· Andhra Pradesh clears Sagar Defence’s autonomous maritime shipyard project

The Andhra Pradesh government has given the green light to a proposal by Sagar Defence Engineering Pvt Ltd to set up what is being described as India’s first purpose-built autonomous maritime shipyard and systems development facility in Nellore district.

Planned at Juvvaladinne Fishing Harbour, the project is intended to anchor Andhra Pradesh’s ambitions to emerge as a center for advanced maritime, defence and autonomous systems manufacturing. According to an official statement issued on Sunday, the facility will be dedicated exclusively to the design, construction and testing of unmanned and autonomous maritime platforms.

The proposed shipyard will focus on autonomous surface vessels, underwater systems, and integrated intelligent maritime solutions, including command, control and mission-management technologies. By concentrating on next-generation platforms, the project aims to support both civilian and defense applications in the maritime domain.

The investment is expected to create approximately 750 jobs, comprising around 300 direct positions and 450 indirect employment

opportunities. Officials said the project will also contribute to building a skilled coastal industrial ecosystem by fostering specialized capabilities in autonomous systems and advanced shipbuilding.

To support the development, the state has approved the lease of more than 29 acres of land through the Andhra Pradesh Maritime Board.

This includes nearly seven acres of waterfront and about 22 acres within the harbour area, ensuring direct access to the sea for vessel construction, launch and trials.

As per the project timeline cleared by the government, construction of the shipyard is scheduled to commence in December 2025. Installation of machinery is expected to be completed by June 2026, followed by trial production in October 2026. Commercial operations are planned to begin the following month.

The government has instructed the Andhra Pradesh Maritime Board and other relevant departments to extend full support for the timely execution of the project, underlining the state’s push to attract high- technology investments and expand its footprint in defence and maritime manufacturing.

· Trump blockades Venezuela with ‘largest Armada ever’ as he demands return of seized US oil assets

US President says he is using naval might to target sanctioned tankers trading with Venezuela.US President Donald Trump has ordered a “total and complete” blockade of US-sanctioned oil tankers entering and leaving Venezuela. He is also demanding the return of US oil assets that were expropriated by Venezuela when it renationalised its oil industry in 2007. The directive, announced by Trump in a Truth Social post published on Tuesday evening Washington time, signals an escalation against Caracas over oil, sanctions and security.

· Energy majors exit embattled green chartering initiative

Shell and Chevron have both left the Sea Cargo Charter as energy majors scale back green initiatives. Interim leadership behind the green framework are planning a reboot, but the initiative is struggling to gain traction after five years. Shell’s exit followed a ‘thorough review’ of the oil major’s maritime emissions reporting approach.

· Panama Canal is going to unveil a new toll plan. How will Trump respond?

ACP had decided to maintain ‘previously approved toll increase’ at current levels as it conducts ‘thorough analysis of the next adjustment period’. Revised toll structure is planned to be introduced by June 2026, followed by formal consultation process before any changes. US President Donald Trump has gone quiet on Panama for several months, but previously decried Panama’s ‘ridiculous’ fees, calling them a ‘rip-off’.

White House Watch. In this edition, we’ll be digging into the Trump administration’s personality-driven approach to diplomacy. Also in today’s newsletter:
- US suspends technology deal with UK
- Fed governor Stephen Miran on “phantom inflation”
- How Jensen Huang won over Donald Trump

The US president’s diplomatic efforts are being shaped by a “shockingly small” circle of people, one former defence official told my colleagues Abigail Hauslohner and Alec Russell for their fascinating Big Read on the president’s reliance on a coterie of envoys, many of whom have little to no foreign policy experience.

The official described it as “policy by personality” — replacing decades of processes and institutions with a handful of boldfaced names, namely real estate developer Steve Witkoff, the president’s longtime friend and business partner-turned- special envoy for “peace negotiations”, and Jared Kushner, Trump’s venture capitalist son-in-law who has no formal government role but has been central to peace talks in both the Middle East and Ukraine.

A White House spokesperson described the strategy as part of an intentional shift from a long-standing “bottom-up” approach to “a top-down process driven by the president,” adding: “The president has an untraditional background and a lot of his team have untraditional backgrounds. Jared and Steve are business deal guys. But they are trusted.”

The new reporting is undeniably timely: Kushner and Witkoff have been front and centre this week as Ukrainian, European and US officials gathered in Berlin to draft a deal to end Russia’s invasion. Trump struck an optimistic note late on Monday, telling reporters in the Oval Office that a peace deal was within reach.

“I think we’re closer now, and they will tell you that they’re closer now,” he said hours after the latest talks wrapped up in Germany. “We had numerous conversations with President Putin of Russia, and I think we’re closer now than we have been ever.”

Latest Headlines:

The US unemployment rate rose to 4.6 per cent in November, the highest level in more than four years. U.S. Unemployment rate rises, a warning sign for the Economy.

Employers added 64,000 jobs in November, according to date delayed by the Government shut down. The unemployment rate ticked up to 4.6%, the highest level in four years.

President Trump’s Chief of Staff acknowledged Trump is using criminal prosecution to retaliate against his adversaries.
The US has suspended the tech deal it struck with the UK during Trump’s state visit to London earlier this year. People familiar with the talks said US officials were becoming increasingly frustrated with the UK’s lack of willingness to address so-called non-tariff barriers.
Federal Reserve governor Stephen Miran said “phantom inflation” was distorting the US central bank’s decision- making and causing it to keep interest rates too high.
Trump has sued the BBC for $10bn over a misleading edit of a speech by the US president in a documentary, which he alleges was “fabricated” and defamatory.
The US president signed an executive order classifying illicit fentanyl as a weapon of mass destruction, as he weighs escalating US military action in Latin America.
How did Jensen Huang, the soft-spoken electrical engineer and co-founder of semiconductor giant Nvidia, charm his way into Trump’s good books? In the words of one person familiar with the company’s strategy: “I think game recognises game.”
My colleagues Joe Miller, Demetri Sevastopulo and Michael Acton lift the curtain on Trump’s decision to allow Nvidia to export its H200 chip to China, with the US government taking a 25 per cent cut.
They detail how Huang, a Washington outsider, was

initially sceptical of the “value proposition” of making

personal appeals to the US president, according to a

person familiar with Nvidia’s strategy.

But after an initial overture from commerce secretary Howard Lutnick, Huang was soon in direct contact with Trump, flying to Mar-a-Lago in April for the first of several one-on-one conversations. My colleagues note that Huang has met Trump privately at least six times this year, as well as spoken to the president on the phone and accompanied him on several foreign trips.
At the same time, people with knowledge of the company’s strategy say Nvidia, which sells the advanced chips that power sophisticated artificial intelligence models, beefed up its lobbying operation and began courting lawmakers on Capitol Hill.
Yet insiders insist it was ultimately the one-on-one relationship between Trump and Huang that sealed the H200 decision.
“At the end of the day, it was a meeting between [Huang] and the president,” said one person with knowledge of the move. “That’s how this came about”.
Trump’s trade war climbdown in South Korea in late October was the hinge moment of the year, writes Edward Luce, and marks a new epoch.
Convoluted messages and conflicting policies have been hallmarks of Trump’s first year back in the White House, and the US President seems determined to make matters worse, argues American Compass chief economist Oren Cass.
Marjorie Taylor Greene, the Republican congresswoman from Georgia, has become a “newly sprouted and very

bothersome” thorn in Trump’s side, observes Jemima

Kelly.

For all the gloom that took hold at the start of Trump’s second term, the global economy, trade and markets have outperformed economists’ consensus expectations in 2025.
A sharp rise in the number of university students claiming a disability in the US, UK and Europe lays bare how educational systems are benefiting a privileged few and failing those most in need, argues John Burn-Murdoch.
With just a few days left in the last full working week of 2025, the European Commission is out with a flurry of announcements.

Chief among them is a decision to abandon its plan to ban combustion engines entirely from 2035 – a key plank of its climate policy. The proposal, to be outlined after this afternoon’s meeting of the 27 EU commissioners in Strasbourg, will soften emissions rules for new cars, allowing for a number of new vehicles to still use a combustion engine, according to people familiar with the matter.

Under the new plan, tailpipe emissions will have to be reduced by 90% by the middle of the next decade compared with the current goal of a 100% reduction.

Full details will be revealed this afternoon and will need to go to the European Parliament and European Union member states for sign-off, but the announcement is a major pre-Christmas win for Europe’s struggling car industry.

German carmakers have been leading the charge in lobbying against the ban, but have not been alone. Just this month, six prime ministers including Italy’s Giorgia Meloni and Poland’s

Donald Tusk lobbied the commission to allow plug-in hybrids, range extenders and fuel-cell technology after 2035.

A reporter writes: I spent a decade living just half a mile up the hill from Bondi Beach. So the TV footage that has played on an endless loop for the last day is of places that are instantly familiar to me, and to so many others around the world. Those of us who know Bondi know how emblematic it is of Sydney: egalitarian, laid back and joyous. Now there is a darker association. The terror attack was an outrage that comes after a huge reported increase in incidents of antisemitism. I mourn with my Sydney friends, as I’m sure we all do with the people of Australia, and stand in solidarity with the country’s Jewish community.
Sunday’s events brought home how precarious is the world we inhabit at present as political and economic upheaval wreak havoc and add to the uncertainties we are increasingly forced to navigate in our lives. Working with an expert in development studies, our Insights team

has put together this essay on how to face and adapt to our turbulent times.

Bondi attack came after huge increase in online antisemitism: Research – which is in the early stages and yet to be peer reviewed – has recorded a significant increase in antisemitic sentiment after October 7.

§ The latest on the Bondi Beach

attack: Homemade Islamic State flags were found in a vehicle registered to one of the gunmen, Australian authorities said. The two had also travelled to an area of the Philippines last month where Islamic State- aligned groups have operated. Separately,

a “gofundme page” for Ahmed Al Ahmed, the bystander who tackled and disarmed one of the shooters, has surpassed $2 million.

§ In this age of global uncertainty, where in the world can we look for guidance?

The loss of the central role of people in today’s complex global systems is the greatest danger of all. In Kenya and Amdo Tibet, it can be rediscovered.

§ The price of going home: Christmas boxes and the final return from South Africa to Zimbabwe

The respectful return in death, like the festive Christmas return of migrants, reinforces ties between generations.

US stock futures fell and the dollar hovered near a two- month low as investors took a more cautious

approach ahead of key US economic data that’ll offer

clues on the path for interest rates. Out today: The US is expected to have added just 50,000 jobs in November, with the unemployment rate probably ticking up. October payrolls figures, delayed by the shutdown, will also be released.

Further afield, Donald Trump said the end of the war in Ukraine is “closer than” ever as his negotiators offered Kyiv significant security guarantees. Territorial concessions remained an issue. Volodymyr Zelenskiy said he reached a deal with the US that the guarantees will be voted on by Congress to become legally binding, as part of a deal to end Russia’s war. Russia’s deputy foreign minister told ABC News he’s confident the conflict is near resolution.

Leaders of eight easternmost EU nations are gathering in Helsinki today to plot a roadmap for how to secure as much funding as possible for building up defenses against Russia.

· Containership orders break new record in 2025

COSCO and Hapag-Lloyd’s new orders last week have lifted the total number of containerships ordered in 2025 to a record 633 ships for 5.08m teu, according to data from Linerlytica, surpassing the previous record of 4.74m in 2021 and 4.77m in 2024.

China’s shipyards have accounted for a remarkable 72%

of the orders in the year to date in teu terms.

“The rush to secure container feeder tonnage at Chinese shipyards shows no signs of slowing, with the only apparent constraint being the availability of building slots,” broker Braemar noted in its latest container markets update published yesterday.

Adding to the 5.08m teu record today, MPC Container Ships has ordered six 3,700 teu ships at Taizhou Sanfu Ship Engineering.

Filipe Gouveia, BIMCO shipping analysis manager, noting how the container orderbook-to-fleet ratio now stands at 33%, said he had concerns about the huge tonnage overhang incoming.

“From a supply/demand balance development, we find the container orderbook size the most concerning, not least since the container sector will see the largest demand reduction if ships return to normal Red Sea/Suez Canal routings,” Gouveia said, going on to predict that the container market will see supply outpacing demand for the next five years.

· EU and Ukraine tighten the net on Russia’s shadow

The European Union and Ukraine have escalated their campaign against Russia’s shadow fleet, rolling out fresh sanctions targeting both vessels and the facilitators accused of keeping Moscow’s oil exports moving despite international restrictions.

On Monday, the EU sanctioned five businessmen linked to Russian state-owned oil majors Lukoil and Rosneft, alongside four shipping companies accused of helping to operate shadow fleet tankers. The measures, agreed at a meeting of the bloc’s 27 foreign ministers in Brussels, largely consist of asset freezes and travel bans.

EU headquarters said the businessmen “control vessels transporting crude oil or petroleum products, originating in Russia or being exported from Russia, concealing the actual origin of the oil, while practicing irregular and high- risk shipping practices.” The four shipping companies are based in the United Arab Emirates, Vietnam and Russia

and are accused of owning or managing sanctioned shadow fleet tankers.

Brussels is also seeking agreements with flag states to make it easier for authorities to board suspect vessels.

Kyiv has now gone significantly further. President Volodymyr Zelenskyy has signed a decree implementing a decision by Ukraine’s National Security and Defense Council to sanction 656 maritime vessels identified as part of Russia’s shadow fleet – the largest sanctions package ever applied to these ships.

The sanctioned vessels are flagged across more than 50 countries. Ukraine said it will provide all relevant information to these states and work with them to halt the issuance of operating licences, while also coordinating with partners to align sanctions across jurisdictions.

· Western Bulk returns to shipowning via partnered play

Norwegian dry bulk operator Western Bulk has stepped back into ship ownership, teaming up with a group of domestic partners to acquire a modern Kamsarmax bulker.

The Oslo-listed company has joined J. Ludwig Mowinckels Rederi, Premium Maritime Fund 2024 managed by NRP Asset Management, and Pactum in the purchase of the CSSC Shi Jia Zhuang, which will be renamed Western Egda. Western Bulk will hold a 22% stake, with the transaction expected to close next week.

The 2020 Tianjin Xingang-built 82,000 dwt vessel has recently completed its five-year special survey. Under the agreement, Western Bulk will take on commercial and business management of the vessel, plugging it directly

into its global trading platform. The company said this will give the ship access to its customer and supplier network, chartering reach and in-house operational support.

Chief executive Torbjørn Gjervik said the deal marks a strategic return to ownership alongside partners that share the company’s approach. “We are very excited to re-enter ship ownership together with a strong group of partners.

This is an area where we can add significant value

through our global commercial platform,” he said.

The move comes after a period in which the Christen Sveaas-controlled outfit focused mainly on asset trading rather than long-term ownership. Earlier this year, Western Bulk flipped a pair of 2020-built Ultramax vessels after exercising purchase options, generating around $3m in total profits.

Western Bulk currently operates around 110 vessels across the Handysize to Kamsarmax segments and fixes 500 to 600 unique ships per year. The company said the data generated from this trading activity gives it a clear edge when assessing vessel performance and investment opportunities.

Gjervik said the company intends to keep growing its co- investment and commercial management activities with like-minded partners. “We welcome inquiries from parties that are interested in the benefits of gaining access to Western Bulk’s commercial platform,” he added.

· MPCC doubles down on feeders with six-ship order

MPC Container Ships (MPCC) has taken another step in reshaping its fleet, signing contracts in China for six new boxships backed by long-term employment.

The Oslo-listed tonnage provider has ordered six 3,700 teu ships at Taizhou Sanfu Ship Engineering, with deliveries scheduled from the second half of 2028. Each vessel will be fixed on a 10-year charter, with extension options, to a top-five liner operator, giving MPCC long- dated earnings cover before the first hull hits the water.

The ships are based on a new design aimed at regional and feeder trades, with an emphasis on lower fuel consumption and flexible operating speeds. They are also prepared for alternative fuels and future emissions- reduction technologies, allowing the vessels to adapt as environmental rules tighten over their lifespan, the company said.

The project carries a total investment of $292.5m. MPCC said the initial charter period is expected to generate around $479m in revenue and approximately $288m in EBITDA. Financing will be split between equity and debt, a structure the company said preserves balance-sheet flexibility.

Alongside the newbuilding order, MPCC has set up a 50/50 joint venture with Norwegian investment vehicle Uthalden, controlled by Harald Moræus-Hanssen. The JV will own two 4,500 teu newbuildings that were previously wholly owned by MPCC and are already on charter to a top-tier liner company.

MPCC said the move will free up committed capital and sharpen its investment capacity, while allowing the vessels to be financed with moderate leverage at the joint venture level.

The latest deals cap a busy year for the feeder owner. In recent months, MPCC has ordered four 4,500 teu vessels in November, two 1,600 teu ships in October, and four

4,500 teu units in July, all in China and all backed by long- term charters.

Fleet renewal has also included selective asset sales. MPCC confirmed it has agreed to sell the AS Clementina, a vessel nearing its 20-year class renewal, for $24m.

Delivery to the buyer is expected after the expiry of its current charter, towards the end of Q2 2026.

Chief executive Constantin Baack (pictured) described 2025 as a “transformational year” for the company, noting that MPCC now has 17 newbuildings on order, with deliveries starting from 2026. He added that the company’s contracted backlog has climbed above $2bn, giving strong earnings visibility and positioning MPCC for steady growth in a volatile market.

· Odfjell develops green corridor between Brazil and Europe

Odfjell has launched the first operational green corridor between Brazil and Europe with its chemical tankers using certified sustainable biofuel. The corridor will operate 12 to 15 voyages per year, each lasting around 40 days.

Odfjell has established an offtake of B24 sustainable biofuel blend in Rio Grande to secure long-term fuel availability. The ports of Antwerp-Bruges, Rotterdam and Rio Grande are working together with Odfjell to advance the green corridor through increased efficiency and optimised port-stay processes.

“We do this to demonstrate that certified fuel, technology, and infrastructure are already available,” said CEO Harald Fotland, adding: “By covering the additional cost ourselves, we eliminate the financial element and move directly into operational implementation. It may not be a perfect corridor yet, but a solid start. Its success depends on collaboration across the value chain, and we are committed to developing it further together with relevant stakeholders.” The Norwegian minister of climate and environment, Anders Bjelland Eriksen, said: “We congratulate Odfjell on taking the lead and demonstrating what is possible when business and public authorities cooperate across national borders to reduce emissions.” Odfjell is widely regarded as a global leader in shipping decarbonisation, combining early action with measurable results. The chemical tanker specialist has cut fleet carbon intensity by more than 50% compared with 2008 levels, well ahead of IMO targets.

· CMB.TECH seals China supply deal as ammonia fleet nears

Belgian maritime group CMB.TECH is stepping deeper into the fuel side of shipping’s energy transition, securing green ammonia supply in China as it prepares to bring ammonia-powered ships into service.

The Antwerp-based owner has signed an off-take agreement with CEEC Hydrogen Energy for green ammonia produced at the Songyuan project in Jilin Province. Under the project’s first phase, around 158,000

tonnes of renewable ammonia per year will be produced. Construction wrapped up in September 2025, with commercial operations due to start in January 2026.

Alongside the supply agreement, CMB.TECH is also taking a minority stake in Jiangsu Andefu Energy Technology, one of China’s largest ammonia supply chain companies. The move gives the group a foothold in the logistics and storage side of ammonia, linking production to delivery for future marine fuel use.

Andefu is currently building a 49,000 cu m low- temperature ammonia storage tank in Nanjing, which is expected to be commissioned in Q1 2026. Further down the line, Andefu and CEEC plan to bring an ammonia storage terminal in Panjin into operation in the second half of 2027, adding scale to China’s green ammonia logistics network.

The partners are also working toward ship-to-ship ammonia bunkering, targeting commercial deployment in 2026, a key step for supporting the first wave of ammonia- fuelled vessels.

The investments line up with CMB.TECH’s own fleet plans. The company is due to take delivery of 11 ammonia-powered ships in 2026, including 10 newcastlemax bulkers under construction at Qingdao Beihai Shipyard and a 1,400 teu container vessel being built at China Merchants Industry Weihai. All will be fitted with dual-fuel diesel–ammonia engines.

Chief executive Alexander Saverys said the move marked a key step in securing fuel for the company’s next- generation ships, calling 2026 a “very important year” for both CMB.TECH and the wider industry as ammonia moves from concept to operation.

CMB.TECH sees green ammonia as a strong long-term option for shipping, pointing to its zero CO₂ emissions at the point of use and the falling cost of renewable energy that underpins production. The group said it will continue to engage with producers globally, alongside plans to develop green ammonia production in Namibia, as it builds out fuel supply for its growing ammonia-ready fleet.

Brent Breaks Below $60 on Oversupply Fears

Despite plentiful reports of Indian refiners halting imports of Russian oil after the US sanctioned Rosneft and Lukoil on November 21, imports have averaged 1.2 million b/d in December so far.

That is notably lower than the 1.75 million b/d average of 2025, however, it also disproves media reports of Jamnagar and others halting imports altogether.

Prices of Russia’s main export grade Urals have slipped between –

$6 and -$7 per barrel in early December, however, the differential has firmed since on improving demand.

Meanwhile, less Russian oil to India might also be due to Chinese independent refiners buying more, as media reports suggested the likes of Yulong and other Shandong giants snapped up 12-14 million barrels for December and January arrival.

High freight costs are also complicating matters for Russian exporters as chartering an Aframax vessel from the Baltic coast to India now costs around $8 million, approximately 50% higher than at the start of 2025.

In times when traded volumes are low amidst pre-Christmas preparations, relatively innocuous news on weak Chinese macroeconomic data can sway the sentiment more than in normal periods. China’s industrial output dropped to its lowest since August 2024, triggering a price slump in Brent futures first below

$61 per barrel and ultimately below $60 per barrel today. Venezuela is the only immediate bullish factor as we head into the last weeks of 2025.

· Dry bulk: Reasons to be cheerful, for now

Positive 2025 took many by surprise.

Manageable orderbook, outside of Panamax and Kamsarmax segments. Guinean iron ore and bauxite provide much optimism for larger Owners.

After a better-than-expected 2025, modest demand growth — coupled with a manageable orderbook — is a cause for optimism next year, but questions remain over long-term fundamentals.

· Stricfien sanctioned tanfier arrives in Bulgarian anchorage, but what next?

Kairos was attacked by Ukraine late last month in Turkish waters How it came to be in Bulgarian waters remains contested Tanker will remain in Bulgaria until expenses are paid by the Owner

· Ship finance: Banner year for revolvers, Oslo bonds and take-private deals

Shipowners are in the driver’s seat with debt terms; they have continued to deleverage and replace term loans with revolving credit facilities. Owners heavily tapped the Oslo bond market for the second year in a row, accessing unsecured credit at attractive spreads. The US equity market continues to be problematic, prompting more privatisations, but Okeanis’s above-NAV share sale in November offers hope of future offerings

· Chevron lines up 10 tanker cargoes from

Venezuela as prices fall

US oil major continues to move out crude under US licence

US oil major Chevron is continuing to ship out oil from Venezuela as other cargo owners struggle under US pressure. Bloomberg reported the giant group has sold about 10 crude stems of different grades for loading next month. The cargoes were sold in two separate tenders and price levels were not immediately available.

The Quiet Before the Storm – Israel is Still at War

The war has not ended; it has shifted. While the world grows distracted, Israel is quietly preparing for the inevitable confrontation brewing against Iran and on Israel’ Northern border with Syria.

Is Qatar the most dangerous Foreign influence in America today? America’s own officials embrace the very regime, Qatar, after it presented the US President the Boeing Aircraft worth $400 million as was reported in the news, Qatar is funding global Sunni Jihad, Qatar’s expanding influence campaign in America is not a mystery, it is a warning for the Nations.
Trump’s Gaza Pressure a Strategic Disaster. By demanding that Netanyahu advance the Gaza plan toward ‘stage 2’ with an international force, Trump is sending the worst possible signal : that the world is eager to rescue what remains of the Iran-Qatari jihadi movement supported enemy in Gaza. Gaza war is not over.

Baltic Shipping News 16^th December, 2025

BALTIC FORWARD ASSESSMENTS – TUESDAY 16 DECEMBER 2025

BFA CAPESIZE

PERIOD VALUE CHANGE

Dec 25 34,911 $/day 536 ↑

Jan	26 21,404 $/day	111 ↑
Feb	26 16,646 $/day	117 ↑
Mar	26 20,325 $/day	-132 ↓
Apr	26 23,032 $/day	93 ↑
May	26 24,418 $/day	-136 ↓
Jun	26 25,275 $/day	-193 ↓
Q4	25 29,362 $/day	178 ↑
Q1	26 19,458 $/day	32 ↑
Q2	26 24,242 $/day	-78 ↓
Q3	26 25,668 $/day	-53 ↓
Q4	26 26,132 $/day	-86 ↓
Q1	27 16,846 $/day	-54 ↓
Cal	26 23,875 $/day	-47 ↓
Cal	27 22,711 $/day	-53 ↓
Cal	28 21,218 $/day	-11 ↓
Cal	29 19,979 $/day	-14 ↓
Cal	30 19,082 $/day	3 ↑
Cal	31 18,879 $/day	0 →
Cal	32 18,729 $/day	-3 ↓

BFA PANAMAX 82

PERIOD VALUE CHANGE

Dec	25 15,100 $/day	-268 ↓
Jan	26 11,868 $/day	-593 ↓
Feb	26 11,565 $/day	-571 ↓
Mar	26 13,868 $/day	-109 ↓
Apr	26 14,786 $/day	-173 ↓
May	26 14,864 $/day	-138 ↓
Jun	26 14,798 $/day	-135 ↓
Q4	25 16,102 $/day	-89 ↓
Q1	26 12,434 $/day	-424 ↓
Q2	26 14,816 $/day	-148 ↓
Q3	26 14,061 $/day	-36 ↓
Q4	26 13,725 $/day	-61 ↓
Q1	27 12,238 $/day	-145 ↓
Cal	26 13,759 $/day	-167 ↓
Cal	27 13,057 $/day	-100 ↓
Cal	28 13,059 $/day	-78 ↓

Cal	29 13,065 $/day	-29 ↓
Cal	30 12,901 $/day	3 ↑
Cal	31 12,780 $/day	-3 ↓
Cal	32 12,758 $/day	-7 ↓

BFA SUPRAMAX 63

PERIOD VALUE CHANGE

Dec	25 17,134 $/day	-61 ↓
Jan	26 12,959 $/day	-332 ↓
Feb	26 12,341 $/day	-450 ↓
Mar	26 14,163 $/day	-250 ↓
Apr	26 15,108 $/day	-169 ↓
May	26 15,305 $/day	-140 ↓
Jun	26 15,220 $/day	-128 ↓
Q4	25 17,454 $/day	-21 ↓
Q1	26 13,154 $/day	-344 ↓
Q2	26 15,211 $/day	-146 ↓
Q3	26 14,780 $/day	-83 ↓
Q4	26 14,430 $/day	-79 ↓
Q1	27 13,087 $/day	-11 ↓
Cal	26 14,394 $/day	-163 ↓
Cal	27 13,784 $/day	-89 ↓
Cal	28 13,877 $/day	-57 ↓
Cal	29 13,869 $/day	-26 ↓
Cal	30 13,677 $/day	-11 ↓
Cal	31 13,675 $/day	-8 ↓
Cal	32 13,543 $/day	-9 ↓

BFA SUPRAMAX 58

PERIOD VALUE CHANGE

Dec	25 15,100 $/day	-61 ↓
Jan	26 10,925 $/day	-332 ↓
Feb	26 10,307 $/day	-450 ↓

BALTIC INDICES 16/12/2025

DRY INDEX: 2205 (- 89)

CAPESIZE INDEX: 3706 (- 221)

PANAMAX INDEX:		1688 (-	36)
SUPRAMAX INDEX:		1371 (-	16)
HANDYSIZE INDEX:		805 (-	9)
BCI	TC AVG $/DAY	30731 (- 1838)

BPI82 TC AVG $/DAY 15194 (- 325) BSI TC AVG $/DAY 17333 (- 201) BHSI TC AVG $/DAY 14482 ( – 168)

TIMECHARTER

‘Konkar Asteri’ 2015 82013 dwt dely Tianjin 14/18 Dec trip via NoPac redel India $12,000 – Ultimar

‘Cape Gata’ 2012 81608 dwt dely Chiba 17/18 Dec trip via NoPac redel Singapore-Japan intention grains $11,250 – Pacbulk

‘Zhun Xing 9’ 2012 81586 dwt dely Guangdong 20/25 Dec trip via Australia redel South China intention coal $11,500 – Tongli

‘SSI Dignity’ 2014 81221 dwt dely Singapore 18 Dec trip via Indonesia redel India intention coal $12,500 – Oldendorff

‘Galaxy Globe’ 2015 81167 dwt dely EC South America 30/31 Dec trip redel PMO $16,000+$650,00bb – Invivo

‘Amemptos’ 2019 81107 dwt dely Sri Lanka 17/20 Dec trip via South Africa redel India $14,000 – Propel

‘Patmos’ 2024 63800 dwt dely Mumbai prompt trip via South Africa redel WC India $17,000 – <Scrubber Owners’ benefit>

‘Van Leopard’ 2015 60263 dwt dely Tianjin prompt trip via N China redel Arabian Gulf intention slag $13,750 – Daifu

‘Union Explorer’ 2011 57700 dwt dely Port Qasim prompt trip via Arabian Gulf redel Bangladesh $15,500 – Teambulk

‘Alda’ 2014 39202 dwt dely Recalada prompt trip redel Venezuela intention grains $25,000 – Pioneer Navigation

‘Strategic Vision’ 2012 37186 dwt dely Vila do Conde mid Dec trip redel Norway intention alumina $22,000 – Berge Bulk

‘Alentejo’ 2013 36041 dwt dely Constanta prompt trip redel Continent $12,000 – J Lauritzen

‘Nordic Oslo’ 2012 35866 dwt dely Constanta/Varna/Burgas prompt trip redel Algeria intention grains $14,000 – Langlois

‘Pas Sunrise ‘ 2011 31785 dwt dely Quang Ninh prompt trip redel Philippines $8,500 – ATN

VOYAGES ORE

‘Hosco TBN’ 190000/10 Port Hedland/Qingdao 31 Dec/1 Jan $10.40 fio 80000shinc/30000shinc – BHP

‘TBN’ 170000/10 Dampier/Qingdao 30 Dec/1 Jan $10.50 fio 90000shinc/30000shinc – Rio Tinto

‘TBN’ 170000/10 Dampier/Qingdao 30 Dec/1 Jan $10.55 fio 90000shinc/30000shinc – Rio Tinto

‘TBN’ 170000/10 Tubarao option West Africa/Qingdao 10/15 Jan $25.00 fio 3 days shinc/30000shinc – ECTP

‘TBN’ 160000/10 Port Hedland/Qingdao 30 Dec/1 Jan

$10.50 fio 80000shinc/30000shinc – BHP

COAL

‘TBN’ 80000/10 Newport News-Norfolk/Gangavaram-Visakhapatnam 16/25 Jan $32.60 fio 40000shinc/40000shinc – VSP <RINL>

Baltic Exchange Index – 16 DECEMBER 2025 Baltic Exchange Capesize 182 Index

Route Description Value Change

===== ========================================== ===

C8_182 182000mt Gib/Hamburg transatlantic RV 42,063 + 482 C9_182 182000mt Cont-Med trip China-Japan 57,844 + 427 C10_182 182000mt China-Japan transpacific RV 32,823 – 1195 314_182 182000mt China-Brazil round voyage 30,505 + 3969 C16_182 182000mt Backhaul 16,333 + 1139

=======================================================

C5TC 182 Weighted Timecharter Average 34,696 + 842

Baltic Exchange Index – 16 DECEMBER 2025 Baltic Exchange Capesize Index 3834 (+ 115)

Route Description Value($) Change

====== =================================== ========

C2	160000mt Tubarao to Rotterdam	14.088 + 0.457
C3	160-170000mt Tubarao to Qingdao	24.995 + 2.840
C5	160-170000mt W Australia to Qingdao	10.525 – 0.295
C7	150-160000mt Bolivar to Rotterdam	16.244 + 0.200
C8_14 180000mt Gibraltar-Hamburg T/A RV		36,450 + 450
C9_14 180000mt Conti/Med Trip China/Japan		53,056 + 250
C10_14 180000mt China/Japan T/P RV		30,050 – 1393
C14 180000mt China-Brazil RV		27,741 + 4264
C16 180000mt N.China to Skaw-Passero		12,861 + 778
C17 170000mt Saldanha Bay to Qingdao		18.660 + 1.065

========================================== ======

5TC Weighted Timecharter Average 31,800 + 959

Baltic Exchange Panamax 82500mt Index 16 DECEMBER 2025 Baltic Exchange Panamax Index 1,577 (- 67)

Route Description Value ($) Change

====== ================================= ========

P1A_82 Skaw-Gib T/A RV	16,795	–	623
P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan	21,804	–	473
P3A_82 HK-SKorea incl Taiwan, Pacific/RV	12,112	–	796
P4_82 HK-SKorea incl Taiwan to Skaw-Gib	9,063	–	269
P6_82 Dely Spore Atlantic RV	12,919	–	594

====== ================================= =======

P5TC Weighted Timecharter Average 14,189 – 607

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

Route Description Value ($) Change

====== ================================= ========

P5_82 S. China Indo RV	11,722 – 978
P7 66000mt Mississippi Rvr to Qingdao	51.629 – 0.692
P8 66000mt Santos to Qingdao	34.550 – 0.879

Baltic Exchange Supramax Index – 16 DECEMBER 2025 Baltic Exchange Supramax Index 1335 (- 25)

Route Description Value ($) Change ====== =========================================	====
S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 19,704	– 217
S1C_63 US Gulf trip to China-South Japan 27,032	– 957
BS2_63 North China one Australian or Pacific RV 14,588	– 212

BS3_63	North China trip to West Africa	12,770	–	90
S4A_63	US Gulf trip to Skaw-Passero	29,907	–	593
S4B_63	Skaw-Passero trip to US Gulf	12,132	–	382
BS5_63	West Africa trip via ECSA to North China	21,204	–	396
BS8_63	South China trip via Indo to EC.India	15,993	–	357
BS9_63	W.Africa trip via ECSA to Skaw-Passero	17,875	–	111
S10_63	S.China trip via Indonesia to South China	13,794	–	469

S15_63 Indian Ocean trip via S.Africa to Far East 15,992 – 158

====== ========================================= =====

S11TC Weighted Timecharter Average 16,875 – 314 S10TC Supramax(58) Timecharter Average 14,841 – 314

Baltic Exchange Index – 16 DECEMBER 2025 Baltic Exchange Handysize Index 785 (-11)

Route Description Value ($) Change

======	======================================== ======
HS1_38	Skaw-Passero trip Recalada – Rio de Janeiro	10,279 – 128
HS2_38	Skaw-Passero trip Boston – Galveston	12,529 – 232
HS3_38	Rio de Janeiro-Recalada trip Skaw – Passero	22,517	–	372
HS4_38	USGulf trip via USG or NCSA to Skaw-Passero	22,364	–	140
HS5_38	SE Asia trip to Spore – Japan	11,706	–	125
HS6_38	N.China-S.Kor-Jpn trip to N.China-S.Kor-Jpn	11,300	–	200
HS7_38	N.China-S.Kor-Jpn trip to SE Asia	10,700	–	225
======	======================================== ======

7TC Weighted Timecharter Average 14,132 – 197

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