Challenges aplenty to educate, train recruits and upgrade with reval short courses, as background and mindset of subjects to instil syllabi for useful circumstantial situational recall without loss or delay is what’s it about. Easily said and done? Doubtful! Forget jargons like ‘knowledge transfer’, rote memory as for RoR (CA in Nav), memory bank and HR lingo too. Yes IQ, SQ, CQ … count. Best comparison perhaps is Docs who adeptly use their brains, senses, limbs, memory, pharmacology etc to prescribe best quick treatment with affordable medicines and modes for patients coming to call with trust.

Does our MET pass such tests? As a veteran of visiting faculty for over three decades, I am concerned. For, when I fish around to clear my own serious doubts on dubious education/knowledge related posts in groups by `seniors’, I must confess that I get doubtful responses and not redoubtable clarifications! Silly as it may sound, outdated knowledge recalls, imaginary conclusions, application of guess work etc.

In spirituality logic (pl pursue Shounaka, Swethakethu,Nachiketa etc ) is doubted-questioned (with compromise chosen) and philosophy itself -that most tend to believe is admirable position and truth- are genuinely `intuitions’ after all! Yes Socrates paid for it with life -though he has been proven right ever since hemlock. Eureka streaking it was for our own funda-man! For those stuck with science, here are caveats: In Karma, every action is not credited with equal and opposite reactions; what goes up need not come down or what goes down needn’t come up. Hence, never get your brain blindfolded!

Simulation is more important than practicals which are more important than theory. Most educationists go the other way with cost based systems! Online and zoom have serious shortcomings/disadvantages. Teaching is a sacred task right from our very ole days in gurukul, starting with disciplining shishyas aka students, dakshina in return for upkeeps and not fees as profit for METs. As idealism may not suffice to survive, pragmatic approach need be pursued in E&T converting intakes to safe trustworthy responsible fit for purpose job seekers; obtaining placement with good ship managers is would be the proof indeed.

Seafaring has lost its attraction as a career over last few decades with better opportunities elsewhere, but alluring girls (as during industrialisation to increase headcount and cost cut) is not an option. The number of daughters and daughter in laws of mariners opting for sea career speaks for itself; ain’t it?!

Heard of dialetheism? Ambidextrous? Polyvalency?!

Back to Class Room. Eyeball contact is a must; body language conveys a lot. Must enter students’ grasp and thought flows to educate and anchor utility of knowledge of what all taught for practicalities of use as mariners, as in seamanship, cargo handling, watch-keeping, risk assessment, record keeping et al at support levels capable of moving up to operators and managers. Tall order? Neyt! Indians doing better!

As in spirituality, sages have learned and improved from sishya’s probing questions. Lecturers could without pretending to be a know all, ask for time to revert after verifying! Changes are apace in all fields of science and knowledge. Hence, updating teachers’ knowledge and skills too are paramount. Monitor students well to impart observational powers. Surprise them once in a way to usher in fresh streams of enthusiasm. As ‘to err is common’, getting over faltered steps must be exemplified unassumingly, with balanced corrective measures, enthusiastically. Else teaching will be an also ran boring takeaway, letting students get distracted naughtily.

Unlike most other professions, seafaring calls for use of all the senses all the time, expecting surprises any time -but not fearing- with readiness to react, handle and control, as individuals, team and groups away from the securities of home and ashore, with back up helps.

Creating doubts in students itself is an art of teaching and thence leading them to probable solutions is being scientific and then choosing the safest, speediest, economical one is decision making under time and other constraints. Most mariners would have learned from seamen and seniors, and have stories to share of close encounters. Spoon feeding them wouldn’t do. Analysing near escapes and case study will impart confidence in and to the system -of MET, closing with accident enquires, corrective measures meted out to defaulters and new Rules/regulations drawn up to protect life, environment, resources etc from overlooked/underestimated risks. Hasn’t seafaring been so for millennia?

Focusing on mediocre/below average, while toting general average group, potential of outstanding rankers must be fine-tuned. Such leveraging generally helps raise levels of all; morphic resonance for one! For, mavericks make difference, like dropouts who turn successful in life’s various endeavours.

Reversing problem solving -often resorted- is brilliant way of learning-understanding processes creating formulae and theorem solving backwards: encourage to reap benefits. Isn’t opening hitches and knots without spoiling ropes a requisite seaman like attribute? Contrarians make a difference. Revel bounden calls of duty-satisfaction-achievements. A Class X topper girl developing a method of converting concepts to stories for easier understanding and recalls. Heard why ‘hogging’ in Great lakes summer?

Addendum: Nothing ever learned or taught may be right is a new finding! Aliens seeded earth to create life is a persistent doubt bothering evolutionists! Quantum mechanics is digging deeper than Mariana’s trench! Zealandia is a new continent. Magnetic rivers in earth’s mantle is altering `variation’ fast! Much energy is whizzing around that we know naught about. Diseases are nature generated -cures also- to cut human population damaging resources. Fuzzy logic is newfound! Spawn geniuses!

MET academia upto mark on global warming, CII and its impacts on operation, design of new ships? Are they planting/enabling innovation and creativity in their wards? Else, waste of time going by syllabi. Worsening weather! Are water crafts/ships designs/classed going by historical weather data? Average wave and swell heights have increased. Freak waves galore! Storms/cyclones etc too! Climate change?! Moisture rivers in firmament are draining wherever whenever dumpable causing flashfloods! New mariners need to learn Meteorology on the trot, with improving data collection/analysis!! Imbibing knowledge for application through inter-extra-polation derivation is art and science combined. Amen.

Marex Media

BALTIC INDICES 27/05/2025

DRY        INDEX:      1296 (- 44)

CAPESIZE  INDEX:      1809 (- 91)

PANAMAX   INDEX:    1208 (-38)

SUPRAMAX  INDEX:   974 (-9)

HANDYSIZE INDEX:    587 (+6)

BCI   TC AVG $/DAY 15005 (- 752)
BPI82 TC AVG $/DAY                   10869 (- 349)
BSI    TC AVG $/DAY                 12314 (- 112)
BHSI TC AVG $/DAY                  10567 (+ 116)

TIMECHARTER

‘Saphira’ 2021 82577 dwt dely Machong 28/30 May trip via Australia redel S China $11,250 – JSSSC

Nautical Queen’ 2024 82541 dwt dely CJK 26/29 May trip via EC Australia redel India $10,000 – cnr

‘Anna J’ 2022 82279 dwt dely Rotterdam 21 May trip via US Gulf redel Gibraltar $12,000 – ADMI

‘Crimson Empress’ 2014 82250 dwt dely passing Algeciras 25 May trip via EC South America redel Skaw-Gibraltar $11,000 – WBC

‘Shandong Xin De’ 2024 82152 dwt dely CJK 28 May trip via Port Latta redel Japan $11,000 – Jera –

‘Star Nadziye’ 2019 82083 dwt dely CJK 30/31 May trip via EC Australia redel India $11,000 – LSS

‘Delfin’ 2017 81645 dwt dely retro Sunda Strait 13 May trip via EC South America redel Singapore-Japan

$13,700 – SDTR

‘SSI Surprise’ 2013 81631 dwt dely Colombo 22 May trip via EC South America redel Singapore-Japan

$12,000 – Cargill

‘Xie Hai Yong Xin’ 2001 75202 dwt dely Qinzhou 24/25 May trip via Indonesia redel China $5,500 – cnr

‘Liberty Explorer’ 2011 61338 dwt dely Rizhao prompt trip via N China redel SE Asia intention bulk cargo

$11,000 – Perfect Bulk

‘Blue Fin’ 2011 56780 dwt dely Yesilovacik prompt trip redel Continent intention clinker $7,000 – Pacific Basin

‘Marit Selmer’ 2013 37452 dwt dely Canakkale prompt trip redel US Gulf $8,000 – cnr

PERIOD

‘Phaidra’ 2013 87146 dwt dely Tianjin 31 May 7/9 months redel worldwide $9,750 – Swissmarine

VOYAGES
ORE

‘TBN’ 170000/10 Dampier/Qingdao 12/14 Jun $8.25 fio 90000shinc/30000shinc – Rio Tinto

‘TBN’ 160000/10 Port Hedland/Qingdao 14/16 Jun

$8.35 fio 80000shinc/30000shinc – BHP

‘TBN’ 150000/10 Port Cartier/Gijon 7/16 Jun $9.00 fio

60000shinc/30000shinc – ArcelorMittal – <26/5 fixture>

COAL

‘TBN’ 80000/10 Gladstone/Dung Quat 13/19 Jun

$13.25 fio 35000shinc/10000shinc – Hoa Phat

‘Korea Shipping TBN’ 80000/10 Balikpapan/Boryeong 6/15 Jun $6.60 fio 25000shinc/19000lt shinc – Kepco tender

‘TBN’ 75000/10 Gladstone/Go Gia 9/18 Jun $11.25 fio scale/14000shinc – Thuanh

MISC

‘Royal Laurel’ 2019 Louis Dreyfus relet 59000/10 bauxite Kamsar/San Ciprian 3/9 Jun $11.30 fio 24000shinc/15000shinc – Cobelfret

Baltic Exchange Index – 27 MAY 2025 Baltic Exchange Capesize 182 Index

Route    Description                                    Value  Change ========================================== ====
C8_182  182000mt Gib/Hamburg transatlantic RV       17,093 -1878
C9_182   182000mt Cont-Med trip China-Japan          37,181 -188
C10_182 182000mt China-Japan transpacific RV          20,579 -1080
C14_182 182000mt China-Brazil round voyage           19,098 +430
C16_182 182000mt Backhaul                                       2,680 -175
===============================================
C5TC 182 Weighted Timecharter Average               19,174 –   597

Baltic Exchange Index – 27 MAY 2025

Baltic Exchange Capesize Index  1809 (- 91)

Route Description Value($) Change

C2 160000mt Tubarao to Rotterdam 8.057 – 0.050
C3 160-170000mt Tubarao to Qingdao 19.120 + 0.285
C5 160-170000mt W Australia to Qingdao 8.270 – 0.280
C7 150-160000mt Bolivar to Rotterdam 10.357 – 0.472
C8_14 180000mt Gibraltar-Hamburg T/A RV 13,071 – 2250
C9_14 180000mt Conti/Med Trip China/Japan 33,500 – 313
C10_14 180000mt China/Japan T/P RV 16,491 – 745
C14 180000mt China-Brazil RV 14,411 + 217
C16 180000mt N.China to Skaw-Passero -1.406 – 143
C17 170000mt Saldanha Bay to Qingdao 14.228 + 0.120
==================================================
5TC Weighted Timecharter Average 15,005 – 752

Baltic Exchange Panamax 82 Asia Index – 28 May 2025

Route   Description Size (MT)      Value($) Change
=====   ======================     ======== ======
P5_82   S.China one Indo RV         8,150    -611

Baltic Exchange Panamax 82 Asia Index – 27 May 2025

Route   Description Size (MT)      Value($) Change
=====   ======================     ======== ======
P5_82   S.China one Indo RV         8,761    -356

Baltic Exchange Supramax Asia Index – 28 May 2025

Route Description                      Value($) Change
====== =============================== =======
S2_63 N.China one Austr or Pac RV 10,869 -94
S8_63 S.China via Indonesia/Ec India 12,686 -93
S10_63 S.China via Indo/S.China   9,591  -140
====== =============================== =======
S3TC  Weighted Time Charter Average  11,025  -107

Baltic Exchange Supramax Asia Index – 27 May 2025

Route Description                      Value($) Change
====== =============================== =======
S2_63 N.China one Austr or Pac RV    10,963     +63
S8_63 S.China via Indonesia/Ec India       12,779    -50
S10_63 S.China via Indo/S.China                  9,731     -119
====== =============================== =======
S3TC   Weighted Time Charter Average  11,132   -23

Baltic Exchange Supramax Asia Index – 27 May 2025

Route Description                      Value($) Change
====== =============================== =======
S2_63 N.China one Austr or Pac RV    10,963     +63
S8_63 S.China via Indonesia/Ec India              12,779    -50
S10_63 S.China via Indo/S.China                      9,731     -119
====== =============================== =======
S3TC   Weighted Time Charter Average  11,132   -23
(c) Baltic Exchange Information Services Ltd 2025
++

• After 214 years, Thyssenkrupp is broken up Board of directors radical: Most of the Ruhr icon is sold, jobs are cut – but the boss is to receive a new contract

• Water Wars Are Just Beginning
  The ceasefire between India and Pakistan appears to be holding after over the disputed Kashmir region. But access to a basic requirement of life highlights just how far apart they remain.
• One of the more significant if lesser-noticed consequences of the flare- up in fighting between the neighbours was India’s decision to suspend a 65-year-old agreement that governs how each country is allowed to the shared rivers that run between them.
• The Indus Waters Treaty governs each nation’s use of the vast network of tributaries and waterways of the Indus river system that both draw on for everything from electricity to agriculture.
• India and Pakistan are water-scarce countries — and becoming more so — with huge populations of subsistence farmers dependent on the Indus.
• What’s certain is that Pakistan’s dependence on the river is greater than India’s. That likely gives New Delhi the upper hand, and provide leverage in negotiations over other matters of dispute.
• “Water and blood can’t flow together,” Modi said after the treaty’s suspension.
• Whether the two sides can keep the water flowing — without spilling more blood — will be the next big test in relations.

• In markets, Japan’s auction of 40-year government debt met demand that was the weakest since July, an outcome that risks fueling further volatility for global bonds. European and US equity futures turned negative while Asian stocks pared some gains.

Donald Trump warned that Vladimir Putin was “playing with fire” as the US weighs whether to target Russia with additional sanctions over its long-range missile and drone barrage against Ukraine.

Germany is preparing to abolish a fast-track option that allows well-integrated migrants to naturalize after three years in the country. Meantime, US embassies were ordered to stop student visa interviews as the Trump administration weighs stricter vetting of applicants’ social-media profiles.

Emmanuel Macron is trying to position Europe as a viable partner for Southeast Asian countries wary of US-China tensions. The French president has already struck billions in deals and defense cooperation to Vietnam, with stops in Indonesia and Singapore still ahead.

Maritime losses reach historic low amid rising geopolitical and technological risks

“While still posing major challenges and concerns, traditional causes of maritime losses, such as fires and collisions, have decreased over time. However, geopolitical tensions now pose a substantial threat that could offset these gains.,” the Allianz report noted, adding: “The industry faces a complex environment marked by attacks on shipping, vessel detentions, sanctions and damages to infrastructure such as critical sub- sea cables, while reports of vessels experiencing GPS interference and jamming are increasing. Insurers have seen a clear increase in large claims related to conflicts, notably from the war in Ukraine and Middle East tensions.”

In better news, the large annual report reveals a significant milestone in maritime safety: the global fleet experienced a record low of 27 total losses in 2024, a 20% decrease from the previous year and a 75% decline from 2015 levels.

The report highlights that the South China, Indochina, Indonesia, and the Philippines remain the most perilous, accounting for nearly a third of the vessels lost in 2024. Other high-risk areas include the British Isles and the East Mediterranean and Black Sea, each reporting four total losses. Over the past decade, these regions collectively contributed to 681 of the 729 total losses recorded globally.

ONE and Hapag-Lloyd line up more than 30 newbuild contracts

Ocean Network Express (ONE) and Hapag-Lloyd are close to finalising big orders in Asia as the record global container orderbook nears 10m teu.

Singapore-based, Japanese-owned ONE is in discussions with HD Hyundai in South Korea for up to twelve 16,000 teu ships, in a deal estimated to be worth $2.6bn, while Hapag-Lloyd is in discussions with a number of yards for up to twelve 12,000 to 13,000 teu ships and eight 16,000 teu vessels.

Hapag-Lloyd has been shocked at the “outrageous” prices being quoted by South Korea’s big three shipyards in the wake of the US bid to charge Chinese-linked tonnage hiked port fees when calling at American ports.

Other carriers are in the market for megamax 24,000 teu tonnage. “Despite a record-breaking vessel orderbook that is creeping up to 10.0 Mteu, third-party owners and carriers alike are still eager to extend their newbuilding pipeline.”

World’s largest port launches three European green corridor projects

The port of Ningbo-Zhoushan in China, the world’s largest port in terms of cargo throughput, has announced three initiatives it has undertaken with three European ports — Hamburg and Wilhelmshaven in Germany, and Valencia in Spain — to create. green shipping corridors.

The ports involved will work with shipping lines, cargo owners, energy providers, research institutions and other stakeholders to promote zero- carbon technology, clean fuels and smart management systems on designated routes.

Key actions include constructing and utilising shore power infrastructure, optimising freight distribution networks, adopting renewable energy solutions and scaling up clean fuel bunkering, with the goal of creating corridors with net-zero carbon emissions from starting port to terminal port.

As of 2024, there were 62 green shipping corridor initiatives worldwide, marking a 40% increase from the previous year. These corridors are specific maritime routes where public and private stakeholders collaborate to facilitate zero-emission shipping.

However, the expansion of these corridors faces challenges, particularly the feasibility wall—the financial and logistical hurdles associated with transitioning to zero-emission fuels. The lack of national policy incentives to bridge the cost gap is now identified as the primary bottleneck, potentially limiting further development of green corridor initiatives.

Britoil orders up to eight anchor handlers

Offshore support vessel (OSV) owner Britoil Offshore Services has announced a major fleet expansion plan, placing an order for up to eight new anchor handling tug vessels (AHTs) to be built in China.

The Singapore-based company has signed a contract with Jiangsu Zhenjiang Shipyard for six firm AHT newbuilds, with options for two additional vessels. While the financial details and delivery schedule have not been disclosed, Britoil emphasized that the new vessels will mark a significant step forward in its nearly 40-year legacy in anchor handling operations.

The 45-m-long vessels will each offer 80t of bollard pull and come equipped with advanced propulsion systems, optimized hull designs, and increased fuel storage capacity. Britoil said these enhancements are designed to boost operational efficiency and align with the company’s broader strategy of fleet renewal.

BRAZIL :

Brazil’sFinanceMinistryraisedits2025GDPgrowthforecastto2.4percent from2.3percent, citing stronger-than-expected first-quarter performance in agriculture and industry. FX and money markets While the SELI Cratere maintained at 14.25percent throughout April, Brazil’s Monetary Commitee signalled a potential smaller rate increase in its May meeting, emphasizing that future adjustments would depend on the evolution of inflation dynamics. Exports In April, Brazil iron ore exports totalled 30.4milliontonnes, a 7.04percent increase compared to last month’s figures. Compared to the same period in 2024, monthly exports rose by 2.70 percent. During the same period, soybean exports experienced further growth, reaching15.3million tonnes, a 4.08 percent increase over the month prior. Year-on-year, the volumes exported also increased by4.08 percent. Imports In April, Brazil’s chemical fertilizer imports rose to 3.68million tonnes, representing a 38.78 and 20.2 percent increase month-on-month and year on-year respectively. Year-to-date import volumes stood at 11.6million tonnes, marking a 13.84 percent increase over 2024.

• Brazil’s annual inflation rose to 5.53 percent in April 2025, up from5.48 percent in March, remaining above the Central Bank’s 3percent target and signalling persistent inflationary pressures.

• On a monthly basis, the CPI increased by 0.43 percent in April, down from 0.56percent in March, suggesting a modest deceleration in price growth.

• Key contributors to the annual inflation included food and beverages, which rose by 7.68 percent along with pharmaceuticals which were a major driver, Increasingby2.32percent.

• In March,10 out of the 24 industrial activities surveyed recorded negative price changes compared to February. Among them, Petroleum Refining and Biofuels—ranked as the fourth-largest contributor to the overall index—posted a decline of 0.58percent.

• Ten out of the 24 industrial activities surveyed recorded negative price changes in March compared to February. Petroleum Refining and Biofuels, with the fourth-largest influence on the overall result, saw a negative change of 0.58 percent.

• The cumulative IPP for the first three months of 2025 stood at-0.59 percent, reflecting the impact of the recent price decreases.

• In April, Brazil iron ore exports totalled 30.4 million tonnes, a 7.04 percent increase compared to last month’s figures.
• Compared to the same period in 2024, Brazil’s monthly exports in April rose by 2.70 percent, while cumulative exports for the year reached
• 115.2 million tonnes—an increase of 1.60 percent year-on-year.
• Brazilian iron ore exporters remain heavily dependent on the Chinese market. In the first four months, 77.1 percent of Minas Gerais’ iron ore export revenue was generated from shipments to China. On a national level, China accounted for 65 percent export earnings during the same period. 45 40 35 30 25 20 In Million Tonnes 15 10 Brazil – Iron Ore Exports Jan 20
• In April, Brazil’s soybean exports experienced further growth, reaching 15.3 million tonnes, a 4.08 percent increase over the month prior.
• Year-on-year the volumes exported also increased by 4.08 percent, while total exports year-to-date were 2.03 percent higher than the same period in 2024.
• China continued to be the primary destination for Brazilian soybeans, absorbing a significant 75 percent of the total volume exported through April 2025

Western countries are taking a tougher line against Vladimir Putin.

Germany gave Ukraine permission to use weapons supplied by its allies to launch strikes deep inside Russia, with no range limits. Over the weekend, Trump said he’s considering more sanctions against Russia, adding that Putin is “killing a lot of people.” The Russian leader “has gone absolutely CRAZY!,” Trump wrote on Truth Social.

Spotlight on Lift Boats: What They Do & The Dangers They Pose

Picture a vessel that can sail to a jobsite, “plant” three or four giant steel legs on the seabed, and then lift its entire hull clear of the waves— creating a steady offshore work platform. That, in a nutshell, is a lift Boat. Born in the Gulf of Mexico in the 1950s to serve the offshore oil industry, these agile craft now support everything from well-plugging campaigns off Louisiana to turbine maintenance at the first U.S. offshore wind farms.

How a Liftboat Works

A lift boat, or self-elevating service vessel, looks like a wide-bodied supply vessel with long lattice legs protruding skyward. It sails under its own power or by tow to locations generally less than 300 ft deep. Once on site, hydraulic jacking systems lower the legs until they “pin” on the seabed. The hull then climbs those legs, rising anywhere from 15–70 ft above the water so waves can pass harmlessly below. With the deck as stable as dry land, cranes, crew quarters, workshops, and helidecks can support around-the-clock operations.

Lift Boats fulfill several core roles in offshore energy.

• Transporting heavy equipment to offshore installations
  • While elevated, acting as temporary “flotels” (floating hotels) for work crews
  • Using attached marine cranes to perform a variety of work
  • Plugging idle or abandoned wells
  • Constructing and servicing offshore platforms
  • Supporting commercial diving operations
  • Installing and servicing offshore wind turbines

Because lift Boats can quickly reposition and elevate, they outperform anchored barges in harsh, shallow environments—and they’re far less costly to mobilize than full-size jack-up drilling rigs.

Russian Naval Escorts Guard Shadow Fleet in Gulf of Finland Russia has intensified its maritime operations in the Gulf of Finland, implementing new tactics that include military escorts for its shadow fleet tankers, Finnish Defence Minister Antti Häkkänen said over the weekend.

The escalation involves armed forces protecting vessels in the narrow waters, marking a shift from Russia’s traditional military presence in the region, according to Häkkänen. This development coincides with recent airspace violations by Russian fighter jets near Porvoo, Finland.

The statement follows a recent incident where Russia briefly sent a fighter jet into NATO airspace over the Baltic Sea while attempting to intercept a Russian-bound oil tanker suspected of belonging to a “shadow fleet” that defies Western sanctions on Moscow.

Container Shipping Industry Posts $9.9 Billion Q1 Profit as Red Sea Crisis Impact Wanes

The container shipping industry recorded a net profit of $9.9 billion in the first quarter of 2025, marking a significant decrease from previous quarters while still maintaining historically strong performance.

Container Shipping Sector Quarterly Financial Results report, the Q1 earnings represent a 36.4% sequential decline from Q4 2024’s $15.6 billion. However, when compared to the first quarter of 2024, the industry saw an 82.8% increase from the $5.4 billion profit recorded in that period.

First quarter profits marked the second straight decline after three quarters of growth following Q4 2023’s net loss. These fluctuations largely stem from the Red Sea crisis, with ships rerouting around Africa reducing global shipping capacity by 8%.

Trump Warns Putin “Playing with Fire”

In the wake of Russia’s largest aerial assault of the Ukraine war, U.S. President Donald Trump issued stark warnings to Vladimir Putin, saying the Russian leader has “gone absolutely CRAZY” and is “playing with fire.”

The comments came as Ukrainians endured three consecutive night of massive Russian drone and missile attacks. Ukrainian officials reported over 900 drones and missiles launched over three nights, with the largest barrage including at least 367 weapons and resulting in 12 deaths, including three children in the Zhytomyr region.

Trump, speaking from Morristown, New Jersey, on Sunday, expressed concern about Putin’s actions, stating “I don’t know what’s wrong with him. What the hell happened to him? Right? He’s killing a lot of people. I’m not happy about that.”

US-China Trade Tensions and Shadow Fleet Pose Growing Risks to Maritime Industry

Despite reaching record-low vessel losses in 2024, the maritime industry faces mounting challenges from geopolitical tensions and an expanding shadow fleet.

A report reveals that only 27 large ships were lost worldwide in 2024, marking a 20% decrease from the previous year’s 35 vessels and representing the industry’s lowest-ever total. This improvement is particularly notable when compared to the 1990s, when the global fleet was losing more than 200 vessels annually.

However, the positive trend in maritime safety is being tested by escalating trade conflicts and political risks. US-China trade tensions have significantly impacted global maritime commerce, with approximately 18% of global maritime trade now subject to tariffs as of mid-April 2025, a sharp increase from 4% in early March.

IMO Charts Course for Zero Emissions, But Can Shipping Keep Up?

The International Maritime Organisation’s (IMO) ambitious new policy measures are set to transform the shipping industry’s approach to fuel consumption and emissions, though success hinges on proper incentivization and penalty structures.

According to a new insight brief from the Getting to Zero Coalition and Global Maritime Forum, the maritime sector is poised to become the first industry with globally binding greenhouse gas regulations and emissions pricing. The analysis, based on total cost ownership modeling and extensive stakeholder interviews, reveals a clear trajectory toward zero- emission fuels.

The findings indicate that dual-fuel ships operating on LNG and ammonia will dominate the market before the mid-2030s, with ammonia emerging as the most cost-effective option from 2037 onward. Despite this projected shift, the transition faces significant challenges, particularly in developing e-fuel value chains within the necessary timeframe.

Panama Tightens Ship-to-Ship Oil Transfer Rules in Bid to Combat Shadow Fleet Operations

Panama has implemented stringent new requirements for ship-to-ship (STS) oil transfer operations involving vessels under its flag, marking a significant step in its efforts to combat sanctions evasion and illicit maritime activities.

Through Resolution No. 106-035-DGMM of 2025, published on May 6, 2025, the Panama Maritime Authority (PMA) has established mandatory traceability protocols for offshore STS transfers of hydrocarbons.

The new regulation requires all Panama-flagged vessels with a gross tonnage of 150 or more to provide 48-hour advance notice before conducting any STS operation. Vessels must submit comprehensive technical and operational details, including vessel identification information, operation coordinates, timing, and transfer methods.

US imports of prime scrap surged to a 15-year high in March in response to supply chain concerns stemming from tariff uncertainty and a surge in hot-rolled coil (HRC) prices.

The US imported 260,200 metric tonnes (t) of #1 busheling/bundles in March, up by 370pc from the prior year and the highest level since April 2010, according to US customs data.

President Donald Trump in January threatened a blanket 25pc import tax on Canada and Mexico — the two largest shippers of scrap to the US, especially for prime grades. Trump delayed the implementation of the tariffs several times between February-April before he ultimately lifted the blanket levies on Mexico and Canada. A 10pc reciprocal tariff remains in place on scrap imports from Europe.

Steel mills and scrap suppliers rushed to shore up supply lines of scrap and iron metallics with suppliers outside of the US before the tariffs went into effect.

Imports from Mexico rose to an all-time high of 54,400t, up by 462pc from the prior year. Shipments from Canada totalled 67,400t, up 48pc from the prior year.

US mills also imported four bulk cargoes from the United Kingdom, Poland, Sweden and Netherlands which contained 139,000t of busheling.

Obsolete and prime grade scrap import volumes for May including cross- border and seaborne shipments nearly doubled to 508,600t, up from 264,600t the prior year.

Iron metallic imports also rose sharply because of the tariff uncertainty. Mills imported 566,000t of pig iron, up 65pc and 181,000t of direct reduced iron, up 44pc over the same comparison.

How long do World Wars Last ?

• WW 1 started in July 1914 until November 1918 lasted almost 52 months
• WW 2 started in 1^st September 1939 till 2^nd September 1945 lasted over 6 years and
• Ukraine-Russia Conflict: The conflict between Ukraine and Russia began in 2014, when Russia annexed Crimea following Ukraine’s Euromaidan protests and subsequent political changes. Hostilities escalated in Eastern Ukraine between Ukrainian forces and Russian-backed separatists in the Donetsk and Luhansk regions.

In February 2022, Russia launched a large-scale invasion of Ukraine, significantly intensifying the conflict. As of now, the war has been ongoing for over nine years, with the full-scale invasion beginning on February 24, 2022. It is almost 8 years now.

·        How long will the wars be fought to satisfy World leaders at the cost of Human lives only to give them land or minerals to capture and satisfy their thirst ? I wonder ? I am not even talking wars fought on basis of conflicts in Religions.

• Let us pray for wiser counsels amongst our world leaders and they can stop funding such wars to kill people and test their armaments.

Marex Media

“Disclaimer”

All Rights in all material and information on this document is reserved. Any form of reproduction or distribution of the information contained in this by any means whether electronic or otherwise is expressly prohibited including distribution by re-producing it anywhere.

You may view or otherwise use the information, prices, indices, assessments and other related information, graphs, tables, images in this Publication is only for your personal use if you are an authorised user for internal use only.

Data in this publication, includes independent and verifiable data collected from market participants.

Any user of the Data should not rely on any information and/or assessment contained therein in making any investment, trading, risk management or other decision.

I do not guarantee the adequacy, accuracy, timeliness, and/or completeness of the Data or any component thereof or any communication (written, oral, electronic, or other format). The writer shall not be subject to any damages or liability, including but not limited to any indirect, special, incidental, punitive, or consequential damages (including but not limited to, loss of profits, trading losses, and loss of goodwill).

Pratik Bijlani –

On May 9, the National Union of Seafarers of India (NUSI) celebrated Founder Shri Mohamed Ebrahim Serang Day at the Indian Sailors Home Society in Mumbai with great enthusiasm and reverence. This commemorative event brought together luminaries from the maritime industry to honour the extraordinary legacy of Shri Mohamed Ebrahim Serang, whose vision and determination laid the foundation for the Indian seafarer’s movement. Presided over by NUSI President, Advocate Premanand Salgaonkar, the occasion also saw the presence of senior executives, including Mr Sunil Nair, Mr Suresh Solanki, Mr Louis Gomes, and Mr Sunder Pillai, alongside other union dignitaries.

Mr Milind Kandalgaonkar, speaking at the event, underscored the importance of preserving NUSI’s legacy. “Today we remember with pride the great legacy of our beloved NUSI,” he declared, adding, “This day is not just a celebration of our past but also a celebration of our future.” His inspiring words highlighted the enduring relevance of NUSI’s mission in shaping the welfare of Indian seafarers and their families.  Mr Kandalgaonkar also extended a warm welcome to Chief Guest, Ms Sai Tamhankar, emphasizing her deep-rooted connection to the maritime community.

The event featured heartfelt tributes and insightful addresses by industry leaders. Shri Chitta Dash, Advisor to the Indian National Shipowners Association (INSA), emphasized the union’s commitment to safety, stating, “Safety is like our motto, it’s in our blood, in our culture.” Capt. Shiv Halbe, CEO of the Maritime Association of Shipowners, Shipmanagers & Agents (MASSA), reiterated the need for safe practices both on and off ships, remarking, “Safety is not just about working on a ship. Your behaviour should also be safe. Let’s not be brave when it is not necessary to be brave.” Capt. Rajesh Tandon CEO of FOSMA, Mr Rakesh Singh of ICCSA, and Capt. Tushar Pradhan of MUI also provided valuable insights on safety, skill development, and career advancement for seafarers.

Lifetime Achievement Awards were presented to Mr Rustom Cassinath (FOSMA), Capt. Ashok Kumar (INSA), and Shri T.V. Krishnan (MASSA) for their lasting contributions to the maritime sector. The distribution of financial assistance cheques for medical and educational needs further demonstrated NUSI’s unwavering commitment to the welfare of seafarers and their families.

Ms Tamhankar, visibly moved by the heartfelt tributes, expressed her admiration for the seafaring community, underscoring the deep connection shared by maritime families. Her address resonated with the audience, highlighting the resilience and unity of seafarers.

The celebration concluded with a vote of thanks by Ms. Alison Fernandes, followed by an entertainment program and dinner that fostered camaraderie and reflection among attendees. Earlier in the day, an awareness program by the Seafarers Welfare Fund Society (SWFS) shed light on vital welfare schemes available to seafarers, further solidifying NUSI’s role as a pillar of support for the maritime community.

This year’s Founder’s Day celebration stood as a powerful homage to Shri Mohamed Ebrahim Serang, encapsulating the spirit of solidarity, service, and resilience that continues to define the seafaring profession.

Marex Media

Technology group Wärtsilä will supply the electric propulsion system for three fully battery-electric, high-speed ferries that will operate in the San Francisco Bay area. The zero-emission vessels will be the first full electric high-speed ferries to operate and be built in the USA. The order with Wärtsilä has been placed by the shipyard All American Marine (AAM), on behalf of San Francisco Bay Ferry, California’s largest public ferry operator. The order was booked by Wärtsilä in Q1 2025.

In awarding the contract to Wärtsilä, the company’s extensive global experience in developing and supplying integrated systems and solutions for zero-emission high-speed vessels was a key consideration. Wärtsilä has supplied more battery power to the marine industry than any other electrical propulsion provider in the world.

“These 150-passenger ferries represent a transformative step forward in sustainable and innovative marine transportation. They showcase AAM’s unwavering commitment to innovation, delivering cutting-edge, emission-free solutions. As we look to the future of this project, we are relying upon Wärtsilä’s advanced technologies and extensive expertise to continue driving the success of this pioneering project,” stated Ron Wille, President, All American Marine Inc.

The three zero-emission vessels will be the first delivered as a part of San Francisco Bay Ferry’s Rapid Electric Emission Free (REEF) Ferry Program, a transformative suite of projects to transition the agency’s fleet to zero-emission propulsion technology. They will operate on new routes that connect two of San Francisco’s fastest growing neighbourhoods, Treasure Island and Mission Bay, to SF Bay Ferry’s Downtown S.F. ferry hub. Wärtsilä will work within the REEF project team to finalise the vessel and charging system concepts.

Wärtsilä’s scope of supply is for the full electric propulsion system. This includes the energy and power management system (EPMS), the integrated automation system (IAS), batteries, DC Hub, transformers, E-Motors, and the shore power supply. The Wärtsilä equipment is scheduled for delivery commencing in 2026, and the first vessel is expected to join the ferry fleet in early 2027.

Jan Othman, Vice President, Project Services – Wärtsilä Marine says: “The award of this contract represents a clear endorsement of our strong track record in systems integration and emission-free propulsion and supports our global efforts to decarbonise the marine industry. We congratulate SF Bay Ferry and AAM for their vision in bringing this exciting project to fruition.”

Aurora Marine Design delivered the initial concept design of the vessels to SF Bay Ferry. Teknicraft is then responsible for the detailed design of the vessels which will be built to USCG Subchapter T standards. The vessels will operate at 24 knots, powered by dual 625-kilowatt electric motors. The ferries will be 100 feet long with 26-foot beam and a 5.9-foot draft.

Marex Media

International Day for Women in Maritime is not just a symbolic celebration. It is a call to transform how we view, integrate, and empower women across every corner of the maritime world—including the rugged, often overlooked ship recycling industry.

At Alang, Gujarat, which recycles around 30% of the world’s ships, the picture is slowly but surely changing. Traditionally dominated by men, the ship recycling sector has started recognizing that women bring critical value across several verticals—be it in compliance, quality assurance, environment and safety audits, logistics coordination, or digital recordkeeping.

The 2025 theme, “An Ocean of Opportunities for Women”, invites us to rethink our structures. Why shouldn’t trained women safety officers manage compliance? Why not open doors to women as environmental officers, technical document controllers, or even sustainability officers? If the global maritime industry is transitioning to a greener and more responsible future, inclusive participation is no longer optional—it’s essential.

At Guideship, we are working with forward-thinking yards to initiate change by creating awareness, advocating for gender-inclusive hiring policies, and designing training programs that equip women with the tools to thrive. With strong policy support and grassroots engagement, India’s ship recycling industry can be a global model for responsible, inclusive development.

On this important day, let’s reaffirm our commitment to creating visible and valued roles for women—because the sea of opportunity belongs to all.

Marex Media

DP World, a leading global provider of smart end-to-end supply chain solutions, welcomed the inaugural calls of the CI6/SIS/CISC2 and SI8/AIS5 service at its Nhava Sheva terminal, strengthening the terminal’s connectivity with key Asian economies and enhancing trade efficiency through improved maritime links.

The new services – CI6/SIS/CISC2 and SI8/AIS5 – offer expanded market access for Indian exporters and importers. Operated by a group of regional carriers, the CI6/SIS/CISC2 service deploy six vessels with a weekly capacity of 5,600 TEUs, connecting Shanghai, Ningbo, Shekou, Port Kelang, Nhava Sheva, and Mundra. The SI8/AIS5 service deploys another four vessels with a weekly capacity of 2,800 TEUs, linking Jakarta, Surabaya, Singapore, Port Kelang, Mundra, and Nhava Sheva.

Ravinder Johal, COO, Ports & Terminals, Operations & Commercial, DP World Subcontinent and MENA Region, said, “The commencement of these two services at our NSIGT terminal marks a significant step forward in reinforcing India’s position as a key player in the Asian trade network. These services will offer Indian exporters and importers faster, more direct access to major markets in China, Indonesia, and Southeast Asia, further streamlining supply chains and reducing transit times.”

DP World provides seamless connectivity across the United States East Coast (USEC), North Europe, the Mediterranean, Africa, the Middle East, Far East and Upper Gulf, and Southeast Asia. Leveraging advanced technology, state-of-the-art equipment, and innovative logistics solutions—such as the Integrated Terminal Operating System, remote reefer monitoring, remote crane operations, and real-time cargo tracking—it has transformed terminal operations, enhancing efficiency, reducing turnaround times, and elevating the customer experience.

Marex Media

The Case for Seizing Russian Assets to Fund Ukraine’s Defence.

As Russia continues its war against Ukraine and the Trump administration reduces U.S. aid to Kyiv, European countries have stepped up their support of the Ukrainian people. But more can be done. At this critical moment, the European Union should seize the immobilized Russian sovereign assets that sit in Europe and use those resources to provide Ukraine with a sustainable source of assistance.

In February 2022, just days after Russia launched its full-scale invasion of Ukraine, the United States worked with the G-7 to freeze approximately $300 billion in Russian assets, the vast majority of which were held in Europe.

Reality today in the shipping world market is different than it was just two weeks ago. No one knows what the future holds for global trade, but the Shipping companies are not panicking. They are letting reason and patience prevail. Statements from the US President create so much uncertainty around global trade flows and thus the market in which our shipping companies operate. It can change from one day to the next.

There has never been a ‘Crystal Ball’ available for the Industry to watch and decide and how many “Boeing 747’s will stablize this market”?

Investor confidence in the US has taken another knock this week on concern President Donald Trump’s tax bill will worsen the already swelling deficit — a worry underscored by Moody’s Ratings’ decision last week to strip the world’s largest economy of its top credit rating.

US stocks are set for their worst weekly decline since Trump’s global tariff broadside triggered a selloff at the beginning of April, while yields on 10-year Treasuries have pushed higher this week to top 4.5%. A gauge of the dollar’s strength has slumped to the lowest level since 2023. Havens have risen, with gold rallying almost 4% and Bitcoin climbing 7%.

Rising bond yields are a particular concern. As Trump was putting pressure on House members to back the tax bill, the Treasury on Wednesday found tepid demand at an auction of 20-year bonds. The moves were reminiscent of Trump’s wrangle with the bond markets last month, when he blinked.

Higher yields not only threaten to dampen economic growth — as they translate into higher borrowing costs for everything from homes to cars — but to accelerate the government’s fiscal deterioration. As rates rise, so does the Treasury’s interest bill.

Investors will need to wait and see how Trump’s “one

big, beautiful bill,” which passed the House, makes it through the Senate.

The U.S. House of Representatives has passed an amendment to President Trump’s large tax and spending bill. The bill will now head to the Senate, where some Republicans are demanding extensive amendments. A vote is expected by August. The amendment includes a provision to raise the U.S. debt ceiling by $4 trillion. Without this, the U.S. Treasury Department predicts it could be forced to default as soon as August or September.

We are now halfway through Trump’s 90-day freeze on his so-called reciprocal tariffs, and the mood among businesses, consumers and governments facing them is that

of severe uncertainty. The next 45 days may not provide much relief from the fog. Trump himself has indicated that talks won’t lead to agreements for every nation before the July deadline, saying that 150 countries “want to make a deal” but that many will be assigned their tariff level. Treasury Secretary Scott

Bessent said “if they’re not negotiating in good faith, they are going to get a letter saying ‘here is the rate.”

The Taiwan Tightrope

Deterrence Is a Balancing Act, and America Is Starting to Slip.

As tensions rise across the Taiwan Strait, the policy debate in Washington remains fractured. U.S. strategy broadly revolves around deterring China from attacking Taiwan, and for the past three presidential administrations, it has consisted of three central components: increasing the ability of the United States and Taiwan to defend the island militarily; using diplomacy to signal U.S. resolve to protect Taiwan while also reassuring China that Washington does not support Taiwanese independence; and using economic pressure to slow China’s military modernization efforts.

But there is little consensus on the right balance among these three components—and that balance determines to some degree how deterrence looks in practice. Some contend that diplomatic pressure—along with military restraint, to avoid antagonizing China—will keep Beijing at bay. Others warn that unless Washington significantly strengthens its military posture in Asia, deterrence will collapse. And a third approach, outlined recently, emphasizes that bolstering Taiwan’s self- defence and enabling offshore U.S. support is the best route to sustaining deterrence while also mitigating the risk of escalation.

These prescriptions have merit but fall short of grappling with the paradox at the heart of U.S. strategy: deterrence can fail in two ways. Do too little, and Beijing may gamble it can

seize Taiwan before Washington is able to respond. Do too much, and Chinese leaders may conclude that force is the only remaining path to unification. Navigating this dilemma requires more than a stronger military or bolder diplomacy. It requires a calibrated strategy of rearmament, reassurance, and restraint

that threads the needle between weakness and recklessness. Combined properly, forward-deployed capabilities, diplomatic restraint, and selective economic interdependence can reinforce one another to maintain credible deterrence while avoiding provocation.

So far, however, the Trump administration’s approach to Taiwan has veered between harsh transactionalism, such as the imposition of a 32 percent tariff on most Taiwanese goods last month, and quiet reaffirmations of support for Taipei through bipartisan visits and a pause on the highest tariffs. The administration still has time to settle on a coherent strategy, but the window of opportunity is closing.

LOOSE LIPS START WARS

Currently, the U.S. military is improving its force posture in the vicinity of Taiwan, most notably through expanded access to bases in the Philippines and by reinforcing capabilities in southwestern Japan and the broader western Pacific. In the Philippines, thanks to the Enhanced Defence Cooperation Agreement, the United States gained access to four new strategic sites, bringing the total there to nine. Several, such as those in Cagayan and Isabela Provinces, are just a few hundred miles from Taiwan.

The End of Extended Deterrence in Asia?

China Is Chipping Away at America’s Security Guarantees to Its Allies.

For more than five years, Chinese vessels operating in the South China Sea have repeatedly collided with Philippine ships, sometimes dousing them with water cannons and injuring personnel. In response, the United States deployed a Typhon intermediate-range missile system to the island country last year. It was the first time since the end of the Cold War that the United States had supplied an ally with a weapon of such magnitude—and it kicked off a diplomatic storm. China’s

foreign ministry argued that the installation “disrupts regional peace and stability, undermines other countries’ legitimate security interest, and contravenes people’s aspiration for peace and development.” China, the ministry continued, would “not sit idly by” if the Philippines refused to remove it.

Beijing’s actions and threats against the Philippines are part of a broader attempt to counter the United States’ policy of “extended deterrence,” a strategy that commits Washington to defending its allies against aggression, including, in certain cases, with U.S. nuclear weapons. Beijing has long been critical of U.S. extended deterrence, on the grounds that it is a way for the United States to advance its interests against China. Chinese officials are now ramping up their efforts to undermine it. They have portrayed the United States as a destabilizing force in the region, made attempts to peel off U.S. allies using economic enticements and penalties, and engaged in ever more confrontational military operations. Such acts are intended to sap the credibility of U.S. extended deterrence, which is predicated on trust in Washington and faith in the United States’ capabilities.

For the Trump administration, maintaining extended deterrence in the Indo-Pacific should be a priority. It should challenge Beijing’s rhetoric in diplomatic forums and counter Chinese gray-zone tactics, as well as strengthen military cooperation with regional allies. Otherwise, Washington’s power and influence in the region will soon be eclipsed.

THE VIEW FROM BEIJING

For Chinese leaders, U.S. extended deterrence is not a defensive strategy but part of a broader effort by the United States to contain and even roll back China’s rise. Beijing also dismisses the idea that extended deterrence exists because

U.S. allies want it. Rather, Chinese officials see Washington’s strategy as an imposition on Australia, Japan, South Korea,

and others that, in Beijing’s view, belong in China’s rightful sphere of influence.

Hudong-Zhonghua commissions giant new shipbuilding facility north of Shanghai

One of China’s top shipyards, Hudong-Zhonghua Shipbuilding, has commissioned a giant new facility to boost its production of LNG carriers.

The new $2.5bn, 432 ha yard on Changxing Island north of Shanghai will boost the state-run company’s annual LNG carrier output from six to 10 vessels once fully operational.

Hudong-Zhonghua is a flagship site of China State Shipbuilding Corporation, and is also the yard in the People’s Republic that built the country’s first LNG carrier 17 years ago.

Across China, many yards are undergoing expansion, with the country now in control of two-thirds of the global ship orderbook, a position of dominance that has many American politicians on edge with the Donald Trump administration looking at ways to curb this stranglehold China has on ship construction.

Frontline fixes huge new $1.3bn loan to refinance Euronav VLCC fleet deal

John Fredriksen tanker company cuts the cost of paying for 24 ships

Frontline has cut its interest costs with a huge new loan to refinance the 24 modern VLCCs it bought from Euronav in 2023. The John Fredriksen controlled company said it had entered into a new secured term facility worth $1,29bn. It will replace outstanding debt arising from the $2.35 bn.

Laden LNG carrier towed free after grounding off Germany

Captain of 19-year-old steamship being questioned over incident

An LNG carrier owned by Knutsen OAS Shipping ran aground off the German Coast on Thursday with an inbound cargo from the US. German media reported that the 138,160-cbm Iberica Knutsen, built 2006, grounded off the island of Rugen near the entrance to the port of Mukran on the Baltic Sea at around 5.20 hours local time.

Banning scrubbers is short-sighted and counterproductive

• Researcher, Shipowner and supplier make the case for exhaust gas cleaning systems
• It has been 20 years since the IMO introduced its first guidelines on the use of EGCS (exhaust gas cleaning systems – Scrubbers). Since then, and rightfully so, focus has been on the pro’s and con’s of this technology. Tech developers, shipowners, operators and legislators all

agree on the importance of optimising the environmental performance of this robust technology which efficiently removes sulphur oxides from ship exhaust gases.

Insurer Steamship hit by unusually high losses and record pool claims

• Annual results reflect tough year for protection and indemnity clubs from costly casualties. Steamship Mutual was hit by an “unusually” high number of large casualties and record pool claims over the last year, leading to significant underwriting losses, as reported by the Insurer. Figures posted by the P & I club are the latest example of significant underwriting losses for the major industry players who have been bailed out by strong investment returns.

Hapag-Lloyd flip-flops between China and South Korea on next container ship orders

• Yawning price gaps and US fees threat prompting rethinks for liner company
• German shipowner Hapag-Lloyd has switched shipyard selections for its next tranches of LNG dual-fuel container ship new-buildings from Chinese shipyards to competitors in South Korea and back again, on price and US port call fee moves.

Newbuilding sources and those following the company said Hapag-Lloyd initially started discussions with shipyards in China on a series of up to 12 ships of about 12,500 teu and six to eight 16,000-teu vessels.

Maritime Trade Routes Reshuffling Once More

• The global seaborne trade routes appear to be steadily return to their “factory settings” after a series of positive developments over the past few weeks. However, everything is till shaky and could reverse at any time. In a notable development for global trade, the US and China have agreed to temporarily ease a selection of Tariffs and sanctions, marking a significant de-escalation in their on- going trade tensions. Under the agreement, the US has reduced tariffs on Chinese imports from 145% to 30% for a 90-day window, while China has lowered its tariffs on US goods from 125% to 10%. This move has already had a measurable impact on the shipping industry, with a surge in freight volumes expected as businesses accelerate shipments to take advantage of the tariff reprieve. Companies are racing to import goods ahead of any potential re-implementation of higher duties.

In line with Trump-era policies, the US and Iran are reportedly close to reaching a potential nuclear agreement, aimed at limiting Iran’s nuclear program. Pres. Trump indicated that the two nations have “sort of” (customary

political terms used) agreed on key terms. Such a breakthrough, if it happens, in US-Iran relations could have far-reaching consequences for the shipping industry. The easing or lifting of sanctions on Iran could potentially trigger a substantial rise in Iranian Oil exports, driving up demand for tankers and increasing freight volumes throughout the Middle East. What then happens to Global Oil prices only time will tell. Presently, the average age of vessels in the NITC fleet stands at 17 years, while the IRISL operates ships averaging around 18 years old. Will the resolution accelerate ship demolition activity of older dark-fleet ships? paving the way for much-needed modernization of Iran’s aging maritime fleet. This will also reduce demand for the aging ‘Dark Fleet’ vessels transporting Iranian crude covertly.

Consequence of the Rebel Houthi attacks on ships attempting to transit via Gulf of Aden, The Suez Canal Authority has experienced sharp decline in traffic, as a result of which many Ships have their routes diverted around the Cape of Good Hope, contributing to a steep drop in Canal revenues from $2.4 billion in Q4 2023 to just $880.9 million in the same quarter of 2024. The Suez Canal Authority introduced a 15% discount on transit fees for Container ships with a net tonnage of 130,000

metric tons or more. Effective 15^th May, 2025 this incentive applied to both laden and empty vessels transiting in either direction and will be automatically granted, requiring no prior application. Did this attract Major Container Shipping Lines to come back to Suez Canal transit?

Dry Bulk Weekly Monitor

• Dry Bulk Fleet Growth 2025-2026

With growing industry attention focused on the latest USTR port fees, we need to take closer look at the evolution of the dry bulk fleet, particularly in light of a noticeable slowdown in new contracting activity. Dry Bulk Fleet projection analysis, between 2020 and 2024, the fleet experienced steady growth, increasing from 4,545 vessels in 2020 to 5,330 by end of 2024. This growth was primarily supported by sustained newbuilding deliveries and relatively low levels of scrapping activity.

In 2020, deliveries surged to 230 vessels, reflecting resumption of shipyard activity following early pandemic disruptions. Deliveries then declined year over year, falling to 201 in 2021, 180 in 2022 and 190 in 2023, before climbing again to 238 in 2024, the highest figure in this

period. Scrapping, remained limited from 13 vessels in 2020 to between 4-8 vessels in subsequent years. This drove consistent fleet growth. By 2023, the fleet in service had reached 5,100 vessels, and by 2024 stood at 5,330, reflecting a compound annual growth of over 3% since 2020.

Looking ahead to rest of 2025 and 2026, projections suggest that the dry bulk fleet will continue to expand. Deliveries are expected to sharply decline to 104 vessels in 2025, representing a 75% decrease from 2024. This slowdown in delivery volumes is offset by inclusion of scheduled deliveries, amounting to 171 vessels in 2025 and 215 in 2026. The fleet will thus increase to 5,603 vessels in 2025 and 5,818 by 2026.

While the fleet is still projected to grow by nearly 500 vessels by end of 2026, the composition and timing of that growth are changing. If scrapping activity remains limited and demand growth does not match capacity additions, there is a potential for a supply overhang in the dry bulk sector by the end of 2026.

Baltic Dry Index Snaps 3-Session Losing streak on Capesize strength:

The Baltic Exchange dry bulk sea freight index, rose on Thursday, breaking a three-session losing streak on the back of a stronger demand in the Cape sector. The BDI gained 4 points to 1,341. The Cape index was up 27 points at 1,882. Average daily earnings for Capes gained

$222 to $15,605. The market expects Capesize rates to strengthen over the rest of the year, peaking in the 4^th quarter of 2025. The Panamax index lost 17 points to 1,269, with average daily earnings that receded by $153 to $11,419. The Supramax index was down 2 points at 986.

Baltic Exchange Index – 23 MAY 2025 Baltic Exchange Capesize 182 Index

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

C5TC 182 Weighted Timecharter Average                 19,771 +   359

Baltic Exchange Index – 23 MAY 2025

Baltic Exchange Capesize Index    1900 (+ 18)

Route   Description                           Value($) Change

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

C2     160000mt Tubarao to Rotterdam      8.107 – 0.036 C3         160-170000mt Tubarao to Qingdao 18.835 + 0.080 C5         160-170000mt W Australia-Qingdao 8.550 + 0.190 C7         150-160000mt Bolivar to Rotterdam 10.829 – 0.022 C8_14 180000mt Gib-Hamburg T/A RV                   15,321 –   251 C9_14 180000mt Cont/Med Trip China/Jpn 33,813 –   125 C10_14 180000mt China/Japan T/P RV      17,236 +   704 C14          180000mt China-Brazil RV                14,194 +   183 C16          180000mt N.China to Skaw-Passero   -1.263 +    62 C17          170000mt Saldanha Bay/Qingdao 14.108 + 0.069

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

5TC    Weighted Timecharter Average       15,757 +    152

Baltic Exchange Panamax 82 Asia Index – 23 May 2025

Route   Description Size (MT)      Value($) Change

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

P5_82   S.China one Indo RV          9,414    -286

Baltic Exchange Supramax Asia Index – 23 May 2025

Route Description                      Value($) Change

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

S2_63 N.China one Austr or Pac RV 10,869 +69 S8_63 S.China via Indonesia/Ec India 12,864 -118 S10_63 S.China via Indo/S.China    9,881  -1

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

S3TC  Weighted Time Charter Average  11,161  -10

(c) Baltic Exchange Information Services Ltd 2025

Marex Media

The Author

Mr Bansi Jaising

All Rights Reserved “Disclaimer”

All Rights in all material and information on this document is reserved. Any form of reproduction or distribution of the information contained in this by any means whether electronic or otherwise is expressly prohibited including distribution by re- producing it anywhere.

You may view or otherwise use the information, prices, indices, assessments and other related information, graphs, tables, images in this Publication is only for your personal use if you are an authorised user for internal use only.

Data in this publication, includes independent and verifiable data collected from market participants.

Any user of the Data should not rely on any information and/or assessment contained therein in making any investment, trading, risk management or other decision.

I do not guarantee the adequacy, accuracy, timeliness, and/or completeness of the Data or any component thereof or any communication (written, oral, electronic, or other format). The writer shall not be subject to any damages or liability, including but not limited to any indirect, special, incidental, punitive, or consequential damages (including but not limited to, loss of profits, trading losses, and loss of goodwill).

Mr Torsten Holst Pedersen, Chief Operating Officer, Seaspan Ship Management Ltd entry into shipping was serendipitous, driven by a job opportunity in Denmark with a major conglomerate. Despite his background in economics and international finance, he found himself drawn to the industry’s global nature and diverse challenges.

Mr Pedersen encourages young professionals to consider shipping, emphasizing that curiosity and interest can lead to growth and learning opportunities. He believes in treating people with respect, being open to different cultures, and maintaining transparency in communication. With the right mindset, individuals can thrive in the industry, even without prior knowledge or experience.

Outside of work, Mr Pedersen enjoys golf, fitness, and travel, showcasing a well-rounded personality.

In a candid conversation with Miss Delphine Estibeiro of Marex Media, Mr Pedersen offers insights into his remarkable journey and perspectives on the shipping industry.

Staying Ahead in Maritime Innovation

Our business model is built on a foundation of expertise and innovation. As a leading player in the container shipping and car carrier markets, we own and operate vessels, chartering them out to shipping lines. To succeed, we must not only build and operate ships efficiently but also stay ahead of the curve in knowledge and technology. Our value proposition lies in our ability to leverage expertise in areas like decarbonization, IT, and safety. We achieve this through:

• Building and operating vessels that meet or exceed customer expectations
• Staying at the forefront of industry knowledge and trends
• Collaborating with internal and external partners to drive innovation

To maintain our competitive edge, we prioritize curiosity, hard work, and collaboration. By constantly learning and adapting, we ensure our customers receive the best possible service over the long term, typically 10-15 year contracts. This approach enables us to add value through knowledge and expertise, setting us apart in the industry.

Sustainable Cost Reduction and Efficiency

We’re committed to reducing costs sustainably, recognizing that slashing expenses at the expense of customer operations isn’t viable. Instead, we’ve long prioritized energy efficiency in our ships, minimizing fuel consumption and environmental impact. This focus benefits our customers and drives down our operating costs. Our strategies include:

• Energy Efficiency: Optimizing fuel consumption reduces costs and environmental impact
• Scale and Collaboration: Joint ventures and partnerships with vendors secure better pricing and terms
• Innovative Culture: Our “ownership” corporate value empowers our employees to identify areas for continuous improvement and drives cost savings

By constantly seeking opportunities for improvement, we’re well-positioned for long-term success.

Focus on Progress, Not Promises

We’re driven by tangible progress.. Rather than making grand promises for 2050, we focus on consistent improvement, year by year. Our approach prioritizes compliance with regulations and delivering value to customers through expertise and innovation.

We collaborate with customers to explore decarbonization strategies, leveraging our knowledge of various fuels and their pros and cons. As a trusted partner, we engage in discussions around shipbuilding and operations, tailoring our approach to meet customer needs.

Our goal is to provide value through expertise, whether customers choose to build ships themselves or partner with us. By focusing on short-term progress and delivering tangible results, we build strong partnerships and drive sustainable growth.

Navigating Emerging Technologies in Shipping

While autonomous commercial vessels may still be years away due to safety and technical challenges, we’re exploring their potential through two key lenses:

1. Enhancing Safety and Efficiency: We’re leveraging emerging technologies to improve ship operations, focusing on safety, cost, and reliability. Examples include navigational systems with thermal cameras for dense fog or congested waters.
2. Selective Implementation: We carefully evaluate new solutions to ensure they simplify, rather than complicate, daily work. Our approach is disciplined, prioritizing business benefits and addressing specific problems or opportunities.

We prioritize targeted, small-scale investments with clear purposes, focusing on:

• Business Needs: Serving customer value propositions, efficiencies, or streamlining operations
• Problem-Solving: Addressing specific challenges or opportunities
• Strategic Growth: Exploring new ideas and avenues with a clear purpose

This approach enables us to harness innovation while maintaining a focus on practical, business-driven solutions.

Innovation at the Core

Innovation isn’t an add-on; it’s integral to our operations. To serve our customers better, we stay at the forefront of technology and expertise. Our diverse team, including naval architects, data scientists, and engineers, continuously explores advancements in:

• Digital technologies
• Fuel technologies
• Vessel design
• New procedures and methodologies

This approach enables us to deliver value to our customers through improved solutions and services, driving our daily business forward.

Adapting to Global Trade Dynamics

The container shipping industry serves as a microcosm of the global economy, underpinning international trade. While external factors are beyond our control, our focus lies in adapting to changes and supporting customers through:

• Agility: Responding to short-term shifts while investing in long-term growth
• Adaptability: Navigating the complexities of global trade and emerging trends
• Strategic Investment: Balancing immediate needs with long-term vision, recognizing the enduring nature of shipbuilding and operations

By embracing these strengths, we help customers thrive amidst global economic fluctuations.

Thriving in the Shipping Industry

The shipping industry offers exciting opportunities for those who are curious and adaptable. With a diverse range of roles, from finance and engineering to IT and naval architecture, it’s a field that values:

• Curiosity: Embracing change and exploring new interests
• Global Mindset: Working collaboratively with people from diverse backgrounds and cultures
• Drive: Proactively seeking solutions and innovating

These behavioural traits are essential for success in shipping, where global connections and constant evolution demand flexibility and a willingness to learn.

Marex Media

The Human Side of Shipping

Originally from England, Mr Stefan Hockley, Chief Human Resources Officer, Seaspan Ship Management Ltd grew up in the southwest of that country and there developed his passion for cricket. He pursued a degree in economics from the University of Lancaster and later worked in talent acquisition and recruitment in London’s technology sector. After moving to Canada in 2000, Mr Hockley has spent the past 25 years in Vancouver, adopting a Canadian accent while working with various technology companies. With a background in biotechnology, clean energy, and high-tech products, Mr Hockley brings a unique perspective to the shipping industry, where he has been working with Seaspan for two and a half years.

Mr Hockley’s career has been marked by a philosophy of aligning people solutions with business needs, which he believes can be applied to most industries. Outside of work, he enjoys sports, particularly cricket, and plays for an over-40s team in Vancouver. Mr Hockley also appreciates travel and meeting people from diverse cultures, having had the opportunity to combine these interests with his career.

In a wide-ranging conversation with Marex Media’s Delphine Estibeiro, Mr Hockley opens up about his career journey and shares valuable insights.

Adapting to Industry Evolution

The shipping industry is undergoing a significant transformation, and Seaspan recognizes the need to build capabilities to meet emerging trends. To stay ahead, the company is focusing on acquiring new skill sets and developing its people.

Key trends driving this effort include the adoption of technology, such as hiring data scientists to extract insights from vessel data, and the shift towards alternative fuels, which requires developing skills and training for new engine types and sustainable operations. By prioritizing skill development and training, Seaspan aims to enhance the capabilities of both seafarers and shore-based staff, ultimately driving business success in a rapidly evolving industry.

Attracting Talent in a Competitive Market

Seaspan’s approach to talent acquisition involves a dual focus on finding the right talent pools and presenting a compelling story. The company is expanding its shore-based presence in key markets like Mumbai, which offers a rich pool of skilled professionals. By showcasing its unique culture, highlighting career opportunities, demonstrating the strength and longevity of its business, and its values Seaspan aims to differentiate itself from competitors and appeal to top talent. By combining strategic talent sourcing with a strong employer brand, Seaspan strives to attract the best professionals to support its growing business needs.

Prioritizing People Development

Seaspan’s leadership emphasizes two crucial aspects of human resources: performance management, succession planning and development. These priorities are driven from the top, with the board providing strong support and setting clear expectations.

Succession planning is a core program that Seaspan systemizes and continuously works on, using tools and processes to identify and manage risk, develop growth plans for employees, and execute them in a systematic way. By prioritizing people development, Seaspan aims to build a robust and sustainable organization with a strong talent pipeline.

Fostering an Inclusive Workplace

Seaspan prioritizes creating an inclusive workplace where employees are recognized, promoted, and rewarded based on merit. As part of an inclusive workplace group, leaders and employees collaborate to foster a merit-based culture, remove barriers, and educate staff to promote a fair and equitable environment.

While acknowledging that no organization is perfect, Seaspan is committed to continuously improving and refining its systems to ensure equal opportunities for all employees, striving towards a truly meritocratic workplace.

HR Systems and Processes

Seaspan utilizes different systems to manage its shore-based and seafaring personnel due to distinct operational needs. For its 400 shore-based employees, the company employs automated systems for hiring, onboarding, performance management, and other key aspects, ensuring consistency and efficiency.

In contrast, the seafaring side, comprising around 6,700 personnel, presents a larger logistical challenge, with ongoing efforts to develop and automate systems for engagement, onboarding, and management. The differing contract structures and sheer scale of the seafaring workforce require tailored solutions to effectively track and monitor personnel.

Business-Focused HR Approach

When it comes to HR, Seaspan’s approach emphasizes understanding the business and its needs. The key advice is to be curious about the organization, its customers, and what drives its success. By aligning people solutions with business objectives, HR can provide value and support the company’s goals.

This approach prioritizes meeting business needs while still recognizing the importance of taking care of employees. By staying focused on what adds value to the organization, HR can make informed decisions that drive progress.

Pratik Bijlani –

On 29^th April, the Marine Medical Examiners Conclave 2025 was organised under the aegis of the Directorate General of Shipping (DGS) and curated & managed by Marex Media Pvt Ltd at the Hotel Novotel in Mumbai. This event brought together maritime medical professionals, shipowners, regulators, and key industry stakeholders to focus on the critical health and well-being of seafarers. With discussions centred on elevating medical examination standards, addressing mental health challenges, and embracing technological advancements, the conclave was a testament to the industry’s collective commitment to safeguarding seafarers’ welfare. The Conclave focused on reviewing recent regulatory changes issued by DGS concerning medical examinations of seafarers, clarifying ambiguities, and enhancing the examination process in alignment with international maritime health standards.

The event featured esteemed guests such as Mr Shyam Jagannathan, IAS, Director General of Shipping, as Chief Guest, and Capt SI Abul Kalam Azad, Nautical Adviser-cum-Addl DG (Nautical) (I/C), as Guest of Honor. Distinguished guests included Capt (Dr) Rajesh Tandon, CEO of FOSMA; Ms Deepti Mankad, Founder of Mindspeak; Capt MP Bhasin, Master Chairman of CMMI; Dr Pandurang Raut, Deputy Director General of Shipping; Capt. Anish Joseph, Deputy Nautical Advisor; Capt SM Halbe, CEO at MASSA; Capt. Philip Matthews, Director at SIMTF; and Mr Deepak Shetty, Former DG of Shipping.

Dr. Jacob Matthews, MD at Sea Bird Medicare Centre delivered a heartfelt welcome address, emphasizing the vital role of maritime medical professionals in protecting seafarers’ health at sea and ashore. His remarks set the tone for the day, commending stakeholders for their dedication to advancing maritime welfare. In his speech on the Conclave Objectives, Dr VZ Belani, Founder and Medical Director, Dr Belani’s Blue Shield Medical Clinic emphasized the critical importance of seafarer health in ensuring maritime safety and operational efficiency.

Key objectives included promoting best practices in accuracy, efficiency, and ethics, fostering stakeholder collaboration, and advancing professional development through education and certification. Dr Belani emphasized maintaining high standards without excessive administrative burdens, ensuring quality medical services, and building a resilient framework to enhance global credibility and safeguard seafarer well-being.

Capt. Azad passionately highlighted discrepancies in current practices, emphasizing the importance of ethical and rigorous medical evaluations. Drawing attention to a tragic incident involving an unfit master that resulted in a vessel sinking, he stated, “We can’t afford deaths on board. The medical examination of seafarers must be taken seriously.” His address underscored the dire consequences of cost-cutting measures and the ethical imperative to prioritize safety over expedience.

Chief Guest Mr Jagannathan delivered an inspiring address, lauding the life-saving contributions of maritime medical professionals. He unveiled the Sagar May Yog initiative, a holistic wellness program designed to address the lifestyle, fitness, and nutrition needs of seafarers. Reflecting on their indispensable role, he remarked, “You not only save lives; you also give life. And you take oath before you start your professional application. My first salute is to all of you for simply professing your profession as medical professionals and partnering us.” His words resonated deeply with the audience, reaffirming the vital intersection of healthcare and maritime safety.

Capt Nitin Mukesh, Dy Nautical Advisor-cum Sr DDG (Tech) unveiled the Merchant Shipping Medical Examination Rules 2025, aligning Indian seafarer medical standards with global benchmarks. These reforms emphasize rigorous health assessments, inclusivity for transgender applicants, and international best practices. Highlighting transparency and accountability, Capt. Mukesh stressed their transformative impact on maritime safety and medical certification integrity in India.

The first panel, Optimizing Maritime Medical Examiner Services delved into harmonizing Indian standards with global frameworks, tackling pressing health issues such as diabetes and seafarer non-disclosure. Led by moderator Capt Tandon, the discussion brought together industry leaders, regulators, and medical experts. Capt Mukesh underscored the importance of transparency and adherence to WHO and IMO guidelines. Capt Bhasin highlighted a critical challenge, noting that India’s high diabetes prevalence, driven by changing food habits and lifestyles, poses a significant risk to seafarer fitness. The panel reached a consensus on several key actions: mandatory training for medical examiners, clear regulatory guidelines, and enhanced seafarer education on health responsibilities. These measures aim to bolster the global credibility of Indian seafarers while prioritizing their well-being and ensuring fair certification processes.

The second panel, Medical Facilities, Inspections, Quality Assurance for Laboratory, moderated by Capt Deepak Gupta, examined the proposed DG guidelines for Pre-Employment Medical Examination (PEME) centers. The discussion centered on aligning standards with WHO and IMO, ensuring compliance with NABL/NABH/ISO 15189, and addressing challenges such as non-disclosure and subpar medical examinations. Panellists highlighted the importance of leveraging technology to analyze medical data and identify areas for improvement in seafarer health. While acknowledging the associated costs, industry stakeholders emphasized the long-term benefits, including reduced Protection and Indemnity (P&I) claims and enhanced medical assurance. The session culminated in practical recommendations for refining the guidelines, ultimately benefiting seafarers and stakeholders alike.

The final panel, Medical Guidelines for Examiners & Sustainability of AYUSH Doctors moderated by Capt Halbe, focused on critical updates to DGS guidelines and the potential inclusion of AYUSH practitioners as medical examiners. The discussion emphasized the need to align medical standards with international benchmarks, such as ILO and WHO guidelines, and address gaps in current practices, including fitness criteria for eyesight and hearing. The suitability of AYUSH doctors as medical examiners sparked a nuanced debate, with advocates highlighting their statutory rights, training, and contributions to preventive healthcare. The panel concluded with actionable recommendations for updating medical standards, fostering inclusivity, and improving healthcare accessibility for India’s expanding seafarer population.”

The event culminated with an insightful summary by Capt Albe Zachariah, General Manager, MOL, who effectively distilled the key takeaways and actionable outcomes from the discussions, providing a fitting conclusion to the event.

The event underscored the importance of collaboration in enhancing seafarer health and well-being. Attendees then engaged in a lively networking session over high tea, fostering connections and discussions that will shape the future of maritime medical standards and practices.

Marex Media

Saving America

• US lost its last AAA rating to its debt problem, but any loss of confidence in US will be bad for all. For the first time in 100 years, America is without an AAA credit rating. It’s easy to blame Pres Trump, his tariff mess, and his planned tax cuts, for the loss, but this downgrade was a long time coming. To get back to an AAA rating, US would need to raise revenues – by increasing taxes, for example, or cut expenditure. The President is expected to do the latter, setting up a department of government efficiency, or DOGE, under Mr. Musk, was expected to trim government departments, staff strength and costs.
• Is there an opportunity for India in the US rating cut

by Moody’s ? There is something ironic about the world’s largest economy being nudged off its pedestal by a credit rating agency whose word it once treated as gospel. America’s debt trajectory has been climbing with the conviction of a mountain goat and grace of a runaway truck. Political brinkmanship over debt ceilings has become something of a domestic ritual. Here lies the American paradox. Despite its fiscal recklessness, the US is not in any conventional sense broke. For India, this moment warrants staying alert. As global investors re-assess risks, emerging markets are

likely to feel the pressure. India is in a relatively strong position. Economic growth is steady, foreign exchange reserves are healthy and inflation is within the Central Bank’s tolerance band. The risk, however, lies in the subtle erosion of confidence.

The US Treasury has long served as the traditional anchor of Global finance, a lighthouse in stormy waters. If that beacon begins to flicker, the sea does not immediately rise, but every ship adjusts course just a little. Indian portfolio managers, trade negotiators and central bankers may all need to re- calibrate their instruments.

• The US-China temporary trade agreement is a blunt reminder: Washington’s foreign policy under Pres. Trump is transactional. Deals matter, values don’t. This lesson is crucial for the Global South. Economic leverage secures a seat at the Table, not democratic credentials.
• Quote of the Day: At a time of global instability, and when European Continent faces the greatest threat it has for few years now, if not decades, Europe must stick together.
• India’s trade with Bangladesh: India has imposed import curbs on certain Bangladeshi goods, including readymade garments, which have risen sharply over the past 15 years. However, Bangladesh accounts for a tiny share of India’s imports.
• India eyes cheap oil to refill strategic reserves amid turmoil. India plans to take advantage of a drop in global crude oil prices to refill its strategic petroleum reserves (SPR), amid renewed geopolitical headwinds and a fresh

budgetry push to bolster the country’s energy security. India’s existing SPR capacity stands at 5.3 mio tonnes, enough to meet just 9.5 days of the country’s crude oil needs. As of October 2024, only 3.6 mio tonnes were stored, leaving a significant gap. This is the right time to fill the reserves, with Brent crude trading near a four-year low of around $65 per barrel. India imports over 85% of its oil and 55% of its gas needs.

• India shrinks its gas fleet as idle plants become un-usable. India has phased out about 5GW of gas-fired power capacity that became inoperable after being left idle for years. The Gas power industry has struggled for years.
• Can Bangladesh afford to mix Politics and Trade? Following the souring of ties, the interim government in Bangladesh has been imposing restrictions on Indian exports. India hit back with its own measures. Bilateral trade between the two countries could slip further. India announced major import route restrictions on goods from Bangladesh. These target over $700 million or 42% of all exports from Bangladesh. Bangladesh has been imposing restrictions on Indian exports since late 2024, banning imports of Indian Cotton yarn, which they need badly for their Garment industry, tightened curbs on rice shipments and banned dozens of Indian goods such as paper, tobacco, fish and powdered milk. The Bilateral trade touched a high of $18.2 billion in 2021/22 but since declined and stood at $12.2 billion in 2024/25.

·       Why India has an edge in reset of global trade: The

US’s reciprocal tariffs on 2^nd April put India at an advantage, but the flip-flops by the US President have added doubts and confusion. Will India still benefit from the Global trade reset?

• (1) China has become a manufacturing powerhouse;
• (2) Household consumption in China is low relative to the level of national income;
• (3) India’s sizable domestic market enhances its potential as a manufacturing base
• (4) China is Global leader in sectors key to national and economic security. In Steel production – percentage terms in 2023 China led by 54%, followed by in number two position India at 7%; In Shipbuilding by Gross tonnage : China 51%, S.Korea 28%, Japan at 15% this is already 94% between the three countries; In manufacture of Semi- conductors (advanced processing chips) : Taiwan 68%, US 12%, S.Korea 12% and China 8% – Total 100%; In

Cement production : China 53%, India 10%, Vietnam 3% and US 2%; In Car Production : China 32%, US 11%, Japan 10% and India 6%.

• The two hours of phone call talk between Trump and Putin yesterday did not produce yields – no breakthrough on Ukraine-Russia ceasefire, in effort to halt the war, raging for over three years. Pres. Putin refused to agree to an immediate cease-fire with Ukraine. Pres. Trump hinted that the US might step back from its mediator role if the negotiations falter. Pres. Putin’s refusal to sign on to a 30 day ease-fire supported by Kyiv was the latest set-back for Trump’s efforts to halt the three-year old conflict, another sign that Pres. Putin isn’t eager to make peace except on terms that Ukraine has so far said are un-acceptable to him. Pres. Trump did not rule out imposing new sanctions on Russia, but also signalled that they aren’t imminent.
• The contours of global trade are constantly shifting, with

India navigating an increasingly complex landscape. The US-China relationship oscillating between tariff reductions

and technology restrictions – has left many countries un- certain about their export prospects. Recent developments include the Trump administration’s first FTA with the U.K., which tied lower tariffs to excluding China from some supply chains, a temporary US-China tariff cut, and a Huawei AI chip ban.

• Push and Pull Factors: To assess India’s trade prospects, it is essential to distinguish between “Push” and “Pull” factors – ‘Push’ factors stem from external global shifts, while ‘Pull’ factors are rooted in India’s own economic structure.
• Rare-Earths plants are popping up outside China: In a warehouse deep in Brazil’s savanna, machines are churning through piles of red clay to produce chalky rocks packed with metals critical for making electric cars, smart- phones and missiles. These precious minerals are destined to the US and not China. China mine’s some 70% of the world’s rare earths, the 17 metallic elements primarily used in magnets for the civilian and military technologies. Canada’s Aclara Resources is opening a rare-earths mine to supply a processing plant it plans to build in the US, the location will be decided by August to build a plant for separating rare-earths deposits into individual elements. It has also signed up with VAC, a German company that is building a factory in S.Carolina with $94 million in Pentagon funding to make magnets for Clients including General Motors.
• The Indian Steel Ministry mulls separate Iron Ore Mining

vertical at SAIL, with a focus on mining operations for boosting the production of iron ore. SAIL is one the largest integrated steel companies with captive iron ore blocks in India.

• UK, EU announce new deals and renew ties The wide- ranging bilateral pacts, including on security and defence, are a first since Brexit. At the heart of the reset is a defence and security pact that will let Britain be part of any joint procurement. Britain said the reset with its biggest trading partner would reduce red tape for agricultural producers – making food cheaper – improve energy security and by 2040, add nearly Pds. 9 billion (US$12/1) to the economy.
• India is aiming to regain its market share in China’s rapeseed meal imports, taking advantage of the commodity’s lower price as compared to international rate amid global supply constraints, the Solvent Extractors’ Association of India said. The industry has urged the Min. of Commerce to negotiate with Chinese for relaxed import conditions.
• India has signed 12 MOU’s with Maldives for enhancing Ferry Services in the Island Nation with a grant of about Rs.55 crores, expanding maritime connectivity and uplifting community livelihoods.
• India’s top Automotive companies are knocking on the doors of the MOC expressing concerns that disruptions in the supply of rare earth magnets from China could bring their production to a stop. China controls almost the entire global supply of rare earth magnets that are essential for electric motors.
• Used cooking oil (UCO) is a renewable feedstock used to produce biofuels like biodiesel, renewable diesel, and sustainable aviation fuel. Since 2021, renewable diesel capacity in the US has tripled to almost 5bn USG/yr. Additionally sustainable aviation fuel production in the US continues to increase boosting demand for feedstocks like

UCO. As companies look to manage their price risk in this sector we have seen US Gulf Coast Used Cooking Oil futures contracts launched on CME Exchange in early December.

• India expects multi-phase trade deal with US as talks proceed
• India and the US are in talks for a trade agreement. The deal may happen in three stages. An initial agreement is expected before July, when Pres. Trump’s reciprocal tariffs are set to kick in. It will cover industrial goods and farm products. The Commerce Min. Mr. Piyush Goyal is in Washington for discussions. A broader deal is planned around September to November. The final agreement needs US Congress approval. Negotiations are ongoing despite some tensions. The timing for the second stage deal may be aligned with an expected visit by Trump to India for the Quad leadership summit.
• Precious Shipping Ltd., Bangkok (PSL) has won the

“Best Sustainability – Linked Bond – Transport (Thailand)” award at the Asset Triple A sustainable Awards 2025. This recognition is for their Landmark THB 1.36 billion Sustainability-Linked Bond (SLB) – the first of its kind issued to a Shipping Company in Asia. The issuance consisted of two tranches with maturities of 5 and 10 years, and was guaranteed by the Credit Guarantee and Investment Facility (CGIF), a Trust Fund of the Asian Development Bank (ADB). This milestone reflects PSL’s commitment to sustainable finance and to leveraging

innovative financial tools in support of de-carbonization in the Shipping Sector.

• EU defence and foreign ministers have a lot on their plates for their meeting today (Tuesday 20^th May) in Brussels. They will sign off on new sanctions against Russia, including measures against its shadow fleet and its hybrid attack arsenal. Top diplomat Kaja Kallas is also expected to announce that the EU’s rapid deployment capacity, an initiative three years in the making to allow the bloc to quickly deploy up to 5,000 troops, is now operational, according to a senior EU official. But the bloc is also working on expanding its existing military training and civilian support missions to protect critical Ukrainian infrastructure and boost the country’s defence industry once a possible ceasefire is signed, according to this official.
• Russian President Vladimir Putin held out the prospect of

working on a potential truce with Ukraine following a two- hour call with US President Donald Trump. Putin described the call as “very frank” and “useful.” The two leaders agreed that Moscow would work on a memorandum with Ukraine on a future peace treaty. But during their call, Trump didn’t put pressure on the Russian leader to end the war or threaten any action if he didn’t, leaving many in Europe disappointed.

·     Oldendorff newcastlemax sale revives secondhand market activity for big bulkers

• As trade wars pause, buying interest seems to be picking up as uncertainty weighs on the market. A lull in transactions in the second-hand market for big bulkers

has come to a halt, with market sources reporting several deals as done or in the making.

• This comes almost a month after the last time it was reported about a Capesize changing hands, as uncertain geopolitics and uncertain freight markets have been dampening buying interest in the meantime. With Pres. Trump seemingly putting his trade war on hold, however, animal spirits seem to be returning to the market.

·       UK blacklists ship finance veteran involved in Russia shadow fleet S&P deals

British government also targets Russian captains and 18 ships in new round of sanctions.

The UK has sanctioned a British shipping finance veteran for his role in buying tankers that ended up in the Russian shadow fleet.

The blacklisting of John Ormerod, 74, is the first time a British person or business has been targeted over the sale of ships that have since hauled Russian oil.

Shadow fleet VLCC takes on final Russian crude cargo in new transfer hotspot

The ships were ultimately financed by Russia’s second-largest oil producer, Lukoil, according to the Financial Times, which first reported Ormerod’s role.

·     Legal eagles land in Tokyo to tackle gaps in maritime law

• World’s maritime lawyers meet in Tokyo to try and fill dangerous gaps in patchwork of legal systems
• The Comite Maritime International — the precursor to the International Maritime Organization — convened in Tokyo last week for its 44th international conference, to mark its progress in harmonising global maritime law while raising fresh concerns. Delegates from the world’s national maritime legal associations (MLA’s) also acknowledged the frustrations of reaching international agreements in the current climate.

·     MOL venture capital unit pumps cash into green hydrogen tech company

• Norway’s high-star raises $36m to fund commercial scale- up for electrolyser production. Mitsui OSK Lines’ venture capital arm was among investors in a funding round for Norwegian green hydrogen technology company Hystar.
• California-headquartered MOL Switch announced its involvement in the deal in a post on LinkedIn, without saying how much it contributed to the $36m fundraiser.
• This investment aligns with MOL Group’s “Blue Action 2035” decarbonisation strategy and represents a key step forward building the next generation of clean energy infrastructure.

·     South Korea’s top three shipyards battle it out for $500m ethane carrier order

• Chinese shipyards excluded from ONGC’s plan to build three 100,000-cbm vessels
• Indian producer Oil and Natural Gas Corp (ONGC) is in talks with three Asian shipping giants to order a series of very large ethane carrier new-buildings that could be worth

$500m.

• South Korea’s HD Hyundai Heavy Industries, Samsung Heavy Industries and Hanwha Ocean are said to be the only shipyards asked to quote for construction of three 100,000-cbm ethane ships.

·     ArcelorMittal and DryLog venture fixes new LNG bulker on long-term deal

• Global Chartering says it will operate next-generation ship owned by Kambara Kisen
• Greek bulker Owner DryLog has struck a long-term chartering deal with steel group ArcelorMittal to operate a new LNG dual-fuel Kamsarmax. The Joint Venture Global Chartering has agreed to a long-term contract for an unnamed “next generation” bulker owned by Japan’s Kambara Kisen. The company has an 82,500tdw dual-fuel ship called ‘Oceana Frontier’ due from parent yard Tsuneishi.

·     Tufton-owned bulker makes big fuel saving using Flettner rotors

Cargill-chartered TR Lady’s performance varied as it sailed in Pacific, Atlantic and Indian Oceans

Wind assistance technology fitted to a Tufton Kamsarmax bulker has resulted in an average of 9.1% fuel savings and emissions reductions over a year.

Three Flettner rotors were fitted to the 82,048-dwt TR Lady (built 2017), which is on charter to Cargill and sailed on multiple routes across the Indian, Atlantic and Pacific oceans, rounding both the Cape of Good Hope and Cape Horn over the year.

·     Mitsubishi Heavy Industries puts new methane-slip cutting tech on trial

Twelve-month pilot comes after land-based testing showed 70% reduction in escaped methane from LNG- fuelled engine

MHI has installed a unit on the 3,532-cbm KEYS Azelea (built 2024), an LNG bunker vessel owned by KEYS Bunkering Japan. The vessel is having a three Daihatsu four-stroke six- cylinder 320-millimetre bore dual-fuel engine.

Methane slip is the unburned methane in LNG fuel that passes through the engine and into the atmosphere.

It is problematic because it is a much more potent greenhouse gas than CO2.

MHI said its new oxidation catalyst works by converting the escaped methane into CO2 and water through a reaction with oxygen.

·     Capesize spot market drops after a week of strong momentum

And things had been going so well.

• Over 10% of the tanfier fleet is now sanctioned following latest EU and UK measures
• Latest EU sanctions package doubles the number of sanctioned ships with UK adding more, taking the total to 706 ships globally sanctioned
• Brussels and London forge ahead with Russia sanctions without US support
• Sanctions are now moving away from oil price cap compliance towards illicit and dangerous shipping practices as a rationale for designation.

• The feared tsunami of cargo from China may turn out to be more of a minor swell. Even if there were a strong surge of shipments, it won’t cause anywhere near the kind of prolonged chaos at ports and warehouses that retailers suffered during the Covid pandemic.

·       Global Economic Outlook – May 2025

• New tariff measures and subsequent pause indicative of a mixed narrative “Following weeks of at-times intense market turmoil, signs are emerging that the U.S. may be softening its trade stance. The U.S. has signalled that tariffs on the Chinese Mainland are unlikely to stay as high as they currently are and has agreed to a 90-day pause on tariffs, with import tariffs on the Chinese Mainland falling to 30% and on the U.S. to 10%. The EU believes that it too is making progress toward a trade deal. However, the U.S. administration has also implied that pharmaceuticals imports could be next in line for duties.

The subtle change in tone may be a sign that U.S. trade policy is shifting from universal tariffs to sector- or product- specific tariffs. To that end, the 90-day pause is in effect expiring July 8, 2025, indicating a willingness to engage in and even negotiate a reduction in trade barriers. None of this potential change to approach substantively alters the outlook for businesses. Uncertainty continues to be highly elevated. Cost structures remain under pressure, with input prices driven up by tariffs and supply chains facing disruption. Corporates are becoming increasingly cautious and are either lowering their earnings guidance or delaying it. Industries heavily integrated into global supply chains, such as auto manufacturers, are especially affected; Ford announced an expected USD1.5bn earnings hit because of the tough operating environment. As the U.S. continues to balance domestic political goals with economic realities, global businesses must remain agile.”

Recent Developments Global

• In Q1 2025, the U.S. economy shrank 0.3% (annualized), compared with the previous quarter, due to a surge in imports as businesses rushed to buy goods ahead of new tariffs being fully implemented. The Eurozone economy grew 0.3% according to a flash estimate.
• In its latest World Economic Outlook released in April 2025, the IMF lowered its global growth forecast.
• Global stock markets experienced significant volatility during April. Major indices in North America, Europe, and Asia dropped sharply on the back of new tariffs, declining commodity prices, and growing fears of a potential recession. The STOXX Europe 600, a broad measure of European stocks, saw its worst week in five years.
• Friedrich Merz was elected as Germany’s new chancellor in April and took office on May 6. Chancellor Merz plans to end Germany’s two-decade borrowing limit and initiate almost USD1trn in spending.

• In April, the U.S. dollar continued to drop in value, falling to USD1.157:EUR from USD1.017:EUR at the start of 2025.

North America

• The U.S. economy shrank 0.3% (annualized) in Q1, compared with the previous quarter, largely because of higher imports.
• On April 2, the U.S. administration announced a comprehensive tariff strategy’, imposing significant duties on a wide range of imports. The tariffs were soon suspended for 90 days, during which a flat 10% baseline rate would apply to all countries except the Chinese Mainland, which saw tariffs temporarily rise to up to 145%. In mid-May, the U.S. and Chinese Mainland agreed a 90-day pause on tariffs, with import tariffs on the Chinese Mainland falling to 30% and on the U.S. to 10%.
• Mass protests broke out across the U.S. in response to the new tariffs, alongside concerns about proposed cuts to social programs and aggressive immigration policies.
• The Liberal Party of Canada (LPC), headed by Mark Carney, has won the snap general election. The party was three seats short of an overall majority but will still intend to revive the economy. PM Carney met the U.S. administration in early May to discuss revisiting the trade tariffs on Canada, which the U.S. said would remain for now.
• In April, the U.S. dollar continued to drop in value, falling to USD1.157:EUR from USD1.017:EUR at the start of 2025. U.S. stock indices dropped sharply in the days immediately after ‘Liberation Day’; the S&P 500 lost more than 12% in a week. • Canada has announced the Alto high-speed rail project connecting Toronto and Quebec City. The huge infrastructure project aims to create 51,000 jobs during construction. Western and Central Europe • In April, a major power outage caused nationwide blackouts in Spain and Portugal. This resulted in a shutdown of transport networks and forced businesses to close.

• In May, the U.K. held local elections; Reform UK, the Liberal Democrats, and the Greens all took seats away from the duopoly of Labour and the Conservatives, continuing the trend from the general election last year of shifting away from traditional politics. • The EU has delayed the introduction of tariffs on a range of U.S. goods in response to the 90-day pause on 20% U.S. tariffs on imports from the EU; most goods exported to the U.S. are still subject to a 10% tariff. • The European Central Bank (ECB) and the Bank of England (BoE) both cut their key policy rates by 25bps in April and May, respectively. The BoE has maintained a more restrictive policy, as in March, U.K. inflation (2.6%) remained higher than the Euro area (2.2%). Due to tough lending conditions, we expect the business environment to remain more challenging in the

U.K. than in the Euro area.

·       Asia Pacific

• The U.S. and the Chinese Mainland reached an agreement in May to roll back all tariff increases imposed after April 2. Under the new arrangement, tariffs on U.S. exports to the Chinese Mainland will be set at 10%, while exports from the Chinese Mainland to the U.S. will face a 30% tariff. However, existing exemptions and higher tariffs under Article 232 will continue to apply.
• The Chinese Mainland has stepped up stimulus efforts through hiring subsidies for companies, expanded support for exporters, and a surge in local government bond issuance, while the People’s Bank of China (the central bank) has increased lending to state-backed investors to stabilize markets.
• South Korean customs have reportedly identified several Chinese Mainland-origin products, subject to higher U.S. tariffs or anti-dumping duties, being rerouted through Korea; similar suspicions apply to Vietnam, Thailand, Malaysia, and others.
• Following his re-election in May, Australian PM Anthony Albanese is expected to prioritize negotiating a favourable

trade agreement with the U.S. administration as one of his early policy moves.

• A terrorist attack on April 22 in Pahalgam, Jammu and Kashmir, targeting tourists sparked a conflict between India and Pakistan, with targeted military actions from both sides. Tensions between the two countries have de-escalated following a ceasefire announced in May.

·       Latin America

• Latin America’s GDP growth is projected to slow down further from the 2.2% forecast for 2025, with Mexico, Brazil, and Venezuela expected to be the most affected economies; however, Argentina’s recovery is likely to provide a slight boost.
• Concerns about debt sustainability have eased in Argentina, following the IMF’s approval of a USD20.0bn package in April 2025. This support has been crucial in removing currency and most capital controls.
• • Economic activity in Mexico was weaker than expected in late 2024 and early 2025, impacted by U.S. tariffs, geopolitical tensions, and tightening financing conditions. Although exempt from the 10.0% baseline tariff, Mexico faces a 25.0% rate on non-compliant U.S.-Mexico-Canada Agreement (USMCA) goods, severely affecting its auto- related supply chains. Additionally, Mexico and Brazil face 25.0% tariffs on steel and aluminum exports to the U.S.
• • Brazil’s growth is expected to slow down due to impact of tariffs, inflationary pressures, monetary tightening, and fiscal uncertainty.
• • The U.S. has re-established the ‘Restricted List,’ cutting off Cuba’s access to foreign currency and limiting foreign investment. These sanctions are expected to increase costs further in 2025. Middle East and North Africa
• • Ceasefire agreements between Israel, Hamas, and Hezbollah have effectively broken down, as Israel continues airstrikes in Lebanon and Gaza, with no clear prospects for de-escalation.

• Oil prices continued to fall through April and early May 2025, as OPEC+ (led by Saudi Arabia and Russia) announced an above-expected increase in output, by 411,000 barrels per day for June, to put pressure on overproducing members.
• Saudi Arabia’s USD500bn Neom megaproject is reportedly undergoing a comprehensive review to optimize resource allocation amid tightening budgets and scaled-back spending due to falling oil prices.
• In April, the UAE’s Comprehensive Economic Partnership Agreements (CEPAs) with Costa Rica, Mauritius, and the Democratic Republic of the Congo (DRC) were either signed or came into force, reflecting its drive to diversify trading partners and mitigate global trade tensions.
• Lebanon has approved a comprehensive banking reform law and appointed a new central bank governor as part of efforts to address its prolonged financial crisis, helping to secure a USD250m loan from the World Bank.

• Euro-area inflation will fall below the European Central Bank’s target next year because of the fallout from US trade policies. According to the European Commission’s spring forecast, consumer-price growth will slow to the 2% goal by the middle of this year and average only 1.7% in 2026.
• Blink and you missed it. The historic downgrade of US sovereign debt announced Friday night only momentarily interrupted momentum. The S&P 500 rose 0.09% for its sixth consecutive daily gain, while bonds had a good day despite Moody’s negative judgment. After an initial selloff, the 10-year Treasury yield closed the day at 4.44%, 3.2 basis points lower for the day.
• Treasury Secretary Scott Bessent’s dismissal of the agency as a “lagging indicator” of US fiscal policy looks to have been right. It had no significant short-term impact.

• That said, Moody’s nailed a broader truth — that US debt has surged. Germany’s post-Global Financial Crisis “debt brake” left it with space to borrow now. American debt kept rising and takes a bigger share of the economy than China’s.

Even though Treasury debt is the linchpin of the world financial system, it is now lower-rated than 10 other countries: Australia, Canada, Denmark, Germany, Netherlands, New Zealand, Norway, Singapore, Sweden, and Switzerland. So, there are alternatives, even if they’re nowhere near deep enough to soak up all the money in Treasuries. As Europe embarks on extra borrowing

to bolster defence — at a stronger rating than Treasuries

— there could be more triple-A bonds available to buy, as Deutsche Bank AG illustrates:

• A massive ADNOC Offshore platform located 40km off the coast of Abu Dhabi, this high capacity site is one of the UAE’s most advanced oil fields, with the ability to produce upto 135,000 barrels of oil per day. Built and engineered in the UAE, Umm Lulu is central to ADNOC’s strategy to ramp up domestic manufacturing and energy output. This facility plays a key role in supporting both the national economy and global energy security. The recent high- profile visit of the US President. His meeting with the ADNOC CEO Dr. Sultan al Jaber saw new commitments under $440 billion energy investment plan – part of a wider $1.4 trillion in the UAE-US economic corridor.

BALTIC INDICES 20/05/2025

DRY       INDEX:      1340 (-   7)

CAPESIZE INDEX:      1863 (- 25)

PANAMAX   INDEX:      1294 (+   1)

SUPRAMAX INDEX:       982 (+   2)

HANDYSIZE INDEX:       560 (+   4)

BCI   TC AVG $/DAY   15454 (- 202) BPI82 TC AVG $/DAY   11646 (+ 11) BSI         TC AVG $/DAY   12411 (+ 23) BHSI TC AVG $/DAY             10085 (+ 71)

TIMECHARTER

‘Corona Victory’ 2016 88909 dwt dely Kaohsiung 22 May trip via EC Australia redel S China $12,500 –

Tongli

‘Electra’ 2013 87146 dwt dely Qinzhou 20/23 May trip via East Kalimantan redel India $9,250 – Oldendorff

‘Great Ocean’ 2013 82178 dwt dely Dongjiakou 18/19 May trip via EC Australia redel S China $10,000 – AMC

‘BBG Hechi’ 2022 82037 dwt dely Nagoya 20 May trip via EC Australia redel S China $13,250 – Tongli

‘Bahri Grain’ 2014 81855 dwt dely retro Gangavaram 18 May coastal trip redel EC india $12,600 – Jaldhi

‘Predator’ 2019 81754 dwt dely Fangcheng 21 May trip via Newcastle redel S China $12,900 – BG Shipping

‘Yangze 12’ 2019 81664 dwt dely retro Rizhao 11 May trip via WC Australia redel China $10,500 – cnr

‘Lyric Sun’ 2011 81276 dwt dely Kunsan 20 May trip via NoPac redel Philippines $9,750 – Olam Intl

‘Darya Sita’ 2019 61152 dwt dely Chittagong prompt trip via Australia redel Japan intention grains $12,000 –

Oldendorff

‘Amber Lagoon’ 2015 39202 dwt dely Canakkale prompt trip redel US Gulf $8,000 – TAF

‘ZBB Serenity’ 2010 37302 dwt dely Istanbul prompt trip redel Georgetown intention bagged cement $6,350 first 40 days $10,250 thereafter – Borusan –

VOYAGES ORE

‘TBN’ 170000/10 Dampier/Qingdao 5/7 Jun $7.55 fio 90000shinc/30000shinc – Rio Tinto

BALTIC FORWARD ASSESSMENTS – TUESDAY 20 MAY 2025

BFA CAPESIZE

PERIOD VALUE           CHANGE

BFA PANAMAX 82

PERIOD VALUE           CHANGE

BFA SUPRAMAX

PERIOD VALUE           CHANGE

BFA HANDYSIZE

PERIOD VALUE           CHANGE

Baltic Exchange Index – 20 MAY 2025 Baltic Exchange Capesize 182 Index

Route    Description                                   Value   Change

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

C8_182   182000mt Gib/Hamb TA RV 19,864 –   193
C9_182   182000mt Cont-Med trip China-Jpn 40,838 –    687
C10_182 182000mt China-Japan TP RV          17,864 +   391
C14_182 182000mt China-Brazil R/V             17,530 –   550
C16_182 182000mt Backhaul                              2,694 –    19
================================================
C5TC 182 Weighted Timecharter Average        19,056 –   118

Baltic Exchange Index – 20 MAY 2025

Baltic Exchange Capesize Index     1863 (- 25)

Route   Description                          Value($) Change

C8_14 180000mt Gibraltar-Hamburg T/A RV       16,350 –   243
C9_14 180000mt Conti/Med Trip China/Japan     37,088 –   725
C10_14 180000mt China/Japan T/P RV             14,395 +   522
C14           180000mt China-Brazil RV                13,206 –   738
C16    180000mt N.China to Skaw-Passero        -1.356 +    32
C17           170000mt Saldanha Bay to Qingdao        13.961 – 0.061
==========================================     ====
5TC    Weighted Timecharter Average            15,454 –   202

Baltic Exchange Panamax 82500mt Index 20 MAY 2025 Baltic Exchange Panamax Index 1,294 (+ 1)
Route Description                        Value ($) Change
====== ================================= =======
P1A_82 Skaw-Gib T/A RV                      10,573 – 195

P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 17,213 +    30
P3A_82 HK-SKorea incl Taiwan, Pacific/RV   10,815 + 210
P4_82 HK-SKorea incl Taiwan to Skaw-Gib     8,506 +     6
P6_82 Dely Spore Atlantic RV                           12,423 +    10
====== ========================================
Weighted Timecharter Average            11,646 +   11

The following routes do not contribute to the BPI or Weighted TC Average.
Route Description                        Value ($) Change
====== ========================================
P5_82 S. China Indo RV                      9,825 +    92
P7     66000mt Mississippi Rvr to Qingdao   45,450 – 0.029
P8         66000mt Santos to Qingdao            33.507 – 0.093

Baltic Exchange Supramax Index – 20 MAY 2025 Baltic Exchange Supramax Index   982 (+ 2)
Route   Description                                 Value ($) Change
====== ========================================
S1B_63 Cnkle trip via Med or B.Sea to China-S.Kor

Baltic Exchange Index – 20 MAY 2025 Baltic Exchange Handysize Index 560 (+ 4)
Route   Description                               Value ($) Change
====== ========================================
HS1_38 Skaw-Pass trip Recalada – R.D. Janeiro    5,929 – 14
HS2_38 Skaw-Passero trip Boston-Galveston      8,514 + 43
HS3_38 R.de Janeiro-Recalada trip Skaw- Pass 15,600 + 183
HS4_38 USG trip via USG or NCSA to Skaw-Pass 9,189 + 182
HS5_38 SE Asia trip to Spore – Japan 10,500 + 87
HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor- Japan 10,381 +18
HS7_38 N.China-S.Kor-Jpn trip to S.E. Asia     10,050 + 12
====== ========================================
7TC     Weighted Timecharter Average                  10,085 + 71

(c) Baltic Exchange Information Services Ltd., 2025

Marex Media