· The future is on hold: uncertainty stymies shipping strategy
The Lloyd’s List mid-year outlook finds shipping stalling on decisions amid geopolitical uncertainties
The outlook for seaborne trade volumes is weakening and investment in longer-term decarbonisation is on hold
An era of economic stability is ending and a new global economic and market paradigm is emerging, but the end state is not yet clear.
· BP and Phillips 66 swoop on tanker newbuildings for up to five years
Transpetrol and Samos Steamship LR2s said to have been fixed on term deals from 2026 by oil majors. Charterers have continued to fix newbuildings on term deals at rates above spot levels, as LR2s prove particularly popular. Braemar noted that crude ships still dominate period business, as the clean market flounders.
· Japanese bulker caught up in Indian importer’s arrest dragnet
Indian Potash has arrested at least six bulkers in the port of Mundra over the past 24 months. Chennai-based fertilizer importer Indian Potash Limited arrested a Japanese bulker in the port of Mundra this week.
Seized was Tomoshio Kisen’s 61,400-dwt bulker Clover (built 2013), which was seized on 23 September over a $185,805 cargo shortfall claim.
· Wah Kwong bulker arrested in cargo shortfall scuffle with fertiliser firm Indian Potash
Case involves yet another legal dispute involving a cargo discharged against a letter of indemnity. A Wah Kwong Maritime Transport supramax bulker has been arrested in India.
The 53,400-dwt New Venture (built 2009) was detained while at anchor off the port of Deendayal on Monday against a claim over a cargo shortfall filed by fertiliser company Indian Potash.
· Arrest against Aristides Pittas-controlled bulker tossed out by Indian court
Greek shipowner’s lawyers threaten legal action against Singapore dry bulk operator over ‘wrongful arrest’. Singapore operator GML Chartering is $565,000 out of pocket after an Indian court overturned the arrest of a Eurobulk Asia ultramax that it seized to try to claw back an unpaid bunker bill from the sub-charterer of an unaffiliated bulker.
GML obtained an arrest warrant against the bunkers on board the 63,100-dwt Alexandros P (built 2017) last Friday by claiming it was a sister ship of a non-Eurobulk-owned vessel it was in a dispute with, as both ships were chartered to the same entity.
· ‘Sweet spot’: New investors take a look at second-hand crude tankers as rates stay hot
Brokers say dirty tankers have now overtaken their clean cousins in catching the eye of buyers. New money is circling crude tanker sales candidates as spot rates surge, brokers believe.
Sales lists have been populated by plenty of bigger vessels in recent weeks.
· Containers: uncertainty reigns as tariff turmoil and overcapacity looms
A 90-day US-China tariff reprieve offers short-term relief and financial reward for carriers, but trade war instability continues to cloud the market
Excessive additions to the liner orderbook threatens to destabilise the market
Prospect of Red Sea reopening later in the year could flood the market with latent capacity, exacerbating an already dim picture of overcapacity.
Container shipping in 2025 remains volatile, with Trump’s trade policies fuelling uncertainty. While the global trade war dominates headlines, a more pressing and all too familiar issue looms: overcapacity.
· Tankers: geopolitics will be wildcard, but demand is fundamentally unexciting
- Both crude tanker and product tanker rates were down year on year during 1H25, and rates later in the first half were down from year-to-date highs
- VLCCs are attracting the most bullishness, due to Opec+ production increases and very low near-term orderbook deliveries
- Product tanker rates have been weaker than crude tanker rates, and the LR2 orderbook continues to raise concerns
· US machine tool tariff probe targets field led by Japan
Import curbs on key equipment seen hindering American manufacturing revival. The Americans accounted for about 30% of machine tool maker Okuma’s sales in the year ended March, making it one of its largest markets. The recently announced U.S. Tariff investigation into machine tools could deal a blow to suppliers in Japan, America’s top source of the equipment, as well as raise production costs in the U.S. as it tries to bring back manufacturing in the country.
Japan exports fall for the 4th straight month on Trump tariff pain. Car shipments continued to decline amid uncertainty over new deal to lower US levy. Japan’s exports edged down for their fourth consecutive month
of decline in August, once again dragged lower by slowing trade with the
U.S. – it’s biggest export market – when the baseline reciprocal tariff increased from the temporary 10% to 15% based on a deal.
· Sanctions
- Sanctions against Russia in response to the country’s invasion of Ukraine continue to mount, while the US administration is reportedly weighing options on both Iranian and Venezuelan sanctions to address the energy gap created by restrictions on Russian oil and gas imports. Lloyd’s List examines the impact of these sanctions and the pain of them on the shipping industry and wider implications for the maritime community including finance, insurance, law and government
· Shadow boxing
THE schism within G7 sanctions against Russia has loomed large
over shipping’s operational decisions for months now.
While US sanctions against Russia remain alive on paper, the reality of the current political stand-off requires shipping to navigate a US-led push for a peace agreement and an EU-led exercise in listing every shadow fleet entity it can identify.
But what if the US switched its maximum pressure campaign towards Moscow instead of Tehran?
That would require a rapid and dramatic recalculation of risk and reward across the shadow fleet that now accounts for 20% of active tankers globally (by dwt, 8% by number of ships).
Right now, the EU is leading the sanctions charge against Moscow, with support from the UK, in the hope that US policy may not support them, but will not be actively obstructive in their endeavours.
But there remains a genuine transatlantic hope that at some point in the near-ish future the US will flex its muscles and reinvigorate a realigned G7 approach against Russia.
The latest legislative move from US senators pitching the “Sanctioning Harbors and Dodgers of Western Sanctions”, or SHADOW Fleets Act, represents more than just another amusingly named bill, doomed to wait in limbo for a thumbs up from Trump.
While the bill itself is unlikely to get much further than the “Sanctioning Russia Act of 2025” bill from earlier this year that points in much the same direction, what it does indicate is a shifting body of support for the US to tackle the shadow fleet head on.
Trump has said that he would impose major additional US sanctions on Russia only after all Nato countries increased pressure on Putin by halting purchases of Russian oil. He also told Brussels to take the lead and stop importing Russian gas, neatly dodging the discussion about how the US-led oil price cap was constructed precisely to keep Russia hydrocarbons flowing.
We are not quite at a point where Brussels can call Trump’s bluff, but a commitment by the EU to accelerate the phase-out of Russian LNG by a year is not insignificant in this political equation.
The big geopolitical moves behind the scenes are what will ultimately decide which way the wind blows on this, and that has very little to do with what shipping does or does not want. But we are aware of multiple discussions across the US, EU and Ukrainian political spectrum right now that are talking openly about the US going after Russia-related maritime targets. And this is not just about the tankers; these discussions are looking at the ports and services supporting the shadow fleet in a significant way.
The US is pivotal in what happens next. US Treasury Secretary Scott Bessent conceded as much when he said that tougher Western sanctions, including tariffs on countries buying oil from Russia, would cause Russia’s economy to undergo a “full collapse”, in turn forcing Vladimir Putin “to the table”.
Whether Trump opts to use that power is very much an open question right now. But the long list of concessions and caveats required to allow him to make that call is getting significantly shorter by the day.
· BIMCO warns of turbulence as liner overcapacity looms large
Container shipping faces mounting headwinds as 2025 draws to a close. Freight rates are poised to decline amid surging fleet capacity and softening demand.
BIMCO warns that structural imbalances could soon spill into the charter and sale-and-purchase markets
- Supply glut and weak US imports set stage for volatile end to 2025
· Freight rate war looming as Cosco holds line on US port fees
Chinese giant has signalled it will match rates with rivals on US services despite looming US port fees.
Analysts warn the move may spark a transpacific price war as rivals escape the charges and demand outlook weakens
Cosco has vowed to maintain US services despite new port fees that could cost the group more than $1bn in six months, a stance analysts warn may trigger a price war as non-Chinese rivals avoid the charges against a backdrop of weakening US demand.
· Counting the costs of Trump’s tariffs to global growth and
trade
OECD expects global GDP to grow by 2.9% next year; before
Trump’s tariffs, it was predicting 3.3%.
US GDP will grow by only 1.4% next year, says Moody’s; if there had been no new tariffs, US GDP would have risen by 2.6% Moody’s foresees 2026 ‘rally’ if Supreme Court rules against emergency tariffs and recession if full-scale trade war erupts
· Reach Subsea orders two more USVs from Kongsberg
Norwegian offshore services player Reach Subsea has exercised the first in a series of options with Kongsberg Maritime to order two more uncrewed surface vessels (USV’s).
The contract terms for the USVs, to be named Reach Remote 3 and Reach Remote 4, have been mutually agreed upon and remain confidential between the parties. Delivery is scheduled for the second half of 2027.
Reach Subsea placed an order at Kongsberg Maritime for the construction of the first two in a series of unmanned USVs in 2022. They were delivered earlier this year and are now in commercial operation.
Reach Remote 1 is currently completing a series of fully remote- controlled offshore deployments off the coast of Norway for Equinor, TotalEnergies and Shell. Reach Remote 2 is heading to Australia to deliver services for Woodside Energy.
The specifications for the second pair will mirror the first two vessels, with targeted adjustments based on insights gained through the technical qualification programme and recent operational experience.
Reach Subsea has secured debt financing for the two USVs through DNB, Sparebank, and EKSFIN. The total investment from Reach Subsea in the vessels is approximately NOK 620m ($62.5m). Of this, the bank financing covers two-thirds of the investment.
· Idan Ofer’s EPS moves on full CoolCo takeover
Israeli billionaire Idan Ofer is moving to take LNG carrier owner Cool Company (CoolCo) private through his investment arm EPS Ventures.
EPS, which already controls nearly 60% of CoolCo, is in advanced talks to buy out the remaining shares at $9.65 each in cash. The offer values the Oslo- and New York-listed firm at a 26% premium to its September 22 closing price and 38% above the 90-day volume-weighted average.
The deal would be executed through a merger under Bermuda law, with CoolCo to be delisted from both exchanges once complete.
CoolCo was set up in early 2022 after being spun off from Golar LNG. The move saw Eastern Pacific Shipping step in with a cornerstone equity commitment that enabled the new company to take on Golar’s eight tri-fuel diesel-electric LNG carriers and its commercial and technical management arm. EPS has since grown CoolCo into a 13-ship fleet trading across a mix of short- and long- term charters with energy majors, utilities, and trading houses.
CoolCo’s board has established a special independent committee to review the offer. The committee has engaged its own advisers and is expected to recommend the proposal, pending final agreements.
“Despite challenging market conditions, our commitment to CoolCo’s long-term development and to serving charterers with
reliability remains unchanged. We believe our offer provides the best long-term alternative for CoolCo shareholders,” said Cyril Ducau, CEO of EPS.
Closing is targeted for late 2025 or early 2026, subject to shareholder approval and customary conditions. EPS has pledged to support the merger with its existing 59.3% stake.
- Bad consumer loans emerge as new headache for Chinese Banks. Souring loans to retail customers have emerged as the latest headache for Chinese lenders already plagued by the Country’s real estate woes, at a time when the government aims to stimulate consumption through increased borrowings.
- Retirement age for International Pilots may be raised to 67 amid shortage. UN aviation agency to debate rule change at the general assembly as US resists. The International Civil Aviation Organization’s first general assembly in three years started on Tuesday in Monreal, with the main agenda item being a proposal to raise the age limit for International-pilots to 67 from 65.
- NATO is struggling to formulate a convincing response to a series of incidents in which Russian aircraft crossed into its airspace.
Members of the defence alliance are openly contradicting each other, with Poland and Baltic states backing a more aggressive stance and Germany pushing for a cautious approach.
Although Donald Trump has added his weight to the debate, the US position remains murky. The president told reporters on Tuesday that he backed NATO allies engaging Russian
planes over its airspace while declining to say whether the White House would offer support.
“The calculation behind this is clear,” Foreign Minister Johann Wadephul told Handelsblatt newspaper of the Russian acts. “Provoke NATO allies and then, in the event of an escalation, act completely surprised and discredit NATO.”
- Petronas Drives Growth in Gas across Asia Long seen as merely a transition fuel, natural gas is now moving to the center of the global energy mix.
With Asia accounting for one-third of all global natural gas demand growth through 2035, far outpacing Europe, where consumption is expected to contract, according to a study by Wood Mackenzie, this expansion is being driven by industrialization, urbanization, and the rapid rise of energy- intensive sectors such as data center’s and artificial intelligence.
With that in mind, PETRONAS is reimagining gas as the destination fuel, a vision it aims to realize by 2035, backed by market-leading production capacity and an unmatched 40-year track record: over 16,000 Liquefied Natural Gas (LNG) cargoes delivered on time to more than 25 countries.
As a progressive lower-carbon solutions provider, PETRONAS aligns every decision to one vision: delivering reliable, competitive energy that meets today’s needs and unlocks tomorrow’s possibilities, ensuring it remains a trusted partner in the global energy transition.
Datuk Adif Zulkifli, Executive Vice President and CEO of PETRONAS’ Gas and Maritime Business, highlighted the critical role of natural gas in the global energy system.
“Natural gas offers a lower-emission alternative that provides the stability, energy security and affordability needed to support economies and meet the world’s growing energy demand, while ensuring a practical transition to cleaner energy,” he said.
· Reliable LNG Supplier
Through Datuk Adif’s leadership, Gas and Maritime Business in PETRONAS is now strengthening itself as a one-stop center for lower-carbon and maritime solutions – from pioneering floating LNG facilities and LNG bunkering to securing supply from multiple geographies.
PETRONAS’ LNG value proposition was further strengthened recently with the launch of the LNG Canada facility. The facility, a joint venture with Shell, Mitsubishi Corp, PetroChina and KOGAS, is one of the lowest-emission LNG facilities in the world, operating at about 60% below the global average GHG intensity.
It is also strategically located, offering direct and efficient shipping routes to key North Asia markets like Japan, South Korea, and China, three of the top LNG importers globally.
The company also leads in floating LNG innovation, operating two Floating Liquefied Natural Gas (FLNG) facilities and building a third to monetize stranded offshore fields. “We were the first to put an FLNG into operation back in 2016,” Datuk Adif said. “It’s allowed us to unlock resources that would otherwise remain untapped.”
- Expanding in Emerging Southeast Asia While North Asia – Japan, China, and South Korea, among others – remains PETRONAS’ traditional stronghold, the company sees Southeast Asia as its next growth frontier due to the increase of import momentum across the region in the recent years.
Datuk Adif noted that this trend is evident in countries such as Vietnam, which imported its first LNG cargo from PETRONAS in April 2025, and Thailand, which has received more than 180 cargoes from PETRONAS since 2017. Meanwhile, the Philippines began importing in 2023, and Singapore’s imports have surged past 6 million tons a year, driven by data centre demand.
Datuk Adif said geography gives PETRONAS a competitive edge. “We are right in the middle of the region,” he said. “We can supply faster and more securely due to this strategic location.”
Meanwhile, at home in Malaysia, demand is also set to grow sharply as coal plants are phased out and power generation shifts to gas and renewables.
Eyes Larger Market Share
According to Datuk Adif, PETRONAS has about 10% of the global LNG market share. With the new facility in Canada and the strategic plans the company has in place, Datuk Adif believes PETRONAS has what it takes to expand its market share, specifically in the North Asia and Southeast Asia markets.
“In Japan, we have long-established customers,” Datuk Adif said. “With LNG Canada’s phase two expansion, we can double our volume there and offer more to Japan, Korea, and China.”
For PETRONAS, the energy transition is not a distant horizon but an active arena where strategic decisions today will define tomorrow’s market position.
“As much as people say gas is a transition fuel, we see it as a
destination fuel for a lower-carbon future,” Datuk Adif said.
“These efforts represent the next chapter in PETRONAS’ transformation journey as we strengthen our position as an integrated energy company towards 2035, guided by customer needs, offering tailored solutions that combine reliability with sustainability. Our gas business is part of PETRONAS’ evolution into an energy superstore – delivering a full spectrum of solutions from LNG and renewables to future fuels like hydrogen, all underpinned by decades of operational excellence.
This transformation, known as PETRONAS 2.0, is about building tomorrow’s energy ecosystem today. It means building on our capabilities and experience to progress renewable growth, expanding LNG infrastructure to enable hydrogen transport, and deepening partnerships built over four decades to deliver integrated energy solutions.
Gas is not merely a transitional fuel – it is the destination fuel for a lower- carbon future. It provides the stability, scalability, and adaptability needed to anchor Asia’s energy security and regional growth, driving global energy transition,” said Datuk Adif.
Stewardship for Future Generations
As steward of Malaysia’s natural gas resources, PETRONAS is committed to delivering value today while safeguarding future supply. In 2020, it pledged to achieve net-zero carbon emissions by 2050 and a 25% cut in greenhouse gas emissions by 2030.
Within five years of its net-zero pledge, the company has reduced methane emissions by 66% through zero routine flaring and venting across its upstream and gas operations, exceeding its 2025 target of a 50% reduction from the 2019 baseline and has achieved more than 2 million tons of carbon dioxide equivalent emissions reduction as of end 2024 through energy efficiency measures.
“At PETRONAS LNG Complex in Bintulu, power supply is being transitioned gradually to renewable hydropower from Sarawak’s grid, reducing the need to burn gas for electricity at the plant,” Datuk Adif said.
PETRONAS is delivering decarbonization solutions now – not in the distant future. To further cut emissions, PETRONAS is advancing carbon capture and storage (CCS) projects in Sarawak and Peninsular Malaysia. It is also replacing older vessels with modern ships that produce a smaller carbon footprint.
“Our role is not just to supply energy but to do so responsibly, ensuring Malaysia’s resources continue to generate value in a lower-carbon future,” Datuk Adif said. “Every step we take today is about securing both the nation’s energy security and a sustainable legacy for the next generation.”
Baltic News 25th September 2025
BALTIC INDICES 25/09/2025
| DRY | INDEX: | 2266 (+26) | ||
| CAPESIZE | INDEX: | 3641 (+68) | ||
| PANAMAX | INDEX: | 1835 (+11) | ||
| SUPRAMAX | INDEX: | 1483 (0) | ||
| HANDYSIZE | INDEX: | 832 (+8) | ||
BCI TC AVG $/DAY 30194 (+558)
BPI82 TC AVG $/DAY 16517 (+103)
BSI TC AVG $/DAY 18747 (-4)
BHSI TC AVG $/DAY 14972 (+138)
TIMECHARTER
‘Bregaglia’ 2016 89772 dwt dely Hekinan 27 Sep trip via EC Australia redel Malaysia $16,750 – Deyesion
‘FJ Fresia’ 2023 82566 dwt dely Kakogawa 25/26 Sep trip via EC Australia redel S China $17,000 – Richland
‘Duchess Emerald’ 2024 82464 dwt dely Skaw 27 Sep trip via US Gulf redel Skaw-Gibraltar $21,500
‘Hamit K’ 2022 82382 dwt dely Pohang 24 Sep trip via Port Latta redel Singapore-Japan $17,000 – Jera GM – <Scrubber fitted>
‘Lowlands Sky’ 2023 82281 dwt dely Amsterdam 27/28 Sep trip via US Gulf redel Skaw-Gibraltar $20,000 – Olam Intl
‘Darya Lachmi’ 2022 82271 dwt dely Tanjung Bin 26/30 Sep trip via Australia redel China $18,000 – Tongli
‘Shine Sapphire’ 2024 82245 dwt dely CJK 30 Sep/3 Oct trip via EC Australia redel Vietnam $18,000 – Oldendorff
‘Key Hunter’ 2011 82099 dwt dely Antwerp 24 Sep trip via US east coast redel India $26,000 – Mercuria
‘Aom Bianca’ 2017 81791 dwt dely Trincomalee 28 Sep trip via EC South America redel Singapore-Japan $18,000
‘LMZ Bianca’ 2013 81630 dwt dely Dahej 28/29 Sep trip via Arabian Gulf redel India intention limestone $16,000 – Oldendorff
‘Lyric Star’ 2011 81276 dwt dely Magdalla 3 Oct trip via EC South America redel Singapore-Japan $15,500 – Bunge
‘Federal SW’ 2011 76483 dwt dely Zhoushan 28/29 Sep trip via EC Australia redel S China $14,250
‘He Ming’ 2012 73541 dwt dely Port Dickson 5/7 Oct trip via Indonesia redel South China $16,500
‘Josco Lanzhou’ 2020 61323 dwt dely Saldanha Bay prompt trip redel China intention manganese ore $18,000 + $180,000 bb – Oppulance
‘Lowlands Future’ 2017 60063 dwt dely Recalada end Sep/beg Oct trip redel Mediterranean $28,000 – Cargill
‘Eastern Edelweiss’ 2012 56757 dwt dely Durban 11 Oct trip redel China $18,000 – Midstar
‘Van Knight’ 2011 56611 dwt dely Dakar 24/27 Sep trip via Kamsar redel China intention bauxite $17,500 – Joint Vision
‘Maple Harbour’ 2011 55832 dwt dely SW Pass beg Oct trip redel NC South America intention grains $28,500 – Western Bulk Carriers
‘African Macaw’ 2016 37682 dwt dely Rouen prompt trip redel Abidjan intention grains $19,500 – Novamarine
‘Qi Xian Ling’ 2012 34551 dwt dely Gdansk prompt trip via Baltic redel Dakar intention grains $18,500
PERIOD
‘Pan Concord’ 2024 82814 dwt dely Nagoya 1/5 Oct 12 months redel worldwide $15,500 – Louis Dreyfus
‘Andros’ 2010 82158 dwt dely Zhoushan 27/30 Sep 5/7 months redel worldwide $14,250
VOYAGES ORE
‘True Compass’ 2015 180000/10 Itaguai/Qingdao 23/25 Oct $26.90 fio 60000shinc/30000shinc – CSN
‘CS Ji Nan’ 2021 180000/10 Narvik/Rotterdam 7/16 Oct $6.25 fio 6 total days shinc – TKSE
‘TBN’ 170000/10 Dampier/Qingdao 10/12 Oct $11.00 fio 90000shinc/30000shinc – Rio Tinto
‘TBN’ 170000/10 TRMT/Qingdao 7/9 Oct $8.70 fio 90000shinc/30000shinc – Vale
Baltic Exchange Index – 25 September 2025 Baltic Exchange Capesize 182 Index
Route Description Value Change
===== ================================================
C8_182 182000mt Gib/Hamburg transatlantic RV 34,650 +471 C9_182 182000mt Cont-Med trip China-Japan 56,156 +500 C10_182 182000mt China-Japan transpacific RV 33,630 +960 C14_182 182000mt China-Brazil round voyage 32,655 +612 C16_182 182000mt Backhaul 12,469 +106
=======================================================
C5TC 182 Weighted Timecharter Average 33,710 +636
Baltic Exchange Index – 25 September 2025 Baltic Exchange Capesize Index 3641 (+ 68)
Route Description Value($) Change
====== =================================== =======
| C2 | 160000mt Tubarao to Rotterdam | 13.243 +0.100 |
| C3 | 160-170000mt Tubarao to Qingdao | 25.985 +0.235 |
| C5 | 160-170000mt W Australia to Qingdao | 11.000 +0.185 |
| C7 | 150-160000mt Bolivar to Rotterdam | 15.207 +0.078 |
| C8_14 180000mt Gibraltar-Hamburg T/A RV | 31,179 +536 | |
| C9_14 180000mt Conti/Med Trip China/Japan | 51,500 +375 | |
| C10_14 180000mt China/Japan T/P RV | 30,490 +920 | |
| C14 180000mt China-Brazil RV | 28,855 +510 | |
| C16 180000mt N.China to Skaw-Passero | 9,000 +156 | |
| C17 170000mt Saldanha Bay to Qingdao | 19.511 +0.178 | |
========================================== ======
5TC Weighted Timecharter Average 30,194 +558
Baltic Exchange Panamax 82500mt Index 25 September 2025 Baltic Exchange Panamax Index 1,835 (+11)
Route Description Value ($) Change
====== ================================= ======== P1A_82 Skaw-Gib T/A RV 17,882 -91
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 25,554 -213 P3A_82 HK-SKorea incl Taiwan, Pacific/RV 15,388 +241 P4_82 HK-SKorea incl Taiwan to Skaw-Gib 8,863 +114 P6_82 Dely Spore Atlantic RV 15,859 +250
====== ================================= =======
P5TC Weighted Timecharter Average 16,517 +103
The following routes do not contribute to the BPI or Weighted TC Average.
Route Description Value ($) Change
====== ================================= ==== P5_82 S. China Indo RV 14,989 +345
P7 66000mt Mississippi Rvr to Qingdao 56.014 +0.014 P8 66000mt Santos to Qingdao 39.214 +0.314
Baltic Exchange Panamax 82 Asia Index – 26 September 2025
Route Description Size (MT) Value($) Change
===== ====================== ========
P5_82 S.China one Indo RV 15,128 +139
Baltic Exchange Supramax Index – 25 September 2025 Baltic Exchange Supramax Index 1483 (0)
Route Description Value ($) Change
====== ========================================= ====
S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 20,900 +33 S1C_63 US Gulf trip to China-South Japan 31,764 +107 BS2_63 North China one Australian or Pacific RV 15,964 -165 BS3_63 North China trip to West Africa 15,840 -270
S4A_63 US Gulf trip to Skaw-Passero 33,857 +128
S4B_63 Skaw-Passero trip to US Gulf 14,943 +157 BS5_63 West Africa trip via ECSA to North China 22,529 +279 BS8_63 South China trip via Indo to EC.India 18,383 -38 BS9_63 W.Africa trip via ECSA to Skaw-Passero 18,557 +228 S10_63 S.China trip via Indonesia to South China 13,675 -118 S15_63 Indian Ocean trip via S.Africa to Far East 15,858 +141
====== ========================================= ====
S11TC Weighted Timecharter Average 18,747 -4
| ====== =============================== ===== S2_63 N.China one Austr or Pac RV 15,857 -107 S8_63 S.China via Indonesia/Ec India 18,192 -191 S10_63 S.China via Indo/S.China 13,507 -168 |
S10TC Supramax(58) Timecharter Average 16,713 -4 Baltic Exchange Supramax Asia Index – 26 September 2025 Route Description Value($) Change
====== =============================== ======
S3TC Weighted Time Charter Average 15,853 -149
Baltic Exchange Index – 25 September 2025 Baltic Exchange Handysize Index 832 (+8)
| Route Description Value ($) Change ====== ======================================== | ====== |
| HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 10,079 | +193 |
| HS2_38 Skaw-Passero trip Boston – Galveston 12,696 | +253 |
| HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 23,011 | +111 |
| HS4_38 USGulf trip via USG or NCSA to Skaw-Pass 21,043 | +457 |
| HS5_38 SE Asia trip to Spore – Japan 13,850 | +36 |
| HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp 12,881 | +12 |
| HS7_38 N.China-S.Kor-Jpn trip to SE Asia 12,725 | +19 |
| ====== ======================================== | ==== |
| 7TC Weighted Timecharter Average 14,972 | +138 |
(c) Baltic Exchange Information Services Ltd., 2025
Marex Media
The Author
Mr Bansi Jaising – photo you have
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