His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence of the UAE, inaugurated DP World’s state-of-the-art Free Trade Warehousing Zone (FTWZ) – the Nhava Sheva Business Park (NSBP) – in Mumbai, India.

The inauguration marks a major milestone in strengthening the deep-rooted economic and cultural ties between India and the UAE. As a key enabler of global trade, DP World remains committed to developing world-class logistics infrastructure that enhances supply chain efficiency and accelerates India’s trade ambitions on the global stage.

HH Sheikh Hamdan toured the facility accompanied by Group Chairman and CEO of DP World Sultan Ahmed bin Sulayem, along with Rizwan Soomar, CEO & Managing Director, North Africa and India Subcontinent, DP World; Abdulla Al Hashmi, Chief Operating Officer, Parks & Zones, DP World GCC; and Saeed Al Zari, Group Vice President – Government Affairs at DP World.  Sheikh Hamdan was briefed about the various operations, value added services, customized services deployed to enhance the efficiency of the FTWZ.

Speaking at the inauguration, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, said: “The UAE and India share a long-standing and deep-rooted economic partnership. The establishment of world-class logistics infrastructure, such as the Nhava Sheva Business Park, not only strengthens the trade connectivity between our nations but also reinforces our shared vision for growth, innovation, and sustainability.

Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World, said: “DP World is committed to building infrastructure that powers global trade. Our investment in Nhava Sheva Business Park further strengthens our infrastructure network in India and will enable us to meet the evolving needs of our large and growing customer base in the country and in the region. The Comprehensive Economic Partnership Agreement between the UAE and India is already accelerating bilateral trade, and the Free Trade Warehousing Zones network will ensure greater efficiency, sustainably, and scale.”

DP World has developed 3 world-leading Free Trade Warehousing Zones in India with an investment of over 200 million USD. Strategically located close to India’s coasts, they offer advanced infrastructure, flexible warehousing, ease of regulations, and seamless value-added services, making operations simpler. 

The Nhava Sheva Business Park near Mumbai offers 1 million sq. ft. of warehousing space, with another one million in the planning stage. It offers specialized and temperature-controlled spaces, catering to diverse industry needs.  As part of DP World’s global network of 12 Free Trade Warehousing Zones (FTWZs)—including the Integrated Chennai Business Park in Tamil Nadu and the Cochin Economic Zone in Kochi—the Nhava Sheva Business Park enhances India-UAE trade by reducing costs, improving efficiency, and boosting supply chain competitiveness. These three Indian FTWZs are well integrated with DP World’s Jebel Ali Free Zone (JAFZA) facilitating seamless cargo movement and strengthening global trade connectivity for India and UAE.

Thirty-five of DP World’s women colleagues were leading the all-women shift at the warehouse during the inauguration of the facility in Nhava Sheva. With women now making up over 14% of its logistics workforce in India, DP World is fully committed to fostering an inclusive workplace rooted in equity, opportunity, and respect.

Awarded Platinum certification by the Indian Green Building Council (IGBC) for green design, Nhava Sheva Business Park promotes environmental stewardship and economic growth while supporting global business. Its strategic location near a major Indian port- the Jawaharlal Nehru Port Authority, the Navi Mumbai Airport, and national highways enhances India’s trade connectivity through efficient multimodal cargo movement.

H.H. Sheikh Hamdan planted a sapling at Nhava Sheva Business Park, marking the UAE’s strong commitment to sustainability and its growing partnership with India. This symbolic act reflects the shared values and long-term vision between the two nations.

Marex Media

On the occasion of its 50th Foundation Day on 4th April, the Indian Register of Shipping (IRS) achieved a remarkable milestone by setting an Indian record for the ‘Largest Corporate Flag made on cloth’, as recognised by the India Book of Records.

The massive flag, measuring 60 feet by 40 feet, was unfurled within the IRS Head Office premises. Adorned with the organisation’s logo, emblem, and corporate colours, the flag stands as a bold and symbolic representation of IRS’s legacy, values, and continued commitment to excellence in the maritime industry.

The record was officially witnessed by an adjudicator from the India Book of Records, who presented a certificate after the flag was unfurled. The event marked a proud moment for the entire IRS fraternity and reinforcing the organisation’s spirit of innovation, unity, and national pride on its Golden Jubilee.

Commenting on the achievement, Mr PK Mishra, MD of IRS, said, ‘This record-setting flag is not just a symbol of our Golden Jubilee celebrations, but a tribute to the dedication and unity of our entire team. It reflects the scale of our ambition and the pride we take in representing India’s capabilities on the global maritime stage’.

Marex Media

Drydocks World, a DP World company and a leading service provider for the maritime and offshore oil and gas, and renewable energy industries globally, has signed a Memorandum of Understanding (MoU) with Cochin Shipyard Limited (CSL), driven by the Ministry of Ports, Shipping and Waterways, India to enable development of Ship repair clusters, synergizing their mutual strengths. This is expected to bring global best practices to the Ship repair ecosystem in the country and add significant capacities. The MOU also provides for cooperation in potential offshore fabrication opportunities engaging other entities like major ports. This strategic collaboration will explore opportunities to develop ship repair clusters along India’s coastline leveraging the expertise of both organisations.

The MoU was signed in the presence of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister and Minister of Defence of the UAE, Shri Piyush Goyal, Honourable Minister of Commerce And Industry, Government of India, His Excellency Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World, and Mr Madhu S Nair, Chairman & Managing Director, Cochin Shipyard Limited at the CEO- Connect: Dubai-India Economic Ties & Opportunities event in Mumbai.

By fostering cooperation between Cochin Shipyard Limited and Drydocks World, the partnership will play a crucial role in modernizing India’s maritime infrastructure, expanding the ship repair industry and generating new employment opportunities. Aligned with the Government of India’s Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047, the companies will jointly evaluate opportunities for:

• Developing Ship Repair Clusters in Kochi (Kerala) and Vadinar (Gujarat) to create world-class maintenance and repair facilities.
• Engaging with government entities such as major ports to enhance ship repair and offshore fabrication capabilities.
• Expanding collaboration into related areas such as offshore fabrication, marine engineering, and strategic infrastructure projects.

His Excellency Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World, said: “With a vast coastline and world-class ports, India is well positioned to become a global maritime hub. Our commitment to supporting the Government’s Maritime India Vision 2030 to build a robust maritime sector is unwavering. This partnership with Cochin Shipyard Limited will accelerate the development of cutting-edge ship repair and fabrication facilities, playing an important role in achieving this goal”.

Madhu S Nair, Chairman and Managing Director, Cochin Shipyard Limited, said, “It is a proud moment as we join hands with Drydocks World, to take Ship Repair and Conversions in India to the next level. This MoU marks the beginning of our effort at strategic collaboration aimed at leveraging the mutual strengths of two great organisations. Together, we aim to drive growth, capability, and global competitiveness in the sector in India”

This partnership is expected to contribute significantly to the growth of India’s maritime sector positioning the country as a global leader. By combining the technical expertise and industry experience of Drydocks World and Cochin Shipyard Limited, the collaboration will further strengthen India’s position as a hub for maritime engineering and self-reliance under the ‘Atmanirbhar Bharat’ initiative.

Marex Media

DP World, a leading global provider of smart end-to-end supply chain solutions, achieved remarkable growth at its Mundra International Container Terminal (MICT), handling 1,497,228 TEUS in FY 24-25, a growth over 13% compared to FY 23-24. The terminal serviced 762 vessels, marking a 6.57% increase compared to the previous fiscal year cementing Mundra’s pivotal role in enhancing India’s position in the global trade network.

DP World Mundra achieved its highest-ever monthly volume in March 2025, handling 138,983 TEUs—surpassing the previous record of 138,000 TEUs in January 2025. With direct shipping links to the Far East, Southeast Asia, Middle East, East and West Africa, and the Mediterranean, the terminal recently expanded its global reach by launching its first direct service, MECL from Mundra to the United States East Coast. In addition, DP World Mundra offers ME11/MX, service under the Gemini Cooperation, providing direct weekly connections between Indian Subcontinent, Middle East, and Europe.

Speaking about the DP World Mundra’s performance in FY 24-25, Alok Mishra, CEO, Ports & Terminals, DP World Mundra, said, “This milestone reflects Mundra’s growing role as a trade gateway and the dedication of our teams in delivering world-class efficiency. By expanding trade routes and enhancing multimodal connectivity, we are unlocking global market access for businesses. Our relentless focus on seamless supply chains and faster turnaround times ensures efficiency and growth for our partners.” 

DP World Mundra features a 50-acre Container Freight Station, located at port gate ensuring smooth and efficient cargo transfers. Committed to sustainability, DP World has transitioned all its container handling equipments at terminal, forklifts and light vehicles to electric power. This initiative significantly reduces diesel consumption and cuts annual carbon emissions, reinforcing its dedication to environmentally responsible practices and greener logistics.

Marex Media

Chitkara University School of Maritime Studies (CUSMS) celebrated National Maritime Day on 5th April with grandeur, pride, and true maritime spirit. The occasion was graced by distinguished Guests of Honour — Capt. Yogesh Jadhav of Western Crew Management Pvt. Ltd. and Capt. Subodh Awasthi of Columbia Aurus Ship Management Pvt Ltd, whose inspiring presence added prestige and significance to the event.

The day unfolded with a spectacular parade by the cadets, who marched with impeccable discipline and pride, setting a perfect tone for the celebrations. This was followed by a thrilling swimming competition, where the cadets showcased their skill, stamina, and sportsmanship.

As the day progressed, the celebrations blossomed into a vibrant cultural extravaganza. The stage came alive with melodious singing performances, an engaging skit, and a power-packed Bhangra that had the audience captivated and cheering with joy.

The atmosphere reached its peak during the prize distribution ceremony, where shining trophies were awarded to students in recognition of their excellence in sports and co-curricular activities. The crowning glory was the announcement of Starboard House as the proud winner of the Overall House Cup — a moment of pride and jubilation.

The National Maritime Day celebration was a grand success, reflecting the spirit, talent, and unity of the Chitkara Maritime family, leaving behind memories to be cherished and an inspiration to sail ahead with passion and purpose.

Marex Media

India is the largest importer of DAP globally, pulling in an average of 5.65mn t/yr over the past five years. During the past year, poor import economics and a competitive import market have led to the substantial erosion of DAP inventories, which currently sit well below historically comfortable levels. This has introduced significant DAP pricing risk. In the March issue of the Monthly Phosphate Outlook, a new price forecast was launched — India DAP cfr. This forecast provides a more nuanced outlook of regional DAP price movements and presents a more comprehensive view of price risks and uncertainties to aid decision making process. Given the significance of South Asia’s, and specifically India’s, DAP import requirements and its subsidy regime, the market has an outsized impact on global DAP prices. A combination of affordability hurdles and shifting trade flows has resulted in a meaningful draw down on Indian stocks. At prevailing DAP prices and under the current subsidy regime, importing DAP is loss-making. This has been a sustained condition, and the extent of losses is tracked over the course of 2024. In the Processed Phosphates Analytics service, a look at this in further detail and outlined that at no point last year were monthly returns positive. The natural result has been a heavily reduced import stream in 2024, which totalled 4.65mn t of DAP, reflecting a 40pc decline compared with 2023.

Although there are other factors, such as decreased trade with China and healthy demand in competing markets, especially with Ethiopia’s shift to DAP also playing a significant role, the main hurdle remains that import losses have sidelined the private sector, forcing buyers to rely on a smaller pool of government- backed companies that could absorb the losses and at least slow down the rate of stock erosion. Under these conditions, there are more variables to DAP prices introduced and there is a greater probability of prices being impacted by non-seasonal characteristics in the short term. It is prudent to introduce a DAP cfr India forecast to address its impact on global DAP prices. In the chart below, present is India DAP cfr price forecast. The overall price narrative is one of price stability as low Indian DAP stocks will support healthy out-of-season buying, limiting drops during softening periods, while Indian affordability hurdles will limit price gains during peak demand periods.

Delivered Indian DAP prices have edged up slightly to $636- 639/t in March so far, reflecting a narrowing window to secure supply ahead of the Kharif season. And over the next month, forecast DAP cfr India firming to $645-655/t, which represents the price ceiling for the coming kharif season.

Indian DAP stocks remain well below comfortable levels, and we do not expect that buyers can rely on waiting for returning Chinese export volumes in the second half of April to execute more meaningful buying. This sets the foundation for further modest firming, during a tight global DAP market and healthy demand from South Asia, the US, Europe and late tenders from Ethiopia. But the price gains will be relatively short-lived and in May, one can anticipate demand from markets west of Suez will rapidly pull back and this, combined with gradually rising Chinese export availability, will begin to weigh on prices.

There will be increased competition to service South Asia, with fewer alternative markets to supply, which will add downward price pressure. This will cause prices to soften but at a slow rate, at least until June.

• As the Mountains Bleed in Balochistan : The internal fight between Balochistan and Pakistan is to capture from Balochistan, Gilgit-Baltistan is rich in reserves of Gold,

Uranium and gems abound. For Pakistan the POK is rich in ruby and sapphire deposits and these areas have long demanded autonomy over resources. For Pakistan it is believed these sources will unlock “trillions of dollars” of mineral wealth so they do not have to go to China or the US for borrowings. This mineral wealth has deepened the divide between the centre and provinces.

·        Is it “Being Cool” or “Getting Yippy” the norm in the

Tariff Wars unleashed?

• India eyes stitching FTA’s in the Tariff Pause. Topping India’s current trade agenda are Free Trade Agreements (FTA’s) with the E.U., U.K., N.Z., Australia, Peru and the Asean group of S.E. Asian Nations. India is hoping to finalize several of these agreements within the 90-day US Tariff window, expanding market access and boosting supply chain resilience, a golden opportunity for India. The 90 days tariff pause applies to all nations except China.

• Trump turns tariff war into high-stakes showdown with China. There is little sign so far, that Chinese leader Xi Jinping is ready to buckle. The tariff on Chinese goods jumps to 125%. The clash between the two leaders means higher costs for U.S. consumers and locks the two largest economies in an extraordinary conflict with no clear immediate signs of agreements between the two countries as China is more suspicious and believe that negotiations will help them in the end run. China is unlikely to change its strategy : stand firm, absorb the pressure and let Trump over-play his hand.

• Greek manager says arrested Hermes-controlled bulker will soon be released from arrest in Singapore by Kroll Trustee Services over $79.9mio mortgaee claim, which arose from miscommunication and misunderstandings, which have since been resolved. The Piraeus based managers of arrested 82,000tdw mv Alpha built 2011 Kamsarmax controlled by shipowner Ghassan Ghandour say the ship will soon be released from the Sheriff of Singapore’s shackles.

• Iran seizes third tanker in under 10 days in Oil smuggling clampdown. Iran’s Revolutionary Guards intercepted the un-named vessel in the Mid-East and 6 seafarers onboard were arrested. It was reported 100,000 litres of smuggled fuel were discovered on inspection. Two ships were arrested earlier on 1^st April in organised smuggling and collectively carrying over 3 mio litres of smuggled diesel fuel.

·        Sanctions-busting tankers still discharging crude at China’s Dongying oil terminal, says Kpler

Oil consultancy says at least four vessels have gone dark in the Bohai Sea before offloading their cargoes in April.

Four crude tankers believed in carrying sanctioned crude oil cargoes have reportedly discharged at Dongying Oil Termnal in China after switching their AIS transponders in the Bohai Sea. It is believed these vessels are likely to continue similar operations where existing sanctions mechanisms are proving insufficient.

·        Will Russia seek multimillion-dollar compensation payout over major Kerch Strait oil spill?

Two tankers broke up in fierce storms in the Kerch Strait in December, polluting Russian and Ukrainian coastlines. Russia has yet to ask for help from a global compensation body to pay the victims of a major oil spill after two tankers broke up in the Kerch Strait. As a member of the 122 nation International Oil Pollution Compensation Funds (IOPC Funds), Russia is potentially eligible for more than $500 mio to pay salvage terms, businesses and individuals affected by the spill of thousands of barrels of oil.

·        Chinese buyers snap up South Korean and Japanese – 3 VLCCs at firm prices as tanker deals accelerate in a busy week for large tankers.

• A price of $45 or $46 was reportedly paid for a 298,500tdw scrubber fitted MT Hansika built in Japan in 2006. Asia Pacific Shipping is reportedly linked to its only Chinese built VLCC.

·        US sanctions ‘expansive fleet’ of Dubai shipowner for aiding Houthis and Iran

• Jugwinder Singh Brar is accused of using coastal tanker fleet to take Iranian cargoes that are later blended to conceal origin. The US Treasury Dept. has added a Dubai based shipowner and his 28 vessels to its sanctions list in a bid to take down facilitators of the trade in Iran Oil and a key Houthi financing network.

·        Angelicoussis leads major Greek attack on

‘aggressive and unrealistic’ $100bn IMO carbon levy

Industry giants express ‘grave concern’ at proposals under debate in London that risk doubling fuel costs and favouring niche low-carbon projects

A group of the world’s biggest and most influential shipowners have expressed ‘grave concern’ at the direction of talks at the IMO in London this week aimed at driving the decarbonisation of shipping by 2050. Six of the largest Greek Owners, led by Angelicoussis Group, warned that current proposals may result in backing nice low-carbon fuel projects and the doubling of fuelling costs.

·        Trump signs Make Shipbuilding Great Again executive order

US president Donald Trump has signed a well- telegraphed executive order aimed at resuscitating American shipyards while also limiting China’s dominant influence on the sector.

Acknowledging the US’s less than 1% global shipbuilding market share yesterday, Trump said: “Rectifying these issues requires a comprehensive approach that includes securing consistent, predictable, and durable federal funding, making United States-flagged and built vessels commercially competitive in international commerce, rebuilding America’s maritime manufacturing capabilities, and expanding and strengthening the recruitment, training, and retention of the relevant workforce.”

Trump has given multiple parts of government – including the secretaries of state, defence, commerce, labour, transport and homeland security – a timeline to deliver ways to strengthen American shipbuilding.

Trump officials yesterday skirted around the specifics of contentious plans to charge Chinese tonnage extra for calling at US ports, something that has roiled the international shipping community in recent months, with the exact methodology of the fees to be laid out later.

In addition, yesterday’s executive order directs the US Trade Representative to consider imposing tariffs on ship cranes and other cargo handling equipment if they are manufactured, assembled, or contain components of Chinese origin, or if they are created by companies controlled by Chinese citizens.

The Department of Homeland Security is also tasked with imposing port maintenance fees and preventing carriers from circumventing these fees by using ports in Mexico and Canada and then transporting them overland to the US.

The order calls for the creation of a Maritime Security Trust Fund to provide sustainable funding for initiatives that strengthen US maritime capabilities. This includes using funds from tariffs, fines, fees, or tax revenues.

Lobby group, the Shipbuilders Council of America (SCA), lauded yesterday’s announcement from the White House, noting: “A strong US shipyard industry is essential not only for our economic security but also for our homeland and national security.”

As with many industries, China has come to dominate shipbuilding this century, moving from a global market share of less than 10% of the global orderbook to a commanding two-thirds stranglehold by the end of last year. Putting the scale of how far behind American shipbuilding is to its Asian rival, China manufactured more

commercial vessels by tonnage in 2024 than US shipyards have built since the end of World War II.

• Global Times, a state-run Chinese newspaper, lambasted the American plans last month in an OpEd, arguing: “The chasm between American and Chinese shipbuilding is fundamentally a gap in industrial infrastructure. The forces of globalization swept away America’s steel mills, machine shops and skilled labour force, leaving behind rusting supply chains and a hollowed-out manufacturing

base. Shipbuilding, a quintessential heavy industry, requires a robust industrial foundation. When that foundation crumbles, shipbuilding inevitably follows.”

North Korean iron ore shipments spark sanctions

The government of South Korea has imposed sanctions on a non-flagged vessel the country seized for illegally transporting iron ore produced in North Korea.

Sanctions were also imposed on two Chinese nationals, Sun Zhengzhe and Sun Feng, who operated the ship and Russian company LLC Consul DV, which was the cosignee of the cargo. The unilateral sanctions will take effect within a week.

The vessel, Sunrise 1, currently under detention in South Korean territorial waters, has been ordered to leave the country. It has been detained by authorities for over nine months.

The ship is a stateless vessel operated by Hong Kong- based Xiangrui Shipping. Its name was changed from Gain Star in May last year, about a month before picking up 5,020 tonnes of ore from North Korea’s Chongjin Port. Name changes are a frequent tactic to evade sanctions.

A joint press release by the South Korean Foreign Ministry, the Ministry of Economy and Finance, the Financial Services Commission, and the Ministry of Oceans and Fisheries stated that an investigation found that the vessel was implicated in violating UN Security Council Resolution 2371, which prohibits the transfer of North Korean iron ore.

The South Korean government stated that the sanctions were used as a deterrent for committing similar illicit actions and as a way to disrupt North Korea’s “illicit financing and procurement networks”.

• The EU will delay counter-tariffs in response to US duties on the bloc’s steel and aluminium exports. The move comes after Trump announced a 90-day pause to his so- called “reciprocal” tariffs on nearly all EU exports. That rate will now be 10%.
• Ukraine Hope | Ukraine’s bid for EU accession won’t be dashed by any minerals deal with the US, Prime Minister Denys Shmyhal told us. A special

Ukrainian technical working group will soon be dispatched to Washington for talks.

• German Slowdown | The German economy won’t see meaningful growth this year, according to the

country’s leading research institutes. Along with the US president’s assault on free trade, Russia’s war in Ukraine presents an ongoing risks for Europe’s biggest economy.

• This week’s dollar pain is the euro’s gain. Donald Trump acknowledges tariffs may cause problems. And we try half-proof gin.

• Donald Trump acknowledged tariffs may cause “transition problems,” but expressed confidence in his plan. Market turmoil elevated Scott Bessent to Wall Street’s man of the hour as he’s set to negotiate trade deals.
• The dollar is under intense pressure as money floods to safe havens and takes gold to a record.

·        Oil prices set to drop for a second week as US-China

trade war to cut demand

• Oil prices fell on Friday and were set to drop for a second week on concerns prolonged trade war between the United States and China, the world’s largest economies, will crush crude consumption as their dispute curtails economic growth.
• Brent futures fell 31 cents, 0.5%, to $63.02 a barrel by 0153 GMT, while U.S. West Texas Intermediate crude futures lost 36 cents, or 0.6%, to $59.71. Both benchmarks settled over $2 lower on Thursday.

·        Trade Wars Are Easy to Lose

Beijing Has Escalation Dominance in the U.S.-China Tariff Fight

• When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with,”

U.S. President Donald Trump famously tweeted in 2018, “trade wars are good, and easy to win.” This week, when the Trump administration imposed tariffs of more than 100 percent on U.S. imports from China, setting off a new and even more dangerous trade war, U.S. Treasury Secretary Scott Bessent offered a similar justification: “I think it was a big mistake, this Chinese escalation, because they’re playing with a pair of twos. What do we lose by the Chinese raising tariffs on us? We export one-fifth to them

of what they export to us, so that is a losing hand for them.”

• In short, the Trump administration believes it has what game theorists call escalation dominance over China and any other economy with which it has a bilateral trade deficit. Escalation dominance, in the words of a report by the RAND Corporation, means that “a combatant has the ability to escalate a conflict in ways that will be disadvantageous or costly to the adversary while the adversary cannot do the same in return.” If the administration’s logic is correct, then China, Canada, and any other country that retaliates against U.S. tariffs is indeed playing a losing hand.
• But this logic is wrong: it is China that has escalation dominance in this trade war. The United States gets vital goods from China that cannot be replaced any time soon or made at home at anything less than prohibitive cost. Reducing such dependence on China may be a reason for action, but fighting the current war before doing so is a recipe for almost certain defeat, at enormous cost. Or to put it in Bessent’s terms: Washington, not Beijing, is betting all in on a losing hand.

·        Tariffs on China set to dramatically alter US trade

flows

• Supply chain planners are busy booking shipments from non-Chinese destinations into the US today following last night’s tariff surrender by Donald Trump, the American president. Trump announced a 90-day pause for countries hit by higher US tariffs amid financial turmoil and a weakening dollar in the week since he had first made his tariff announcements.

·        Tariff relief fuels front-loading but China slowdown clouds peak season

• Non-China tariff reprieve could trigger cargo rush to beat July deadline
• Massive cancellation and suspension of Chinese orders will weigh on transpacific vessel utilisation
• Duration of the US-China standoff could depend on factors such as when US inventories drained of Chinese goods compel a resolution

·        Hopes rise that draconian US port fee plan will be watered down

• Trump’s executive order on shipbuilding excluded language on port fees that was included in the draft version
  • USTR will release its port fee ruling on April 17, followed by implementation phase with hearing on specifics in mid-May. US would begin charging fees by mid- November
  • Lobbying by the shipping industry, importers and exporters appears to have convinced administration that unintended consequences of original plan would be too severe

·        Container Shipping

• The tonnage provider share of the global containership fleet is continuing to fall as container line operators snap up more second-hand boxships from non- operating owners.
  • According to Alphaliner, some 3.7m teu of tonnage provider-controlled capacity, provided by 850 ships, were sold to carriers since August 2020.
  • This was offset by 1.2m teu of newbuilding capacity delivered to non-operating owners between August 2020 and March 2025.

• A further 221,000 teu of capacity was purchased by tonnage providers from end users in the same period. Combined, this provided a net overall loss of the chartered boxship fleet of 400 vessels of a combined

2.3m teu.

• Until 2021, chartered containerships typically made up around 50% of global containership fleet capacity. However, this had dropped to 40% by mid-2024.
  • It was noted that the vessel fleet strategies of two container line operators in particular were responsible for the decline in the charter fleet.
  • “While several carriers embarked on second-hand tonnage acquisitions during the post-covid cargo boom Mediterranean Shipping Co, and to a lesser extent CMA CGM, were by far the most active buyers with ambitious purchase programmes largely contributing to the decline of the non-operating owned fleet,” it said.

·        Containerships sold by tonnage providers to end users

Baltic Shipping Indices :

Baltic Exchange Index – 10 APRIL 2025

Baltic Exchange Panamax 82500mt Index 10 APRIL 2025

Baltic Exchange Panamax Index  1189 (- 14)

Route Description                          Value ($) Change

====== ================================= ======== P1A_82 Skaw-Gib T/A RV                         7,932 – 118

P2A_82 Skaw-Gib trip HK-SKorea incl Taiwan 15,492 – 73 P3A_82 HK-SKorea incl Taiwan, Pacific/RV   11,664 – 205 P4_82 HK-SKorea incl Taiwan to Skaw-Gib     8,498 +    88 P6_82 Dely Spore Atlantic RV                11,358 – 132

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

Weighted Timecharter Average             10,705 – 119

The following routes do not contribute to the BPI or Weighted TC Average. Route Description                          Value ($) Change

====== ================================= ===== P5_82 S. China Indo RV                       11,253 –   364

P7      66000mt Mississippi Rvr to Qingdao   44,014 – 0.057 P8      66000mt Santos to Qingdao             32.692 + 0.034

Baltic Exchange Supramax Index – 10 APRIL 2025

Baltic Exchange Supramax Index   941 (- 7)

Route   Description                                     Value ($) Change

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

S1B_63 Cnkle trip via Med or Blsea to China-S.Korea 12,017 – 108 S1C_63 US Gulf trip to China-South Japan             15,471 – 333 BS2_63 North China one Australian or Pacific RV                     11,363 – 231 BS3_63 North China trip to West Africa      11,308 – 92 S4A_63 US Gulf trip to Skaw-Passero                                    15,054 – 267 S4B_63 Skaw-Passero trip to US Gulf                     9,436 – 28 BS5_63 West Africa trip via ECSA to North China                    13,568 – 118 BS8_63 South China trip via Indo to EC.India         13,707 + 78 BS9_63 W.Africa trip via ECSA to Skaw-Passero         10,468 –    89 S10_63 S.China trip via Indonesia to South China     10,741 + 141 S15_63 Indian Ocean trip via S.Africa to Far East      11,325 –  54

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

S11TC   Weighted Timecharter Average                   11,889 – 89 S10TC Supramax(58) Timecharter Average                  9,855 –    89

Baltic Exchange Index – 10 APRIL 2025

Baltic Exchange Handysize Index 586 (- 8)

Route   Description                                   Value ($) Change

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

HS1_38 Skaw-Passero trip Recalada – Rio de Janeiro    6,821 – 79 HS2_38 Skaw-Passero trip Boston – Galveston            9,486 – 7 HS3_38 Rio de Janeiro-Recalada trip Skaw – Passero           14,006 – 66 HS4_38 USGulf trip via USG or NCSA to Skaw-Passero       10,786 +                 7 HS5_38 SE Asia trip to Spore – Japan                   10,763 – 225 HS6_38 N.China-S.Kor-Jpn trip to N.China-S.Kor-Jp             10,919 – 287 HS7_38 N.China-S.Kor-Jpn trip to SE Asia                              10,681 – 263

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

7TC      Weighted Timecharter Average                    10,542 – 147

Baltic Exchange Index – 10 APRIL 2025

Baltic Exchange Capesize Index    1781 (+ 49)

Route   Description                              Value($) Change

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

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

5TC     Weighted Timecharter Average             14,768 +  401

Baltic Exchange Capesize 182 Index

Route    Description                                      Value   Change

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

C8_182   182000mt Gib/Hamburg transatlantic RV         15,979 – 178 C9_182   182000mt Cont-Med trip China-Japan             39,250 –    125 C10_182 182000mt China-Japan transpacific RV          17,201 + 1719 C14_182 182000mt China-Brazil round voyage            18,561 +    251 C16_182 182000mt Backhaul                                 2,988 –     93

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

C5TC 182 Weighted Timecharter Average                   18,337 +    610

Baltic Exchange Panamax 82 Asia Index – 11 April 2025

Route   Description Size (MT)       Value($) Change

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

P5_82   S.China one Indo RV         11,178     -75

Baltic Exchange Supramax Asia Index – 11 April 2025

Route Description                        Value($) Change

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

S2_63 N.China one Austr or Pac RV 11,319 -44 S8_63 S.China via Indonesia/Ec India 13,800 +93 S10_63 S.China via Indo/S.China   10,838  +97

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S3TC  Weighted Time Charter Average  11,899  +37

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“Disclaimer”

The reported fixtures and Sale and Purchase deals are obtained from market sources.

All information supplied in this report is supplied in good faith, I do not accept responsibility for any errors and omissions arising from this report and cannot be held responsible for any action taken, or losses incurred, as a result of the details in this report.

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You may view or otherwise use the information, prices, indices, assessments and other related information, graphs, tables, images in this report only for your personal use if you are an authorised user for internal use only and not for sale.

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

I do not guarantee the adequacy, accuracy, timeliness and/or completeness of the Data or any component thereof or any communication (whether written, oral, electronic or in other format), and 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).

– Marex Media

“Disclaimer”

The reported fixtures and Sale and Purchase deals are obtained from market sources.

All information supplied in this report is supplied in good faith, I do not accept responsibility for any errors and omissions arising from this report and cannot be held responsible for any action taken, or losses incurred, as a result of the details in this report.

Any reproduction has to be with written consent from the copywriter.

You may view or otherwise use the information, prices, indices, assessments and other related information, graphs, tables, images in this report only for your personal use if you are an authorised user for internal use only and not for sale.

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

I do not guarantee the adequacy, accuracy, timeliness and/or completeness of the Data or any component thereof or any communication (whether written, oral, electronic or in other format), and 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).

The Indian shipping industry plays a crucial role in the country’s economic growth, facilitating nearly 95% of India’s trade by volume and 70% by value. However, it is also a significant contributor to carbon emissions, given the reliance on fossil fuels for propulsion. As the global maritime sector moves toward greener alternatives, the question arises: Is decarbonization necessary for the Indian shipping industry?

The shipping industry globally contributes nearly 3% of total greenhouse gas (GHG) emissions. If left unchecked, these emissions could rise significantly, given the increasing demand for trade and transportation. India, being a major maritime nation, cannot remain isolated from this challenge.

The need for decarbonization in the Indian shipping industry is driven by multiple factors:

1. Environmental Responsibility: India is committed to reducing its carbon footprint under the Paris Agreement and has set ambitious net-zero targets by 2070. Reducing emissions from shipping aligns with this broader sustainability goal.
2. Regulatory Pressure: The International Maritime Organization (IMO) has set stringent targets to cut GHG emissions from international shipping by 50% by 2050 (compared to 2008 levels). Compliance with these regulations will be crucial for India’s global shipping competitiveness.
3. Economic and Trade Considerations: Many developed nations are adopting strict carbon taxation policies, such as the European Union’s Emissions Trading System (ETS) for maritime transport. Indian ships entering these regions could face high carbon taxes if they do not comply with emission standards, leading to increased operational costs.
4. Technological Advancements: With increasing investments in green shipping technologies, India has an opportunity to modernize its fleet, making it more fuel-efficient and cost-effective in the long run.
5. Energy Security and Cost Savings: Heavy dependence on fossil fuels makes the Indian shipping sector vulnerable to global crude oil price fluctuations. Switching to alternative fuels like liquefied natural gas (LNG), hydrogen, or ammonia could enhance energy security while reducing costs.

Despite the clear benefits, decarbonizing the Indian shipping industry is fraught with challenges:

1. High Initial Investment: Transitioning to low-carbon technologies and alternative fuels requires significant capital investment, which may be a hurdle for shipowners and operators.
2. Lack of Infrastructure: The availability of green fuels like LNG, hydrogen, or ammonia is still limited in India. Ports and refueling infrastructure need substantial upgrades to support decarbonization.
3. Technological Gaps: While green technologies are advancing, India still lags behind in the development and large-scale adoption of energy-efficient ships and emission-reduction systems.
4. Operational Feasibility: Many Indian shipping companies operate on thin profit margins, and the additional cost of transitioning to greener solutions may not be economically viable in the short term.

Decarbonization of the Indian shipping industry is not just necessary—it is inevitable. However, a structured approach is essential to balance environmental goals with economic feasibility.

• Government Policies and Incentives: The Indian government should introduce financial incentives, tax breaks, and subsidies to encourage green shipping initiatives.
• Public-Private Partnerships: Collaboration between the government, private sector, and research institutions can drive innovation in sustainable shipping technologies.
• Investment in Green Ports: Developing green port infrastructure with renewable energy integration and alternative fuel supply chains is crucial.
• Capacity Building: Training seafarers and stakeholders in new technologies will help in the smooth transition toward low-carbon shipping.

Decarbonization is not just a regulatory requirement but a strategic necessity for the Indian shipping industry. By proactively adopting cleaner fuels, energy-efficient technologies, and sustainable practices, India can position itself as a leader in green maritime trade. While challenges exist, the long-term benefits of reduced costs, enhanced global competitiveness, and environmental sustainability far outweigh the initial hurdles.

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Pratik Bijlani –

On February 28th, Campbell Shipping hosted its much-anticipated annual seminar at The Club in Mumbai. Renowned for its expertise in technical and commercial management within the dry bulk shipping industry, Campbell Shipping has consistently upheld its legacy since its establishment in 1940 by Scottish naval architect Mr George T Campbell. Headquartered in Nassau, The Bahamas, with offices in Mumbai and Singapore, the company has evolved into a global leader, offering tailored solutions for third-party owners while maintaining a high standard fleet.

The seminar’s theme, Make Your Bed, drew inspiration from the bestselling book by Admiral William H McRaven, a retired US Navy four-star admiral. The event provided an engaging platform for knowledge exchange, workshops, and networking among industry leaders, government officials from The Bahamas, and Campbell Shipping employees. The theme encouraged participants to focus on the transformative power of small actions and disciplined habits, laying the foundation for personal and professional success.

Mr Rohit Hadkar, Director, Campbell Mumbai office, delivered an engaging welcome address that expertly framed the seminar’s central theme, setting the stage for a productive and informative day. He emphasized the significance of setting small, achievable goals, which cultivate discipline and perseverance. “The theme emphasizes the discipline of completing everyday tasks with the same dedication as larger ones, paving the way for greater success,” he remarked, inspiring attendees to embrace the Make Your Bed mindset as a tool for growth.

Chairman of Campbell Shipping, Mr Lowell J Mortimer, shared an eloquent address reinforcing the universal applicability of the seminar’s theme. He noted, “How you make your bed—how you plan your life and deal with your family—has consequences. It’s a theme that matters across every aspect of life.” Mr Mortimer highlighted Campbell Shipping’s ongoing commitment to operational excellence, sharing news of a new vessel acquisition. He reiterated the importance of fostering a safe and positive onboard environment to ensure crew satisfaction and productivity.

In a captivating presentation, Capt Rajesh Dhadwal, Managing Director and CEO of Campbell Shipping, delved deeper into the seminar’s theme. He articulated, “The mind’s power to influence outcomes begins with the smallest of actions—it unleashes confidence, self-discipline, and self-respect.” Drawing parallels between personal habits and workplace efficiency, Capt Dhadwal shared compelling anecdotes about the repercussions of neglecting minor details, such as a failed vessel inspection. His insights underscored the significance of mindfulness and a proactive attitude in achieving larger goals.

Health and well-being took centre stage during a presentation by Ms Roja Jilla, Campbell Group Nutritionist. Titled “Small Changes, Big Rewards,” her session linked the discipline of making one’s bed to overall health and emphasized the importance of SHED: Sleep, Hydration, Exercise and Diet. Practical tips, such as setting sleep routines and incorporating protein-rich foods, were shared to inspire attendees to prioritize their health. Mr Loukas D Spiliotopoulos, CFO of 5 Ocean Shipping, gave a speech that emphasized the value of teamwork, resilience, and investment in people as pillars of long-term success in shipping.

The seminar also showcased Campbell Shipping’s commitment to operational excellence and innovation. Mr Amit Ghosh, Fleet Technical Manager, delivered an insightful presentation on navigating industry challenges, including the complexities of aging fleets and increasingly stringent regulations. Notably, the company’s proactive initiatives, such as the automation of reporting systems and the integration of Starlink connectivity, demonstrate a clear focus on enhancing seafarer well-being and optimizing operational efficiency.

RightShip inspections were a focal point of the seminar, with presentations by Capt. Hariharan Panchapakesan and other experts. Capt. Panchapakesan described the RightShip Inspection Ship Questionnaire (RISQ) as “more than a formality—it’s a tool for self-reflection, helping ships identify and address procedural gaps.” Attendees gained valuable insights into enhancing compliance, preparedness, and team-oriented approaches to operational excellence.

Capt Charles Chong, Loss Prevention Manager at Britannia P&I Club, offered an interactive exploration of loss prevention strategies. Using real-world examples, he underscored the importance of communication, master’s authority, and vigilance in mitigating risks such as drug smuggling and pilot-related incidents.

The event also celebrated Campbell Shipping’s outstanding personnel through awards recognizing long service, exceptional leadership, and operational achievements. A particularly poignant moment was the recognition of Chief Engineer Mohammed Golam Samdani, who was named “Gem of the Year 2024” for his extraordinary efforts in restarting a stalled ship’s engine, saving potential claims of up to $2 million.

The day concluded with a lively evening gala, where attendees enjoyed a buffet, music, and dance, fostering camaraderie and celebration. This year’s seminar was not only a testament to Campbell Shipping’s commitment to excellence but also a vivid illustration of how small deliberate actions can lead to transformative success. The theme Make Your Bed resonated deeply, inspiring all to embrace discipline, mindfulness, and innovation as the cornerstones of growth in both life and the maritime industry.

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Unscripted

“I attribute my success to the management team’s unwavering support and encouragement. Their trust in me has been instrumental in my advancement, and I strive to pay it forward by mentoring my juniors and inspiring them to take ownership of their responsibilities.” – Mr Endrico Dias, 2nd Engineer

“With 14 years of experience at Campbell, I can confidently attest to the company’s exceptional safety record. Unlike some other companies, Campbell never compromises on safety standards. Our management team actively supports and reinforces our safety efforts, providing us with the necessary resources and equipment to excel in our operations.” – Mr Sukender Yadav, 2nd Officer

“At Campbell, we prioritize a harmonious balance between mental and physical health, recognizing that this synergy is essential for our seafarers’ job satisfaction and overall fulfilment. By caring for the mental health of our employees, we set ourselves apart from other shipping companies and foster a positive, supportive work environment.” – Mr Kaitan Lobo, Culture Officer

Pratik Bijlani –

The Grand Finale of the 62nd National Maritime Day Celebrations was held on April 5 at the Bharat Ratnam Mega Common Facilitation Centre in Mumbai. This event marked the culmination of the Merchant Navy Week celebrations that ran from March 30 to April 5, organized by the National Maritime Day (Central) Committee under the Directorate General of Shipping and the Ministry of Ports, Shipping, and Waterways. The theme “Samriddha Sagar – Viksit Bharat Evam Neel Arth aur Harit Vikas Ke Liye Yuva” or “Prosperous Seas – Developed India and Youth for Blue Economy and Green Growth” highlighted the role of youth in driving India’s maritime sustainability and progress.

The event commemorated the historic first voyage of SS Loyalty, the first Indian-owned merchant vessel, which embarked on its journey from Mumbai to London on April 5, 1919. Mr T K Ramachandran, IAS, Secretary, Ministry of Ports, Shipping, and Waterways, emphasized the significance of this milestone, saying, “Every year, on this very day, the 5th of April, we commemorate a historic milestone—the international voyage of SS Loyalty, the first Indian-owned merchant vessel, which sailed from Mumbai to London in 1919. This momentous event marked India’s entry into the modern international shipping arena and laid the foundation for our nation’s strong maritime legacy.”

The finale was graced by eminent dignitaries, including Mr Shyam Jagannathan, IAS, Director General of Shipping, and Mr Dnyaneshwar Patil, Development Commissioner of SEEPZ, among others. Capt. BK Tyagi, CMD of The Shipping Corporation of India Limited, delivered the keynote address, emphasizing the contributions of youth to the maritime sector and the government’s initiatives in enabling their growth.

Mr Sarbananda Sonowal, Hon’ble Union Minister for Ports, Shipping, and Waterways, shared his vision for India’s maritime future in a video message, stating, “Under the guidance and vision of Honourable Prime Minister Shri Narendra Modi Ji, India’s maritime industry is making comprehensive progress. With the help of strong policy directives, we are trying to extend all the required support to facilitate Indian seafarers in maritime trade.”

The event also recognized excellence within the maritime industry. The prestigious Sagar Samman Varuna Award was conferred upon Capt. Rajesh Madhavan Unni for his outstanding contributions to India’s maritime sector, while Capt. Anmol Kumar Srivastava was awarded the Sagar Samman Award for Gallantry. Maritime training institutes, ship-owning companies, and Indian ports were also felicitated for their exemplary performance.

Another highlight was the introduction of the National Maritime Games, held for the first time this year. Winners across a variety of indoor and outdoor sports were celebrated, reflecting the community’s enthusiasm and commitment to holistic growth. Cultural performances by cadets from various maritime training institutes added vibrancy to the event, making it a memorable occasion for all attendees.

The program concluded with nostalgic videos showcasing visit to former Secretaries and Director Generals of Shipping, along with glimpses of National Maritime Day celebrations across India. The Directorate General of Shipping reaffirmed its commitment to advancing initiatives in shipbuilding, e-governance, and opportunities for women seafarers. As India celebrates 75 years of the Directorate General of Shipping, the event underscored its rich legacy and ambitious vision for a sustainable maritime future.

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Recognition of Outstanding stakeholders in Maritime industry

Prize winners of National Maritime Games-2025