• Volcanic ash disrupts flights heading West, may now hit ops in NW India. Ash spewed by Ethiopia’s Hayli Gubbi volcano as it erupted after lying dormant for about 10,000 years on Sunday, drifted into busy international air routes west of India on Monday, forcing many aircraft flying west over the Arabian Sea to re-route and take longer paths. A total of 28 flights bound from Mumbai to Muscat and beyond were re-routed to avoid volcanic ash. Plume of Ash had reached Pak Airspace and was expected reach Northwest India including Rajasthan, Delhi-NCR and Punjab.
• India pushes for deeper trade ties with Canada, highlighting opportunities in critical minerals, clean energy and emerging technologies as both nations look to diversify supply chains and build secure technology ecosystems. India’s exports to Canada in the last fiscal year were $4.22 bn and Imports from Canada were $4.44 bn.
• The EU is eyeing the upcoming summit meeting with India in January as an opportunity to finalise long-gestating trade deal, strengthen defence and security co-operation, and firm up co- operation on a global agenda amid the geo-political churn set off by the trade policies of the U.S. European Commission President Ursula von der Leyen and European Council President Antonio Costa are expected to be chief guests at the Republic Day celebrations on 26th January, 2026, ahead of the India-EU Summit the following day. This will only be the second time India has invited leaders of a grouping – after the Asean in 2018, to be the Chief guests at the Celebration. While much of the focus has been on finalizing an India-EU Free trade agreement by the year end, officials are also in talks to broaden defence and security co- operation. This meeting will be held in a little over a month after the visit of the Russian President Mr. Vladimir Putin to New Delhi.
• Donald Trump did shock and awe in 2025. Reality may bite in 2026.
• Ukraine has accepted the terms of a potential U.S.brokered peace deal, ABC News reports, citing an American official. “The Ukrainians have agreed to the peace deal,” the U.S. official said. “There are some minor details to be sorted out but they have agreed to a peace deal.”
Financial Health of the US:
An affordability crisis is sweeping the US, squeezing poorer Americans and causing ructions in Washington. Rising prices for food, housing and healthcare (cost of drugs with Insurance are becoming beyond reach of most Americans) are piling pressure on low-income Americans and creating a major political problem for the President. As living costs escalate, Democrats are seeking to capitalise on a wave of frustration with the Trump administration and cracks are emerging in the President’s Maga movement.
• Last week spoke to locals about the affordability crunch and its potential political ramifications. Many of those who were spoken to were struggling just to make ends meet. Anissa Camacho, a 26- year-old florist, said it felt “like everything is just closing in around us”.
• Demetri Nash, a 32-year-old yard driver at a local warehouse, said he was working as many as 72 hours some weeks to get by.
• Many blame politicians, leaving Trump with the shoe on the other foot after he surged to victory in last year’s Presidential election on the back of voter frustrations with Joe Biden over the cost of living.
• But a year later, inflation is back where it was when Trump took office and the President is the target of voter ire.
• Election victories in New York, New Jersey and Virginia followed campaigns that highlighted rising costs. Meanwhile, the Maga movement has begun to fracture amid accusations he should be doing more to focus on domestic issues.
• Georgia congresswoman Marjorie Taylor Greene, once a Trump loyalist, resigned over the weekend after breaking with the President, who she accused of “gaslighting” voters by telling them that costs were falling.
• Yet it is not a given that Democrats will be able to capitalise on the cost-of living fallout. The party’s polling numbers edged towards historic lows this year and many of those in the Lehigh Valley had little faith the party held the answer to their troubles.
• “All I see is them fighting and going back and forth and back and forth. That’s not helping any of us,” said 43-year-old Tiffany Chase, who spoke while picking up groceries at a food bank. “I never had such a strong dislike for politics.”

• Is a Russia-Ukraine peace deal in sight?
• Charges against James Comey and Letitia James dismissed
• Donald Trump and Xi Jinping are talking again
• US and Russian officials met in Abu Dhabi for talks on a peace plan for Ukraine as Moscow and Ukraine carried out airstrikes overnight.
• The EU wants the US to reduce tariffs on the bloc’s exports of weapons including howitzers and mortars below the 15% tariff ceiling agreed in the EU-US trade deal.
• France’s Socialist Party leader Olivier Faure said it will be possible for parliament to overcome divisions to find a compromise on the 2026 budget.
• Soaring house prices in Denmark’s capital risk spilling over to the rest of the country and threatening financial stability, the nation’s central bank warned.
• Trump’s broken promise to confront corporate power. “The Trump administration is decimating the federal agencies that police corporations and protect workers and consumers.”
• “I don’t think Putin cares about commercial deals with the United States in any meaningful sense; he cares about them to the extent that his negotiating counterparty Donald Trump cares about them.”
• In a pinpoint operation late Sunday night, the Israel Air Force eliminated Haytham Ali Tabatabai (“Abu Ali”), Hezbollah’s Chief of Staff and the architect of the terror group’s clandestine rearmament campaign. The strike, carried out with precision munitions on a multi-story building in Beirut’s Dahiyeh stronghold, removed one of the most dangerous men still standing after last year’s war and sent an unmistakable message: Israel will not tolerate a Hezbollah comeback on its northern border.
• India is building the world’s deepest underwater research lab at an incredible depth of 6,000 meters in the Indian Ocean! This groundbreaking project will start with a 500-meter pilot module where three scientists will stay underwater for over 24 hours. Equipped with 360-degree transparent observation panels, advanced life-support systems, and docking bays for submersibles, this “underwater ISS” will revolutionize deep-sea exploration and marine science. Expected to be fully operational by 2047, this lab will help uncover new marine biodiversity, advance drug discovery, and deepen our understanding of ocean geology. It surpasses all existing underwater labs globally and signals a giant leap for India’s Vision 2047 and Deep Ocean.
• China tells citizens to avoid travel to Japan amid Taiwan row.
• China refuses entry to an Indian from Arunachal Pradesh travelling on Indian passport because the Chinese claim Arunachal is part of China so no traveller from India can carry an Indian passport. Rough edges with China do not end overnight.
• US soybean farmers await China deal payoff. Outlook remains uncertain after trump-Xi agreement. 2025 has been a year of anxiety for US Soybean growers, who have watched the prospects of selling their crops to China ebb and flow.
• Let us 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.
European gas prices have fallen below the €30 per MWh threshold (the equivalent of $11 per MMbtu) as the triple whammy of Russia- Ukraine peace talks, warmer weather and ample supply lowered the TTF benchmark to its lowest since May 2024.
Following a brief cold spell that brought this winter season’s first snow, temperatures across key consumption hubs are expected to trend back to 8-9° C, lowering heating demand over the first week of December.
Moreover, Europe’s gas inventories are currently 78% full, with Germany remaining the laggard of the continent with a 70% stock rate whilst France and Italy boast an 88% and 89% rate, respectively.
Supply is plentiful across the Atlantic Basin, even if freight rates continue to balloon out of control, with Europe expected to import 12 million tonnes of LNG this month, with US supplies accounting for a whopping 60% thereof.
• JP Morgan in its outlook for Calendar 2026 and 2027, said it expected Brent crude to average around $58 a barrel in 2026 and ease to the low $50’s in 2027. If surpluses mounted, JPM projected Brent could average about $42 a barrel in 2027, with a worst case scenario of prices slipping to nearly $30 a barrel.
• Russia warns an Oil shortage is looming due to underinvestment. China’s LNG Imports Fall for 13th straight month as domestic output surges. Russia looks to Ramp up Crude Flows to China through 2033.
• ADNOC approves sweeping $150 billion investment Plan.
• Serbia has enough reserves as Sanctioned Refinery faces shutdown.
• Nigeria’s National Oil company records 64% jump in profits to $3.6 billion.
• Russian Tanker reaches Venezuela after evading US Warship.
• No sell off, SAIL unit to get cash infusion: The Union steel ministry is preparing to infuse more than Rs.400 crore into Salem Steel Plant, the stainless-steel unit of SAIL, making a sharp policy turn from its earlier intent to privatize the loss-making mill. Instead of pushing strategic units to the disinvestment block, the government is increasingly opting for state-led revival plan, an approach already visible in the Rs11,440 crore rescue crafted for Rashtriya Ispat Nigam Ltd (RINL) earlier this year.
• India’s state-controlled producer Steel Authority of India (Sail) aims to double steelmaking capacity at its Rourkela plant in eastern India’s Odisha state to 9.8mn t/yr by 2030, the steel ministry said.
The expansion will be done with an investment of 300bn rupees ($3.4bn), Indian heavy industries minister H. D. Kumaraswamy said on 19 November.
Robust mining growth in Odisha will help secure raw material availability for the Rourkela plant, the ministry said. Odisha Group of Mines has raised output by over 5pc this year and is expected to exceed 15mn t in 2025–26, strengthening raw material security for Rourkela plant, the ministry added.
• The minister also inaugurated a 1mn t/yr slab caster at Sail’s Rourkela facility. A coke oven battery and a new pellet plant are currently under construction.
• Sail is planning to increase its crude steel capacity from 20mn t/yr at present to 35mn t/yr by the fiscal year ending March 2031. The ministry in January said it will invest Rs200bn to expand production capacity at Sail’s Bokaro plant in Jharkhand state. The planned additions, which include a new blast furnace, would increase hot metal capacity at the Bokaro plant from 5.25mn t/yr to 7.55mn t/yr.
• Private-sector steelmakers such as JSW Steel and Tata Steel have also undertaken major expansions, in line with India’s goal of 300mn t/yr steel production by 2030.
• Donald Trump dispatched negotiators for meetings with Russia and Ukraine but said he would only be willing to meet the leaders of those countries if talks yielded a pact to end the war. Special Envoy Steve Witkoff would meet with Vladimir Putin in Moscow probably next week, while Army Secretary Dan Driscoll was directed to talk with the Ukrainians. In an October phone call, Witkoff advised Russia on how to pitch Ukraine plans to Trump.
• Chinese bulker carrier up for grabs on GSE auction platform
Guangzhou Development Shipping Co is selling a panamax-size bulk carrier. The 68,200-dwt Guang Zhou Fa Zhan 2 (built 2010), has been placed on the Guangzhou Shipping Exchange (GSE) website for auction with a starting price of CNY 61.9 mil ($8.7 mil).
• CMA CGM poised to ‘fully resume’ Red Sea transits in December, Suez Canal officials claim
French liner giant has yet to confirm large-scale return, though it has been sending some ships through region with naval protection
• CMA CGM is gearing up to “fully resume” transits through the Suez Canal, Egyptian officials claimed. The disclosure by Suez Canal Authority’s chairman, Admiral Ossama Rabiee, came after Denmark’s AP Moller-Maersk signed a deal that also aimed for December transits through the waterway. The moves by two of the largest container liner operators follow Houthi pledges to stop attacking ships amid a ceasefire between Israel and Hamas in Gaza.
• Even with setbacks, US shipyard support remains at historic levels
Some see suspended port fees as key to funding revitalisation of yard sector
It has been just over 300 days since US President Donald Trump returned to the White House with revitalisation of America’s shipbuilding industry as one of his policy goals.
In that time, his administration’s delivery on this ambition has seen some setbacks, but compare it to decades of shipbuilding decline, and hopes are high that Washington’s momentum is still headed in the right direction.
The administration secured billions of dollars in appropriations for the sector in the One Big Beautiful Bill Act, and then temporarily traded away port fees aimed at providing more revenue for the industry. Trump also secured an investment pledge from South Korea and Japan.
• Red Sea return to take ‘quarters, not weeks’, as good news trickles in
Ship operators need proof that fragile Israel-Hamas ceasefire will hold
The CMA CGM Benjamin Franklin, which transited the Red Sea under naval escort this month, pictured at the Port of Long Beach.
Expect a months long ramping up before shipping returns to the Red Sea in any significant capacity. Despite recent positive news on the Houthi-driven crisis in the key waterway, Kpler lead freight analyst Matt Wright and Howden associate director Ellis Morley said it would take some time before traffic jumps substantially. “I would expect quarters, not weeks,” Morley said during a webinar hosted by the freight analytics firm.
• Maersk paves the way for a full Red Sea return with Suez Canal deal
Resumption of traffic ‘will proceed as soon as conditions allow’
• Liner giant AP Moller-Maersk has taken steps to return to the Suez Canal two years after Houthi rebels disrupted world trade with a string of brutal attacks on shipping in the Red Sea. Maersk has met the Suez Canal Authority (SCA) and made significant progress on returning to the route, it said on Tuesday.
• While Maersk would be leading the way for the industry in picking up previously established trade patterns, there is disagreement between the liner operator and the canal authority on the timing of such a move.
• More LR2s pivot from clean to dirty as aframax rates outperform
Global aframax rates and MEG-Japan LR2 rates were closely aligned in July through mid-September; since then, aframax rates have been $20,000 per day higher. Clarksons estimates that 53% of LR2 fleet is now trading dirty, up from 48% two months ago.
Rapid switching of newbuild LR2s to dirty trades after delivery alleviates product carrier rate pressure from high orderbook.
Aframax rates are heavily outperforming LR2 rates, prompting a larger-than-usual migration of coated tankers from clean to dirty trades.
• P&I cheaper than 30 years ago, insists Gard’s Roppestad
Biggest club strong enough to make core product a loss leader Current year underwriting performance will be negative, but that’s the plan
IMO deadlock could impact future claims picture
• Coal shipments down as global steel production falls
Imports to advanced economies are forecast to hit a 23-year low in 2025. Predictions the seaborne coal trade had already peaked may have seemed premature earlier in the year, but the data is showing a steady decline in 2025.
• Diana Shipping tables buyout offer for Genco
Diana Shipping has made its move on New York-listed Genco Shipping & Trading, tabling a cash offer to acquire all remaining shares it does not already own at $20.60 per share. The Athens- based owner, led by chief executive Semiramis Paliou, holds 14.8% of Genco after steadily building its position since first disclosing a 7.7% stake in July. The offer represents a 15% premium to Genco’s closing price on November 21, and around a 21% premium to the price when Diana first revealed its investment. It also sits in line with Genco’s 10-year share price high.
Paliou said the deal offers Genco shareholders “immediate cash value” at an attractive level relative to the company’s historical trading range. She added that merging the two platforms would boost scale and operating leverage “at what we consider an opportune time in the dry bulk cycle.” Diana said it plans to finance the acquisition through a new debt facility and intends to sell select assets post-transaction to optimise its balance sheet. Paliou also noted the combined company would pull talent from both organisations. Genco, headquartered in Manhattan and led by John Wobensmith, controls a fleet of more than 40 vessels from Supramaxes to Newcastlemaxes. Its strategic position in the US- listed bulker space has drawn previous interest from players including George Economou and Singapore’s Berge Bulk.
Shipping analysts at SEB, a Swedish investment bank, value Genco’s net asset value at $25.8 per share, implying Diana’s proposal sits at 0.8x P/NAV. While the offer is about 20% below the broker’s NAV estimate, SEB called the bid “within reason,” noting it is roughly 10% below its $23 target price. As a benchmark, Blue Northern’s 2024 takeover of Belships priced at
0.77x NAV. Diana itself operates a fleet of nearly 40 bulk carriers across multiple size segments and a takeover of Genco would create one of the largest Greek-controlled dry bulk platforms.
• Seaspan poised to enter ethane carrier business
Seaspan is set to push beyond its boxship roots with a debut entry into the very large ethane carrier (VLEC) market through a major newbuilding programme in China.
Shipbrokers say the Bing Chen-led owner has set sights on up to six 100,000 cu m VLECs at Jiangnan Shipyard, part of China State Shipbuilding Corp (CSSC). The project is understood to involve three firm ships and three options, with pricing around $149m per vessel. The ships are expected to be backed by a long-term charter to a major Chinese state oil company.
CSSC confirmed that a memorandum of cooperation has been signed involving Seaspan, Cosco Shipping LNG, CSSC Trading and Jiangnan Shipyard.
A VLEC order would mark a major strategic shift for Seaspan, the world’s largest independent containership lessor with more than 180 ships on the water and over 50 newbuildings in its pipeline.
The move follows a period of deepening links between Seaspan and CSSC, with multiple boxship orders placed across the group’s yards in recent years, including a 12-ship series of 9,000 teu vessels inked in August.
For CSSC, the project would extend Jiangnan Shipyard’s growing track record in the ethane carrier space. The yard has delivered some of the world’s largest VLECs, including the first IMO Type-B tank vessels.
Seaspan has been broadening its reach beyond boxships since late 2023, when it teamed up with Hyundai Glovis to enter the car carrier market with a series of large PCTCs. The VLEC move would bring it into yet another high-growth segment, supported by China’s expanding ethane import and cracker infrastructure.
• Assessing the longevity of today’s shipbuilding boom
• Newbuild deliveries in 2025, in cgt terms, are set to be the highest since the end of the last boom in 2012. How long the shipbuilding boom will last forms the lead in the November newsletter. The monthly title also contains the key news items from November, arguably the busiest month of the year for shipping news.
• If companies stop hiring juniors because AI boosts individual output, who becomes a senior in 10 years?” How strong freight rates, sky-high crude earnings and firming bulker prices are driving a rush of late-year deals, from 15-year-old capes above $30m to mid-teen ultramaxes and $32m Mrs.
• During a time of shifting regulation, only the most advanced fleet analytics solutions can ensure long-term benefits in efficiency, profitability and compliance, explains Anders Bergh, project execution manager, Manta Marine Technologies.
• The recent one-year delay to the International Maritime Organization’s (IMO) Net-Zero Framework at the Marine Environment Protection Committee (MEPC) second Extraordinary Session underlines an important truth for the maritime sector: the regulatory landscape is in a state of flux and can be difficult to predict. Additionally, the pause will likely result in a patchwork of competing regional greenhouse gas emissions regulations, further complicating compliance.
This poses challenges to the industry in a number of ways, but perhaps one of the less appreciated relates to harnessing the power of fleet analytics solutions to boost efficiency and profitability, while simultaneously supporting compliance with shifting regulations.
It’s against this backdrop that less advanced reporting solutions will fall short of what is required – basic database software or more simplistic noon reporting is unlikely to deliver for the industry at a time of evolving complexity. Instead, there is an increased need for more sophisticated solutions offering simpler, more efficient and more accurate real-time reporting, while minimising the risk of human error.
Whether because of the introduction of new regulations or a steady uptake of alternative fuels, the future is set to look different, and the industry requires fleet analytics solutions that keep pace with these changes.
• Future-proofed solutions
The good news for the industry is that advanced fleet analytics solutions increasingly are designed to ensure compliance with the latest existing regulatory requirements.
This means that shipowners aren’t forced to manage splitting voyages according to the requirements of MRV, for example, because they have solutions designed to automatically organise data into the exact required structure. This is equally the case when it comes to ensuring compliance with the likes of other mandatory regulatory requirements such as the Carbon Intensity Indicator (CII), FuelEU, and European Union Emissions Trading System (EU ETS).
As regulatory efforts to control emissions intensify, these reporting solutions can prove particularly valuable – enabling shipowners to automatically import sensor data on fuel consumption without manual calculations.
This automation also drastically reduces the time spent by crew and shore-based personnel on repetitive data entry, reconciliation, and compilation. Hours of manual work can be reduced to minutes of review.
Additionally, these solutions allow shipowners to cross-reference reported fuel consumption with engine power, speed over ground, and bunker delivery notes (BDNs), providing further reassurance of accuracy.
• Laying the groundwork for machine learning
Alongside ensuring maritime businesses are prepared for new regulatory requirements, more sophisticated fleet analytics solutions also lay the groundwork for realising the potential of advancing machine learning technologies.
This is because they enable businesses to combine automatically collated data within the same system as they store manual records, providing opportunities for superior performance analysis and the training of machine learning models by harnessing insights from both data sources. As new technologies emerge, these smarter reporting tools lay the groundwork for seizing the potential of the future, while enhancing decision making, slashing costs and reducing risk in the present.
• Fitness for the future
Realising the full reporting potential of these solutions can prove transformative, ensuring accurate and compliant data is recorded automatically. We’ve heard of instances where shipowners have dealt with hundreds of reporting problems and reduced these to zero simply through investing in the latest solutions.
These will only prove more valuable at a time when the landscape is evolving and there might be challenges on the horizon – whether new regulations or the increased use of alternative fuels.
Through the power of advancing fleet analytics, maritime can embrace the future, operating efficiently and profitably, prepared for regulatory shifts and able to seize the potential of new technologies.

Baltic News 25th Nov, 2025
BALTIC INDICES 25/11/2025
DRY INDEX: 2309 (+14)
BPI82 TC AVG $/DAY 17615 (+117)
BSI TC AVG $/DAY 18085 (-18)
BHSI TC AVG $/DAY 14722 (-28)

TIMECHARTER
‘Leading Bravery’ 2011 93761 dwt dely Song Xia 2/3 Dec trip via Australia redel South China intention coal $18,500
‘Saronic Trader’ 2011 93112 dwt dely Dahej 25/30 Nov via South Africa redel China intention Chrome ore $17,000 – Minmetals

‘MSXT Emily’ 2022 85268 dwt dely Gangavaram 19 Nov trip via EC South America redel China $18,000 – Oldendorff
‘Yue Dian 51’ 2010 57020 dwt dely Hong Kong 26/27 Nov trip via Indonesia redel SE Asia $14,000

PERIOD
‘W-Original’ 2012 81874 dwt dely Hong Kong 29 Nov/4 Dec 6/8 months redel worldwide $15,750

VOYAGES ORE
‘Star Sienna’ 2017 190000/10 Acu/Qingdao 21/27 Dec
$24.20 fio 90000shinc/30000shinc – Anglo
‘TBN’ 170000/10 Dampier/Qingdao 11/13 Nov $10.65 fio 90000shinc/30000shinc – Rio Tinto
‘TBN’ 170000/10 TRMT/Son Duong 1/3 Dec $8.00 fio 90000shinc/30000shinc – Vale
‘TBN’ 170000/10 Seven Islands/Qingdao 8/14 Dec
$31.00 fio 90000shinc/30000shinc – Glencore
‘TBN’ 160000/10 Port Hedland/Qingdao 12/14 Dec
$10.50 fio 80000shinc/30000shinc – BHP

COAL
‘TBN’ 75000/10 Newport News – Norfolk/EC India 21/30 Nov $42.95 fio 40000shinc/40000shinc – SAIL
‘TBN’ 75000/10 APCT-HPCT-DBCT/EC India 15/24
Dec $18.50 fio 40000shinc/40000shinc – SAIL

CAPESIZE
The market maintained a steady tone today, with the BCI 5TC nudging up by $253 to $30,938. Following yesterday’s active start in the Pacific, it was another busy session, supported by a full slate of three miners in the market and a slight rise in coal enquiry. Conditions remained stable overall, with several fixtures concluded in the $10.50–$10.60 range, even as the C5 index dipped marginally by 0.100 to $10.595. Further west, activity out of South Brazil and West Africa to China remained subdued. Brokers noted a lack of bids on C3, with offers generally hovering around the $25 mark. Despite this, the C3 index held largely flat, posting a slight uptick of 0.004 to $24.745. In the North Atlantic, sentiment stayed positive, with nearby positions said to be tightening as demand gradually builds.

Atlantic
Cargill Metals fixed a TBN yesterday for 170,000/10 from Ubu to Qingdao 15/24 December, although further details have not been disclosed. Glencore fixed a TBN for 170,000/10 from Seven Islands to Qingdao 8-14 December at $31.00. Anglo is reported to have fixed the Bohai controlled Star Sienna (207,721 2017) for 190,000/10 from Acu to Qingdao 21/27 December at $24.20.

Asia
Rio Tinto fixed 2xTBNs for 170,000/10 from Dampier to Qingdao for 11/13 December at $10.60 and $10.55. BHP fixed a TBN for 160,000/10 from Port Hedland to Qingdao for 12/14 December at $10.50. Vale fixed a TBN for 170,000/10 from TRMT to Son Duong for 1/3 December at what was reported to be above $8.00, though further details were unavailable.

PANAMAX
It has been a steady week so far, with fronthaul grains leading the charge and helping sentiment to steer the ship forward. Market fundamentals remain largely unchanged, with the U.S. Gulf and U.S. East Coast still providing a solid foundation for overall Atlantic confidence. In Asia, continued firmness has been evident, particularly in Indonesia where some prompt stems have emerged, adding increasing pressure in the South as charterers compete for available tonnage.
Prompt supply in the Pacific remains tight against a healthy flow of cargo. Period activity was noted, with the W-Original (81,874 2012) Hong Kong 29 November / 4 December reported to have fixed for 6/8 months redelivery worldwide at $15,750 although further details remained undisclosed. Similarly, the Cmb Medoc (95,746 2012) open China was also reported to have fixed period with Messrs Swissmarine for two years but again further details were yet to emerge.

Atlantic
Brokers have said they have seen an increasing amount of tonnage ballasting from India to fulfil the EC South American demand with the Eco Czar (82,372 2009) Haldia 10 November fixing a round voyage but further details remained undisclosed.

Asia
The CS Chongqing (84,967 2022) Huanghua 25 November was reported to have fixed an EC Australian round voyage, but details were not revealed. The CS Chongqing (84,967 2022) Huanghua 25 November also fixed for an Australian round voyage at $19,000 but the charterer remains unknown.

SUPRAMAX
A rather mixed day for the sector, whilst the Atlantic saw a general erosion on rates certainly from the US Gulf the Asian arena remained slightly more positive. The East Mediterranean remained under downward pressure whilst some said that there was still a reasonable amount of activity from the West mediterranean. The South Atlantic remained rather flat some said but limited activity surfaced. From Asia, the sentiment remained positive, brokers saying that fresh enquiry remained from the south. Overall, however the 11TC lost a little bit of ground dropping $18 to finish the day at $18,085.

Atlantic
The Josco Liuuzhou (64,231 2020) was heard fixed basis delivery EC South America prompt for a trip SE Asia at $17,250 plus $725,000 ballast bonus with a Grain house, but no more details came to light. The Clipper Fair (63,452 2015) open Itaguai 5 December was placed on subjects at $31,000 for a trip WC South America to Norden. Elsewhere it surfaced, the Nord Nile (63,969 2025) Immingham end Nov fixed via the Continent redelivery Far East for about 70 days at $25,000. Also, the FJ Star (61,225 2016) Ghent 26/27 November was heard fixed around $30,000 for a trip via ARAG with scrap to East Mediterranean with EFE.

Asia
A Supramax was heard fixed delivery Indonesia for a trip to China at around $16,000 but further details remained under wraps.

HANDYSIZE
The market experienced another subdued day, with flat sentiment prevailing across regions. The BHSI slipped by 1 point to 818, while the 7TC average dropped by $28, closing at $14,722. In the Continent and Mediterranean, little to no change was recorded, with rates holding steady for now. In both the South Atlantic and U.S. Gulf, sources noted a wide bid/offer spread and owners beginning to re-evaluate their expectations downwards. A small handy was fixed from EC South America to West Africa with grains at $19,500, though no further details were released. Meanwhile, the Asian market also saw limited activity.
Some slight tightening of tonnage was observed in both NoPac and Southeast Asia, though rates remained largely steady.

BALTIC FORWARD ASSESSMENTS –
TUESDAY 25 NOVEMBER 2025 BFA CAPESIZE

PERIOD VALUE CHANGE
Nov 25 28,257 $/day 536 ↑
Dec 25 28,332 $/day 896 ↑
Jan 26 21,357 $/day 764 ↑
Feb 26 15,407 $/day 389 ↑
Mar 26 20,125 $/day 464 ↑
Apr 26 21,579 $/day 236 ↑
Q4 25 27,011 $/day 477 ↑
Q1 26 18,963 $/day 539 ↑
Q2 26 23,746 $/day 307 ↑
Q3 26 25,714 $/day 153 ↑
Q4 26 26,229 $/day 118 ↑
Q1 27 16,850 $/day 93 ↑
Cal 26 23,663 $/day 279 ↑
Cal 27 22,600 $/day 175 ↑
Cal 28 21,083 $/day 47 ↑
Cal 29 19,976 $/day 47 ↑
Cal 30 19,062 $/day 2 ↑
Cal 31 18,889 $/day 15 ↑
Cal 32 18,729 $/day 0 →

BFA PANAMAX 82
PERIOD VALUE CHANGE
Nov25 17,013 $/day 2 ↑
Dec25 18,097 $/day -235 ↓
Jan26 16,082 $/day -338 ↓
Feb26 14,893 $/day -197 ↓
Mar26 16,286 $/day -232 ↓
Apr 26 16,213 $/day -135 ↓
Q4 25 17,116 $/day -77 ↓
Q1 26 15,754 $/day -255 ↓
Q2 26 16,047 $/day -239 ↓
Q3 26 14,749 $/day -294 ↓
Q4 26 14,179 $/day -225 ↓
Q1 27 12,834 $/day -86 ↓
Cal 26 15,182 $/day -254 ↓
Cal 27 13,700 $/day -68 ↓
Cal 28 13,367 $/day -17 ↓
Cal 29 13,165 $/day -7 ↓
Cal 30 12,898 $/day -6 ↓
Cal 31 12,747 $/day -12 ↓
Cal 32 12,765 $/day -8 ↓

BFA SUPRAMAX 63
PERIOD VALUE CHANGE
Nov25 17,573 $/day -50 ↓
Dec25 18,184 $/day -243 ↓
Jan26 16,141 $/day -207 ↓
Feb26 14,405 $/day -218 ↓
Mar26 15,977 $/day -200 ↓
Apr 26 15,755 $/day -68 ↓
Q4 25 17,821 $/day -98 ↓
Q1 26 15,508 $/day -208 ↓
Q2 26 15,948 $/day -65 ↓
Q3 26 15,459 $/day -68 ↓
Q4 26 14,967 $/day -46 ↓
Q1 27 13,068 $/day 27 ↑
Cal 26 15,471 $/day -96 ↓
Cal 27 14,313 $/day -21 ↓
Cal 28 14,075 $/day -48 ↓
Cal 29 13,930 $/day -11 ↓
Cal 30 13,646 $/day 1 ↑
Cal 31 13,659 $/day 0 →
Cal 32 13,550 $/day 2 ↑

BFA SUPRAMAX 58
PERIOD VALUE CHANGE
Nov25 15,539 $/day -50 ↓
Dec25 16,150 $/day -243 ↓
Jan26 14,107 $/day -207 ↓
Feb26 12,371 $/day -218 ↓
Mar26 13,943 $/day -200 ↓
Apr 26 13,721 $/day -68 ↓
Q4 25 15,787 $/day

Baltic Exchange Index – 25 NOVEMBER 2025
Baltic Exchange Capesize 182 Index

Route Description Value Change

C8_182 182000mt Gib/Hamburg transatlantic RV 39,863 + 325
C9_182 182000mt Cont-Med trip China-Japan 54,200 + 244
C10_182 182000mt China-Japan transpacific RV 32,800 – 141
314_182 182000mt China-Brazil round voyage 30,893 + 216

C16_182 182000mt Backhaul 13,372 + 300

C5TC 182 Weighted Timecharter Average 33,629 + 121

Baltic Exchange Index – 25 NOVEMBER 2025
Baltic Exchange Capesize Index 3730 (+30)

Route Description Value($) Change
====== =================================== =======
C2 160000mt Tubarao to Rotterdam 13.488 + 0.238
C3 160-170000mt Tubarao to Qingdao 24.745 + 0.004
C5 160-170000mt W Australia to Qingdao 10.595 – 0.100
C7 150-160000mt Bolivar to Rotterdam 16.219 + 0.013
C8_14 180000mt Gibraltar-Hamburg T/A RV 35,356 + 400
C9_14 180000mt Conti/Med Trip China/Japan 50,567 + 400
C10_14 180000mt China/Japan T/P RV 30,161 – 84
C14 180000mt China-Brazil RV 27,764 + 282
C16 180000mt N.China to Skaw-Passero 10,372 + 422

C17 170000mt Saldanha Bay to Qingdao 18.675 0.000

5TC Weighted Timecharter Average 30,938 + 253

Baltic Exchange Panamax 82500mt Index 25 NOVEMBER 2025
Baltic Exchange Panamax Index 1,957 (+ 13)

Route Description Value ($) Change

P1A_82 Skaw-Gib T/A RV 18,555 +216
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 25,166 +129
P3A_82 HK-SKorea incl Taiwan, Pacific/RV 17,937 +146
P4_82 HK-SKorea incl Taiwan to Skaw-Gib 10,510 +16

P6_82 Dely Spore Atlantic RV 16,415 +39

P5TC Weighted Timecharter Average 17,615 + 117

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

Route Description Value ($) Change

P5_82 S. China Indo RV 18,425 +139
P7 66000mt Mississippi Rvr to Qingdao 56.900 + 0.250
P8 66000mt Santos to Qingdao 39.386 + 0.036

Baltic Exchange Panamax 82 Asia Index – 26 November 2025

Route Description Size (MT) Value($) Change

P5_82 S.China one Indo RV 18,513 +88

Baltic Exchange Supramax Index – 25 NOVEMBER 2025
Baltic Exchange Supramax Index 1431 (- 1)

Route Description Value ($) Change

S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 21,129 – 129
S1C_63 US Gulf trip to China-South Japan 29,836 – 700
BS2_63 North China one Australian or Pacific RV 15,888 +74
BS3_63 North China trip to West Africa 13,320 -30
S4A_63 US Gulf trip to Skaw-Passero 31,646 -175
S4B_63 Skaw-Passero trip to US Gulf 13,671 0
BS5_63 West Africa trip via ECSA to North China 22,954 +33
BS8_63 South China trip via Indo to EC.India 17,879 +122
BS9_63 W.Africa trip via ECSA to Skaw-Passero 19,021 -50
S10_63 S.China trip via Indonesia to South China 14,766 +59

S15_63 Indian Ocean trip via S.Africa to Far East 15,758 + 133

S11TC Weighted Timecharter Average 18,085 -18
S10TC Supramax(58) Timecharter Average 16,051 -18

Baltic Exchange Supramax Asia Index – 26 November 2025

Route Description Value($) Change

S2_63 N.China one Austr or Pac RV 15,950 +62
S8_63 S.China via Indonesia/Ec India 17,986 +107

S10_63 S.China via Indo/S.China 14,894 +128

S3TC Weighted Time Charter Average 16,234 +94

Baltic Exchange Index – 25 NOVEMBER 2025
Baltic Exchange Handysize Index 818 (- 1)

Route Description Value ($) Change

HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro 11,279 -57
HS2_38 Skaw-Passero trip Boston – Galveston 13,657 – 136
HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero 20,606 -38
HS4_38 USGulf trip via USG or NCSA to Skaw-Passero 21,043 +86
HS5_38 SE Asia trip to Spore – Japan 13,693 -49
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn 12,300 -14

HS7_38 N.China-S.Kor-Jpn trip to SE Asia 12,000 +29

7TC Weighted Timecharter Average 14,722 -28

(c) Baltic Exchange Information Services Ltd., 2025

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