Can you believe this:
U.S. demands the return of the unexploded bomb!
Here’s a summary of what’s known so far about the situation you described — the unexploded “smart bomb” dropped on Lebanon, and the U.S. demand that Lebanon return it.
What’s going on
The bomb in question is reportedly a GBU-39B Small Diameter Bomb — a U.S.-made precision-guided “smart” glide bomb.
According to multiple media reports, the bomb was used by Israeli air forces during a strike in the southern suburbs of Beirut — aimed at killing a senior commander of Hezbollah — but this particular munition did not explode. It landed intact.
The intact bomb was reportedly found on a street in Beirut following the strike.
Why the U.S. is demanding its return
The U.S. government has formally and urgently requested that the bomb be returned to prevent the advanced technology inside from falling into the hands of non-state actors or rival states such as Russia, China or Iran.
The concern is that this bomb, because of its guidance systems, navigation, and overall design, could be reverse-engineered or studied
— giving adversaries insight into sensitive U.S. munition technology.
Reportedly, U.S. officials contacted the Lebanese government — via the Prime Minister’s office — just hours after the bomb’s recovery to demand the return.
Why this is controversial / problematic
The bomb landed in a civilian area (in Beirut’s southern suburbs, a residential district).
The area where it landed is reportedly under the control/influence of Hezbollah — creating a politically delicate situation: handing over the bomb is seen by some in Lebanon as a breach of sovereignty, or as collusion with U.S./Israeli demands.
So far, Lebanese authorities have not publicly committed to handing over the bomb, and there is no official confirmation that they will comply.
What the Bomb Is (Technical & Strategic Significance)
The GBU-39B is a “small-diameter bomb” (SDB), designed to be compact yet precise — enabling aircraft to carry multiple such bombs internally while causing minimal collateral damage.
Its guidance systems (GPS, inertial navigation) and precision capabilities make it a high-value munition; its intact recovery could allow other actors to examine and possibly replicate or develop counter-technology.
For the U.S., loss of control over such a bomb represents a risk to the security and secrecy of advanced weapons technology.
Potential Implications
If the bomb is returned to the U.S., Washington may claim it as crucial to safeguarding military tech.
If Lebanon refuses — or if the bomb disappears (or is handed over to Hezbollah or other actors) — this could escalate tensions between Lebanon, the U.S., and Israel; and raise concerns about proliferation of sensitive munitions tech.
The situation may also affect Lebanese domestic politics, especially given Hezbollah’s influence; the decision may reverberate across Lebanon’s fragile sectarian and political balances.
· Pope Leaves Lebanon, Israel prepares to strike Hezbollah
The Pope’s visit, while a noble call for fraternity, inadvertently provided cover for Hezbollah’s insidious rearmament in the shadows of the south—a terrorist proxy that has held the Galilee hostage for far too long. As his plane vanished westward, Israeli Hermes 900 drones resumed their vigilant patrols over Tyre, Nabatieh, and Bint Jbeil, their low hum a stark counterpoint to the papal hymns: a reminder that true
security in this land demands not just prayers, but precision strikes and unblinking resolve.
- Chinese Airlines slash over 900 Japan bound flights amid Taiwan tensions
December flights cut by 16% with cancellations tripling in 2 days.
- Death toll after tropical cyclones hit Indonesia’s Sumatra rises to 442
Authorities warn toll likely to rise as impact of flooding across
Southeast Asia grows
The death toll from heavy storms across three Indonesian provinces on Sumatra has jumped to more than 400 with a similar number still missing and 290,000 people evacuated as the impact of extreme weather across Southeast Asia over the past week continues to grow.
Southern Thailand, northern Malaysia and Vietnam have also been badly affected by the deluges that are being widely attributed to climate change. The combined number of fatalities is more than 700.
“North Sumatra is the most affected, with heavy rains falling since November 25 due to Cyclone Senyar and Cyclone Koto, both rare natural phenomena in the Sumatra region,” said Suhariyanto, head of Indonesia’s National Disaster Mitigation Agency (BNPB), on Saturday evening.
Two other provinces, West Sumatra and Aceh, also experienced heavy rainfall on Friday, he added. BNPB on Sunday evening updated the confirmed death toll across the affected area to 442 with 402 missing. Some 1.1 million people have been affected and 290,000 forced to evacuate their homes.
Evacuations and the distribution of aid have been hampered by landslides blocking access routes in highland areas.
“There are still points that cannot be reached, and there are indications that casualties remain in those locations,” Suhariyanto said, adding that prolonged power cuts and disrupted communication networks were also hampering rescuers and relief teams.
“To mitigate this, we have dispatched electric generators and Starlink units to local governments, evacuation centers, as well as to the military and policemen,” he said.
Evacuation operations in the three provinces are being led by BNPB, the National Search and Rescue Agency, the military, and the police.
“Weather conditions and soil structure remain unstable, and this presents a major challenge,” said Hery Marantika, Head of the Search and Rescue Office in Medan, North Sumatra.
Last Wednesday, the Meteorology, Climatology, and Geophysics Agency (BMKG) warned of the potential impact of tropical cyclones Senyar and Koto on the three affected provinces, as well as Riau and the Riau Islands.
“Over the past 10 years, tropical cyclones have become more frequent, following a pattern from November to March or April of the following year,” said BMKG Chairwoman Dwikorita Karnawati.
She linked the increasing frequency of cyclones to climate change, noting that Indonesia’s extensive vulnerable zones, particularly its hills and highlands, tend to suffer first from hydrometeorological disasters.
· The Most Boring Oil Month in Years Sets the Stage for a High- Stakes December
- The oil markets are increasingly forming a consensus view on 2026 prices, with a Reuters survey of analysts and economists yielding a $62 per barrel average for next year, a whopping $10 per barrel lower than their initial 2026 predictions.
- The IEA’s expectations of a 4.2 million b/d oversupply are the most extreme outlook, perhaps overtly biased; however, even the most conservative estimate puts the total stock-build in 2026 at 0.5 million b/d.
- US shale output starting to decline next year – with WTI projected to average $59 per barrel, some $3-4 below the breakeven cost of a new Permian well – should put a floor under prices, so steeper price slumps are considered less likely.
- High freight costs have so far restricted the flood of Atlantic Basin barrels into Asia; however, with the Brent-Dubai EFS spread now trading negative, it is only a matter of time before easing freight costs open up those floodgates.
- ICE Brent front-month futures have averaged $68.80 per barrel in January-November 2025, a more than $11 per barrel drop compared to the 2024 average.
Market Movers
- US oil major Chevron (NYSE:CVX) will farm into two oil and gas exploration blocks in Nigeria’s deepwater operated by –
France’s TotalEnergies (NYSE:TTE), covering 2,000 km2 in the West Delta Basin.
- The disappointing tug-of-war between oil doomers that anticipated a rapid return of Russian supply to markets after a quick Russia- Ukraine peace deal and the remaining oil bulls expecting military action in Venezuela has ultimately led to November going down as one of the most boring months in recent history, with ICE Brent trading within a $3-per-barrel trading range all month ($62.48 to
$65.16). As the OPEC+ meeting brought exactly what the markets expected, all eyes are now on the Witkoff-led shuttle diplomacy between Moscow and Kyiv that could tilt the balance in December.
Copper Booms as China Announces Smelting Cuts. Copper prices in China, traded on the Shanghai Futures Exchange, rose to an all-time high of ¥89,650 per metric tonne ($12,650/mt) after CSPT, one of the country’s largest smelters, agreed to cut production by more than 10% in 2026.
CPC Resumes Loading After Drone Attack. The Caspian Pipeline Consortium, Kazakhstan’s main export conduit, has resumed oil loadings on Monday after a Nov 29 Ukrainian drone attack damaged its single- point mooring No.2, however, shipments are currently only running at 50% capacity.
UK Pulls Out of Key African LNG Project. The British government has pulled its $1.15 billion financial backing for the TotalEnergies- operated (NYSE:TTE) Mozambique LNG project, a month after the plant’s 4-year force majeure was lifted, citing high security risks and shifting government priorities.
Venezuela Warns of US Eyeing Its Reserves. Venezuela’s President Nicolas Maduro has accused the Trump administration of seeking to take over the country’s 300-billion-barrel oil reserves after imposing an airspace blockade on November 29, appealing to OPEC members for support.
Taiwan Doubles Down on LNG Usage. Taiwan published official energy consumption statistics for October, showing that LNG accounted for 53% of the country’s power generation mix for the first time ever, with Taipei boosting gas imports as it shut down its last nuclear reactor in Maanshan.
Black Sea Insurance Rates Soar on Drone Strikes. Ukraine’s drone strikes on tankers carrying Russian oil and dry bulk goods, with two confirmed hits in Turkish waters, have lifted insurance rates in the Black Sea as Russian loadings now wield a rate of 0.8% of ship value compared to 0.6% last week.
China Pitches Iron Ore Expansion for Miners. China’s Iron and Steel Association has urged domestic mining companies to expedite iron ore mining projects in the country as its import dependence has been soaring, taking in more than 1 billion tonnes last year or 70% of its overall requirements.
China, Japan give conflicting accounts of confrontation around Senkaku islands
China and Japan gave conflicting versions of a maritime confrontation involving their coast guards and a Japanese fishing vessel around the disputed Senkaku islands on Tuesday.
China’s Coast Guard said the Japanese fishing vessel had illegally entered the waters of the Senkaku islands, which Beijing calls the Diaoyu islands, before being expelled, in a statement which also claimed the islands are Chinese territory.
However, Japan’s Coast Guard said it intercepted and expelled two Chinese Coast Guard ships as they approached the fishing vessel in the early hours of Tuesday morning.
A diplomatic spat between China and Japan has intensified since Japanese Prime Minister Sanae Takaichi told parliament on November 7 that a hypothetical Chinese attack on democratically ruled Taiwan could trigger a military response from Tokyo.
- A Russian-flagged tanker sailing from Russia to Georgia loaded with sunflower oil reported that it was attacked off the Turkish coast but its 13 crewmembers were unharmed, Turkey’s maritime authority said on Tuesday, likely the latest incident in a renewed, sprawling campaign being carried out by the Ukrainian military. The vessel, Midvolga-2, reported coming under attack 130 km off the Turkish coast but did not make a request for assistance and was proceeding towards Turkey’s Sinop port, the Maritime Affairs Directorate said on X.
Insurance rates for ships transiting the Black Sea have shot up in the wake of Ukraine’s naval drone strike late on Friday on two Russia-linked shadow fleet tankers – the Kairos suezmax (pictured) and
the Virat aframax. “The incident is regarded as the most significant attack on commercial vessels in the Black Sea since the start of the conflict,” analysts at broker BRS suggested in a new tanker report.
The war between Russia and Ukraine has clearly begun to threaten navigational safety in the Black Sea
Turkish president Tayyip Erdogan said on Monday that attacks on commercial ships in the Black Sea were unacceptable, issuing a warning to “all related sides”.
“The war between Russia and Ukraine has clearly begun to threaten navigational safety in the Black Sea. The targeting of vessels in our exclusive economic zone on Friday signals a worrying escalation,” Erdogan told reporters.
The double tanker attack follows a separate drone wave earlier last week that hit two bulkers and the CPC Pipeline headquarters on November 26. In the same wave of attacks that damaged the tankers, a drone hit the CPC offshore terminal at Novorossiysk, which handles over 1% of global oil supply and nearly 80% of Kazakhstan’s exports.
The terminal operates three single-point moorings. SPM2 was disabled in the strike and may be out of operation for up to a year, according to
BRS. The backup SPM3 has been offline for maintenance since November 12 and is expected to return only in about two months, while SPM1 remains the sole operational mooring point.
“Export capacity is therefore set to be constrained until early 2026,” with volumes currently at about half their usual level.
“The attacks may elevate regional risk premiums and could temporarily shift Europe’s light crude sourcing towards alternative light, sweet crude suppliers such as the US and North Africa.”.
Meanwhile, in another incident being linked to Ukraine’s sprawling naval campaign, the Panama-flagged tanker Mersin suffered four external explosions while at anchor off the coast of Dakar in Senegal, according to Besiktas Shipping. The attack happened late on November 27 and resulted in the ship’s engine room flooding.
Mersin has long been engaged in transporting refined products from Russia to Africa and South America and has been anchored off Dakar since late September. Its last AIS signal was recorded on November 23. Images shared online show the stern perilously close to the waterline.
The timing of the incident, so soon after high-profile strikes on Russian- linked tonnage, has fuelled conjecture in the market that Ukrainian special forces were behind the attack— even though Mersin is not sanctioned, is G7 price-cap compliant, and has a known beneficial Owner.
Five vessels this year — Vilamoura, Grace
Ferrum, SeaJewel, Seacharm and Koala — have already been damaged in mysterious blasts, with one common thread: all had previously called at Russian ports.
“The Mersin is more than a sinking ship. It’s a warning that opaque Russian oil flows are not ‘cost-free’ for the world. If this can happen off Senegal, systemic risk is already sitting off coasts everywhere,” commented Ami Daniel, CEO of maritime analytics firm Windward, in a post on LinkedIn yesterday.
- Retaliation also being considered
President Putin warned that Russia may consider attacking tankers of countries that support Ukraine if attacks on tankers registered in Russia continue to increase, according to the Interfax
news agency. According to Putin, “What the Ukrainian military is doing now is piracy,” Putin said. He suggested that expanding Russian attacks to include port facilities and ships calling at Ukraine could be a first step in response. “We will consider the possibility of retaliating against ships of countries that support Ukraine in carrying out these acts of piracy. I’m not saying we will do this, but we will consider the possibility,” he continued.
- U.S. President Donald Trump has hinted at his intention to launch ground attacks soon targeting drug cartels in Venezuela and elsewhere. The Pentagon is currently attacking “drug smuggling vessels” in the Caribbean and the eastern Pacific. “We’re going to start ground attacks soon,” Trump said at the
White House. “Ground attacks are much easier, and we know their routes.” He added that the launch of ground attacks is “very close.” He also mentioned Colombia and Venezuela, saying any country attempting to bring illegal drugs into the United States could be a target.
· Shipping investors fear geopolitical rate upside could unwind in 2026
- In one 2026 scenario, Russia-Ukraine war ends, Red Sea reopens and US tariff disruptions decline
- Tanker equity prices have been under pressure due to concerns that geopolitical upside will diminish, even as spot rates remain historically high
- Easing US-China tensions erased disruption upside from port fees but potential Supreme Court ruling against tariffs could be short- term positive for liner demand
- Shipping thrives amid geopolitical chaos. There is rising sentiment
— which a cynic would say is too optimistic — that the world will become more peaceful and shipping inefficiencies will be reduced next year.
· Ukraine’s right to take out shadow fleet tankers is legal grey area
Any naval attack on any merchant vessel of any flag potentially constitutes a war crime, but Kyiv could justify move as furtherance of war aims. Message to Western shipowners will be obvious… and entirely intended, Black Sea war risk rates rise after drone strikes on fears of Russian backlash.
· Boxship charter market remains
mismatched from freight markets as rates hold firm
Despite a 35% year-on-year fall in average freight indices on major east–west routes, charter rates have mostly moved sideways
The 1,700 teu segment has seen strongest charter rate growth in the past year as daily rates reach $29,000 for one year fixtures Sub-panamax and feeder segments remain most active with recent charter extensions by Zim, Samudera, and Unifeeder Tonnage availability in the post-panamax segment especially limited, but some deals are being done behind closed doors.
· Taiwan tightens noose on high-risk tonnage
Taiwan is amending its Law of Ships regulations with a view to fining ship operators up to NT$10m ($318,000) for vessels failing to maintain accurate identification.
Ships entering Taiwanese waters must keep their automatic identification system (AIS) on and transmit correct data, or face a fine.
Similarly, all vessels must display their vessel name and IMO number in visible markings unless exempted by SOLAS rules. These markings cannot be altered or concealed.
Vessels of 150 metric tons or more must keep a logbook with accurate records of navigation and incidents while in Taiwan’s territorial or restricted waters.
Taiwan began enforcing a new shipowner liability insurance review system in October, the latest in a string of measures aimed at tightening control of questionable vessels entering its ports.
All ships calling at Taiwan’s commercial ports must show proof of protection and indemnity (P&I) cover from either one of the 12 members of the International Group of P&I Clubs, a Taiwanese underwriter, or from an insurer with a minimum BBB rating from an international credit
agency. Authorities said 96.7% of vessels trading with Taiwan already comply.
Ships that fail to meet the criteria will either be required to lodge a deposit or risk being denied port entry altogether.
The move follows a series of initiatives rolled out by Taipei in recent years to strengthen maritime governance and insulate its waters from what officials have called “high-risk” tonnage, amid various attempts by ageing merchant ships to cut subsea cables.
In 2023, Taiwan introduced tighter vetting of vessels with opaque ownership structures. That same year, port authorities carried out a record number of safety inspections, singling out ships over 20 years of age and ships flagged with registries on international watchlists.
Officials have also sharpened financial oversight of tonnage calling in, requiring more transparency in payments and insurance documentation, while customs officers have been given expanded powers to seize ships suspected of falsifying AIS signals.
Following reports of cable breakage and to strengthen the safety of Taiwan’s waters and key infrastructure, ships from Mainland China, Hong Kong and Macau from April this year are required to go through longer port visit application processes to the island with the paperwork expected to take up to a month per vessel visit. Ships also flying the flags of Cameroon, Tanzania, Mongolia, Togo and Sierra Leone are also required to fill in the extra filings, many of which will be screened by Taiwanese security officials before being passed on to the MPA.
Like in the Baltic, Taiwan has faced multiple attacks on its subsea infrastructure in recent months, largely from merchant ships dragging their anchors.The island blacklisted 52 Chinese-owned ships in January while Taiwan’s National Security Bureau has said ships which have previously been found to misreport information will be put on a list of ships for priority inspection at ports.
Moreover, if these ships enter within 24 nautical miles of Taiwan’s coast and are close to where undersea cables are, the coast guard will be dispatched to board them and investigate.
A ship accused at the end of February of damaging cables off Taiwan had a simple way of changing identity.
The Togo-flagged Hongtai 68 was able to change its name many times as the crews simply replaced three steel plates (pictured) at its stern and on its bow whereby it has also recently traded as the Hongtai
58 and Shanmei 7. The captain of the vessel – dubbed in local media as the ‘thousand faces ship’ – had on an earlier occasion been caught entering Taiwan with false documents.
In related news, images have emerged of tests of a Chinese LY-1 laser weapon mounted on a civilian roro vessel.
A new update from the Institute for the Study of War in the US warns that the People’s Liberation Army (PLA) is increasingly relying on civilian cargo ships and ferries for an amphibious strike on Taiwan.
According to the institute, the PLA conducted landing exercises this summer using multiple types of civilian vessels — from roros to deck cargo ships — that unloaded vehicles and equipment directly onto beaches, bypassing port infrastructure entirely.
· Norsepower wins contract to install rotor sails on two Japanese VLCCs
Norsepower has won the contract to install rotor sails on a pair of methanol-fuelled VLCCs in a world-first for shipping.
Japan’s Idemitsu Tanker first revealed its contract to build these new- look ships in May this year, signing with Japan Marine United Corporation (JMU) and Nihon Shipyard for the tankers, costing $135m each. Today, it was revealed that they will feature Norsepower kit on deck with two 35 m by 5 m rotor sails. The first vessel is scheduled for delivery at the end of 2028.
“This project reflects our philosophy of combining reliable operations with innovation to serve global energy needs responsibly,” commented a spokesperson for Idemitsu Tanker.
Norsepower Rotor Sails have already been installed on 22 tankers of various sizes — from smaller chemical tankers, LC02 carriers, MRs, LRs, VLGCs — and now, for the first time, on VLCCs.
Heikki Pöntynen, CEO of Norsepower, said: “This is a defining moment for Norsepower and for wind propulsion in global shipping. Partnering with Idemitsu Tanker and JMU on the first VLCCs with rotor sails and doing so as our first newbuild project in Japan is a tremendous step forward. Japan has already become the single biggest market for Norsepower projects, and this collaboration confirms both the trust in our technology and its relevance across all tanker segments.”
The Norsepower Rotor Sail is a modernised, data-driven evolution of the Flettner rotor – a spinning cylinder that uses the Magnus Effect to capture wind and deliver clean propulsion.
Other Japanese shipowners have made significant investments in wind technology. Mitsui OSK Lines has been developing a hard sail over the past decade, while Kawasaki Kisen Kaisha is pursuing kite technology on a large scale. In September, Nissen Kaiun became a shareholder in Dutch wind tech pioneer Econowind, the inventor of the VentoFoil, a wing-shaped wind-assist device.
· Hyundai Motor brings hydrogen push to shipping with new fuel-cell drive
Hydrogen’s footprint in transport is widening – from cars and buses to tractors and now ships – with Hyundai Motor stepping up as a key catalyst.
This week in Seoul, Hyundai Motor signed a multilateral MOU with HD Korea Shipbuilding & Offshore Engineering (HD KSOE) and Pusan National University to develop and commercialise hydrogen fuel-cell systems for vessels, marking a significant crossover of automotive hydrogen technology into the maritime sector.
Under the agreement, the partners will create a ship-specific hydrogen fuel cell and a hybrid electric propulsion system combining hydrogen co- fired diesel engines with fuel cells. The technology is based on Hyundai’s mass-produced fuel cell platforms already deployed in vehicles.
A hydrogen co-fired diesel engine blends hydrogen with conventional diesel during combustion, a process expected to cut harmful exhaust emissions and improve efficiency compared with standard marine engines. The integrated system will be designed by HD KSOE, with Hyundai supplying ship-optimised fuel cells and Pusan National University conducting testing, evaluation and demonstration through its Hydrogen Ship Technology Center.
The companies are targeting applications in eco-friendly vessel segments, including liquefied hydrogen carriers, with Hyundai planning to complete development following an on-water demonstration phase before moving toward wider commercial rollout in partnership with HD KSOE.
Hyundai Motor is not the only automaker looking to maximise revenues from their pioneering fuel cell tech by targeting shipping. Japanese car giant Toyota has developed a fuel cell system for maritime applications.
· Takeover target Zim in talks to charter up to a dozen Greek newbuildings
Israeli liner operator in discussions to take ships for up to five years. Israel operator Zim is negotiating a chunky deal for upto a dozen sub- panamax container ships.
· Zim shares soar to six-month high after takeover bid.
Analyst says a proposed take-private transaction could be complicated
Shares in Israeli liner operator Zim surged to their highest level in six months on Tuesday after the company disclosed it was considering a takeover offer. The shares jumped as high as 10.8% to reach $19.03 in morning trading on the New York Stock Exchange. The last time Zim shares reached that level was in May.
Shares dipped back to $18.97 in the afternoon, which was still a 10.4% gain so far in the day.
· China agrees with Russia on issues related to Japan – “resolutely” insists on victory in World War II
China and Russia have made strategic coordination on Japan- related issues and reached a high level of agreement. After the meeting between Foreign Minister Wang Yi and Russian Security Council Secretary Shoigu held on the 2nd statement was announced. China and Russia pointed out that they agreed to “resolutely” uphold the victory won after the struggle of World War
II. He said he would firmly oppose any attempt to revive fascism or Japan militarism. The two countries also exchanged views on the situation in Ukraine. Wang reiterated that China supports all efforts to achieve a comprehensive and permanent peace agreement and will continue strategic communication with Russia on this issue.
- Chinese Rare-Earth Dealers Find Ways to Dodge Beijing’s Export Restrictions
Chinese companies are experimenting with workarounds aimed at keeping magnet sales to Western buyers humming. Chinese rare-earth magnet companies are finding workarounds to their government’s onerous export restrictions, as they seek to keep sales flowing to Western buyers without falling afoul of Chinese authorities. The companies are tweaking magnet formulas to avoid using certain restricted rare-earth elements and devising other strategies to get powerful magnets out of the country, like embedding them in motors,
according to employees of several large Chinese magnet companies and Western firms that buy from them.
· VLCC count doubles at Chinese ports as owners face congestion headache
Ship Brokers explain how high volumes and sanctions pressure are tying up tankers. VLCC congestion has soared at Chinese ports amid heavy arrivals and sanctions pressure. Signal Ocean data showed the count of vessels at Chinese ports had risen from just under 30 at the start of September to nearly 60 by the end of November.
· Judge tears up arrest order for Eletson LPG carrier
Release request made by Murchinson after disputed Ithacki changed ownership. A US judge has thrown out an arrest order against an Eletson-chartered LPG carrier that had been seized by Canadian hedge fund Murchinson.
The 12,000-cbm Ithacki (built 2018) had been one of six vessels that Murchinson seized in four countries as it sought to wrest control of the Greek shipowning group’s assets from its founding families. US District Judge David Morales, of the Corpus Christi branch of the US District Court for the Southern District of Texas threw out the arrest order on Tuesday at the request of Murchinson affiliates.
Eni declares new FLNG record as it fires up Phase 2 of Congo project
Newbuilding swings into action ahead of schedule with first cargo due for export in early 2026.
Eni is claiming the Nguya FLNG is a record breaker for the sector.
Italian energy company Eni has started up its floating LNG (FLNG) newbuilding unit for Phase 2 of its Congo LNG project ahead of schedule setting what the company claims is a new record for the sector.
Eni said its 2.4 mio tonnes per annum Nguya FLNG newbuilding arrived on site and gas has been introduced into the new offshore infrastructure system.
· Where Trump Sees Deals, Russia and China See a Chance to Disrupt U.S.
Alliances
Moscow and Beijing have played to President’s dealmaking, rattling America’s security partners.
U.S. adversaries are using President Trump’s eagerness to strike deals as a chance to drive a wedge between the U.S. and its allies and undermine the Washington-led security order that has for years held them in check.
· A Newly Confident China Is Jockeying for More Global Clout as Trump Pulls Back
Feeling empowered after a clash over trade, Beijing is looking to exploit
· Why Russia and China Are Sitting Out Venezuela’s Clash With Trump
The ‘Axis of Authoritarianism’ is depleted by the war in Ukraine and
preoccupied with trade negotiations.
· Pope Leo Urges the U.S. Not to Threaten Venezuela With Force
The pontiff called on the Trump administration to push for change in Venezuela through peaceful means.
Baltic News 2nd December, 2025
CAPESIZE
The market continued its upward trend today, with the BCI 5TC gaining a further $587 to close at $38,427. In the Pacific, despite only one miner active, decent volumes persisted and helped maintain momentum.
Following yesterday’s busy start, brokers reported a slight tightening in the tonnage list, supporting sentiment. Fixtures on C5 were concluded in the low $12.00s, slightly firmer than the previous trading session, lifting the C5 index by 0.135 to $12.210. There was also talk of weather- related delays in North China, which could lend additional support if disruptions persist. In the Atlantic, activity remained limited, yet the underlying tone remained positive. The C3 index nudged up by 0.154 to
$25.436, while the North Atlantic was described as extremely tight, with expectations of further upside on both trans-Atlantic and fronthaul routes.
Atlantic
Glencore fixed the EGPN controlled Eastern Xanthina (175401 2010) for 180,000/10 from Tubarao to Qingdao 28 December/2 January at $25.50.
Asia
Rio Tinto fixed a TBN for 170,000/10 from Dampier to Qingdao for 17/19
December at $12.15. Mercuria fixed a TBN for 160,000/10 from Port Hedland to Qingdao for 14/16 December at $12.25, lacking further details.
PANAMAX
This week has carried forward Monday’s softer sentiment, with owners largely restraining their offers as they look for additional support from cargoes out of the US Gulf and East Coast. In Asia, the supply of available tonnage keeps rising, while charterers have eased off on releasing price targets, likely because earlier stems have now been cleared. Period activity picked up with the Marina Bliss (82,140 2013) Dharamtar fixing to Messrs Bulk Trading basis prompt delivery for 4/6 months redelivery worldwide, but the rate was yet to be clarified. Similarly, the APJ Priti 2 (82,574 2006) Yangjiang 27/28 November was reported to have fixed to Messrs Costamare for 4/7 months with some suggesting the rate to be around $15,500 but again further clarity on this was yet to be known. The P5TC average closed a further $168 down at $17,237.
Atlantic
Oldendorff were reported to have recently fixed the Ariana (81,011 2019) Gibraltar 6/7 December for a trip via US East Coast redelivery India at $26,000. The MP Kamsarmax 1 (81,190 2017) sailed PMO 19 November fixed a trip via EC South America redelivery SE Asia intention grains $18,000 to ETG.
Pacific
The Cape Kasos (81,403 2012) CJK 7/12 December was said by some to have fixed on subjects for a backhaul stem from China into the Mediterranean with Oldendorff but a rate was yet to surface. The Eastern Quince (81,729 2013) open Qinzhou 5/6 December was reported to have fixed with Klaveness for a trip via South Kalimantan to the Philippines with coal at $17,500.
SUPRAMAX
Continuing the theme from yesterday, the Atlantic again saw further erosion as a lack of fresh enquiry forth from the north and south saw rates drop as owners seek to secure employment. The Continent- Mediterranean also lacked much fresh impetus and it remained finely balanced. The stronger region still remained Asia and the Indian Ocean, although actual fixing information remained scarce. A 63,000 was heard fixed from the Arabian Gulf to EC India in the very
low $20,000s but further details remained under wraps. The 11TC average closed down $19 at $18,209.
HANDYSIZE
The market continued to show positive momentum today, with the BHSI time-charter average rising by $134 to close at $15,066. In the Continent and Mediterranean, activity remained limited, with only marginal rate movements on some routes. The U.S. Gulf and South Atlantic held firm, supported by a very tight tonnage list that encouraged charterers to gradually increase their bids. In Asia, trading was muted and slow as market participants adopted a cautious stance.
Atlantic
The Triton Wind I (37,113 2013) open in Barranquilla, was fixed for 2/3 laden legs by Pan Ocean. Meanwhile, the Nordic Luebeck (35,351 2013) open in Cartagena was fixed via the US Gulf to Brazil with petcoke by Centurion, but further details on both fixtures were not disclosed.
Asia
The Union Fuji (37,649 2019) was fixed on delivery in Ningde for a trip via the Far East to the Thailand-Port Kelang with steel at $11,850 by Pan Ocean, though full details remain unconfirmed.
BALTIC INDICES 02/12/2025
| DRY | INDEX: | 2600 | (+ | 17) | |
| CAPESIZE INDEX: | 4633 | (+ | 70) | ||
| PANAMAX INDEX: | 1915 | (- | 19) | ||
| SUPRAMAX INDEX: | 1441 | (- | 1) | ||
| HANDYSIZE INDEX: | 837 | (+ | 7) | ||
| BCI | TC AVG $/DAY | 38427 | (+ 587) | ||
| BPI82 TC AVG $/DAY | 17237 | (- 168) | |||
| BSI TC AVG $/DAY | 18209 | (- 19) | |||
| BHSI TC AVG $/DAY | 15066 | (+ 134) | |||
| TIMECHARTER | |||||
‘LC Rochefort’ 2011 92803 dwt dely Campha prompt
trip via Indonesia redel South Korea $14,500 – Panocean
‘Saiyo’ 2011 92014 dwt dely Busan 2 Dec trip via NoPac redel Singapore-Japan intention coal $20,500 – Daiichi
‘CL Geneva’ 2021 85229 dwt dely Tieshan 30 Nov trip via Australia redel China intention coal $20,000
‘Diamond Trader’ 2023 82231 dwt dely Matsuura 2/3
Dec trip via EC Australia redel South China $20,250 – Tongli
‘Semiramis’ 2013 82231 dwt dely Gangavaram spot
trip via EC South America redel SE Asia $15,800 – Mercuria
‘BBG Singapore’ 2022 81974 dwt dely Muscat 28 Nov/3 Dec trip via EC S.America redel Singapore-Japan intention grains $18,250 –
Klaveness
‘Atrotos Heracles’ 2014 81922 dwt dely Hibikinada prompt trip via EC Australia redel China $20,250 if south / $20,750 if north – Deyesion
‘Eastern Quince’ 2013 81792 dwt dely Qinzhou 5/6 Dec trip via South Kalimantan redel Philippines intention coal $17,500 – Klaveness
‘MP Kamsarmax 1’ 2017 81190 dwt dely PMO 19 Nov trip via EC South America redel SE Asia intention grains $18,000 – ETG
‘Ariana’ 2019 81011 dwt dely Gibraltar 6/7 Dec trip via US East Coast redel India $26,000 – Oldendorff
‘Ruby Star’ 2011 79263 dwt dely EC South America trip redel SE Asia intention grains $16,500 + $650,000bb – Classic
‘Saronic Spirit’ 2015 38903 dwt dely Kandla prompt trip via Sohar redel China intention petcoke $9,000 – WBC
‘Union Fuji’ 2019 37649 dwt dely Ningde prompt trip via Far East redel Thailand-Port Kelang intention steel $11,850 – Pan Ocean
‘IC Progress’ 2011 32527 dwt dely wwr Upriver prompt trip redel North Brazil $16,500 – AEC
‘Neptunia’ 2004 21454 dwt dely Paranagua prompt trip via EC South America redel EC Mexico $14,000 – TMA
PERIOD
‘Evmar’ 2016 82039 dwt dely PMO 2/3 Dec 2 l/l min 110 days redel worldwide $20,000 – NSU
VOYAGES ORE
‘TBN’ 170000/10 Dampier/Qingdao 17/19 Dec $12.15 fio 90000shinc/30000shinc – Rio Tinto
‘Eastern Xanthina’ 2010 170000/10 Tubarao/Qingdao
28 Dec/2 Jan $25.50 fio 3 days shinc/30000shinc – EGPN
‘TBN’ 160000/10 Port Hedland/Qingdao 14/16 Dec
$12.25 fio 80000shinc/30000shinc – Mercuria
COAL
‘TBN’ 80000-88000 Taboneo/Taean 13/22 Dec $9.78 fio 15000satpmshex/22000ltshinc – Kepco
‘Pan Ocean TBN’ 80000/10 Tanjung Kampeh/Dangjin 15/19 Dec $9.77 fio 15000shinc/22500shinc – Kepco
‘TBN’ 75000/10 Nacala/Visakhapatnam 21/30 Dec
$15.90 fio 33000shinc/20000sshex – SAIL
Baltic Exchange Index – 02 DECEMBER 2025 Baltic Exchange Capesize 182 Index
Route Description Value Change
===== ========================================== ====
C8_182 182000mt Gib/Hamburg transatlantic RV 49,456 + 1040
C9_182 182000mt Cont-Med trip China-Japan 67,550 + 578
C10_182 182000mt China-Japan transpacific RV 41,032 + 873
314_182 182000mt China-Brazil round voyage 33,032 + 232
C16_182 182000mt Backhaul 20,494 + 133
=================================================== ==
C5TC 182 Weighted Timecharter Average 41,043 + 608
Baltic Exchange Index – 02 DECEMBER 2025
Baltic Exchange Capesize Index 4633 (+ 70)
Route Description Value($) Change
| C2 | 160000mt Tubarao to Rotterdam | 16.144 + 0.119 | |
| C3 | 160-170000mt Tubarao to Qingdao | 25.436 + 0.154 | |
| C5 | 160-170000mt W Australia to Qingdao | 12.210 + 0.135 | |
| C7 | 150-160000mt Bolivar to Rotterdam | 18.588 + 0.269 | |
| C8_14 180000mt Gibraltar-Hamburg T/A RV | 45,313 + | 907 | |
| C9_14 180000mt Conti/Med Trip China/Japan | 63,500 + | 556 | |
| C10_14 180000mt China/Japan T/P RV | 37,915 + | 875 | |
| C14 180000mt China-Brazil RV | 29,882 + | 300 | |
| C16 180000mt N.China to Skaw-Passero | 17,722 – | 28 | |
| C17 170000mt Saldanha Bay to Qingdao | 20.250 + | 0.075 | |
========================================== ========
5TC Weighted Timecharter Average 38,427 + 587
Baltic Exchange Panamax 82500mt Index 02 DECEMBER 2025
Baltic Exchange Panamax Index 1,915 (- 19)
Route Description Value ($) Change
| P1A_82 Skaw-Gib T/A RV | 18,157 | – | 87 |
| P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan | 24,175 | – | 277 |
| P3A_82 HK-SKorea incl Taiwan, Pacific/RV | 17,916 | – | 256 |
| P4_82 HK-SKorea incl Taiwan to Skaw-Gib | 10,472 | – | 91 |
| P6_82 Dely Spore Atlantic RV | 15,848 | – | 154 |
P5TC Weighted Timecharter Average 17,237 – 168
The following routes do not contribute to the BPI or Weighted TC Average.
Route Description Value ($) Change
P5_82 S. China Indo RV 17,834 – 404
| P7 | 66000mt Mississippi Rvr to Qingdao | 56.157 – 0.186 |
| P8 | 66000mt Santos to Qingdao | 38.871 – 0.158 |
Baltic Exchange Panamax 82 Asia Index – 03 December 2025
Route Description Size (MT) Value($) Change
P5_82 S.China one Indo RV 17,513 -321
Baltic Exchange Supramax Index – 02 DECEMBER 2025
Baltic Exchange Supramax Index 1441 (- 1)
Route Description Value ($) Change
| ====== | ========================================= ==== | ||||
| S1B_63 | Cnkle trip via Med or Blsea to China-S.Korea | 20,592 | – | 37 | |
| S1C_63 | US Gulf trip to China-South Japan | 29,121 | – | 22 | |
| BS2_63 | North China one Australian or Pacific RV | 16,181 | + | 31 | |
| BS3_63 | North China trip to West Africa | 13,530 | + | 10 | |
| S4A_63 | US Gulf trip to Skaw-Passero | 30,936 | – | 257 | |
| S4B_63 | Skaw-Passero trip to US Gulf | 13,489 | – | 90 | |
| BS5_63 | West Africa trip via ECSA to North China | 22,904 | – | 325 | |
| BS8_63 | South China trip via Indo to EC.India | 18,321 | + 114 | ||
| BS9_63 | W.Africa trip via ECSA to Skaw-Passero | 18,821 | – 129 | ||
| S10_63 | S.China trip via Indonesia to South China | 15,475 | + 134 | ||
S15_63 Indian Ocean trip via S.Africa to Far East 16,608 + 75
====== ========================================= ===
S11TC Weighted Timecharter Average 18,209 – 19
S10TC Supramax(58) Timecharter Average 16,175 – 19
Baltic Exchange Supramax Asia Index – 03 December 2025
Route Description Value($) Change
====== =============================== =======
S2_63 N.China one Austr or Pac RV 16,163 -18
S8_63 S.China via Indonesia/Ec India 18,354 +33
S10_63 S.China via Indo/S.China 15,494 +16
====== =============================== =======
S3TC Weighted Time Charter Average 16,604 +6
Baltic Exchange Index – 02 DECEMBER 2025
Baltic Exchange Handysize Index 837 (+ 7)
Route Description Value ($) Change
| ====== | ======================================== ====== | |||
| HS1_38 | Skaw-Passero trip Recalada – Rio de Janeiro | 11,107 + 14 | ||
| HS2_38 | Skaw-Passero trip Boston – Galveston | 13,586 – 78 | ||
| HS3_38 | Rio de Janeiro-Recalada trip Skaw – Passero | 22,361 | + | 728 |
| HS4_38 | USGulf trip via USG or NCSA to Skaw-Pass | 22,100 | + | 386 |
| HS5_38 | SE Asia trip to Spore – Japan | 13,729 | + | 15 |
| HS6_38 | N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn | 12,394 | + | 13 |
| HS7_38 | N.China-S.Kor-Jpn trip to SE Asia | 11,975 | – | 25 |
| ====== | ======================================== ====== | |||
7TC Weighted Timecharter Average 15,066 + 134
(c) Baltic Exchange Information Services Ltd., 2025
Marex Media