- My assessment is that while a ceasefire with Hamas is technically in place, it remains perilously fragile. The thread holding this fragile calm is strained, and the atmosphere on the ground is tense. Every border remains active and volatile, from Lebanon in the north to Gaza in the south, to Syria, Judea and Samaria, and Yemen.
On the southern border with Gaza, while large-scale hostilities have temporarily subsided, we continue to await Hamas’s fulfilment of its agreement to return every murdered hostage home and turbulence persists.
In the north, the Israeli Defence Forces are working tirelessly to ensure that Hezbollah cannot reconstitute its military infrastructure. Meanwhile, across the Gulf and the Red Sea, the Houthis in Yemen are preparing for further attacks on Israel.
As we look ahead, it is clear that the challenges from the war are surfacing and will now need to be addressed. Soldiers and Reservists are returning home to the loss of jobs, disrupted families, injuries, trauma, and grief. The emotional and economical toll of war (anywhere) is immense, and Israel now faces the urgent task of rebuilding the Spirit of everyone.
- Switzerland is close to securing a 15% tariff on its exports to the US, in what would be a relief for the country after it was hit with a punishing 39% levy in August, according to people familiar. A deal may be concluded within the next two weeks. Donald
Trump confirmed his administration was “working on a deal to get their tariffs a little bit lower.” Swiss companies from Rolex to Richemont took their plea over the levies directly to the US President.
- Warren Buffett said he’s “going quiet,” marking the end of an era for one of the business world’s most-watched investing gurus. In a letter disclosing that he’s donating more than $1.3 billion to four family foundations, the 95-year-old investor said he’s going to stop writing Berkshire Hathaway’s annual letters and speaking at its meetings.
· China and US simultaneously suspend port fees under trade war truce
· China imposes export controls on drug precursors to US, Canada, Mexico
Beijing updates list after Trump cut fentanyl tariff
· Thailand suspends Trump-brokered peace deal with Cambodia
PM says ‘everything must be stopped’ after two soldiers injured in border area
· China’s top memory chip maker YMTC to build 3rd plant, eyeing 2027 start
NAND producer aims to ride AI boom to lift market share despite US blacklisting.
China’s top NAND flash memory chip maker, Yangtze Memory Technologies Corp. (YMTC), has started building its third plant as the U.S. blacklisted company taps surging domestic demand driven by localization efforts and the AI boom.
Anti-dumping investigations against China risk new trade tension. Cheap exports trigger pushback and not just from the US.
Investigations into low-priced exports from China are spreading worldwide as countries seek to protect domestic industries, raising the possibility of new trade friction with emerging markets.
· Houthis signal end to Red Sea attacks as shaky ceasefire holds
The Houthis have officially announced that they have paused maritime attacks on Israel and lifted their so-called naval blockade on Israeli ports. This announcement appeared at the end of a letter (pictured below) sent to Hamas’s military wing, Kata’ib al-Qassam, by the newly appointed Houthi chief of staff, Yousef Hassan Al- Madani, who succeeded Mohammed Al-Ghamari after he died in Israeli airstrikes.
The Houthi strikes, which killed at least nine seafarers and sank four ships, forced global trade to reroute around the Cape of Good Hope for the past couple of years, propping up ton-miles and freight rates.
While confirming a pause for now, Al-Madani added that if the conflict in Gaza continues, the Houthis would consider resuming their own operations, including renewed pressure on maritime routes.
Since the truce began between Hamas and Israel on October 10, no new attacks have been claimed by the Houthis.
Egypt, meanwhile, has said it is developing plans for the resumption of trade through the Suez Canal.
French Container Line CMA CGM has been testing a return to the Suez route with a westbound voyage on its MEX service this week, following two eastbound runs on its FAL1 string.
· ‘Ambition is not yet reaching the fixture desk’: RightShip warns of reward deficit for responsible Owners
A new 37-page report published on 11th November, by vetting specialist RightShip makes clear the growing frustration among owners who invest in safer, greener operations yet see little commercial recognition for it, with just 27% of charterers polled saying they offer better terms for higher-performing vessels.
The study produced with maritime consultancy Thetius finds that while 73% of shipowners exceed safety compliance, 60% in sustainability, and 67% go beyond minimum standards on crew welfare, barely a quarter of charterers are willing to pay extra for these improved ships.
· The rational choice for many will be to stick to minimum compliance
“Owners say pay me a premium for a greener vessel. Fine. But unfortunately, there is currently no global regulatory or commercial system in place for end customers to pay for the total lifecycle emissions, including shipping emissions. So, it becomes our problem,” Prashanth Athipar, head of maritime safety and technical at mining giant BHP, told the authors of the RightShip report.
Another charterer told RightShip that in fragmented trades, transactions often become purely financial rather than ESG discussions.
“The evidence points to a clear paradox,” the report noted. “While safety is universally acknowledged as non-negotiable, in practice, it acts more like a threshold than a differentiator. Once a vessel is deemed ‘safe enough,’ the balance of decision-making tips back toward cost and availability.”
This creates what RightShip described as a “recognition gap” for owners who have invested in advanced safety or risk-reduction technologies, but rarely see those efforts rewarded commercially.
“Owners who invest in advanced safety systems, risk-reduction technologies, or greener tonnage often see limited commercial recognition,” RightShip noted, going on to detail the potential consequences from this disconnect between owner and charterer.
“If shipowners consistently see little return from going above baseline, the rational choice for many will be to stick to minimum compliance. This risks creating a ‘race to the bottom,’ where commercial pressures suppress incentives to innovate or invest in higher standards,” RightShip warned.
“Ambition is not yet reaching the fixture desk,” said Christopher Saunders, chief maritime officer at RightShip. “Owners are investing in safer operations, lower emissions, and better crew welfare, but the signals charterers rely on are fragmented. Our report shows the path to fix this: agree on what good looks like, make the data decision-grade, and reward leadership with real commercial advantages.”
- Musk’s Package: One associates trillion dollar figures with economies, may be even companies. When Tesla shareholders approved additional shares worth potentially $1 trillion as pay for the CEO over a decade, it made jaws drop. Multiple milestones have been set as conditions for the pay, including for Tesla to deliver 20 mio cars and 1 mio each of RoboTaxies and Robots. Also Tesla’s market valuation must climb to $8.5 mio trillion from about $1.4 trillion.
- A sweet deal may be on its way for Sugarcane Farmers. Sugar reforms: If the Centre goes ahead with plans to revise the Sugarcane (Control) order, 1966, income of sugarcane farmers could rise. Total Sugar Mills in India stand at : 703 of which 335 are in private sector and 325 in Mills in the co-operative sector, and 43 are in the Public Sector factories. The new order will simplify definitions and bring clarity to key provisions, which will have a bearing on the Rs.1.3 trillion sugar Industry.
- China ends ban on Gallium, Germanium, Antimony exports to the US. China has suspended a ban on approving exports of ‘dual- use-items” related to gallium, germanium, antimony and super- hard materials to the US. The suspension takes effect from Sunday (9th November) until 27th November, 2026. This ban was announced in December, 2024. The ministry also suspended the stricter end-user and end-use purpose checks for exports of dual- use graphite to the US.
· Steel Rush returns in India:
Companies / Planned Capacity / Time Frame / Planned Investment
-Lloyds Metals and Energy / 42 MTPA / FY30 / Rs.25,000 Cr
-Shyam Metallics / 27 / FY31 / Rs.10,000 Cr
-Rashmi Group / NA / NA / Rs.10,000 Cr
-Nithia Capital / 6 / FY30 / Rs.6,000 Cr
-Acme Group / 12 / NA / Rs.5,000 Cr
-Synergy Capital / NA / NA / Rs.1,200 Cr
· Two Indian State refiners – HPCL, MRPL Secure non-Russian Crude.
- The two refiners have purchased 5 million barrels of crude oil from spot markets via tenders as the continue to scout for alternatives to the Russian supplies. HPCL has bought 2 mio barrels each from US West Texas intermediate crude and Abu Dhabi’s murban crude for January arrival. Mangalore Refinery and Petrochemicals Ltd. (MRPL) has bought one mio bbls of Basra Medium crude for 1-7 January delivery. The identity of the sellers and pricing were not known.
· India curbs more Solar Power as grid grapples with oversupply
- The Power grid is struggling to absorb a surge in solar power projects, leading to greater curtailment that threatens the build-out of renewables and underscores the need for energy storage. The curtailment rate for solar generation in October rose to about 12%, the highest since May. It points to a deepening supply-demand mismatch when Solar Power floods the grid at daytime.
- India turns net exporter of finished steel in October, with shipments reaching 0.6 million metric tons, up 44.7% from a year earlier. India, the world’s second biggest crude steel producer, imported 0.5 mio metric tons in October, down 55.6% from a year earlier. India’s crude steel production in October stood at 14.02mmt, up 9.4% from a year earlier.
- Major Tariff Cut for India, says Trump, as trade deal nears News reports on 22nd September said that US Tariffs on India may be reduced to 15-16% from a steep 50%, and that a deal is likely to be announced in November. Pres. Trump said the US is getting close to reaching a trade agreement with India.
- JSW to sell 50% in Bhushan Steel to JFE Steel Corporation, Japan’s second largest steel maker, to bring it in as a partner in wholly owned subsidiary of Bhushan Power and Steel Ltd in a deal valued at about Rs.15,000 – 16,000 Cr.
The transaction is expected to be finalised this quarter would give JFE a 50% stake in the subsidiary and help billionaire Sajjan Jindal led JSW pare debt or fund expansion plans.
The move comes after Supreme Court in September approved India’s largest steel maker’s Rs.19,700 crores plan to take over bankrupt Bhushan Power, marking the end of the longest running insolvency battles.
- Maritime Development Fund set to take 10% stake in Oil firms JV
- The JV company, led by SCI, is targeted to be in place by December, 2025. It aims to “at least make two to three times the revenue” by running 59 ships at an operating margin of around 50% than what SCI is currently earning from operating 58 ships on its own, said Capt. B. K. Tyagi, CMD, SCI.
- The newly minted Rs.25,000 crore Maritime Development Fund will likely pick up a 10% stake – its first investment in the soon to be incorporated JV of SCI, IOC, BPCL and HPCL that plans to buy and run ships mainly for the use of the State-owned Oil marketing companies.
- The North Sea: An Oil platform dramatically goes down the Norwegian Coast and researchers try to find what happened and then they realize this is just the start off something even more serious.
- China tightens grip on bulfi carrier and tanfier newbuilding orderboofi
Orders from foreign owners and increasing orders from domestic shipowners have boosted China’s share of the newbuilding orderbook to record levels. Japanese shipowners increasingly turning to Chinese shipyards including for large tankers
China has also increased its dominance of the containership orderbook during a fleet renewal boom
China now has a 68% share of the global bulk carrier orderbook, while in the tanker sector some 69% of ships on order will be built at its shipyards.
- The weefi in newbuildings: Orders valued at $2.8bn signed across boxship, bulfier, cruise and tanfier sectors
AET is expanding its dual-fuel tanker fleet with a new order for LNG-powered suezmax pair in South Korea. Thailand’s RCL adds neo-panamax boxship duo at HD Hyundai. Fincantieri wins newbuilding contract for third gas-fuelled, 822-passenger, vessel from Norwegian Cruise Line
A total of 28 merchant vessels were ordered in the past week at Chinese, Japanese and South Korean shipbuilders.
- Boxship lessors parlay geopolitical unrest into years-long cash stream
New ConTex containership leasing index has risen 193% since January 2024; WCI spot container freight index has fallen 27% over same period
Global Ship Lease locked in an additional $381m in charter revenues during 3Q35; its charter coverage is 100% for remainder of 2025, 96% for 2026 and 74% for 2027
Container lines could be moving toward a return to Red Sea, but long-term charters protect boxship lessors from downside
Executives of Global Ship Lease discuss the market implications of US and Chinese port fees, the delay of the Net Zero Framework vote, and the potential reopening of the Red Sea route.
· Saudi Arabia sends first crude tanker to Syria post-sanctions
This is the second crude oil tanker heading to Syria since Bashar al-Assad was overthrown last year
First tanker sailed from Syria’s main crude oil supplier Russia Middle East Gulf states gradually building influence in Syria say analysts
A Saudi crude oil tanker is nearing Syria for the first time since international sanctions were lifted, marking a symbolic shift in regional energy diplomacy. Petalidi, rerouted via the Cape of Good Hope, signals growing Middle East Gulf engagement in Syria’s reconstruction and a tentative diversification away from Russian oil dependence.
· Ferry collides with tanker in Singapore Strait
The incident occurred on the afternoon of Monday, November 10
This incident follows a fire on board a containership at nearby Tanjung Pelepas that killed three people and injured four more.
· Short-Term Global Economic Outlook 2025- 26
Despite major disruptions, the global economy has shown remarkable resilience.
Global economic growth has remained resilient but driven by temporary factors such as front-loading of trade and investments. Trade wars, uncertainty and inflation are expected to weigh on global economic growth in the short term.
Resilient growth in the short term is being driven by temporary factors
Despite major disruptions in trade policy and a surge in uncertainty, the global economy has shown remarkable resilience. However, this strength appears to reflect temporary factors such as front-loading of trade, investment and inventories rather than strong underlying fundamentals. Global growth is projected to ease from 3.3% in 2024 to 3.2% in 2025 and 3.1% in 2026. While activity remains resilient, growth continues to trend below the long-term average of 3.7% recorded between 2000 and 2019. The world economy continues to be constrained by geopolitical uncertainty, rising protectionism and lingering supply chain reconfiguration.
Tariffs and uncertainty weigh on advanced economies
Growth in advanced economies is slowing as higher tariffs and tight monetary conditions continue to dampen demand. Economic activity is forecast to expand by around 1.6% in 2025 and 1.7% in 2026. The US remains the main driver of growth, driven by solid household spending and public investment, although momentum is expected to ease gradually. The Euro area continues to recover slowly, with high interest rates and subdued investments offsetting the benefits of fiscal stimuli.
Emerging markets continue to drive global economic growth Emerging markets continue to account for most of the global growth. Output is projected to increase by about 4.2% in 2025 and 4.1% in 2026. India remains the key driver, expanding by more than 6.0% annually,
driven by infrastructure investment and rising domestic demand. In contrast, China’s growth is set to slow towards 4.2% in 2026 as structural challenges in the property market and weak domestic consumption weigh on activity.
Inflation remains stubbornly high
Inflation continues to moderate but remains above central bank targets in most major economies. World consumer prices are expected to fall from 5.8% in 2024 to 4.2% in 2025. Headline inflation has abated as energy prices have stabilised, yet core inflation remains stubborn, sustained by resilient wage growth, sticky service prices and the inflationary effects of higher tariffs. Central banks are thus maintaining restrictive policies for longer, delaying the expected easing cycle. The elevated borrowing costs are weighing on global investments and trade. While price pressures are easing gradually, the path back to target is uneven and uncertain. This will most likely leave monetary policies tight well into 2026.
Implications for shipping markets
Shipping markets continue to be supported by the volatile nature of global trade. Frequent policy shifts, sanctions and rerouting linked to geopolitical tensions have sustained activity through front-loading and temporary disruptions. However, these effects will be short-lived. The industry is navigating increasingly uncertain waters, where instability has become the norm. As global growth slows, shipping demand is likely to soften in the near term.
· Long-Term Global Economic Outlook: 2030 Onwards
A transitioning global economy.
The global economy is transitioning to a new phase driven by innovation, productivity and human capital. While growth is set to moderate in the coming decades, downside risks persist.
A new growth paradigm is emerging
The long-term outlook for the global economy indicates slower but more sustainable growth. The years ahead are likely to be defined by a transition from the industrial expansion and globalisation of the early 21st century to a new phase driven by innovation, productivity and human capital. While the world economy will continue to grow, the forces behind that growth will shift.
Growth driven by productivity and human capital
In the decades to come, output growth will rely increasingly on the quality rather than quantity of inputs. The expansion of the global labour force is nearing its limits, and capital accumulation is being constrained by high debt levels and tighter monetary conditions. Future growth will therefore depend on raising productivity through digitalisation, automation, artificial intelligence and the efficient use of resources.
Education, research and innovation will play a central role in sustaining economic momentum. Economies capable of developing adaptable workforces and leveraging new technologies will likely outperform their peers.
Global growth is projected to settle at a lower pace
Over the next decade, global GDP growth is projected to settle at 2-3% annually, which is a step down from the higher rates seen in the early 2000s. This reflects a world that is maturing economically, with slower population growth but higher per capita incomes, and a gradual convergence between advanced and emerging markets. Emerging economies will remain key contributors to this expansion, supported by urbanisation, digital transformation and a growing middle class.
However, their industrialisation will likely be more service- and technology-oriented, rather than the resource-heavy models of previous decades. Meanwhile, advanced economies will focus on maintaining competitiveness through innovation, the energy transition and supply chain resilience.
Green and digital transitions reshaping the global economy
The green and digital transitions are expected to reshape global investment and trade patterns. The decarbonisation of energy systems and the push for sustainability will create new sources of demand in renewable energy, critical minerals and low-emission infrastructure. At the same time, technology adoption will drive productivity and change the composition of trade, increasing flows of high-value and specialised goods. These transitions are unlikely to deliver the same growth intensity as earlier industrial booms, but they may help stabilise long-term potential growth at moderate levels.
A more fragmented but adaptable global economy Globalisation is entering a more selective phase. Rather than broad integration, the world economy will likely continue to see the rise of regional blocs and diversified trade corridors. This trend may reduce efficiency but also increase resilience by shortening supply chains and reducing exposure to geopolitical risk. For global trade, this means slower overall growth but a more complex network of routes and relationships. Fiscal constraints, geopolitical realignment and demographic shifts will continue to weigh on long-term potential growth. However, they are also prompting structural adaptation. Supply chains are being redesigned, new technologies are accelerating productivity, and emerging economies are developing alternative engines for growth. The global economy may therefore become more decentralised, and potentially more stable, even if it grows more slowly.
Seaborne demand will undergo a structural transition
As the composition of growth changes, so too will the nature of global trade. The relationship between GDP growth and trade intensity is expected to weaken as economies shift towards services, technology and regional production networks. Fossil fuels account for around 40% of global seaborne trade volumes. As such, seaborne demand will also undergo a structural change in a world that is gradually decarbonising its economy. The shipping industry will thus operate amid less dynamic trade growth. Long-term opportunities will increasingly stem from efficiency, adaptability and alignment with new patterns of economic activity.
The balance of risks remains tilted downwards
The long-term outlook suggests a rebalancing of the global economy towards innovation- and productivity-led growth. Expansion will be steadier but slower, shaped by digital transformation, decarbonisation and evolving trade structures. The balance of risks, however, remains tilted downwards, reflecting demographic headwinds, fiscal constraints, geopolitical fragmentation and China’s structural transition. The following pages explore these downside risk dynamics in greater depth. Each examines a major structural force that will impact the contours of long- term global growth and, in turn, the future trajectory of seaborne trade.
· DH Shipbuilding picks up Nordic American Tankers suezmax orders
Newbuilding contract is expected to be inked early next year.
South Korea’s DH Shipbuilding is poised to contract two suezmax tanker newbuildings from a leading European shipping company.
Shipbuilding industry sources told TradeWinds that DH was the South Korean shipyard with which Nordic American Tankers (NAT) signed a provisional contract for new tankers at $86m per ship last week.
· Global Ship Lease hikes dividend amid strong charter market fixing
Forward contract cover locked in for 100% of 2025, 96% of 2026 and 74% of 2027.
Tonnage provider Global Ship Lease (GSL) has announced a significant increase in its supplemental quarterly dividend, citing solid fixtures in the midsize and smaller container ship charter market.
Executive chairman George Youroukos highlighted that the company’s strategy of maintaining flexibility in its fleet and balance sheet has enabled GSL to secure multi-year charters at attractive rates.
· We will take a quick look at some of the critical figures and data in the energy markets this week.
We will then look at some of the key market movers early this week before providing you with the latest analysis of the top news events taking place in the global energy complex over the past few days. We hope you enjoy.
- Canadian steel companies announce price increases
Steelmakers Stelco and ArcelorMittal announced price increases on 5-6 November for their Canadian products.
Both companies raised the price of their Canadian steel products by C$100/short ton (st), in letters sent to customers during the week. The price increases come after months of mounting concern about the state of the Canadian steel industry.
Canadian steelmaker Algoma said in its most recent earnings that Canadian steel pricing was 40pc lower than US pricing levels in the third quarter of 2025, but that tariff costs had significantly restricted access to the previously important US market.
US flat steel prices ranged from $848.50/st to $1,025.50/st during the week of 27-31 October depending on the grade of steel.
Canadian mills sought to bolster domestic operations and profitability as its steel was increasingly cut off from the US market.
Canadian buyers said through the summer and autumn that demand was fairly steady but quiet, however, with some firms focused on simply maintaining operations and employment levels because of the lack of new business opportunities.
· ‘Thriving in chaos’: Hong Kong makes gains despite US-China trade pain
- Hong Kong’s ability to adapt may prove its greatest asset, says Shipowners association chairman Angad Banga
- With geopolitical tensions, regulatory shifts and strategic realignments reshaping global shipping, the question of Hong Kong’s future as a shipowning centre has resurfaced. Yet the narrative of decline may be overstated, and the data and developments tell a more nuanced story.
· End of Houthi attacks could lead container rates to ‘plunge’ — just not yet
- Liner operators will not likely rush to bring ships to the Red Sea, Xeneta analyst says.
An end to Houthi attacks on the Red Sea could lead container rates to fall sharply, Xeneta chief analyst Peter Sand said.
But carriers will need more safety assurances before they will mount a large-scale return.
The analyst’s comments came after reports emerged that the Houthis would halt attacks on shipping as long as a ceasefire between Israel and Hamas holds.
· Adnoc L&S earmarks four LNG carriers for fleet renewal
Company will trade one of its delivering LNG newbuilding spot for time being.
Expansionist-minded shipowner Adnoc Logistics & Services will look at fleet renewal options on its four remaining steam turbine LNG Carriers.
· Baltimore bridge casualty pits HD Hyundai and vessel interests in transatlantic fight
Judge weighs arguments over whether Dali shipowner and manager can sue HD Hyundai in US as yard group wages London arbitration.
HD Hyundai Heavy Industries is in a transatlantic fight with the owner and manager of the container ship that destroyed Baltimore’s Francis Scott Key Bridge.
As a federal judge in Philadelphia weighs whether the South Korean shipyard group can be sued in the US, HHI is seeking to shift the fight to a London arbitration tribunal.
The sparring on both sides of the Atlantic comes after Dali owner Grace Ocean and manager Synergy Marine sued HHI in July over the Dali casualty, alleging that a switchboard designed by the shipyard was defective.
· MSC’s secondhand fleet frenzy hits 461 ships
The total number of secondhand boxships Mediterranean Shipping Co (MSC) has added to its fleet since embarking on an unprecedented buying spree in August 2020, largely in lieu of chartering tonnage, has now reached what Alphaliner describes as a “mind-blowing” 461.
The world’s largest containerline, which recently passed the 7m teu mark, has added three more ageing vessels to its giant fleet.
The 3,651 teu Atlantica Pioneer has been purchased from Oslo- based Atlantica Shipping for a price said to be in excess of $45m. This boxship disposal means the Norwegian owner no longer owns
any container vessels. Meanwhile, the 3,799 teu Irenes Resolve was purchased from Tsakos Shipping & Trading of Greece for $23m, with MSC also picking up the Marlow-controlled 3,534 teu Rio Kobe for $32m. As well as its huge secondhand spree, MSC has kept shipyards in Asia very busy in the 2020s. Its record orderbook today stands at 123 vessels, totalling in excess of 2.1m teu, according to data from Alphaliner.
· Would you let your child go to sea?
- As the next generation turns away from life at sea, industry leaders reflect on what it would take to make seafaring something parents once again want for their children. The second instalment in our brand-new Seafarers magazine. Ask anyone who’s spent time at sea and they’ll tell you: shipping isn’t just a job, it’s a calling. But somewhere between the automation drive, the endless compliance paperwork, and the isolation of the pandemic years, that calling has grown faint.
Across the industry, there’s a quiet admission — if you wouldn’t want your own son or daughter to join a ship, what does that say about the state of the profession? Many of us have been at shipping conferences where no hands are raised when a moderator asks if you’d be happy seeing your offspring head out for a career at sea.
For many, it’s a matter of lost allure. “We’ve made shipping efficient,” one senior manager remarks, “but we’ve stripped away its sense of adventure.” The digital bridge and satellite link have brought connectivity but not connection. Seafaring today is safer, cleaner, and smarter than ever — yet it feels lonelier.
Karin Orsel of MF Shipping Group from the Netherlands believes the heart of the issue lies in recognition. “We have to show that being a seafarer is not a fallback career,” she argues. “It’s a profession that demands skill, resilience, and intellect.” Her company now promotes mentorship and visible career paths from cadet to captain — and beyond, to roles ashore.
Others are blunter. “The problem isn’t the sea,” says recruitment expert Ryan Kumar. “It’s the story we tell about it.” He points out that shipping’s public image hasn’t kept pace with its technology. “You can talk about AI, green fuels, and digital twins all you like — but until parents think of a ship as a place of opportunity, not hardship, we’re fighting a losing battle.”
For V.Group’s chipped operating officer Allan Falkenberg, the industry’s own fragmentation is part of the problem. “We need to rebuild the professional trust and respect that make crews function as cohesive units,” he says. “You can’t attract talent to a profession that doesn’t seem to respect itself.”
That respect begins onboard. Better connectivity, proper rest, fair rotation, and decent cabins should not be seen as luxuries s. As one shipmanager puts it, “We used to say, ‘It’s not a cruise ship.’ Maybe it’s time we stopped saying that.”
The generational shift is already under way. Younger recruits see seafaring as one stop in a broader career, not a lifelong commitment. As Eastern Pacific Shipping’s CEO Cyril Ducau notes, “We have to build bridges between sea and shore, so that people move fluidly between them. That’s how you retain talent — by giving them a future.”
Yet many warn that the industry has become overly reliant on short-term fixes. “You can’t keep promising training and welfare programmes if they only exist in PowerPoint,” says one crewing director. “Young people spot inauthenticity a mile off.”
Bernhard Schulte Shipmanagement’s Eva Rodriguez frames it more constructively: “The next generation wants purpose,” she says. “We can offer that — moving the world’s goods safely, sustainably, and together. But we have to tell that story better.”
There are, however, glimmers of renewal. Initiatives pairing cadets with mentors, virtual-reality training tools, and the rise of fleet-wide wellbeing programmes show a sector learning, slowly, to value its people again. The Mission to Seafarers’ Peter Rouch sees hope in that shift. “We’re rediscovering that welfare isn’t charity,” he says. “It’s strategy.”
Still, the question remains uncomfortably personal. Would you want your own child to go to sea? For many senior executives, the answer comes after a pause. Some say yes — with caveats.
Others admit they would hesitate. But all agree that the industry must reach a point where that hesitation disappears.
Because if shipping can’t inspire its own families, it won’t inspire the next generation either.
- Keir Starmer’s supporters are trying to ward off a challenge to his leadership. UK business chiefs call on Rachel Reeves to take action. And Donald Trump is having Jamie Dimon and other Wall Street executives over for dinner.
· Red Sea shipping traffic growing but box bosses still weighing up a big bang return
Houthis signal their campaign of attacks had stopped, for now, but security concerns remain. Lloyd’s List Intelligence analysis confirms 8% increase in traffic compared to 2024, but 56% less than 2023. Maersk affirms it wants to be the first line to return to the Red Sea, but it will not be running test services.
Yemen’s Houthis have signalled a halt to their attacks on ships, and shipowners appear to be responding with a five-month uptick in vessels transiting the Bab el Mandeb. But an end to more than two years of disruption to global maritime trade is realistically only going to end once the major lines return, potentially en masse.
Baltic News 11.11.2025
BALTIC INDICES 11/11/2025
DRY INDEX: 2072 (- 12)
CAPESIZE INDEX: 3192 (- 71)
PANAMAX INDEX: 1865 (+ 20)
SUPRAMAX INDEX: 1344 (+ 17)
HANDYSIZE INDEX: 809 ( 0)
BCI TC AVG $/DAY 26469 (- 594)
BPI82 TC AVG $/DAY 16785 (+ 184)
BSI TC AVG $/DAY 16991 (+ 214)
BHSI TC AVG $/DAY 14556 (- 11)
TIMECHARTER
‘Ranger’ 2012 82172 dwt dely Qinhuangdao 11/13 Nov trip via NoPac redel Singapore-Japan $17,750
‘Elatos’ 2025 82050 dwt dely Hamburg 14/16 Nov trip via US east coast redel India $26,000 – Oldendorff
‘Greek Friendship’ 2019 82017 dwt dely retro Mormugao 5 Nov trip via EC South America redel Singapore-Japan $19,500
‘Bentley’ 2019 80856 dwt dely Zhoushan 13 Nov trip via EC Australia redel S China $18,000
‘SM Goseong’ 2005 76838 dwt dely Qinzhou 19 Nov trip via Indonesia redel South China $17,000
‘Pilatus Venture’ 2016 63276 dwt dely Singapore prompt trip via Indonesia redel China $17,250 – Fullinks
‘Good Heart’ 2014 62996 dwt dely Recalada prompt trip via Upriver redel Chittagong intention grains $17,000 plus $700,000 gbb – Cargill
‘NSC Glory’ 2009 57809 dwt dely Warri prompt trip redel China intention iron ore $14,650 – Authentic
‘Thassos’ 2011 56760 dwt dely Santos prompt trip via EC South America redel Skaw-Canakkale or via Suez to Jeddah redel Port Said intention grains $21,000 – Cargill
‘Sino Ocean’ 2002 53733 dwt dely Singapore prompt trip via Indonesia redel China $13,500 – Further Bulk
‘Eny’ 2006 53525 dwt dely Bahodopi prompt trip via Indonesia redel China $14,000 – Fullinks
‘Xing Ning He’ 2009 53208 dwt dely Bahodopi prompt trip via Indonesia redel China $14,500 – Seatrans
‘Pacific Sophia’ 2005 52501 dwt dely Jakarta prompt trip via Indonesia redel China $16,000 – ESM
‘Pacific Frieda’ 2005 52498 dwt dely Annaba prompt trip via GOA redel EC India intention rock phosphate $18,000 – Silkroad
‘VW Trust’ 2002 52475 dwt dely Weda prompt trip via Indonesia redel China $14,500 – Tongli
‘Union Ethos’ 2014 37780 dwt dely Koh Si Chang prompt trip via Cilacap redel Kwinana intention clinker $11,000
‘Ocean Virginia’ 2021 37520 dwt dely Barranquilla prompt trip redel Praia Mole intention coke breeze $15,500 – Weco
‘Uniglobe’ 2013 35826 dwt dely Rio Grande prompt trip via Argentina redel Venezuela $18,500 – Cetus
‘Aeterno’ 2011 34954 dwt dely passing Key West prompt trip via Newport News redel Casablanca intention coal $18,250 – Bulk Trading
‘Qing Feng Ling’ 2013 34472 dwt dely Santos prompt trip redel Continent intention agriculture products and minerals $15,250 – Summit
‘HPC Future’ 2010 32701 dwt dely Samalaju prompt trip via Kendawangan redel China intention bagged alumina $8,500 – Lauritzen
‘Clipper Clyde’ 2012 31639 dwt dely Singapore prompt trip via Indonesia redel China intention bagged alumina $9,000 – De Cheng
‘Mayuree Naree’ 2012 31639 dwt dely Probolingo prompt trip via Indonesia redel Bohai intention ferronickel $7,650
‘Nimertis’ 2013 28396 dwt dely Houston prompt trip redel Veracruz intention grains $13,750 – Cargill
PERIOD
‘Shine Crystal’ 2025 82242 dwt dely Kunsan 15 Nov 7/9 months redel worldwide $18,500 – Oldendorff
‘Aeschylus Graecia’ 2019 82041 dwt dely Qinhuangdao 20/25 Nov 9/12 months redel worldwide $16,250 – Swissmarine
‘Maine Soleil’ 2022 82000 dwt dely Nagoya 12/15 Nov 12 months redel worldwide $16,000 – Louis Dreyfus
‘Basic Progress’ 2026 82000 dwt dely Penglai 12 Dec 9/11 months redel worldwide $16,000 – Enesel
‘Taho America’ 2019 81788 dwt dely Hong Kong 20/22 Nov 11/13 months redel worldwide $16,500 – Daiichi
VOYAGES
ORE
‘TBN’ 170000/10 Dampier/Qingdao 27/29 Nov $10.20 fio 80000shinc/30000shinc – Rio Tinto
Baltic Exchange Index – 11 NOVEMBER 2025
Baltic Exchange Capesize 182 Index
Route Description Value($) Change
====== =================================== ========
C8_182 182000mt Gib/Hamburg transatlantic RV 31,688 – 625
C9_182 182000mt Cont-Med trip China-Japan 48,517 – 1022
C10_182 182000mt China-Japan transpacific RV 30,309 – 491
314_182 182000mt China-Brazil round voyage 27,123 – 687
C16_182 182000mt Backhaul 11,072 – 322
C5TC 182 Weighted Timecharter Average 29,591 – 605
Baltic Exchange Index – 11 NOVEMBER 2025
Baltic Exchange Capesize Index 3192 (- 71)
Route Description Value($) Change
====== =================================== ========
C2 160000mt Tubarao to Rotterdam 11.906 – 0.094
C3 160-170000mt Tubarao to Qingdao 23.123 – 0.182
C5 160-170000mt W Australia to Qingdao 10.245 – 0.075
C7 150-160000mt Bolivar to Rotterdam 14.163 – 0.137
C8_14 180000mt Gibraltar-Hamburg T/A RV 28,078 – 766
C9_14 180000mt Conti/Med Trip China/Japan 44,450 – 1106
C10_14 180000mt China/Japan T/P RV 27,535 – 395
C14 180000mt China-Brazil RV 24,132 – 591
C16 180000mt N.China to Skaw-Passero 7,811 – 139
C17 170000mt Saldanha Bay to Qingdao 17.818 – 0.090
========================================== ========
5TC Weighted Timecharter Average 26,469 – 594
Baltic Exchange Panamax 82500mt Index 11 NOVEMBER 2025
Baltic Exchange Panamax Index 1,865 (+ 20)
Route Description Value ($) Change
====== ================================= ========
P1A_82 Skaw-Gib T/A RV 16,518 + 195
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 23,525 + 237
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 17,525 + 299
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 10,316 + 85
P6_82 Dely Spore Atlantic RV 16,299 + 93
====== ================================= =======
P5TC Weighted Timecharter Average 16,785 + 184
The following routes do not contribute to the BPI or Weighted TC Average.
Route Description Value ($) Change
====== ================================= ========
P5_82 S. China Indo RV 18,291 + 207
P7 66000mt Mississippi Rvr to Qingdao 53.957 + 0.136
P8 66000mt Santos to Qingdao 38.136 + 0.193
Baltic Exchange Supramax Index – 11 NOVEMBER 2025
Baltic Exchange Supramax Index 1344 (+17)
Route Description Value ($) Change
====== ========================================= =====
S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 20,825 – 63
S1C_63 US Gulf trip to China-South Japan 29,343 + 604
BS2_63 North China one Australian or Pacific RV 14,825 – 6
BS3_63 North China trip to West Africa 12,650 – 90
S4A_63 US Gulf trip to Skaw-Passero 30,821 + 1325
S4B_63 Skaw-Passero trip to US Gulf 12,596 – 136
BS5_63 West Africa trip via ECSA to North China 21,632 + 311
BS8_63 South China trip via Indo to EC.India 16,407 + 171
BS9_63 W.Africa trip via ECSA to Skaw-Passero 17,239 + 246
S10_63 S.China trip via Indonesia to South China 12,644 + 466
S15_63 Indian Ocean trip via S.Africa to Far East 15,108 + 183
====== ========================================= ====
S11TC Weighted Timecharter Average 16,991 + 214
S10TC Supramax(58) Timecharter Average 14,957 + 214
Baltic Exchange Index – 11 NOVEMBER 2025
Baltic Exchange Handysize Index 809 ( 0)
Route Description Value ($) Change
====== ======================================== ======
HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 11,457 + 32
HS2_38 Skaw-Passero trip Boston – Galveston 13,807 – 22
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 19,372 + 55
HS4_38 USGulf trip via USG or NCSA to Skaw-Pass 19,350 + 104
HS5_38 SE Asia trip to Spore – Japan 13,993 – 86
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn 12,606 – 38
HS7_38 N.China-S.Kor-Jpn trip to SE Asia 12,375 – 75
====== ======================================== ======
7TC Weighted Timecharter Average 14,556 – 11
(c) Baltic Exchange Information Services Ltd., 2025
Marex Media
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