grabbing promise that Russian President Vladimir Putin would be safe from arrest.

The proposal — already endorsed by European leaders including France’s Emmanuel Macron — goes beyond a revival of its role as a global mediator.

With Trump eyeing a Nobel Peace Prize yet scrambling to fulfil his election promise of a quick end to the conflict, Switzerland sees a chance to help the US President out of his predicament.

· A Defiant Modi

In most breakups it is common for the jilted party to splurge on a makeover and look for new partners while dissing the ex. India’s Prime Minister Narendra Modi seems to be doing just that after being spurned by US President Donald Trump. This week Modi revived domestic economic reforms, warmed to the other superpower China and responded with recalcitrance to US warnings on India’s purchases of Russian oil.

Many in India are viewing these developments as a sign of India’s strength even as stock markets remain cautious.

· The India–China thaw

Modi, who after the 2020 border clash was urging Indians to junk their made-in-China goods, this week warmly welcomed Chinese Foreign Minister Wang Yi on his first visit to New Delhi in three years. The two countries agreed to revive travel and trade ties, especially Chinese supplies of rare earth minerals, fertilizer and tunnel-boring machines. They also agreed to explore border demarcation, notably with no mention of India’s earlier demands for the restoration of pre-2020 territorial status.
Later this month, Modi will meet President Xi Jinping on his first visit to China in seven years. Expect more chummy headlines then and maybe even a selective relaxation of Indian restrictions on Chinese investments. After all, Modi also has an Apple economy to protect.
Trump’s actions against India may have added urgency to these reconciliatory moves but they should be viewed as part of a longer process that includes last year’s Modi-Xi meeting in Kazan,

Russia, Tanvi Madan, senior fellow at Brookings Institution’s Center for Asia Policy Studies, said.

India has been seeking to stabilize ties to create more strategic and economic space for itself and to prevent another border crisis. The question is whether China will follow through on the commitments. “We’ve seen previous such dialogue phases get cut short by border crises, for instance, in 2017 and 2020 — and, if Beijing perceives New Delhi as vulnerable, there could be another”.
As if to underscore that fragility, right after his India visit, Wang travelled to Pakistan, a country China has deep economic and defence ties with.
Make no mistake, the India-China patch-up will also be impacted by how Trump views this new coziness between the two BRICS members, and finalization of the US-China trade deal.
Modi’s reform revival
With Indian corporate chieftains suggesting the Trump tariff crisis is an opportunity to reform, Modi, after a dull first year of his third term, is making moves to boost slowing economic growth.

On Aug. 15, he announced a long-pending rejig of the country’s goods and services tax. The proposed rationalization of over five tax rates to about two will lower prices and help lift consumption. But it’s also expected to cut tax revenue, especially for states, raise borrowing costs in the short term and curtail government expenditure — a key driver of growth for India in recent years. And until the rates for different goods and services are finalized, consumers may postpone purchases of high-value discretionary goods like air conditioners, refrigerators and automobiles.

To say this could have been better planned may be viewed as nit- picking, so let’s just take the win. There will be more, said Modi in a social media post that promised a “roadmap for next-generation reforms” but offered no details.

Business leaders like Anand Mahindra and Uday Kotak are calling for more fiscal support to small businesses, export incentives to counter Trump’s tariffs and large-scale deregulation. A government commission set up earlier this year has yet to suggest measures to cut red tape for big and small firms.

Economists in India are hoping for new ideas on spurring manufacturing hubs, incentives to super-size the boom in offshoring services via global capability centers, faster trade deals with the EU and others, implementation of new labour codes, improved market access for agricultural goods, improved efficiency in the judicial system and speedier monetization of government assets to fund all these.

Many of these have been pending for years. Besides, the government’s view of reform can often mean cosmetic changes to a law, like with the criminal and income tax codes. Or the outlawing of an industry overnight, as India did with online money gaming this week.

Modi’s reforms need to go beyond incrementalism. A robust economy creates space for India with its rivals and its partners, adding to negotiating heft.

Starting next week, Trump’s 50% tariff will impact over $48 billion in Indian exports, according to a government estimate. No relief seems to be in sight yet, with US negotiators reportedly deferring talks and senior Trump administration officials slamming Indian billionaires for profiteering off Russian oil. Modi’s response has been to buy even more oil while making small concessions to the US, such as lower duties on cotton imports.

Picking defiance over diplomacy could cost India its biggest trading partner and access to the world’s largest consumer market. China camaraderie or reform intensity are good moves, but even they won’t make up for that.

India’s richest man Mukesh Ambani is caught in the crossfire of a bitter trade skirmish between the US and India. As President Donald Trump homed in on the South Asian nation’s purchases of Russian crude, his key advisers have accused the country’s most powerful tycoons of war profiteering. Though no names were mentioned, Ambani is unquestionably in the eye of the storm as his refining giant Reliance is the biggest single buyer of Russian oil in India.

The public criticism is not just a personal affront. Tycoons like Ambani, who inherited a vast petrochemicals business from his father and turned it into an oil-to-telecoms powerhouse, are at the heart of Prime Minister Narendra Modi’s India. They are aligned with his nation-building priorities and have in turn benefited from government policies that shield industries key to them, including domestic retail, now in Trump’s sights. The attacks hit close to home, even if billionaire troubles have not generally affected the Indian leader, who has explicitly distanced himself during difficult periods.

China’s grain import slowdown raises questions: temporary pause or lasting shift? Let’s explore the factors reshaping its trade, notably with Australia.

· Suezmaxes cash in on Kazakh export disruption

Suezmax spot rates are surging as Kazakhstan runs into mounting difficulties with its oil exports, tightening the tonnage list across the Mediterranean and beyond.

Kazakhstan has suspended flows via the Baku–Tbilisi–Ceyhan (BTC) pipeline after chloride-contaminated crude entered the

system in late July, diverting volumes to the Caspian Pipeline Consortium’s (CPC) terminal near Novorossiysk. The pivot has coincided with maintenance at one of CPC’s three single-point moorings, leaving only two operational.

With capacity constrained, the consortium has shifted heavily toward Suezmax loadings at the expense of Aframax’s. September’s program features 46 Suezmax liftings and no Aframax’s, compared with an even split in August. The Suezmax scene around CPC at the moment as a “hive of activity”.

Rates have responded sharply. Med runs are now touching WS 142.5, while India-bound stems are also firming with Basrah/West cargoes on subjects around WS 60 via the Cape. The Baltic Exchange’s TD6 route from the Black Sea leapt more than $6,500 yesterday to close in on a hugely profitable $73,000 a day spot figure. According to Jefferies, Suezmax’s are averaging $43,000 a day in Q3, up from $41,500 a day last quarter, with momentum building.

Brokerages warn that with CPC, West Africa, and Guyana all active, owners are likely to retain the upper hand. TD6 has held close to year-to-date highs, and with CPC volumes expected to stay at 1.65–1.75m barrels per day, shipowners are in no mood to ease off the throttle.

“Expect Owners to continue to have the bit between their teeth.” “The tonnage pool continues to tighten, and if enquiry levels hold, owners may find scope to push rates above last done.”

French liner giant CMA CGM is making a strategic minority investment in US-based Vanguard Renewables through its energy fund PULSE, securing long-term access to volumes of renewable natural gas (RNG). Vanguard, which runs anaerobic digesters powered by farm and organic waste, will dedicate up to four projects to produce biomethane, or bio-LNG for the Marseille- headquartered carrier.
The move comes amid the International Maritime Organization’s recent net-zero framework, which requires shipping companies to lower greenhouse gas emissions or face penalties.

Vanguard Renewables works with food and beverage manufacturers and retailers to divert organic waste from landfills and convert it into RNG. The company is a portfolio company of Global Infrastructure Partners (GIP), part of BlackRock.

Michael O’Laughlin, CEO, said: “We see this pioneering collaboration as a key step in supporting the maritime sector as the global industry takes a bold step toward improving emissions.”

CMA CGM’s interest in biomethane goes back several years. The company co-invested with ENGIE in the Salamander biomethane project in Le Havre, targeting industrial-scale production of up to 200,000 tonnes of renewable gas annually by 2028.

It also signed a deal with SUEZ to secure up to 100,000 tonnes of biomethane per year by 2030, backed by an initial €100m investment to develop production sites in Europe.

On the technological front, CMA CGM has taken a stake in Hycamite, a Finnish clean-tech company developing methane- splitting technology that turns methane into low-carbon hydrogen and solid carbon products.

In parallel, CMA CGM formed a 50/50 joint venture with TotalEnergies to launch an LNG bunkering service in Rotterdam. The plan includes commissioning a 20,000 cu m LNG bunker vessel by 2028 and securing up to 360,000 tonnes of LNG annually until 2040.

The moves sit within CMA CGM’s broader decarbonisation strategy, which has seen over 100 low-carbon newbuilds ordered, including dual-fuel LNG and bioLNG-ready ships joining the fleet in the coming years.

· HD Hyundai buys Doosan’s Vietnam yard for $207m

HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the holding company of HD Hyundai Group, has struck a deal to acquire Doosan Vina, the Vietnamese manufacturing unit of Doosan Enerbility, in a transaction worth 290bn won ($207.5m).

The deal will see HD KSOE take full control of Doosan Vina’s heavy industry facility in Quang Ngai Province. The 110 ha complex, founded in 2006, specialises in the fabrication of desalination plants, boilers, process equipment and port cranes.

Doosan Enerbility, formerly Doosan Heavy Industries, has been restructuring its overseas businesses in recent years to pare debt and sharpen its focus on power generation.

For HD KSOE, meanwhile, the move deepens its industrial footprint in Southeast Asia, a region where Korean shipbuilders increasingly rely on lower-cost capacity to stay competitive. HD KSOE plans to turn the complex into a regional hub for independent cargo tanks and port cranes in Asia.

The company has had a shipbuilding presence in Vietnam for many years. HD Hyundai Vietnam Shipbuilding is in the process of expanding capacity to build 15 ships a year up from the current maximum of 12 with plans to potentially expand further to 23 ships a year by 2030.

The yard traces its history back to 1996 when it was formed as a repair joint venture with Vietnam’s state-owned shipyard group. It entered the shipbuilding business in 2008, quitting repair work entirely in 2011.

· Dubai’s CStar Line scales

A relatively new entrant to container shipping is scaling back. CStar Line, founded two years ago in Dubai, has focused on servicing Russian, Asian and Turkish ports.

Container analytics firm eeSea is reporting the carrier is suspending one Asia – Europe and three Asia – Middle East services this month.

The carrier continues participation in two other Asia – Europe strings, as well as a Colombo – India service and a partnership serving the Middle East.

“Excepting the five feeders it continues to operate, this marks the end of their offerings into the Russian market as well as any standalone service on a major trade,” eeSea noted in an update.

China-Russia freight rates have been flat for the past two years. Opportunistic operators, many China-based, stepped in to cover the shortfall when Russia’s February 2022 invasion of Ukraine sparked global carriers to abandon Russia calls.

· Nimble Navios in the money after scrapping bareboat

VLCC charters to sanctioned operator

Angeliki Frangou says tankers are now operating in profitable spot market, but could be fixed out for longer terms.

Navios Maritime Partners boss Angeliki Frangou has praised staff who released two VLCCs from a charter to an Iraqi operator a day after it was sanctioned by the US.

VS Tankers was blacklisted on 3 July, and bareboat deals for the 313,400-dwt Erbil (built 2021) and Baghdad (built 2020) were terminated a day later.

The terms stretched through to October 2030 and February 2031 at a rate of $27,456 net per day.

· George Economou lawsuit questions Marshall Islands’ future as incorporation stronghold

Tycoon’s fight with Seanergy Maritime continues on legal and
public-relations fronts

George Economou is doubling down on his legal battle against Seanergy Maritime in a way that calls into question the ability of the Marshall Islands to continue as a centre for incorporation of shipowners.

The Greek shipping magnate is appealing in the country’s Supreme Court against a 2024 loss in the High Court, with oral arguments scheduled for November.

· Salvaging Sounion: How the Red Sea was saved from an oil spill disaster to dwarf Exxon Valdez

One year ago today, the world got lucky. A prominent media explores how salvors beat the odds while staring down the barrel of Houthi rebels.

A first wave of assaults by gunmen on a small skiff were repelled by the security team on board the 163,800-dwt Sounion (built 2006). Then came the missiles that slammed into the hull and disabled the ship, posing the threat of an oil spill that could become one of the world’s worst environmental disasters.

It was not a great surprise that the Delta Tankers ship was a target for Yemen’s Houthi militia group. Two of the Greek operator’s other vessels had been targeted by the Houthis in the previous fortnight.

· Sanctioned Indian refiner turns to shadow fleet for tanker tonnage

Indian refiner Nayara Energy has tapped into the sanctioned tanker fleet to keep Russian crude flowing into its Vadinar plant.

The company, part-owned by Russian producer Rosneft, was blacklisted by the European Union in July. Crude run-rates have reportedly been cut as the company struggled to find vessels to import feedstock.Some ships were reported to have pulled out of import and export fixtures.

The refiner said earlier this month that it was talking to the Indian government and its partners about maintaining operational stability.

Reuters cited a government source as saying the company has asked the shipping ministry for tankers to move refined products.

LSEG data shows that Nayara has imported at least seven cargoes of Russian oil on Aframaxes this month.

Blacklisted vessels include the 105,400-dwt Centurion (built 2008), 106,000-dwt Mars 6, 115,600-dwt Pushpa (both built 2007) and Devika (ex-Apar, built 2009), according to Reuters.

The tankers shipped 700,000 barrels of Russian Urals crude each. Nayara has not commented.

A shipping source said Indian owners are unwilling to operate for the company.

For petrol and gasoil exports, EU and UK-sanctioned LR1 and MR tankers have been used.

These include the 72,500-dwt Next (built 2004), 50,300-dwt Tempest Dream, 50,800-dwt Sard (both built 2006) and 46,000- dwt Leruo (built 2010).

Evgeniy Griva, Russia’s deputy trade representative to India, has said Nayara is getting oil supplies from Rosneft and is not facing supply problems.

The USTR port fee plan has been heavily watered down, but it will be costly nonetheless. There is still no sign of the final rule as the

clock ticks down to the proposed October 14 start for US port fees on Chinese-built ships.

THE US Trade Representative closed the latest comment period on port fees for Chinese-built ships back on July 7. Those fees are scheduled to come into force on October 14. Customs & Border Protection is already working on a payment process. And yet, as of late August, there is still no sign of a final USTR rule.

Some vessel operators have pre-emptively shifted Chinese-built tonnage out of US trades. Others are still waiting, with contingency plans drawn up. The hope is that the USTR will delay implementation, giving affected parties time to prepare.
The fear is that it won’t, and will publish the final rule soon before the deadline, leaving operators insufficient time to redeploy Chinese-built tonnage.
Could US-China trade negotiations affect port fees?
One hopeful sign is that the US agreed to keep existing Chinese tariffs in place for another 90 days, extending the reprieve from August 12 until November 10. That pushes US-China trade talks beyond the USTR port fee implementation date.
“The recent announcement of the extension of the discussion with respect to the tariffs between the US and China to November puts into question whether the USTR levy due to be implemented in October will take place,” said Xavier Destriau, chief financial officer of ocean carrier Zim, in an interview with Lloyd’s List on Wednesday.
Kathy Metcalf, President Emeritus of the Chamber of Shipping of America, had a similar take. “We have heard nothing, but I think this issue is tied up with the White House tariff talks,” she told Lloyd’s List.
Destriau believes there is a possibility for “an overall deal, with an agreement between the US and China that will encompass both tariffs and also potentially the USTR levy”.
“I think the jury’s still out,” he said on US port fees for Chinese-built ships. “Maybe we will end up something different than what had been announced.”
Nevertheless, Zim has planned its strategy should the USTR fees go into effect.
“We have obviously looked at what the effect would be, should there not be a change [to the current proposal]. We would do various things to minimise the effect of the levy, by ensuring that we deploy non-Chinese tonnage to the US coastline.
“We have a plan. Whether we put that in motion or not depends on what happens with respect to the overall discussions that are currently taking place between the US administration and China,” said Destriau.
Zim has only switched out one China-built ship from US service so far, he said, “but that was because we believed the vessel [switched in] was more suited from a capacity perspective”.
“By and large, we are waiting to see what the outcome of the discussions will be, then we will take action, or not, depending on what the outcome is.”
Some carriers redeploy Chinese-built tonnage
Other carriers have redeployed some of their vessels in preparation for the October port fee deadline, according to Nathan Strang, director of ocean for the US southwest at freight forwarder Flexport.

During an online presentation on August 14, Strang said, “It does look like carriers are starting to reshuffle their fleets and align more to USTR restrictions. They’ve had a lot of time to think about how they want to address this, and it seems that the easiest way is to shuffle their vessels around.

“This is one of those things that’s been kind of sitting in the background and hasn’t really been talked about as much because tariffs are leading the conversation. But we are going to see carriers do what they can to mitigate this.

“The softer market is helping them out,” explained Strang.

The non-China-built vessels being brought in have lower capacities. “This helps carriers out in two ways. It allows them to move smaller ships in to manage capacity while still sailing vessels on the fuller side. And it helps them mitigate any possible USTR [cost] impacts.” Another option, beyond switching out Chinese-built tonnage, is to charge shippers a surcharge to cover the port fees.

“I would expect that around the mid-September timeframe, carriers would want to put out any announcements if there are going to be any surcharges,” said Strang.

The challenge is that mid-September is just three weeks away, and there is no final rule yet, so there’s still no way for carriers to estimate what the surcharge should be.

In general, the shortening of the timeframe is causing concerns.

According to Metcalf, “The Chamber of Shipping of America is anxiously awaiting publication of the USTR final decision and hopes that its comments on all annexes have been considered.
“With the looming deadline of October 14, the private sector needs compliance guidance from either the USTR or CBP in order to be fully prepared.”
The importance of delaying implementation
The negative consequences of the USTR announcing a final rule right before the deadline, without giving sufficient time for ship operators to react, was highlighted by Lasse Kristoffersen, chief executive of Wallenius Wilhelmsen, in relation to the vehicle carrier market.
Kristoffersen said in a filing to the USTR on July 7 that “vehicle carriers will need time to make adjustments to their routes and take other measures that will require advance planning.

“Significant aspects [of the USTR proposal] are currently in flux, and until the modification is finalised, vehicle carriers face great uncertainty for their operations. Once the modification is finalised, and not before then, WW and other vehicle carriers will need to analyse and possibly reconfigure their fleet deployments,” wrote Kristoffersen. “Implementation of such changes, once decided, usually takes about four months. We also need to communicate and coordinate with our customers, especially US exporters, about the impacts, including cost impacts and service disruptions.”

Kristoffersen argued that if the final USTR rule is published in September, US port fees should be deferred until mid-April.

There’s also another reason that US port fees may not begin in October — even if the USTR does publish the final rule and sticks to its original date.

Numerous industry submissions to the USTR during comment periods alleged that the USTR had overstepped its statutory bounds, in particular, by seeking to implement fees designed to incentivise US shipbuilding, not punish Chinese shipbuilders.

This strongly implies that legal challenges will be filed after the USTR final rule is published, with plaintiffs seeking to defer implementation until legal cases are decided.

· Chinese Ambassador Xu Feihong in Delhi:

“US tariffs of 50% on India are unacceptable. Silence only emboldens the bully.”

“China will firmly stand with India.”

Calls India–China the ‘DOUBLE ENGINES’ of Asia’s growth, echoing BJP’s slogan

Invites all Indian goods into Chinese market Big diplomatic signal from Beijing!

Shipping View 21^st August, 2025:

CAPESIZE

Market conditions continued to soften across both basins today, with sentiment weakening further as the week reached its midpoint. The BCI 5TC lost $1,294 to close at $23,778 amid very limited trading activity. In the Pacific, only one miner was present alongside a handful of operators and a healthy flow of tender cargoes, though activity remained subdued. Offers on C5 were heard in the $9.25–$9.35 range, while reports suggested an operator paid $9.00 on a Newcastlemax. The C5 index edged down by 0.155 to $9.040. The Atlantic was equally quiet, with muted levels of enquiry and limited trading activity. Sentiment weakened further following reports of $23.50 paid last night for a mid-September

loading, which weighed on the market. The C3 index slipped by 0.525 to settle at $23.475. Overall, it was a subdued and lacklustre day for the Capesize market, with both basins struggling to find momentum.

Atlantic

Salzgitter fixed yesterday a Swissmarine TBN for 130,000/10 Narvik to Hamburg 31 August/9 September at $6.65, lacking further details.

Asia

Mercuria fixed True Neptune (207,634 2017) for 190,000/10 Port Hedland to Qingdao 6/10 September at $9.00.

PANAMAX

Primarily led by gains in the North Atlantic, the BPI timecharter recorded a further advance of $248 to publish at $14,985. The North Atlantic returned mostly a fronthaul centric market, with improved levels traded on the shorter mineral runs as demand continued to replenish. Trans- Atlantic remained less evident but overall sentiment remained firm with further expected to come.

From South America, following on from an active day yesterday, the pace today was less frenetic, but rates continued to tick up across most arrival dates. Asia returned a less impressive day, tonnage count appears to continue to grow and despite yesterday’s P6 push, activity levels were muted, and softer sentiment encompassed the market in need of some support, the outlook remains frail.

Atlantic

In the North, the Cymona Glory (84,091 2011) Hamburg 30 August was linked to Oldendorff for a trip via US east coast redelivery India at rates around the $25,000 mark. Further South, the Albina (81,780 2019) delivery aps EC South America 5 September was reported fixed for a trip redelivery Singapore-Japan at $16,300 + $630,000 bb with Al Ghurair, whilst the Avax (75,399 2006) aps EC South America 12 September fixed for a trip Far East at $16,000 + $600,000, Oldendorff reported as Charterers.

Asia

The Babitonga (81,770 2019) Qinhuangdao 18/19 August was heard fixed for a trip via EC Australia redelivery South China at $13,500 with Tongli. The same Charterer was also linked to the Vassos (82,018

2022) Phu My 19 August for a trip via Indonesia redelivery India with rates of $16,500 & $17,000 both referenced.

SUPRAMAX

The Atlantic remained relatively active for the time of year, although it was seemingly positional. Stronger numbers were being recorded from the US Gulf although some felt that fronthaul was a bit ‘toppy’. Some said that the South Atlantic was also seeing better demand albeit for trans-Atlantic runs.

The Asian arena also saw continued interest and brokers said overall rates remained healthy, having said that there seemed to be a bit of a lull in demand from the Indian Ocean which saw a downward move on rates. The 11 TC average closed up $248 at $17,550.

Atlantic

The Manhasset Queen (63,654 2024) open Liverpool 21 August was rumoured fixed at $13,000 for a trip via Garrucha to US east coast with Ultrabulk.

Asia

From the Indian Ocean, the Wooyang Ares (62,625 2018) was heard fixed basis delivery Port Elizabeth 1/5 September for a trip China intention manganese ore at $17,000 plus $170,000 ballast bonus to JEYST.

HANDYSIZE

A more positive feel for the sector overall, brokers said stronger numbers were being discussed from both the North and South Atlantic as sustained fresh enquiry entered the equation.

The Continent-Mediterranean also so positive moves with a slight change in tonnage to cargo balance. A 38,000 was said to be close to fixing delivery East Mediterranean for a trip to the North Continent at

$8,000. Elsewhere, the Merganser (39,971 2023) was heard fixed for a trip basis delivery Fazendinha to Morocco at $22,000, but no more details came to light. The Benjamin Confidence (34,898 2017) was rumoured to have been fixed with WBC delivery Vila Do Conde for a trip to Norway at $17,000. Also, a larger handy was linked to a trip basis again, delivery Vila Do Conde for a trip to Iceland at $20,000 but no more details surfaced.

From Asia little fresh news surfaced but brokers felt the market was generally balanced. Period activity surfaced, the Paiwan Brave (39,571 2025) giving delivery October 2025 was heard fixed for 2 years trading basis 121 percent of BHSI. The 7TC average closed up $108 at

$12,849.

BALTIC INDICES 21/08/2025

DRY INDEX: 1893 (- 34)

CAPESIZE INDEX: 2703 (- 164)

PANAMAX INDEX: 1719 (+ 54)

SUPRAMAX INDEX: 1405 (+ 17)

HANDYSIZE INDEX: 719 (+ 5)

BCI TC AVG $/DAY 22418 (- 1360) BPI 82 TC AVG $/DAY 15469 (+ 484) BSI TC AVG $/DAY 17756 (+ 206) BHSI TC AVG $/DAY 12945 (+ 96)

TIMECHARTER

‘Indus Victory’ 2013 92871 dwt dely Taichung 22 Aug trip via Indonesia redel Malaysia $13,500 – Kline

‘Kydonia’ 2012 92828 dwt dely Port Dickson 25/27 Aug trip via South Africa redel Far East $16,500

‘Nautical Dream’ 2023 82282 dwt dely aps EC South America 3/4 Sep trip redel Skaw-Gibraltar $25,000 –

Bunge

‘Smirni’ 2020 81834 dwt dely Ennore 27 Aug trip via EC South America redel Singapore-Japan $16,750

‘Theodore JR’ 2015 81715 dwt dely Nagoya 20 Aug trip via Australia redel India $15,000

‘SSI Dignity’ 2014 81221 dwt dely Guangzhou 23/24 Aug 2 laden legs option tct via Australia redel Singapore-Japan $14,000

‘Guo Yuan 28’ 2013 75800 dwt dely Guangzhou 27/28 Aug trip via Indonesia redel S China $13,250

‘Guo Hai Lian 665’ 2013 75492 dwt dely aps EC South America 5/6 Sep trip redel Skaw-Gib $21,250 – Bunge

‘Ningbo Innovation’ 2001 75413 dwt dely Dongfang 20 Aug trip via Indonesia redel South China $12,500 –

PPT Shipping

‘Maera’ 2013 75403 dwt dely passing Barcelona 21 Aug trip via US east coast redel India $23,500 – ADMI

‘Shao Shan 8’ 2014 75366 dwt dely Beihai 22 Aug trip via Indonesia redel South China $13,000 – Cargill

‘Shen Hua 801’ 2013 75331 dwt dely Zhangzhou 20 Aug trip via Indonesia redel South China $12,500 – PPT Shipping

‘He Ming’ 2012 73541 dwt dely Guangzhou 23/25 Aug trip via Indonesia redel South China $12,500

‘BSM Fangcheng’ 2020 63674 dwt dely Tianjin prompt trip via China redel Brazil intention steels+ gens $15,000

– Chinaland

‘Dimijohn A’ 2015 57902 dwt dely Singapore prompt trip via Indonesia redel China $19,000

‘C-Wise’ 2009 28258 dwt dely Sete prompt trip via W Medit redel Egyptian Mediterranean $13,000 – TKB

PERIOD

‘Harvest Frost’ 2014 95263 dwt dely Fukuyama/Mizushima 3/8 Sep 11/13 months redel worldwide $16,000 – 50/50

VOYAGES ORE

‘TBN’ 170000/10 Dampier/Qingdao 6/8 Sep $8.75 fio 90000shinc/30000shinc – Rio Tinto

‘TBN’ 170000/10 Dampier/Qingdao 5/7 Aug $8.70 fio 90000shinc/30000shinc – Rio Tinto

‘ZJE Ocean 1’ 2011 170000/10 West Australia / Qingdao 3/7 Sep $8.90 fio 80000shinc/30000shinc – Richland

‘TBN’ 160000/10 Port Hedland/Qingdao 7/9 Sep $8.70 fio 80000shinc/30000shinc – BHP

COAL

‘Pan Ocean TBN’ 80000/10 Tanjung Kampeh/Yongheung 2/6 Sep $7.87 fio 15000shinc/21500lt shinc – Kepco tender

Baltic Exchange Index – 21 AUGUST 2025 Baltic Exchange Capesize 182 Index

Route =====	Description Value Change ========================================== ===
C8_182	182000mt Gib/Hamburg transatlantic RV 27,071 -1850
C9_182	182000mt Cont-Med trip China-Japan 48,788 -2312
C10_182 182000mt China-Japan transpacific RV		22,614 -1372
C14_182 182000mt China-Brazil round voyage		26,075 – 435
C16_182 182000mt Backhaul		6,612 -576

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

C5TC 182 Weighted Timecharter Average 25,419 -1228

Baltic Exchange Index – 21 AUGUST 2025

Baltic Exchange Capesize Index 2703 (- 164)

Route Description Value($) Change

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

C2 160000mt Tubarao to Rotterdam 11.300 – 0.250

C3 160-170000mt Tubarao to Qingdao 23.269 – 0.206

C5 160-170000mt W Australia to Qingdao 8.750 – 0.290

C7 150-160000mt Bolivar to Rotterdam 13.079 – 0.585

C8_14 180000mt Gibraltar-Hamburg T/A RV 23,143 – 2107 C9_14 180000mt Conti/Med Trip China/Japan 44,406 – 2500 C10_14 180000mt China/Japan T/P RV 19,777 – 1423

C14 180000mt China-Brazil RV 22,820 – 420 C16 180000mt N.China to Skaw-Passero 3,456 – 482 C17 170000mt Saldanha Bay to Qingdao 17.338 – 0.151

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

5TC Weighted Timecharter Average 22,418 -1360

Baltic Exchange Panamax 82500mt Index 21 AUGUST 2025 Baltic Exchange Panamax Index 1,719 (+ 54)

Route Description Value ($) Change

====== ================================= ======== P1A_82 Skaw-Gib T/A RV 16,591 + 796

P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 24,029 +1058 P3A_82 HK-SKorea incl Taiwan, Pacific/RV 13,907 +118 P4_82 HK-SKorea incl Taiwan to Skaw-Gib 8,450 + 37 P6_82 Dely Spore Atlantic RV 15,322 +487

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

P5TC Weighted Timecharter Average 15,469 +484

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

Route Description Value ($) Change

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

P5_82 S. China Indo RV 13,961 + 5

P7 66000mt Mississippi Rvr to Qingdao 53,929 + 0.772 P8 66000mt Santos to Qingdao 38,786 + 0.565

Baltic Exchange Supramax Index – 21 AUGUST 2025 Baltic Exchange Supramax Index 1405 (+17)

Route Description Value ($) Change

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

S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 17,783 + 266 S1C_63 US Gulf trip to China-South Japan 27,443 + 422 BS2_63 North China one Australian or Pacific RV 15,957 + 193 BS3_63 North China trip to West Africa 16,040 + 100 S4A_63 US Gulf trip to Skaw-Passero 29,200 + 850 S4B_63 Skaw-Passero trip to US Gulf 13,307 + 50 BS5_63 West Africa trip via ECSA to North China 19,039 + 43

BS8_63 South China trip via Indo to EC.India 20,142 + 300

BS9_63 W.Africa trip via ECSA to Skaw-Passero 16,043 + 82

S10_63 S.China trip via Indonesia to South China 16,086 + 265

S15_63 Indian Ocean trip via S.Africa to Far East 13,967 – 58

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

S11TC Weighted Timecharter Average 17,756 + 206 S10TC Supramax(58) Timecharter Average 15,692 + 206

Baltic Exchange Index – 21 AUGUST 2025 Baltic Exchange Handysize Index 719 (+ 5)

Route Description Value ($) Change

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

HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 7,564 +164 HS2_38 Skaw-Passero trip Boston – Galveston 9,707 +136 HS3_38 Rio de Janeiro-Recalada trip Skaw – Pass 16,939 +145 HS4_38 USGulf trip via USG or NCSA to Skaw-Pass 17,029 + 279 HS5_38 SE Asia trip to Spore – Japan 13,619 + 25 HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn 12,694 0 HS7_38 N.China-S.Kor-Jpn trip to SE Asia 12,775 0

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

7TC Weighted Timecharter Average 12,945 + 96

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