• France is “drowning in a tide of debt,” Prime Minister Francois Bayrou said as he seeks to rally support for austerity measures and swing a confidence vote later today. Bayrou cast the issue partly as one of unfairness to French youth, citing the “overwhelming burden” that’s being put on their shoulders. He also argued that France is vulnerable to an exodus of talent.
Results from the vote, that will likely lead to the government’s collapse, are expected in Paris today. Far-right leader Marine Le Pen described the vote as a “moment of truth” that marks a “collapse of a system,” and reiterated her party’s request for President Emmanuel Macron to call new elections.
• The French partner is wavering
Following the French Prime Minister’s failed vote of confidence, the German government is looking to Paris with concern. If President Emmanuel Macron fails to find a way out of the government crisis in the coming days, political deadlock threatens. And in all likelihood, the nationalist right is likely to benefit most from this. This would not bode well for the oft- touted Franco-German powerhouse in the European Union.
Chancellor Friedrich Merz (CDU) attempted to convey calm and composure in Berlin on Monday through his spokesman, Stefan Kornelius. The developments in France had been apparent for a long time, and the Chancellor maintains a very close relationship with the French president, Kornelius said.
Nevertheless, he added: “We are monitoring French domestic political developments and hope that France, as a European partner, remains open to close consultations.” Hope dies last.
Now that French Prime Minister Francois Bayrou has officially resigned after losing a no-confidence vote a day earlier, all eyes are on the person who could succeed him. Macron said he would tap a new premier in the coming days.
We have a list of the leading contenders, which includes the 39- year old current defence minister Sebastien Lecornu. Socialist party leader Olivier Faure, former prime minister Bernard Cazeneuve and even central bank governor Francois Villeroy de Galhau are also among the potential successors.
The problem will be finding someone who can find common ground in the polarized National Assembly — and who has the wherewithal to undertake deeply unpopular budget cuts to avert a debt crisis. Investors are unnerved, with France’s borrowing costs converging with Italy’s for the first time in the euro zone’s history.
• Lead story
If you know anything about “George Washington”, you know he couldn’t tell a lie, he crossed the frozen reaches of the Delaware River one Christmas night in a daring move to turn the tide of the Revolutionary War, and he was America’s first President.
But did you know he could predict the future?
Historian Robert A. Strong, a senior fellow at the University of Virginia’s Miller Center of Public Affairs, makes that case in his story on Washington’s 1796 Farewell Address.
Published at the end of the President’s second term, Washington began his address by observing that “choice and prudence invite me to quit the political scene” and that the new nation would be fine without his continued service.
“But Washington’s confidence in the general health of the union was tempered by his worries about dangers that lay ahead – worries that seem startlingly contemporary and relevant 229 years later.”.
Strong describes Washington’s concerns: “Partisanship, parochialism, excessive public debt, ambitious leaders who could come to power playing off our differences, and a poorly informed public who might sacrifice their own liberties to find relief from divisive politics.”
Strong quotes Washington’s choice words about political parties, which “may now and then answer popular ends,” but which can also become “potent engines by which cunning, ambitious, and unprincipled men will be enabled to subvert the power of the people and to usurp for themselves the reins of government, destroying afterwards the very engines which have lifted them to unjust dominion.”
Sound familiar?
• Trump reversed policies supporting electric vehicles − it will affect the road to clean electricity, too An analysis finds that fewer electric vehicles will also mean less investment to clean up the electricity sector.
Following 4 years of tightness, global LNG supply is set for a prolonged period of oversupply as the United States, Qatar, Canada and even Russia all add hefty volumes of incremental supply from 2026 onwards.
• Simultaneously to the US ramping up Plaquemines and Corpus Christi III, Qatar’s largest expansion since 1997, the 32 mtpa North Field East, will start producing LNG mid-next year.
• Higher supplies should also mean higher LNG demand as the boil-off tends to disincentivize storing gas for long stretches of time, with the IEA expecting a 7% year-over-year increase.
• Whilst LNG prices for October-delivery cargoes now hover within the $11.00-11.50/MMBtu range, leading banks anticipate both JKM and TTF prices to dip into single digits by Q4 2026 and stay below $10/MMBtu for the rest of this decade.
• Russia could become the LNG markets’ black swan factor over the upcoming years as China starting to buy sanctioned gas from the 19.8 mtpa Arctic LNG 2 plant could add to the oversupply.
Market Movers
- UK oil major BP signed a memorandum of understanding with Egyptian authorities to drill five new gas wells in the Mediterranean Sea, boosting the country’s exploration efforts.
- Canada’s Strathcona Resources raised its offer for peer oil sands producer MEG Energy (TSO:MEG), now offering $30.86 per share as it seeks to trump Cenovus Energy’s $27.79 per share bid.
- UK-based energy major Shell farmed out a 55% interest in its offshore Block 04 in São Tomé and Principe’s territorial waters to Brazil’s Petrobras and Portugal’s Galp.
- Speaking at the 2025 APPEC conference in Singapore, Chevron top executive Brant Fish said that the U.S. oil major will invest heavily in petrochemicals in South Korea and cut down on its refining presence in Singapore.
Tuesday, September 09, 2025
OPEC+ pulled off a deft bit of expectations management—letting chatter build around a large output hike, then delivering far less. Even with an extra ~137,000 b/d coming from the group, Brent has rebounded to around $66.50/bbl, and it briefly jumped above $67 after reports of a surprise Israeli strike on Hamas targets in Qatar. Near-term upside risk also lingers if President Trump follows through on renewed talk of Russia sanctions.
OPEC+ Moves Ahead with Unwinding Cuts. Despite initial speculation that eight OPEC+ members could bring as much as 550,000 b/d of production back in October, the oil group agreed to raise collective output by ‘only’ 137,000 b/d to regain market share.
Saudi Arabia Slashes Asian Prices. Saudi national oil company Saudi Aramco has reacted to the OPEC+ decision by cutting the official selling price for October-loading cargoes headed to Asia by $1 per barrel, dropping it to a $2.20 per barrel premium vs Oman/Dubai.
Gold Soars to New Highs on US Concerns. Underwhelming US labour data from last week’s nonfarm payroll data helped push gold prices above $3,600 per ounce for the first time in history, with traders now seeing an almost 90% probability of a quarter-point Fed rate cut in September.
Nigerian Oil Workers Call for Anti-Dangote Strike. Nigeria’s main oil and gas union Nupeng, has called for a nationwide strike starting September 8 over the 650,000 b/d Dangote refinery’s policy of banning its workers from unionizing, jeopardizing West African fuel supply.
Japan Seeks Third-Party Opinion on Alaska LNG. Japan’s Ministry of Economy, Trade and Industry (METI) hired energy consultancy Wood Mackenzie to assess the $44 billion Alaska LNG project promoted by US President Trump, adding to worries about its profitability.
ExxonMobil Slams EU Energy Policy. US oil major ExxonMobil has publicly criticized Europe’s ‘high-regulation, high-cost’ emission policies, saying the ongoing industrialization is hurting EU economies as the oil major seeks to sell its chemicals business on the Old Continent.
Russian Companies Rush to Issue Yuan Bonds. The Beijing-Moscow energy axis has been booming since last week’s SCO summit in China, with Russia’s state-controlled Gazprom, Rosneft and Rosatom all moving ahead with sales of yuan-denominated ‘panda’ bonds.
Canada’s Key Ports Sets Sight on Dredging. Canadian pipeline operator Trans Mountain expects by early 2027 ships taking crude at TMX’s Westridge terminal would be finally able to load 100% of an Aframax tanker once ongoing dredging works finish, with capacity currently capped at 550,000 barrels.
Key Copper Mine Halted Amidst Mudslides. US copper giant Freeport-McMoran halted mining operations at Indonesia’s Grasberg mine, the second-largest copper mine in the world, after mudslides blocked access to parts of the underground infrastructure.
India Revokes Grid Access to Renewables. India’s power grid authority has revoked grid access for almost 17 GW of renewable energy projects in order to prioritize smooth connectivity of other generation capacity that’s operational or nearing completion soon.
Gazprom Claims a Deal that Wasn’t. Russia’s gas giant Gazprom claimed to have clinched a deal to increase gas flows to Kazakhstan in 2025-2026, seeking to offset list volumes to Europe; however, the Kazakh side played it down by saying there were only discussions on potential cooperation.
Top 2025 Mining Merger Is Happening. London-headquartered mining giant Anglo American announced that it has agreed to merge with Canada’s copper miner Teck Resources, creating a new entity Anglo Teck with the former owning 62.4%.
Malaysia’s Key LNG Plant Under Threat. Malaysia’s largest LNG export facility, the 29.3 mtpa Bintulu terminal located in the state of Sarawak, was placed under heightened security measures after it received threats to ‘burn it down’.
• Employers Added Fewer Jobs Than Reported, Updated Data Shows
The U.S. economy probably added close to a million fewer jobs in 2024 and early 2025 than previously reported. The revisions could add to political pressure on the agency that produces the data.
• The Wrong Way to Do Diplomacy With Russia
What Trump Could Learn From-Reagan
Summits between heads of state are high-stakes gambles to achieve breakthrough solutions. Typically, they are judged on whether they help resolve an intractable international issue. But sometimes, their most consequential impact is on the domestic political standing of one or both of the summit’s participants. And U.S. President Donald Trump’s summit last month in Alaska with Russian President Vladimir Putin is of this mould: it strengthened Putin, and in doing so has prolonged both the war in Ukraine and his hold on power.
The meeting in Anchorage has parallels to the 1986 summit between U.S. President Ronald Reagan and Soviet leader Mikhail Gorbachev in Reykjavik, Iceland. Then, as now, an American leader and a Russian one met to resolve a major foreign policy challenge—in 1986, ending an arms race, and last month, ending the war in Ukraine. In both cases, they failed. The talks in Iceland collapsed when Reagan refused to scuttle his Strategic Defence Initiative, a proposed program that would neutralize Soviet nuclear missiles before they struck their targets. Alaska ended without a deal to end Russia’s invasion.
But there the parallels diverge. Both summits may have had profound consequences for the Kremlin, yet those consequences could not be more different. For Gorbachev, the Iceland summit hastened the end of his country. He returned to the Kremlin weakened from his failure to stop Reagan’s program, and his subsequent decisions paved the way for the collapse of the Soviet Union five years later. Putin, by contrast, has emerged triumphant. Trump rolled out the red carpet for the Russian leader in Anchorage and spoke gushingly of their “fantastic relationship.” Putin made no concessions, and Trump shifted the responsibility for ending the fighting to Ukraine: “Now it is really up to President Zelensky to get it done,” he said in an interview with Fox News.
Although Putin did not face any strong opposition before Alaska, he now enjoys a glow of success for, by all appearances, having won over the American President. According to a late August survey by the independent Russian polling firm Levada, 79 percent of Russians view the summit as a success for Putin, and 51 percent are more optimistic for an improvement in relations with the United States. After the summit, Russian media did not have to put out false pronouncements to highlight Putin’s diplomatic triumph: it broadcast the real event, along with Western commentary on Putin’s victory. Stronger than ever, Putin can continue his war against Ukraine for as long as it takes to win on his terms.
• Welcome to Balance of Power
First Bangladesh. Then Indonesia. And now, Nepal.
The Himalayan nation is the latest in the region to be rocked by violent anti-government street protests, led mostly by young people. The demonstrators took to the streets after Kathmandu banned dozens of social-media services including Facebook, X and YouTube for failing to meet a government-imposed registration deadline.
By today, authorities had reversed the ban, but the damage was done: With some 19 people dead and hundreds injured in the wake of the demonstrations, local media reported that the prime minister resigned.
Protest movements can be ignited by a spark, but they often uncover vast stores of fuel. In Nepal’s case, the grievances grew to include corruption and a lack of economic opportunities.
The Nepal demonstrations come just days after protesters spilled into the streets of Indonesia. The trigger there was a $3,000 housing handout for lawmakers, but the unrest eventually exploded into a broader movement against graft and impunity among Indonesia’s ruling class.
And it was only last year that young protesters rallied across Bangladesh, culminating in the ouster of longtime leader Sheikh Hasina.
Is there a regional movement afoot?
In all three countries, those on the front lines were young, economically frustrated and indignant over corruption and the privileges of the elite. In Nepal, they’ve become known as the “Gen-Z protests,” fuelled in part by frustration over so-called Nepo Kids flaunting their wealth at the top of a society in which annual income averages around $1,400.
Nepal isn’t a stranger to violent upheaval, having suffered a decade-long Maoist insurgency that left more than 17,000 dead and prompted the abolition of the monarchy in 2008.
It’s not yet clear whether the government’s backtrack and prime minister’s departure will be enough to calm the demonstrators.
What is sure is that youths across parts of Asia are angry and demanding change.
• How to spend $10bn a year decarbonising shipping
Latest UCL report highlights need to allocate a levy on shipping’s carbon emissions equitably. When international regulators decide if they want to tackle shipping’s decarbonisation in October, they need to also allocate finance specifically to developing countries, according to researchers at University College London. The call came as part of a new report by the university’s UCL Energy Institute.
Regulators meet at the International Maritime Organisation in October to decide on draft regulations to launch a levy mechanism raising billions of dollars in revenues, largely from owners of vessels with higher greenhouse gas emissions. The levy could raise up to $10bn a year by 2030.
• Greek owner Avin linked to asset play for suezmax from 2018 Toisa bankruptcy
Major tanker owner has a window to sell three oil carriers of former Callimanopoulos Group, at a fat profit. The Vardinoyannis family may be about to book an $11m profit on a vintage suezmax it bought on the cheap seven years ago, during the bankruptcy of Greek peer Toisa.
US and Greek brokers report that the Greek clan’s tanker arm, Avin International, is in talks to offload the 159,200-dwt Kriti Vigor (built 2005) for $29m.
• How chronic boredom is driving maritime casualties
UK’s top accident investigator says bridge systems must create alerts that cut through watchkeeper drudgery.
Shipping’s tech revolution has spawned a new generation of watchkeepers with too little to do, according to the UK’s chief marine accident investigator.
Andrew Moll said the problem of chronic boredom during voyages has resulted in watchkeepers turning to electronic devices for distraction.
Watchkeepers in the analogue age spent their shifts fixing chart positions, checking radars and developing awareness of potential dangers.
But the development of electronic charts and automated systems has left their modern equivalents too little to do, with the result that the job lacks meaning and purpose, and they sometimes fail to do the basics right, he said.
A series of casualties has highlighted the problem, including cases investigated by Moll.
They include the collision of the 4,800-dwt vessel Scot Carrier (built 2018) with the 500-dwt Danish split hopper barge Karin Hoj (built 1997) off the coast of Sweden in 2021.
• Anglo American strikes $53bn merger to forge copper powerhouse
Synergies at adjacent Chile mines expected to lift annual production
Anglo American announced a $53bn merger deal with mining rival Teck that will catapult the combined company into a top-five copper producer and boost output of the commodity.
The new Anglo Teck will have 70% exposure to the copper market, with 1.2m tonnes of annual output, while remaining a major producer of iron ore, with 61m tonnes of annual output.
The addition of Vancouver-headquartered Teck’s copper mining portfolio would represent a significant shift in the cargo mix for Anglo American, which is best known in shipping as a charterer of Capesize tonnage to haul iron ore and coal, including its Ubuntu fleet of 10 LNG-fuelled vessels.
• George Procopiou-backed Dynagas LNG Partners posts higher profit on falling debt cost
Growing cash pile and falling debt free up cash. Dynagas LNG Partners reported a higher second-quarter profit on Monday, helped by lower financing expenses. Net income at the US-listed owner of six large LNG carriers came in at $13.7m, up 28% from the same period last year, mainly due to a sharp decrease in interest and finance costs, which dropped by 36% to $5.2m.
Steady profitability and a $675m refinancing last year, in which the George Procopiou-backed company exchanged old debt for sale-and- leaseback arrangements, helped slash its debt below $300m at the end of the quarter — half the level it was four years ago.
• With domestic steel demand projected to surge, India is preparing a sweeping overhaul of its iron ore mine auctions framework to boost production and deter cheap steel imports from countries such as China, Japan, South Korea and Vietnam. The Centre plans to make upfront payment the primary metric for mine allocation in auctions, along with a premium that will be capped at 50%. Since MMDR 2015, average auction premiums have crossed 100%, making mining operations uneconomical. Several mines remain non-operational under these conditions. The new measure could restore economic viability and encourage more mines to start production. Since 2015, about 135 iron ore mines have been auctioned, but only around 35 are operational. The government feels that a lot of companies are just bidding in the auction to corner the resources with them, but are not starting operations purposely. Now, if somebody pays an upfront fee, there is an incentive or interest for the company to start the mine as soon as possible.
• India exports nearly 30-35 mio tons of low-grade iron ore, which is currently exempt from duty. To be sure, India had imposed a 30% export duty on iron ore having 58% or more Iron content. No duty is applicable now in low grade ore having lower than 58% iron content. Indian miners hold environmental clearance (EC) for 470 mio tons of Iron ore but produce only about 290 mio tons. Non-auctioned mines were given to Steel companies earlier as captive mines for use in their steel making facilities.
• BREAKING NEWS:
• Judge Rules Fed Governor Can Remain in Role, for Now
A federal judge late Tuesday temporarily blocked President Trump from removing Lisa Cook from the Federal Reserve’s Board of Governors, allowing her to continue serving as she contests her recent dismissal.
The US economy has been worse for American workers than previously thought, according to new data from the federal government. Revised numbers show job growth has been far less robust than reported earlier, the latest in more than a week of almost-daily reports showing the nation’s economic stamina wavering.
The number of workers on payrolls will likely be revised down by 911,000 for the 12 months through March—or almost 76,000 less each month on average—according to the Bureau of Labor Statistics’ preliminary benchmark revision out Tuesday. “The economy is weakening,” JPMorgan Chief Executive Officer Jamie Dimon said on CNBC.
• Iran LPG loadings rebound in August
Analysis of preliminary cargo data from Vortexa estimates over 1.1m tonnes loaded in August Loadings year to date in 2025 slightly up on corresponding period in 2024 Iran-trading fleet continues to grow. Iran loadings of LPG rebounded in August after dipping in July, and remain on pace to exceed 2024 figures
• Tanker rates climb as winter demand and geopolitical tensions fuel market optimism Crude tanker rates have rallied sharply over the past week, buoyed by Opec+ production increases and tightening EU sanctions Clean tanker rates expected to rise further as Europe leans on Indian and Asian fuel, amid refinery outages and looming sanctions. Shipbrokers are optimistic that rates will stay buoyed in the fourth quarter
• 67 boxes tumble overboard from ZIM-chartered vessel berthed at Long Beach
• A ZIM-chartered containership suffered a serious cargo accident while alongside at the Port of Long Beach yesterday, with 67 containers falling into the harbour during discharging operations — some striking a clean air barge moored nearby. The accident involved the 2024-built, 5,504 teu Mississippi containership owned by MPC Container Ships.
Terminal officials confirmed no injuries were reported, but several containers were damaged beyond recovery, while others sank in the harbour basin. A number of boxes landed on the clean air barge, a vessel used to supply shoreside power and emissions- reduction services, causing damage that is still being assessed.
The US Coast Guard has cordoned off the berth – Pier G – and launched an investigation in coordination with the Long Beach Harbor Department. Early indications point to a crane malfunction as a possible trigger for the collapse, though this has yet to be confirmed.
In a statement, ZIM said it was “actively cooperating with local port authorities and relevant agencies to contain the situation and assess any potential environmental impact.” The Coast Guard said the accident occurred about 9 a.m. and early estimates indicate that atleast 67 containers went overboard.
• Sanctions drive China to emerge as top buyer of vintage VLCCs: Veson
VLCC popularity with Chinese push up value of 25- year-old vessels by 31.9%
Sanctions are driving up the popularity of very large crude carriers (VLCCs) with a vintage of at least 15 years with the Chinese, according to maritime intelligence firm Veson Nautical.
These adolescent VLCCs are taking up a majority 81% of the Chinese VLCC buys in the last five years, and accordingly, pushing up values of 20-year-old and 25-year-old VLCCs by 18.1% and 31.9% respectively, matrix data from VesselsValue showed.
Baltic Market – Reports 9th September 2025
CAPESIZE
The upward momentum continued with the Capesize 5TC lifting $867 to $25,017. From Brazil, the C3 index broke through the $24 mark with fixtures concluded around that level. Although concluded fixtures remained limited, sentiment in the North Atlantic appeared firm, supported by a handful of fronthaul enquiries in the market. In the Pacific, activity was once again driven by demand from major miners and operators. Rates on the C5 route continued to climb, now reaching the mid $10s and reflecting the strong sentiment.
Atlantic
The GH Hopper (181,218 2016 ) was reportedly fixed to Mercuria for 170,000/10 Brazil and West Africa to Qingdao 10/15 October at $24.25. There was talk of higher rates being concluded in the mid/high $24s but details could not been confirmed. Additionally, a fire at PDM was reported and potential disruption to loading operations.
Asia
Rio Tinto fixed 170,000/10 Dampier to Qingdao 24/26 September at $10.50 today. BHP was rumoured to have fixed at $10.40 for 160,000/10 Port Hedland to Qingdao 27/29 September. The Berge Dachstein (207,999 2020) was linked to Royhill for 190,000/10 Port Hedland to China 24 September onwards at $10.60. Vale took a TBN for 170,000/10 TRMT to Qingdao 20/22 September in the low $8.
PANAMAX
The Panamax sector continued its upward trajectory today, with solid performances reported in both the Atlantic and Pacific regions. Market fundamentals currently favour owners, particularly in the North Atlantic, where a tight tonnage list and increased mineral activity are driving momentum. The US East Coast fronthaul route remains notably strong, reinforcing the bullish sentiment. Further south, conditions appear more balanced, yet rates firmed again for P6 index dates, suggesting underlying strength. In Asia, the narrative mirrored yesterday’s, with robust fresh demand from NoPac and Australia adding further lift to rate levels. Indonesian coal demand also provided support, and with the Atlantic basin showing resilience, the short-term outlook remains optimistic. Reflecting this, the BPI timecharter average climbed by $698, closing at $17,311.
Atlantic
The Tinos (81,391 2011) delivery aps EC South America 17/20 September was reported fixed for a trip redelivery Gib/Skaw range at $27,000 to Cefetra, whilst Oldendorff were linked to the Pedhoulas Commander (83,685 2008) Dunkirk 10/11 September for a trip via US east coast redelivery India at $33,000.
Asia
The Zonda (93,270 2011) Hadong 10/14 September fixed for a trip via Australia redelivery Vietnam at $12,000 with Oldendorff, whilst the Marina Bliss (82,140 2013) Yeosu 6 September was linked to Norden for a trip via EC Australia redelivery SE Asia at $14,000.
SUPRAMAX
The US Gulf remained in positive territory as brokers spoke of stronger numbers being discussed. The South Atlantic whilst fresh information was limited sentiment remained positive although some felt that more fresh enquiry was needed. The Continent-Mediterranean remained finely balanced although some felt that the Continent lacked fresh impetus.
From Asia, demand remained from the north, although there appeared to be a lack of fresh enquiry further south and a widening gap between owners and charterers expectations. However, the 11TC average finished the day up $119 at $18,619.
Atlantic
The Excelsior Diva (63,739 2023) open Santos prompt was heard fixed for trip to China at $16,800 plus $680,000 ballast bonus. A 61,000 open Pecem, possibly the Pacific Constant( 61,450 2016) was heard fixed for trip via Itaqui to Marmara at $28,000, but no more details surfaced.
Elsewhere, the Genco Aquitaine (57,970 2009) open US East Coast was on subjects basis delivery SW Pass for a trip Israel at $32,000.
Asia
The ST Paul (57,982 2010) open Mumbai 12/14 September was fixed at $14,500 basis delivery Salalah for a trip to Vietnam with Norvic.
HANDYSIZE
It was a relatively active day for the sector, though fundamentals were largely unchanged from yesterday. The BHSI settled at 792, while the 7TC average rose by $49 to close at $14,252. In the Continent and Mediterranean, activity was slow but underlying sentiment stayed firm, with rates edging higher. The South Atlantic showed stronger momentum, as a tighter tonnage list pushed charterers toward higher bids. By contrast, the U.S. Gulf remained quiet, extending its downward trend. In Asia, activity was muted, with sentiment broadly flat.
Atlantic
The Berge Snaefell (37,739 2018) open Freeport 10 September fixed for an inter Caribbean trip at $18,000. The Mountpark (37,839 2016) fixed for a trip delivery Hamburg 7/9 September redelivery South Africa at close to $19,000 by NMC, but further details were not disclosed.
Additionally, the Atlantic Buenavista (37,025 2019) open Houston 13/14 September was placed on subjects for a trip to the West Coast by ADM. Whilst the the Aurelia (23,641 2009) open Rio de Janeiro fixed for a trip via River Plate to Abidjan + Tema with bulk corn at $11,000 by Maxima, again further details were not confirmed.
Asia
The Grace C (36,903 2013) open Dahej fixed for a trip to West Africa in the $12,000s and the T Symphony (32,451 2013) open Jebel Ali fixed for a trip to Red Sea at mid $14,000s, but further details were not disclosed. The Neptune (32,394 2012) open Lanshan 10/12 September placed on subjects for a trip from North China to SE Asia with general cargo at $9,000 by ETL, again lacking further details.
BALTIC INDICES 09/09/2025
DRY INDEX: 2079 (+ 60)
CAPESIZE INDEX: 3016 (+104)
PANAMAX INDEX: 1923 (+ 77)
SUPRAMAX INDEX: 1473 (+ 9)
HANDYSIZE INDEX: 792 (+ 3)
BCI TC AVG $/DAY 25017 (+ 867) BPI82 TC AVG $/DAY 17311 (+ 698) BSI TC AVG $/DAY 18618 (+ 119) BHSI TC AVG $/DAY 14252 (+ 49)
TIMECHARTER
‘Zonda’ 2011 93263 dwt dely Hadong 10/14 Sep trip via Australia redel Vietnam $12,000 – Oldendorff
‘Pedhoulas Commander’ 2008 83684 dwt dely Dunkirk 10/11 Sep trip via US east coast redel India $33,000 – Oldendorff
‘Marina Bliss’ 2013 82140 dwt dely Yeosu 6 Sep trip via EC Australia redel SE Asia $14,000 – Norden
‘Dokos’ 2022 82024 dwt dely retro Singapore 2 Sep trip via EC South America redel Singapore-Japan $18,250
‘Arethusa’ 2020 81541 dwt dely Ghent 10 Sep trip via NC South America & Egypt redel Gibraltar $21,000
‘Tinos’ 2011 81391 dwt dely aps EC South America 17/20 Sep trip redel Skaw-Gibraltar $27,000 – Cefetra
‘Yasa Unity’ 2006 75580 dwt dely aps Richards Bay 15/17 Sep trip redel India $14,250 + $425,000 bb
‘Portia’ 2004 73624 dwt dely St Petersburg 25 Sep trip via Ust Luga redel India $38,000
‘Hua Jiang 806’ 1999 72270 dwt dely Bahudopi 12 Sep trip via Indonesia redel South China $15,000
‘La Luna’ 2019 62594 dwt dely passing Port Elizabeth prompt trip via Saldanha Bay redel EC India intention manganese ore $21,000 + $210,000bb – Clipper
‘Holly Arrow’ 2018 60803 dwt dely wwr San Nicolas prompt trip redel Chile $28,000 – Pacific Basin
‘Medi Atlantico’ 2016 60550 dwt dely SW Pass prompt trip redel ARAG-W Mediterranean $30,000 – Bunge
‘Ionic Smyrni’ 2013 56025 dwt dely SW Pass prompt trip Atlantic Colombia $25,500 – Western Bulk Carriers
‘Charisma’ 2010 55667 dwt dely SW Pass prompt trip redel Egypt intention coal $27,000 – ETCP
‘Spar Gemini’ 2007 53113 dwt dely Philippines prompt trip via Indonesia redel Brunei $20,000
‘Freya Schulte’ 2011 39842 dwt dely Sao Sebastiao 11 Sep trip via Recalada redel Algeria $25,000
‘LV Daisy’ 2011 32663 dwt dely Salalah prompt trip redel East Africa intention bagged rice $10,500
VOYAGES ORE
‘TBN’ 170000/10 Dampier/Qingdao 24/26 Sep $10.50 fio 90000shinc/30000shinc – Rio Tinto
‘TBN’ 170000/10 Sohar/Ain Sokhna 8/15 Sep $23.50 fio 54hours/20000fshex – Vale
‘TBN ‘ 160000/10 Port Hedland/Qingdao 22/24 Sep
$10.40 fio 80000shinc/30000shinc – FMG
‘Mingwah TBN ‘ 160000/10 Port Hedland/Qingdao 24 Sep onwards $10.20 fio 80000shinc/30000shinc -Cargill
‘Bulk Harvest’ 2012 160000/10 Port Hedland/Qingdao 25/27 Sep $10.30 fio 80000shinc/30000shinc -Mercuria
‘TBN’ 160000/10 Port Hedland/Qingdao 26/28 Sep
$10.30 fio 80000shinc/30000shinc – BHP
COAL
‘Pan Ocean TBN’ 80000/10 Tanjung Kampeh/Yongheung 18/22 Sep $8.76 fio 15000shinc/21500lt shinc – Kepco tender
‘TBN’ 75000/10 HPCT-DBCT-NQXT/EC India 5/14 Oct
$16.50 fio 40000shinc/40000shinc – NSL
‘TBN’ 75000/10 HPCT-APCT/EC India 3/12 Oct $17.00
fio 40000shinc/40000shinc – Sail
Baltic Exchange Index – 09 SEPTEMBER 2025
Baltic Exchange Capesize 182 Index
Route Description Value Change
C8_182 182000mt Gib/Hamburg transatlantic RV 26,943 + 800
C9_182 182000mt Cont-Med trip China-Japan 49,081 + 868
C10_182 182000mt China-Japan transpacific RV 30,875 +1150
C14_182 182000mt China-Brazil round voyage 28,455 +1043
C16_182 182000mt Backhaul 8,244 + 663
C5TC 182 Weighted Timecharter Average 29,127 + 975
Baltic Exchange Index – 09 SEPTEMBER 2025
Baltic Exchange Capesize Index 3016 (+ 104)
Route Description Value($) Change
C2 160000mt Tubarao to Rotterdam 1 1.721 + 0.135
C3 160-170000mt Tubarao to Qingdao 24.060 + 0.385
C5 160-170000mt W Australia to Qingdao 10.510 + 0.150
C7 150-160000mt Bolivar to Rotterdam 13.129 + 0.193
C8_14 180000mt Gibraltar-Hamburg T/A RV 23,107 + 778
C9_14 180000mt Conti/Med Trip China/Japan 44,250 + 869
C10_14 180000mt China/Japan T/P RV 27,780 + 980
C14 180000mt China-Brazil RV 24,685 + 970
C16 180000mt N.China to Skaw-Passero 4,738 + 607
C17 170000mt Saldanha Bay to Qingdao 18.209 + 0.209
5TC Weighted Timecharter Average 25,017 + 867
Baltic Exchange Panamax 82500mt Index 09 SEPTEMBER 2025
Baltic Exchange Panamax Index 1,923 (+ 77)
Route Description Value ($) Change
P1A_82 Skaw-Gib T/A RV 21,018 + 1236
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 27,779 + 933
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 13,741 + 493
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 8,313 + 122
P6_82 Dely Spore Atlantic RV 16,707 + 534
P5TC Weighted Timecharter Average 17,311 + 698
The following routes do not contribute to the BPI or Weighted TC Average.
Route Description Value ($) Change
P5_82 S. China Indo RV 13,100 + 289
P7 66000mt Mississippi Rvr to Qingdao 57,257 + 0.728
P8 66000mt Santos to Qingdao 40,486 + 0.550
Baltic Exchange Panamax 82 Asia Index – 9 September 2025
Route Description Size (MT) Value($) Change
P5_82 S.China one Indo RV 13,100 +289
Baltic Exchange Supramax Index – 09 September 2025
Baltic Exchange Supramax Index 1473 (+ 9)
Route Description Value ($) Change
S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 19,742 + 217
S1C_63 US Gulf trip to China-South Japan 30,107 + 464
BS2_63 North China one Australian or Pacific RV 16,771 + 114
BS3_63 North China trip to West Africa 16,770 + 170
S4A_63 US Gulf trip to Skaw-Passero 30,943 + 343
S4B_63 Skaw-Passero trip to US Gulf 14,179 – 14
BS5_63 West Africa trip via ECSA to North China 21,050 + 186
BS8_63 South China trip via Indo to EC.India 19,942 – 58
BS9_63 W.Africa trip via ECSA to Skaw-Passero 17,629 + 229
S10_63 S.China trip via Indonesia to South China 15,429 – 10
S15_63 Indian Ocean trip via S.Africa to Far East 14,442 – 16
S11TC Weighted Timecharter Average 18,618 + 119
S10TC Supramax(58) Timecharter Average 16,584 + 119
Baltic Exchange Supramax Asia Index – 9 September 2025
Route Description Value($) Change
S2_63 N.China one Austr or Pac RV 16,771 +114
S8_63 S.China via Indonesia/Ec India 19,942 -58
S10_63 S.China via Indo/S.China 15,429 -10
S3TC Weighted Time Charter Average 17,301 +28
Baltic Exchange Index – 09 September 2025
Baltic Exchange Handysize Index 792 (+ 3)
Route Description Value ($) Change
HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 8,911 +100
HS2_38 Skaw-Passero trip Boston – Galveston 11,296 +196
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 20,306 +395
HS4_38 USGulf trip via USG or NCSA to Skaw-Passero 20,214 -186
HS5_38 SE Asia trip to Spore – Japan 13,829 – 42
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp 13,000 – 19
HS7_38 N.China-S.Kor-Jpn trip to SE Asia 12,956 – 19
7TC Weighted Timecharter Average 14,252 + 49
(c) Baltic Exchange Information Services Ltd., 2025
Marex Media