30-April-2025
Chinese companies continue to build new coal-fired power plants in Indonesia despite a 2021 commitment to end overseas coal financing, with China currently involved in the construction of 7.7 gigawatts of coal power capacity, largely to supply energy for nickel smelters, while the BRICS bloc—founded in 2009 by Brazil, Russia, India, and China and since expanded to include countries such as Indonesia, Nigeria, and Kazakhstan—now represents roughly one-quarter of the global economy and contributes to around half of global carbon dioxide emissions; although renewables exceeded half of the bloc’s electricity mix last year thanks to rapid deployment in Brazil, India, and China, the 10 most recent members and partners continue to rely heavily on fossil fuels to meet growing energy demand, often with Chinese involvement, and these nations are currently building 25 gigawatts of coal, oil, and gas capacity compared to only 2.3 gigawatts of solar and wind, with an additional 63 gigawatts of gas-fired capacity under development, 62% of which is being financed, engineered, procured, or constructed by Chinese state-owned enterprises, and China is backing 88% of the new coal power projects under construction, despite having announced in 2021 that it would no longer support overseas coal development, with at least 26.2 gigawatts of China-backed coal capacity added since the pledge, and climate change is expected to be a central topic at the BRICS leaders’ summit in Brazil in June 2025, where the host nation is urging China and others to take stronger action on emissions reductions ahead of the COP 30 climate conference in November 2025.
30-April-2025
Chicago Board of Trade (CBOT) wheat futures rose slightly on Wednesday, marking their first gain in three sessions as bargain-hunting lent support, though gains were limited by beneficial rainfall in the U.S. crop belt, while corn and soybeans declined under pressure from fast-paced U.S. planting progress and ongoing trade tensions with China, as planting continues smoothly in the U.S. Midwest and recent rains are aiding winter wheat in the Plains—both bearish signals in a market where demand remains uncertain due to the trade war’s impact on U.S. grain and oilseed exports to China; the most-active CBOT wheat contract was up 0.1% at $5.26 a bushel, while soybeans fell 0.6% to $10.47 and corn slipped 0.1% to $4.70, with the U.S. Department of Agriculture (USDA) reporting on Monday that 24% of the corn crop had been planted as of Sunday, just one percentage point below analyst expectations but ahead of the five-year average of 22%, and soybean planting stood at 18%, beating both the five-year average of 12% and the 17% analyst estimate, while the U.S.-China trade dispute continues to weigh on soybean export prospects as China looks to reduce grain use in animal feed to around 60% and cut soymeal inclusion to roughly 10%, and additional pressure on corn and soybean prices came from favorable crop conditions in South America, where recent showers have eased drought stress in Brazil’s safrinha corn areas and a dry period in Argentina is expected to aid corn and soybean harvest operations following earlier heavy rains.
30-April-2025
Now in their eighth season, the U.S. Crop Watch producers are off to their fastest planting start ever for corn and soybeans, though ongoing trade tensions with China, the top buyer of U.S. soybeans and sorghum, have prompted a few farmers to shift more acres toward corn than originally planned; the Crop Watch project, which monitors 11 corn and 11 soybean fields across nine U.S. states—including two each in Iowa and Illinois—has featured the same producers and locations since expanding to 11 participants in 2021, and as of Thursday, nine out of the 22 fields—five corn and four soybean—had been planted, the most by this point since the current format began, though further progress may pause temporarily as some farmers wait for topsoil to dry following recent rain, with additional planting planned for next week; U.S. farmers are already expected to cut soybean acreage at the steepest rate in 18 years due to weak prices, and recent U.S.-China trade friction has added uncertainty in regions of the Corn Belt not tied to strict corn-soybean rotations, with the North Dakota producer switching some soybean acres to corn and barley, and the Kansas producer swapping sorghum acres for corn amid sluggish domestic and Chinese demand, while one other grower added corn acres for unrelated reasons and the rest made no changes; the U.S. Department of Agriculture’s March 2025 survey showed planned corn acreage at 95.3 million, the highest in 12 years, with speculation that the final total could exceed that and come at soybeans’ expense, and as of Thursday, four producers reported normal planting speeds, three noted normal-to-fast progress, and two described conditions as normal-to-slow, while USDA data showed 12% of U.S. corn and 8% of soybeans had been planted by Sunday, both slightly ahead of average; when asked about their top concern for the 2025 growing season, Crop Watch producers unanimously pointed to weather, as steady production costs and low commodity prices mean strong yields are essential for profitability, and while recent rains helped, some western areas remain dry, raising concern amid forecasts calling for potential summer drought in the western Corn Belt, where growers report good planting conditions but lingering dryness, and although trade policy uncertainty remains a concern for some, the main focus for producers is achieving strong output, with continued updates expected as market conditions evolve, especially if new trade or biofuel policies are introduced.
30-April-2025
Time is running out for the U.S. to secure trade agreements with numerous countries, most notably China, to avoid what U.S. President Donald Trump’s Treasury Secretary, Scott Bessent, has called an unsustainable tariff war, but for the U.S. farming sector, the economic fallout has already taken hold, with agricultural exporters reporting that retaliatory responses to Trump’s tariffs are severely harming business through declining Chinese demand, canceled orders, and layoffs, as the volume of canceled agricultural purchases has reached crisis levels, highlighted by U.S. Department of Agriculture data showing China’s largest cancellation of pork shipments since 2020, halting 12,000 tons, while a wood pulp and paperboard exporter reported 6,400 metric tons put on hold in a warehouse and 15 railcars delayed under demurrage, and a grass seed exporter noted that Chinese customers canceled eight loads just two weeks before shipment, even though ships had already been booked, all of which is adding pressure on the Port of Oakland, a key agricultural export hub that is now seeing the effects of falling cargo volumes due to both declining imports and retaliatory export losses, raising concerns over local job security as Oakland, which relies on a near-equal balance of imports and exports and handles most of Northern California’s containerized cargo, fears market share losses to key destinations like Japan, Taiwan, China, and South Korea, especially for perishable and high-value products; exporters warn there are no quick replacements for China’s demand, and price declines are already evident, with one lumber exporter reporting a 20% drop in product value, slowing purchases from suppliers and reducing production, while a forage exporter supplying hay and straw overseas noted 68 blank sailings since Trump’s tariff announcement on 2 April 2025, limiting its ability to secure ship space as China-to-U.S. ship traffic dropped 22.15% week over week and 44% year over year through 14 April 2025, and booking demand for imports from China continues to fall, with one major hay exporter forced to reroute shipments to markets like Japan, Dubai, Taiwan, and a few Chinese ports at a high cost, prompting the company to halt all orders and begin layoffs, warning that the current policy direction is unsustainable; meanwhile, agriculture faces an additional challenge with the SHIPS Act measures introduced by the U.S. Trade Representative, which will impose port fees of over $1.5 million on Chinese-made ships calling at U.S. ports starting in the fall, and although bulk agriculture has been excluded, containerized agriculture has not, raising alarms since the majority of high-value U.S. agricultural exports—such as refrigerated meat, produce, dairy, processed foods, cotton, nuts, paper, soybeans for human use, and forage—are shipped in containers, prompting ongoing efforts to secure a broader exemption, especially since containerized agriculture accounts for approximately 25% of volume and nearly 55% of the total export value, based on U.S. trade data.
30-April-2025
London metals declined on Wednesday and ended the month in negative territory as a firmer U.S. dollar outweighed optimism about improving U.S.-China trade relations, with investors closely monitoring upcoming U.S. economic data for potential signals on the Federal Reserve’s next policy decision, as benchmark copper on the London Metal Exchange (LME) fell 1.0% to $9,350 per metric ton, marking a 3.7% drop from its 31 March 2025 close of $9,710, while the U.S. dollar index inched up 0.1% to 99.23, making dollar-priced metals less attractive to holders of other currencies; traders are awaiting this week’s U.S. Personal Consumption Expenditures (PCE) report, a key inflation indicator that could influence the Fed’s stance and weigh on metals markets, while U.S.-China trade tensions showed signs of easing after China excluded certain U.S. goods from retaliatory tariffs and U.S. President Donald Trump signed two executive orders to limit the impact of potential auto tariffs, with several trade partners offering proposals to avoid the new measures; on the LME, aluminum dropped 0.6% to $2,452 per ton, zinc slipped 0.4% to $2,640, lead eased 0.3% to $1,972, tin declined 0.3% to $31,815, and nickel rose slightly by 0.1% to $15,565 per ton, while on the Shanghai Futures Exchange (SHFE), the most-traded copper contract fell 0.5% to $10,627 per ton, supported by a sharp 32% weekly decline in warehouse inventories, which dropped to 116,753 tons as of 25 April 2025.
30-April-2025
We assess the months ahead across key trends in iron ore, metallurgical coal, copper, alumina, cobalt, lithium, nickel, steel, and scrap, focusing on shifts in supply and demand, arbitrage opportunities, and changing quality spreads, with the Asian iron ore market likely to face increased price volatility in Q2 2025 after a range-bound Q1, as global trade tensions rise and steel demand fundamentals remain weak; despite tropical cyclone disruptions, prices stayed under pressure in Q1 due to declining Chinese steel demand, heightened trade frictions, and expectations of further steel output cuts, while the 2025 iron ore outlook hinges on US-China trade relations, as tariffs and political uncertainty are expected to curb Chinese steel exports and reduce iron ore demand, prompting a slight downgrade in the average price forecast to $96/DMT for the year with further declines anticipated in the second half, though possible monetary and fiscal stimulus from China could offset some downside risk, according to analysts; demand for high-grade Brazilian fines remained soft in Q1 2025, narrowing the 65%-62% Fe spread to $12.4/DMT as of 28 March, a 12% drop from 2 January, reflecting weaker interest in cargoes like Iron Ore Carajas, with only three spot cargoes traded in Q1 versus ten in Q4 2024 and Q1 2024, while demand for medium-grade Brazilian fines was more resilient; total traded volume fell 63% to roughly 540,000 tonnes, both quarter-on-quarter and year-on-year, indicating lower buying appetite and a shift to more affordable feedstocks, as Brazilian sinter feed gained traction in China despite the rainy season, helped by attractive discounts, and high-grade fines struggled to attract interest in Chinese port stock markets as mills with recovering margins opted for more liquid medium-grade fines, suggesting bearish sentiment may persist into Q2; seaborne demand for lump and pellet weakened in Q1 amid slim steelmaking margins, with buyers reducing their use in blast furnaces and adjusting blending ratios in favor of cheaper sinter feed, and the absence of sintering restrictions further pressured lump demand, as 24 lump cargoes were traded in Q1, down 11% from the prior quarter and 14% year-on-year, with traded volume down 22% quarter-on-quarter and 16% year-on-year, and the seaborne lump premium fell to 14.65 cents/dmtu on 28 March from 14.9 cents on 2 January; pellet premiums followed the same downtrend, with limited interest from Chinese steelmakers due to weak margins and low hot metal output, leading to reliance on port-based spot purchases rather than seaborne cargoes, and the 65% Fe pellet premium dropped 30% to $12.9/dmt CFR North China on 26 March from 8 January, while the daily 63% Fe blast furnace pellet premium fell 18% to $6.7/dmt on 28 March, as mills favored pellets for cost-efficiency over lump, despite declining product quality from Indian suppliers following the early 2025 merger of National Mineral Development Corporation and Kudremukh Iron Ore Company, which lowered production costs and drove up exports but also reduced Fe content from 63% to 60% and increased combined silica and alumina from 8% to 12%, compressing KIOCL’s pellet premium to around $6/dmt over the 62% index; with low preference for higher-grade pellets, Chinese mills leaned toward cheaper, lower-grade alternatives to reduce costs and maintain productivity, and seaborne demand for lump and pellet is expected to stay weak in Q2 amid continued pressure on margins, while Chinese steelmakers focus on lean inventories and faster turnover, shifting attention to the domestic port stock market where reduced long-term contracts led to smaller spot purchases in Q1 and rising stockpiles forced discounted sales to clear inventory, with poor Q1 import margins further discouraging seaborne procurement, although Vale’s Brazilian Blend Fines regained some port interest due to favorable economics and smaller lot sizes suited to mills that avoid full capesize bulk carrier volumes, while Indian fines gained more market share at Chinese ports, applying cost pressure on low-grade Australian brands like FMG’s Super Special Fines and Fortescue Blend Fines, with Indian discounts widening from 17% in Q4 2024 to 20% in Q1 2025, adding to competitive pressure and stock buildup among low-grade fines.
30-April-2025
Dalian Commodity Exchange (DCE) iron ore futures rose slightly on Tuesday, supported by near-term demand from top consumer China, though gains were limited by conflicting remarks from the U.S. and China regarding trade talks, as the most-traded September 2025 iron ore contract on the Dalian Commodity Exchange (DCE) closed daytime trading 0.28% higher at $97.49 per metric ton, while the benchmark May 2025 contract on the Singapore Exchange slipped 0.11% to $98.3 per ton; prices for imported iron ore at Chinese ports saw modest gains on 28 April 2025, driven by continued restocking demand ahead of the upcoming five-day Labour Day holiday, and hot metal production, a key indicator of iron ore demand, rose by 42,300 tons month-on-month to 2.44 million tons, which is also 156,300 tons higher year-on-year, though pressure remains on the Chinese market to draw down inventories amid ongoing uncertainty surrounding trade relations, as U.S. President Donald Trump stated that progress had been made and that he had spoken with President Xi Jinping, while Chinese officials denied that any trade talks were taking place; additionally, signs that China’s factory activity likely contracted in April 2025 due to Trump’s “Liberation Day” tariff package, which halted two months of recovery, added to the cautious sentiment; on the supply side, Australian miner Fortescue FMG reported increased third-quarter iron ore shipments, and combined iron ore dispatches from Australia and Brazil rose 13.2% week-on-week to 27.6 million tons; other steelmaking inputs on the Dalian Commodity Exchange (DCE) weakened, with coking coal down 2.36% and coke falling 1.02%, while steel benchmarks on the Shanghai Futures Exchange moved mostly sideways, with rebar down around 1.2%, hot-rolled coil slipping 1.26%, stainless steel inching up 0.16%, and wire rod rising 0.4%.
30-April-2025
Australian miner Fortescue FMG reported an increase in third-quarter iron ore shipments on Thursday, meeting analyst expectations as production recovered from a train derailment that had impacted the same period last year, with quarterly shipments rising to 46.1 million metric tons (mt) from 43.3 million mt a year earlier, closely aligning with the Visible Alpha consensus estimate of 46.8 million mt, and this growth occurred despite facing weather-related challenges including a five-day closure of the Port Hedland facility and disruptions from Tropical Cyclone Zelia, which contributed to a 7% decline quarter-on-quarter; shares of Fortescue FMG, the world’s fourth-largest iron ore miner chaired by billionaire founder Andrew Forrest, rose as much as 2.1% to a four-week high of A$15.8 following the announcement, while the company said it continues to review the timeline for its Iron Bridge project to reach its full annual production capacity of 22 million mt, with an evaluation of key processing equipment expected by June, and in its green energy division, Fortescue FMG is reassessing timelines for both its U.S.-based Arizona Project and the Queensland-based Gladstone PEM50 Project, with improved visibility on external factors anticipated by June 2025; the company also reaffirmed its fiscal 2025 iron ore shipment guidance of 190 million–200 million mt, including 5 million–9 million mt from Iron Bridge on a 100% basis, and maintained its capital expenditure forecast for the year at $3.5–$3.8 billion, while additionally delivering its first T 264 Power System to mining equipment manufacturer Liebherr during the quarter, marking progress in Fortescue FMG’s efforts to transition diesel-powered mining trucks to zero-emission alternatives.
30-April-2025
Hong Kong-based shipowner and operator Wah Kwong Maritime Transport Holdings Limited is making a strategic move into the Middle Eastern market through its subsidiary Venture Marine Services (VMS), which has joined AW Shipping’s gas carrier newbuilding project in China and is tasked with supervising the construction of seven 99,000 CUM Very Large Ethane Carriers (VLECs) and four 93,000 CUM Very Large Ammonia Carriers (VLACs) at Jiangnan Shipyard, with AW Shipping having been established in 2020 as a joint venture between ADNOC Logistics & Services (ADNOC L&S) and China’s Wanhua Chemical Group to support a long-term LPG supply agreement from ADNOC and other providers to Wanhua’s production facilities in China and abroad, and Wah Kwong Maritime Transport Holdings Limited stated that this initiative reflects Venture Marine Services (VMS)’s strong technical capability in managing construction of advanced gas carriers, including LNG vessels, with the 230-meter-long VLECs powered by ethane dual-fuel engines slated for delivery between 2025 and 2027, and the similarly sized VLACs expected to begin entering the market in Q1 2026, following the start of construction on the first unit in March 2025, which is now in the block fabrication stage and scheduled for delivery in Q3 2025.
29-April-2025
Speculators held on to bullish positions in Chicago Board of Trade (CBOT) corn and soybeans last week, driven by optimism that U.S. trade discussions with key partners might progress and potentially boost grain exports, although rapid spring planting in the U.S. and favorable crop outlooks in South America are not offering strong price support, and overall uncertainty persists as no tangible outcomes have emerged from U.S. trade talks; managed funds have maintained a net long position in Chicago Board of Trade (CBOT) corn futures and options since November, but for the week ending April 22, that position was trimmed to 112,805 contracts from 124,573 the previous week, with the adjustment notable for marking the largest weekly addition of gross short positions in six months, though a substantial number of new gross long positions were also added, reflecting mixed sentiment; in soybeans, both long and short positions increased, but the bulls had a slight advantage as managed funds raised their net long position in Chicago Board of Trade (CBOT) soybeans by roughly 5,000 contracts to 31,067 futures and options contracts, while Chicago Board of Trade (CBOT) July soybean futures were unchanged for the week ending April 22 but rose 1.3% over the last three sessions, reaching the most-active contract’s highest level since early February; U.S. soybeans remain a key focus in the ongoing U.S.-China trade conflict as they represent the country’s top export to China, and although elevated tariffs have raised hopes for a resolution, China denied on Friday that talks are currently underway, contradicting statements from the U.S., while reports on Thursday indicated that Brazil is set to export more soybeans to China in 2025 amid the trade dispute, though the increase is also supported by Brazil’s record soybean harvest; corn and soybean markets found additional support from Japan, which is reportedly considering increasing imports from the U.S. as part of trade negotiations, with Japan being the second-largest importer of U.S. corn and fifth-largest of U.S. soybeans; during the same week, managed funds boosted their net long in Chicago Board of Trade (CBOT) soybean oil by approximately 10,000 contracts to 50,899, with sentiment shifting repeatedly in recent months due to uncertainty around U.S. biofuel policy, though strong global demand and solid U.S. exports have recently underpinned prices, and Chicago Board of Trade (CBOT) July soybean oil futures broke above 50 cents per pound for the first time since December 2023; bearish sentiment remains dominant in Chicago Board of Trade (CBOT) soybean meal, with managed funds increasing their net short to 73,511 contracts as of April 22, up about 4,000 on the week, and they have maintained a net short in Chicago Board of Trade (CBOT) wheat futures and options for a record 147 consecutive weeks—far surpassing the previous 100-week streak from 2015 to 2017—although funds were modest net buyers of Chicago Board of Trade (CBOT) wheat for the third straight week, leaving the net short position at 89,929 contracts, which remains well above the seasonal average, while Chicago Board of Trade (CBOT) July wheat futures declined 1% in the week ended April 22 and slid another 1% over the last three sessions due to favorable U.S. winter wheat weather and recent contract lows in European wheat futures, and in the coming week, traders will closely monitor U.S. planting progress following scattered rains across the Corn Belt, with the five-year averages for this point in the season at 22% for corn and 12% for soybeans.
29-April-2025
Corn and soybean futures on the Chicago Board of Trade (CBOT) declined on Tuesday as rapid progress in U.S. planting and ongoing trade tensions with China, the world’s largest farm goods importer, weighed on both markets, while wheat prices edged higher on bargain-buying after Monday’s sharp losses, though gains were limited by forecasts of beneficial rainfall in the U.S. winter wheat regions; the most-active corn contract dropped 0.4% to $4.81-1/2 a bushel and soybeans slipped 0.3% to $10.59-3/4 a bushel, while wheat rose 0.5% to $5.33-1/2 a bushel after falling 2.5% in the previous session, with the U.S. Department of Agriculture (USDA) reporting that 24% of the corn crop was planted as of Sunday, slightly below analysts’ average expectations but ahead of the five-year average of 22%, and soybean planting was 18% complete, well above the five-year average of 12%; U.S. farmers are projected to increase corn acreage to a 12-year high in 2025 and reduce soybean planting to a five-year low due to the ongoing trade dispute with China, which remains the top global soybean buyer; forecasts show that parts of the U.S. Plains, including Texas and Oklahoma, may receive six to eight inches of rain over the next 10 days, likely supporting yields for hard red winter wheat used in bread production, and after Monday’s close, the USDA rated 49% of the U.S. winter wheat crop in good or excellent condition, up from 45% a week earlier and above the expected 47%, while commodity funds were net sellers of CBOT wheat, corn, and soymeal futures, but were net buyers of soybean and soyoil contracts.
29-April-2025
The 2018-built container ship MV KMTC Surabaya, owned by Imabari-based Nissen Kaiun Co Ltd (Nissen Kaiun KK) and operated by Korea Marine Transport, collided with the 2015-built dry bulk carrier MV Glengyle, owned and operated by Hong Kong-based Uni Ships & Management, late Friday night around 10:40 pm local time on the Long Tau River near Vietnam’s Ho Chi Minh City, resulting in MV Glengyle’s stern being punctured and the vessel partially sinking; although no casualties or cargo damage were reported, the bow of MV KMTC Surabaya struck the port side of MV Glengyle near the deckhouse, penetrating the after hold and causing flooding that left the vessel resting on the river’s shallow bottom, with fuel oil spilling into the water, prompting Vietnamese authorities to dispatch rescue vessels to separate the two still-interlocked ships and send a team to manage the oil spill, while tugs remained on site monitoring the situation, and the ships were moved closer to the shore to avoid disrupting river traffic.
29-April-2025
We have identified evolving trends in the trade of bulk raw materials from West Africa (WAFR) to China, particularly a sharp rise in bauxite flows driven by China’s expanding aluminium production, which has led to increasing demand for capesize bulk carriers, and we highlight how this demand from West Africa (WAFR) to China is poised to surge and the reasons behind it, with bauxite emerging as a major growth opportunity for capesize bulk carriers as China’s focus on greener infrastructure intensifies imports of the raw material used for aluminium, benefiting mainly West African (WAFR) ports, especially in Guinea, the world’s second-largest bauxite producer behind Australia, while China remains the top global consumer, and from Q1 2022 to Q4 2023, West Africa (WAFR) accounted for 43% of China’s seaborne bauxite imports, a share that has climbed to 54% since early 2024, with Guinea’s contribution slightly rising from 90% to 91%, and Ghana surpassing Gabon as the second-largest exporter following heavy investments by the Ghanaian Bauxite Company, with 83% of Ghana’s exported bauxite carried by capesize bulk carriers between 2024 and Q1 2025, and although China is the third-largest producer of bauxite, it still relies on imports for around 70% of its needs, supported by advantages like low electricity costs, strong vertical integration, and robust government support, while the Evergrande crisis and the cooling of the construction sector have slightly tempered aluminium consumption growth, production remains solid thanks to increasing demand in sectors like electrification, ensuring a positive outlook for capesize bulk carrier demand from West Africa (WAFR) to China as the country continues upgrading its infrastructure to more energy-efficient standards, which will require greater aluminium output and thus more bauxite imports, alongside major investments in West Africa’s mining infrastructure to boost production, and the expected Q4 2025 launch of the vast Simandou iron ore mines in Guinea, set to produce 120 million tonnes annually and projected to supply 10% of China’s seaborne iron ore imports, will further amplify capesize bulk carrier demand on the Guinea to China route, reinforcing the surge in large carrier activity as both bauxite and iron ore shipments expand.
29-April-2025
Iron ore futures slipped on Monday amid expectations that China may cut crude steel output, although the decline was cushioned by steady near-term demand for the steelmaking raw material, with the most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) closing 0.49% lower at $97.32 per metric ton, while the benchmark May contract on the Singapore Exchange edged up 0.18% to $98.6 per ton; Baoshan Iron & Steel, China’s largest listed steelmaker, suggested a nationwide output reduction was likely in 2025, noting that a 50-million-ton drop in crude steel production from 2024 levels could rebalance the country’s steel supply and demand, with domestic consumption forecast to decline by around 30 million tons and exports expected to fall by 15 to 25 million tons in 2025, yet strong short-term demand provided price support as steelmakers ramped up operations, pushing hot metal output—a key indicator of iron ore demand—to 2.44 million tons last week, its highest since October 2023, while other steelmaking materials on the DCE were weaker, with coking coal down 1.66% and coke falling 1.2%, and steel benchmarks on the Shanghai Futures Exchange mostly higher, as rebar gained 0.61%, hot-rolled coil rose 0.84%, stainless steel added 0.31%, and wire rod dipped 0.57%.
29-April-2025
Global seaborne steel exports experienced strong growth in 2024, with China leading the market by capturing over 30% of the total share. Steel products, making up nearly 4% of all seaborne dry bulk trade, reached a record volume of 215.8 million tonnes in 2024, an increase of 11.6% year-on-year, following a 5.2% rise in 2023 and surpassing the 207.3 million tonnes recorded in 2022. China was by far the largest exporter, accounting for 30.7% of global steel exports, with volumes rising by 27.6% year-on-year to 66.2 million tonnes in 2024, more than double the 27.7 million tonnes exported in 2020. Japan ranked second with a 12.2% share, although its exports slightly fell by 0.5% to 26.4 million tonnes, maintaining relatively stable levels over recent years. South Korea followed with a 10.3% share, increasing its exports by 5.9% year-on-year to 22.3 million tonnes, continuing a positive trend since 2020. The European Union ranked fourth with a 9.1% share, exporting 19.6 million tonnes in 2024, with Belgium, the Netherlands, Germany, and Spain among the leading contributors. Russia came in fifth with an 8.5% share, but its export volumes declined by 7.9% year-on-year, continuing a downward trend from 2021. In terms of imports, the European Union was the largest market, accounting for 16.8% of global steel imports with a 10.8% increase to 35.2 million tonnes, led by Italy, Spain, and Belgium. The United States was the second-largest importer with a 10.0% share, although imports declined slightly by 0.3% to 21.0 million tonnes, while Vietnam and Turkiye closely followed with 11.5 and 11.4 million tonnes respectively. Focusing on China, which led global steel exports with a 30.7% share, 68.8% of its shipments were carried on supramax bulk carriers and 14.5% on handysize bulk carriers, with the majority headed to Asian and Middle Eastern destinations. Vietnam was the top destination for Chinese steel, accounting for 10.7% of China’s exports after a 38.8% year-on-year surge to 7.1 million tonnes, followed by South Korea, the United Arab Emirates, Indonesia, Saudi Arabia, the Philippines, India, and Turkiye.
29-April-2025
Bullish momentum persists in the capesize bulk carrier spot market, with rates climbing 19% week on week as mining giant Rio Tinto (ASX, LON, NYSE: RIO) secured a fixture, and although the week began slowly, average daily earnings for capesize bulk carriers increased to $16,408 per day, reflecting a 19% gain over the past seven days, while market activity received a boost yesterday when a major miner, according to exchange data, fixed a replacement capesize bulk carrier to transport 170,000 tonnes of iron ore from Dampier (Australia) to Qingdao (China) at a rate of $8.05 per metric ton.
29-April-2025
Two crew members of the 2014-built supramax bulk carrier MV Lunita, a 57,000 DWT ship managed by Norwegian company Ugland Bulk Shipping AS, a subsidiary of the Grimstad-based JJ Ugland Group, were arrested in South Korea following a drug bust in which authorities discovered a record amount of cocaine on board at the port of Okgye in Gangneung on 2 April 2025, and while Ugland Bulk Shipping AS is fully cooperating with South Korean authorities, the vessel remains detained at the port with no clear indication of when it will be released, although the company remains hopeful that MV Lunita will resume sailing soon; the seized cocaine, reportedly worth $691 million and packed in 50 parcels, led to the arrests as part of the ongoing investigation, and JJ Ugland Group expressed deep shock and sadness over the incident, confirming that it is treating the situation with the utmost seriousness and that it continues to work closely with South Korean officials as the investigation develops, though further details about the case and the crew remain unclear, with Ugland’s legal team in South Korea providing updates and assisting the 20 Filipino crew members during police questioning, and the supramax bulk carrier MV Lunita, owned and operated by Ugland Bulk Shipping AS, had recently been engaged in regular commercial voyages to ports in Mexico, Ecuador, Panama, China, and South Korea.
29-April-2025
Yangzijiang Financial Holding is moving ahead with the spin-off of its maritime investment division, preparing to list the newly created entity on the Singapore Stock Exchange. Emerging from the legacy of China’s largest private shipyard, Yangzijiang Shipbuilding, the new entity will function as a dedicated maritime investment platform, concentrating on value creation within the shipping industry through finance leasing structures, brokerage activities, and wider strategic investment programmes. The venture will be overseen by Ren Yuanlin, chairman and CEO of Yangzijiang Financial, who described the initiative as a logical progression in their long-term strategy, noting the maritime sector’s solid fundamentals and clearly defined growth trajectory. Ren underlined that separating the maritime arm from Yangzijiang Financial’s broader investment framework will allow for more focused expansion and enhanced shareholder returns. Since its 2022 split from its shipbuilding and shipowning parent, Yangzijiang Financial has actively pursued opportunities across both wet and dry shipping segments. The spin-off is expected to be completed within six to twelve months, while the remaining entity will continue concentrating on funds, diversified asset management, and investment-related activities.
28-April-2025
CMB.TECH, owned by the Saverys family, and Golden Ocean Group (GOGL) have agreed on a stock-for-stock merger that will create a significant maritime company managing a combined fleet of over 250 ships, but both companies have been downgraded as the focus on reducing debt leaves little room for dividends, with Arctic Securities noting that improved communication on dividend plans would be a positive move; Arctic Securities analyst Kristoffer Barth Skeie downgraded CMB.TECH from “buy” to “hold” following the merger announcement and lowered the target price for the Brussels and New York-listed shipowner and operator from $13.70 to $9, emphasizing that CMB.TECH’s high leverage suggests debt reduction will be the company’s short-term priority.
28-April-2025
Indian Prime Minister Narendra Modi, speaking virtually at the India Steel 2025 conference on April 24, urged the domestic steel industry to find alternatives to coking coal and reduce its dependency on imports, emphasizing that raw material security is a critical concern and highlighting that the high cost and economic impact of coking coal imports call for adopting alternative methods like DRI route steelmaking and coal gasification to better utilize domestic coal resources; he pointed out that India remains largely dependent on imported coking coal as domestic reserves do not meet quality requirements and are mostly used for blending in limited quantities, while also noting challenges around the reliance on nickel and manganese imports, and stressing the importance of strengthening global partnerships, securing supply chains, and advancing technological capabilities; Modi outlined that the industry’s long-term goals should focus on eliminating imports and achieving net exports, which would require readiness for adopting new processes, developing new grades, and scaling operations to support the goal of reaching 500 million metric tons of steel production capacity by 2047, mentioning that India is aiming for 25 million metric tons of steel exports but without setting a specific timeline; he noted that India’s current per capita steel consumption is about 98 kilograms and is expected to rise to 160 kilograms by 2030, driven by the country’s expanding infrastructure and economic growth; Modi also announced that the government has mandated the use of “Made in India” steel in public sector projects, linking it to major consumption areas such as construction and infrastructure under government initiatives; he further highlighted multiple government programs supporting the sector’s future growth, including the PM Gati Shakti National Master Plan, the $1.3 trillion National Infrastructure Pipeline, Pradhan Mantri Awas Yojana, and the Jal Jeevan Mission, all contributing to significant development in cities, transportation, housing, and water supply; Modi emphasized the success of the Production-Linked Incentive (PLI) scheme in fostering domestic production of high-grade steel for defense and strategic sectors, previously reliant on imports, and he called for the expedited development of greenfield mining projects, stressing that the efficient and timely utilization of allocated mines and resources is vital, as delays could harm both the steel industry and the broader national economy.
28-April-2025
Global demand for metallurgical (met) coal is expected to decline as low-emissions steel production accelerates, according to the latest Resources and Energy Quarterly (REQ) published by the Department of Industry, Science and Resources (DISR), although the department maintains an optimistic view on Australian met coal export growth despite a record of overestimating previous forecasts; Australian met coal exports are now projected to peak during the 2027–2028 financial year, which is lower than previously anticipated, but still 13 million tonnes higher in 2029–2030 compared to 2024–2025, while thermal coal exports are forecast, for the first time, to decline during the five-year outlook period, falling by 14 million tonnes between 2024–2025 and 2029–2030, indicating that Australia’s thermal coal exports may have already peaked; several factors could further accelerate or intensify this decline through 2030, with REQ forecasting a fall in global metallurgical coal demand driven by the increasing share of electric arc furnace (EAF) steel production and greater availability of alternative feedstocks like scrap steel; despite this, DISR maintains a positive five-year forecast for Australian met coal, expecting demand growth from India and Southeast Asia to offset reductions in China, Japan, South Korea, and Europe, although the Institute for Energy Economics and Financial Analysis (IEEFA) cautions that India’s growing adoption of green hydrogen, expanding domestic coal production, and diversification of coal imports could weaken Australia’s export prospects, while Japan’s plentiful scrap steel supply could also decrease met coal demand; REQ further assumes that Russian and Canadian metallurgical coal exports will remain steady through 2030 despite Mongolia’s sharply increasing exports to China, raising concerns that displaced supply from Russia, the United States, and Canada could target traditional Australian markets like India, Japan, and South Korea, putting additional pressure on Australian met coal exporters; overall, the outlook for Australian met coal will be shaped by the pace of global steel decarbonisation, India’s green hydrogen adoption and domestic coal output, competition from other exporters, and climate-related production risks; regarding thermal coal, the future looks more uncertain as the limited coal-fired power project pipeline in Asia is unlikely to sustain seaborne thermal coal markets in the long term, with declining Chinese imports not fully compensated by India and Southeast Asia, while 2024 saw the lowest global coal power capacity additions in two decades; uncertainty over coal plant developments, a forecasted tripling of retirements compared to new builds, and International Energy Agency scenarios pointing to faster declines than REQ’s projections further worsen the outlook; Australian thermal coal demand will depend on the pace of renewable energy deployment, the resumption of Russian exports, the effect of a global LNG supply glut depressing coal demand, and how quickly coal plants retire; even high-quality thermal coal is facing falling demand, albeit more slowly than lower-grade coal, as structural market shifts, cost competition from cheaper suppliers like Indonesia, South Africa, Russia, and Colombia, and the lack of replacement markets in Japan, South Korea, and Taiwan weigh heavily; additionally, assumptions that high calorific value coal demand will remain resilient could complicate Australia’s emissions reduction goals, given that higher-quality coal emits more methane; finally, as REQ notes, sustained declines in coal prices could trigger earlier closures of older and smaller mines, raising broader questions about the rationale for approving new thermal and metallurgical coal projects that would permit production volumes far exceeding Australia’s projected 2030 export levels.
28-April-2025
The global wheat market narrative has recently shifted, although it may have gone largely unnoticed, as exportable world wheat supplies for 2024–2025 are no longer forecast to fall to multiyear lows, a somewhat expected development given recent trends, but this relief might be temporary since poor harvest prospects in Russia and Ukraine, which together account for about 30% of global wheat exports, could cause the tightening supply concerns to reemerge in 2025–2026 and possibly with greater impact; two months ago, the U.S. Department of Agriculture (USDA) projected that the 2024–2025 global wheat stocks-to-use (SU) among major exporting countries would reach a 17-year low of 14.56%, but recent updates have revised that figure upward to 15.89%, now the second highest level in the past six years, largely due to significant reductions in China’s wheat import estimates over the past three months; although this updated stocks-to-use (SU) estimate remains below the longer-term average of over 18% recorded in the late 2010s, it is important to note that for at least three consecutive years, USDA initially forecast decade-low stocks-to-use (SU) ratios only for the estimates to improve as the marketing years progressed, with the 2020–2021 stocks-to-use (SU) of 14.74% still standing as the lowest since the 2007–2008 period and serving as a critical benchmark heading into 2025–2026; USDA’s Ukraine attache recently estimated Ukraine’s 2025–2026 wheat harvest at 17.9 million tonnes, the lowest in 13 years and down 23% compared to the previous year due to extremely dry planting conditions and poor profitability reducing the sown area, while Russian agencies predict their wheat harvest for 2025–2026 between 79.7 million and 82.5 million tonnes, with favorable weather potentially improving the final output; early signs nonetheless warrant caution, especially as Ukrainian wheat exports for 2025–2026 are expected to be less than half of the record volumes seen previously, and Black Sea trade continues to face instability following Russia’s 2022 invasion of Ukraine, mainly affecting Ukrainian exports; while Russian food and fertilizer exports are not directly sanctioned by Western countries, Moscow insists that broader sanctions must be lifted on companies involved in those sectors for any cooperation on maritime security, although shipment data shows little disruption, with Russia achieving record wheat exports in the 2022–2023 and 2023–2024 marketing years and exporting record portions of their harvests; a smaller Russian crop will lower 2024–2025 wheat exports to three-year lows, yet the proportion of the harvest being exported will stay high due to Russia’s competitive pricing; discussions about a potential ceasefire between Russia and Ukraine were underway on Tuesday, but any resolution would have little impact on the 2025–2026 wheat output as most of the crop has already been sown; in the United States, wheat plantings for 2025–2026 are projected to fall by 1.6% compared to the previous year, including a 55-year low in high-protein spring wheat area, and as of Sunday, U.S. winter wheat conditions were slightly worse than last year; Argentina could achieve a record 2025–2026 wheat harvest if its temporary export tax cut is extended beyond June, incentivizing greater planting, while Canada plans to increase its wheat area, and parts of Australia could see their wheat crop shrink by 16% due to dryness; in the European Union, soft wheat yields are forecast to rise by 8% compared to last year; since Argentina, Australia, Canada, the European Union, and the United States together make up about 54% of global wheat exports, these regions will be critical to monitor when the USDA releases its initial 2025–2026 projections on May 12.
28-April-2025
Japan is weighing the option of increasing its soybean imports from the United States as part of tariff negotiations, with the government potentially encouraging private sector companies, which manage soybean imports, to expand purchases from the U.S. amid escalating trade tensions between the United States and China; in 2024, nearly half of U.S. soybean exports, worth around $12.8 billion, were destined for China, but last month China retaliated against additional tariffs imposed by President Donald Trump by suspending the import licenses of three U.S. firms; Japan’s chief tariff negotiator, Ryosei Akazawa, is set to visit the United States on April 30 for a second round of talks with his counterpart, following an earlier request to have the tariffs lifted.
28-April-2025
Privately owned Norwegian shipowner and operator Grieg Maritime Group, which focuses primarily on open-hatch shipping and logistics solutions for the forest products and metals industries, has named Siv Remoy-Vangen as a new board member, effective next month, following the resignation of Elisabeth Grieg, with Camilla Grieg, chair of the Bergen-based company, stating they are delighted to welcome Remoy-Vangen to the board and praising her as an energetic and highly skilled leader who has spent many years contributing to the improvement of the maritime industry; Grieg Maritime Group, part of the Grieg Group founded in 1884, operates a modern fleet and is known for its strong commitment to sustainability, innovation, and environmental initiatives within the global shipping sector.
28-April-2025
We have identified evolving trends in iron ore flows from Indian ports, with growing domestic steel industry demand and weakening Chinese demand contributing to a noticeable decline in iron ore exports from India so far in 2025; making full use of the dry bulk flows feature allows maritime professionals to detect, track, and predict shifts in commodity flows and strategically adapt to changing market conditions, offering essential insights into a rapidly shifting landscape; supramax bulk carrier demand from India may face notable challenges throughout the rest of 2025 as iron ore shipments, primarily routed through Paradip, Dharma, and Gopalpur ports and mainly transported by supramax bulk carriers, have fallen sharply compared to previous years despite an increase in iron ore production; two major factors underpin this trend: first, India’s expanding domestic steel production, fueled by strong government backing and significant investments, is absorbing greater volumes of iron ore as the country pushes toward a 300 Mt steel production target by 2030 to support urbanization and infrastructure growth, including plans for 25 million new housing units; second, China’s steel industry restructuring aims to reduce production by around 50 million tonnes, which would lower iron ore demand by an estimated 75 million tonnes, as China seeks to stabilize steel mill profitability and cut carbon emissions by phasing out outdated blast furnaces in favor of electric arc furnaces; with India’s domestic consumption rising and China’s imports declining, the availability of Indian iron ore for export is shrinking, putting pressure on supramax bulk carriers, particularly those loading at Dhamra and Paradip where iron ore represents 87% and 83% of port cargoes respectively; further, if India’s steel demand exceeds its domestic production growth, increased steel imports could occur, typically transported by supramax and handysize bulk carriers, meaning more supramax bulk carriers could discharge steel cargoes in India without securing onward cargoes, intensifying competition and placing downward pressure on freight rates for supramax bulk carriers, especially considering that 47% of all cargo carried by supramax bulk carriers from India is iron ore and that 42% of steel imports into India are moved by supramax bulk carriers.
28-April-2025
U.S. President Donald Trump announced on Saturday that American military and commercial ships should be permitted to transit the Panama Canal and Suez Canal without paying fees, stating that he has directed Secretary of State Marco Rubio to immediately address and formalize this matter; the Panama Canal, which facilitates quicker movement between the Atlantic and Pacific Oceans by cutting across the narrowest part of the Americas, carries about 40% of U.S. container traffic each year, and although it was constructed by the United States in the early 20th century, control of the canal was transferred to Panama in 1999; President Trump has repeatedly voiced his intention to “take back” the Panama Canal and, prior to taking office in January 2025, indicated that he would not dismiss the possibility of using economic or military means to regain control over the strategically vital passage.
27-April-2025
Hemen Holding, backed by shipping tycoon John Fredriksen, is ramping up bulk carrier sales alongside its equity investments, with the pace of disposals from Fredriksen’s private fleet gaining momentum; in April 2025, shipbrokers reported the sale of two vessels in addition to two others sold recently, including the 7 April 2025 sale of the 2015-built 81,000 DWT kamsarmax bulk carrier MV Sea Marathon to Athens-based shipowner and operator Modion Maritime, with indications that further sales likely followed the MV Sea Marathon deal.
27-April-2025
Ukraine’s secret service has seized a cargo ship over allegations of involvement in Crimea grain trade, with the Danube emerging as Kyiv’s key area for targeting vessels linked to Russian commerce; the Ukrainian navy detained a second vessel that entered its waters months after operating in Russian-occupied areas, with Ukrainian media identifying the ship as the 2005-built, 5K DWT coaster-size bulk carrier MV Anka, sailing under the Tanzanian flag and managed by Istanbul-based Sima Shipping, while Ukraine’s Navy Command confirmed its cooperation with the secret service in detaining a vessel without officially naming it.
25-April-2025
China’s coal imports from Indonesia fell by 18.35% year-on-year in March 2025 compared to March 2024, reflecting the impact of stricter environmental policies, fluctuating domestic power sector demand, and shifting geopolitical dynamics. Indonesia’s growing trade relationships with the U.S. and India, although not directly targeting coal under the U.S.-China trade tensions, may be indirectly affecting China’s sourcing decisions. In Q1 2025, China’s coal-fired power generation dropped by about 4.7% year-over-year even as overall electricity demand grew by 1%, indicating a move toward domestic coal usage amid high inventories and four-year low local prices. The competitiveness of Indonesian coal has also declined following the introduction of a benchmark pricing system, making it less appealing to Chinese buyers. Additionally, Indonesia’s pledge to boost U.S. imports by up to $19 billion, including $10 billion in energy products, is aimed at narrowing its trade surplus with the U.S., potentially at the expense of exports to China. At the same time, China has raised concerns about countries leaning closer to the U.S., warning of retaliatory measures to defend its economic interests, signaling how global political shifts are increasingly influencing China’s energy import decisions.
25-April-2025
Indonesia’s initiative to implement a government-mandated coal pricing system is failing to resonate with top buyer China, weakening the country’s bid to gain greater control over its commodity exports. As of 1 March 2025, Indonesia began applying the government-set Harga Batubara Acuan (HBA) price—previously used only for royalty calculations—to both domestic and export coal transactions in an effort to tighten national oversight of coal valuation. However, nearly two months into the rollout, most Chinese buyers continue to rely on the older Indonesian Coal Index (ICI) for pricing, with limited adoption of HBA (Harga Batubara Acuan). Traders cite the new benchmark’s lack of transparency, less frequent updates, and higher pricing as key concerns. The Indonesian Coal Mining Association also noted that many local coal exporters have not transitioned to the HBA (Harga Batubara Acuan), as buyers remain more comfortable with the familiar Indonesian Coal Index (ICI). Despite being the leading global exporter of thermal coal, Indonesia has not been able to assert significant pricing influence over its $17.2 billion coal trade with China in 2024, underscoring the broader challenges it faces in strengthening its position in global commodity markets while advancing mining sector reforms and expanding domestic mineral processing. The HBA (Harga Batubara Acuan) was intended for use in spot transactions beginning in March 2025, while long-term contracts would continue to be based on the Indonesian Coal Index (ICI). The pricing shift was designed to boost revenue for both exporters and the Indonesian government, but risks pushing buyers elsewhere due to increased costs. Many coal exporters say that elevated HBA (Harga Batubara Acuan) prices are complicating the transition, and most sales are still conducted using the Indonesian Coal Index (ICI). With many producers already experiencing losses, the new pricing policy may also deter future investment in Indonesia’s mining industry. At the same time, weak demand from China and India—the two largest importers of seaborne coal—is eroding Indonesia’s pricing power. In March 2025, China’s coal imports declined by 6% year-on-year to 38.73 million metric tons amid softening demand and lower prices, with shipments from Indonesia falling by 9%. Several major Chinese coal importers even paused their purchases entirely during March 2025 due to rising port stockpiles. Analysts predict that China’s coal imports will decrease in 2025 compared to 2024, placing further pressure on Indonesia’s pricing influence.
25-April-2025
In mid-April 2025, weather conditions across most of Ukraine were largely favorable for the development of winter and spring grains, as farmers actively continued sowing spring crops, with the future harvest heavily reliant on sufficient heat and moisture for successful germination and growth; the arrival of effective warmth from 14 April 2025 supported the activation of growth processes and provided favorable conditions for spring vegetation, while productive moisture reserves remained adequate despite a lack of significant rainfall during the month, a positive sign given Ukraine’s recent struggles with soil moisture deficits in May and June; the Ukrainian farm ministry reported that as of 18 April 2025, 1.2 million hectares of grain had been sown.
25-April-2025
Argentina’s primary farming regions are forecasted to experience mostly dry conditions over the next seven days, which should help accelerate the delayed 2024/25 soybean harvest that has struggled with saturated fields, as heavy rainfall during March and early April 2025 pushed harvest progress below the five-year average and jeopardized grain yields; with high atmospheric pressure expected to dominate, clear skies and minimal rainfall should prevail across much of the agricultural belt, supporting a projected soybean harvest of 48.6 million metric tons, while ongoing delays have also slowed soybean sales, with only 23.4% of the 2024/25 crop sold by 16 April 2025—the slowest pace for that date in the past decade—at a time when Argentina continues to lead global exports of soybean oil and meal and remains a significant producer of corn, wheat, and beef.
25-April-2025
China’s grain imports from Brazil jumped 35.77% year-on-year in March 2025 compared to March 2024, emphasizing food security as a core element of China’s strategic trade priorities. With U.S. grain increasingly subject to tariffs and trade restrictions, China has significantly expanded its agricultural trade with Brazil. Although part of the increase aligns with normal seasonal buying patterns, it is largely driven by a broader geopolitical strategy to lessen dependence on American supply chains. This shift is boosting activity in the supramax and panamax bulk carrier markets involved in transatlantic grain shipping and highlights China’s efforts to safeguard its food supply against a volatile global trade backdrop. It also cements Brazil’s position as a key agricultural export partner in the evolving landscape of global trade realignment.
25-April-2025
China’s dry bulk import profile in Q1 2025 showed mixed signals, reflecting both commodity-specific trends and broader strategic shifts amid the ongoing U.S.-China trade war. A year-on-year comparison between March 2025 and March 2024 reveals divergent patterns across iron ore, coal, and grain flows. Iron ore imports from Brazil to China surged by 20.89% YoY, driven by China’s intensified focus on urban renewal initiatives. The Chinese central government plans to continue supporting urban renewal projects throughout 2025, aiming to address key public concerns and promote high-quality urban development, particularly in mega and super-large cities along major river basins, which is expected to increase demand for construction materials like steel and, consequently, iron ore. The rise in Brazilian iron ore volumes also highlights a growing preference for long-haul capesize shipments, boosting tonne-mile demand and providing upward support to freight rates on major routes such as the Baltic Capesize Index C3 (Brazil-China).
25-April-2025
Iron ore futures declined on Thursday, ending a three-day upward streak, as a stronger supply outlook from rising shipments pressured the market, though seasonal demand for the key steelmaking material helped limit the losses. The most-traded September 2025 iron ore contract on the Dalian Commodity Exchange (DCE) closed 0.28% lower at $98.76 per metric ton. Meanwhile, the benchmark May 2025 iron ore contract on the Singapore Exchange fell 0.99% to $99.25 per ton. Iron ore shipments to China from Port Hedland, the largest iron ore port in Western Australia, surged by 30.3% month-on-month in March 2025 following a dip in February 2025. Despite the supply increase, some support for prices came from stronger iron ore demand as steel production accelerated. Better profitability at steel mills helped boost production to 93 million tons in March 2025, maintaining positive growth for Q1 2025. The daily average steel output at major steel enterprises reached 2.113 million tons in mid-April 2025, up 3.3% month-on-month. In broader markets, Chinese equities traded sideways on Thursday after U.S. President Donald Trump expressed a willingness to reduce tariffs on China, though he ruled out unilateral actions. U.S. Treasury Secretary Scott Bessent stated on Wednesday that the elevated tariffs between the United States and China were unsustainable, as President Donald Trump’s administration showed signs of readiness to ease the ongoing trade conflict between the world’s two largest economies. On the Dalian Commodity Exchange (DCE), other key steelmaking raw materials posted gains, with coking coal rising 0.84% and coke climbing 1.56%. However, most steel benchmarks on the Shanghai Futures Exchange edged down, with rebar and hot-rolled coil both slipping around 0.1%, wire rod dropping 1.96%, while stainless steel edged up 0.12%.
25-April-2025
Pakistan has halted all trade activities with India and shut down its airspace and land border. These actions come in response to sanctions implemented by India following an attack in Indian-administered Kashmir that resulted in the deaths of 26 people on Tuesday. Over the past six months, there were 520 port calls of ships between Pakistan and India. The two neighbouring countries do not maintain a significant trading relationship. During the last complete financial year, Pakistan imported goods from India valued at $1.2 billion, while India’s imports from Pakistan totaled only $3 million.
25-April-2025
The European Commission has implemented another significant measure to address the issue of the so-called shadow fleet navigating through its waters. An amendment to the Vessel Monitoring Directive (VMD) now obliges all ships, even those simply transiting European Union (EU) waters without making a port call within the EU, to submit insurance details. “By requiring that all vessels operating in our vicinity are properly insured, the European Union’s ability to monitor and, if necessary, investigate maritime activities is strengthened, addressing risks posed by uninsured or unsafe vessels,” the European Commission announced in a statement. Director-general for mobility and transport, Magda Kopczyńska, said: “This is a targeted measure with potentially great impact, enhancing the preparedness of the European Union’s coastal states.” By the end of 2024, the number of ships subjected to sanctions exceeded 1,000, and over 800 of these ships lack verified insurance. In addition, the average age of these sanctioned ships stands at 21 years, which is roughly eight years older than the global average, intensifying concerns that the vast so-called shadow fleet could trigger several expensive environmental disasters. Following several near incidents involving ageing vessels from Russia’s shadow fleet and cases of subsea cables being severed by ships dragging their anchors, European countries have increasingly responded to the dangers posed by the dark fleet of tankers. Numerous ships have since faced sanctions, and NATO, alongside various Baltic states, has been conducting a naval mission named Baltic Sentry since January 2025 to curb subsea sabotage. From February 2025, the Danish Maritime Authority (DMA) began implementing port state controls on tankers it identifies as high-risk, particularly those anchoring off Skagen in the far north of Denmark, a well-known anchorage. In 2025, the Joint Expeditionary Force (JEF) also activated a sophisticated reaction system led by the United Kingdom to identify potential threats to subsea infrastructure and monitor the Russian shadow fleet. The Joint Expeditionary Force (JEF) is a United Kingdom-led Northern European multinational military alliance. The naval initiative called Nordic Warden applies artificial intelligence to evaluate data from multiple sources, including the Automatic Identification System (AIS), which ships use to transmit their location, in order to assess the threat level posed by each ship entering designated areas.
25-April-2025
Taylor Maritime Investments (TMI), listed on the London Stock Exchange and originating from the Hong Kong-based shipowner Taylor Maritime, has adjusted its strategy in response to expected trade challenges and has taken advantage of improved sentiment in the dry bulk market by selling 11 ships for $172.5 million. The shipowner and operator Taylor Maritime, under the leadership of Ed Buttery, confirmed that one bulk carrier has already been handed over to its new owner, while the remaining 10 are scheduled to leave the fleet by August 2025, resulting in a total of $186.4 million generated from ship disposals in 2025. In January 2025, Hong Kong-based shipowner Taylor Maritime sold one vessel for around $14 million and completed the transaction during Q1 2025. At the end of Q1 2025, Taylor Maritime’s fleet included 30 Japanese-built ships, which will reduce to 19 once all current sales are finalized. Since the beginning of 2023, Taylor Maritime has agreed to and completed the sale of 39 ships, bringing in gross proceeds of $630.6 million. The Hong Kong-based shipowner and operator Taylor Maritime stated that all net proceeds from the most recent transactions, together with part of its existing cash reserves, will go toward debt repayment, which is expected to fall to $4.7 million, saving approximately $12.4 million annually in interest expenses. “The ship sales put the company on course to zero net bank debt,” Taylor Maritime announced. In a trading update, CEO Ed Buttery, who also committed to a 25% reduction in his salary alongside general overhead savings, commented: “Given our cautious view for 2025 amidst geopolitical and trade uncertainty, we have accelerated divestments, capitalising on seasonal improvement in market conditions and positive sentiment relating to Japanese-built ships.” He also noted that Taylor Maritime’s evolution into a commercial company, with a focus on operational efficiency and cost management, would “provide further resilience through a potentially volatile 2025.”
25-April-2025
Taylor Maritime Investments (TMI), a London Stock Exchange-listed company originating from Hong Kong-based shipowner Taylor Maritime, has cautioned that tariff disputes driven by U.S. President Donald Trump could reduce bulk carrier demand; the Hong Kong-based shipowner and operator, under the leadership of CEO Edward Buttery, observed that although the immediate impact of tariffs on dry bulk trade has been minimal, the potential for future trade tensions remains a significant risk; Taylor Maritime emphasized that the U.S. administration’s introduction of additional tariffs in early April 2025, along with retaliatory measures from countries like China, has amplified uncertainty and sparked concerns about wider macroeconomic instability; Taylor Maritime specializes in owning and operating a diversified fleet of primarily handysize and supramax bulk carriers, focusing on vessels that transport essential commodities such as grains, coal, and cement, and maintains a strategy centered on high-quality second-hand vessels that offer operational flexibility and exposure to growth in global trade, particularly in emerging markets where smaller ports play a key role.
24-April-2025
Global trade routes are undergoing significant changes due to the ongoing trade conflict between the U.S. and China. In a recent weekly report, shipbroker Intermodal noted that the escalation in tensions—highlighted by the U.S. imposing tariffs of up to 145% on Chinese imports and China responding with 125% tariffs—has disrupted U.S. coal exports, particularly shipments of metallurgical coal to China. In 2024, the U.S. exported roughly 10.7 million tons of met coal to China, an 81% year-on-year increase, accounting for around 9% of China’s coking coal imports. With tariffs in place, this trade route has been significantly impacted, pushing U.S. exporters to look for new markets. China is now expected to turn more heavily to its existing suppliers to meet demand. Russia stands out in this regard, having already exported 30.5 million tons of met coal to China this year. Proximity, competitive pricing due to sanctions, and improved rail infrastructure make Russia a strong alternative source. Australia has also returned as a key supplier, re-entering the Chinese market in early 2023 after the removal of informal bans. In 2024, Australia exported over 10.4 million tons of met coal to China—a 270% year-over-year jump—making it the fourth-largest supplier. With efficient logistics and strong demand, Australia is likely to increase shipments further. Both Russia and Australia are well-positioned to capture the market share vacated by U.S. suppliers. Mongolia, meanwhile, has become one of the biggest winners from the shift in trade flows. In 2024, it exported 56.8 million metric tons of met coal to China—representing 46% of China’s total imports. To improve its export capacity, Mongolia is investing heavily in rail infrastructure to overcome its landlocked geography. The Tavan Tolgoi–Gashuun Sukhait railway, launched in September 2022, has already replaced inefficient truck transport, cutting both time and cost. Further developments are underway, including a new rail corridor connecting the Nariin Sukhait basin to the Shivee Khuren border, set to start construction in April 2025, with a capacity of 50 million tons per year. A second international rail crossing at Bichigt, capable of handling 30 million tons annually, is expected to be completed by 2028. These infrastructure projects will not only increase volumes but also provide new access routes into northern and northeastern China beyond the Gantsmod crossing. As a result, Mongolia is likely to solidify its role as China’s leading met coal supplier, challenging seaborne competitors. However, Mongolia’s coal is primarily routed to inland steel plants, making it less suited for coastal steel mills, which still rely on maritime shipments—a key limitation to full market dominance. At the same time, India is becoming an increasingly important destination for U.S. met coal, providing a potential outlet for volumes displaced from China. With a booming steel industry, India is a natural alternative. Major producers like JSW Steel, Tata Steel, JSPL, and AMNS are expanding their crude steel capacity by 20 million tons through 2026–2027. Since India’s steel sector is predominantly blast furnace-based, this expansion will drive up demand for coking coal. This redirection of U.S. coal exports to India also holds geopolitical significance. While it may strengthen U.S.-India ties, U.S. exporters will face stiff competition from low-cost suppliers, possibly prompting diplomatic efforts to support American coal sales in the region. Australia, which previously dominated India’s coking coal market with an 80% share, saw that figure drop to 62% by 2024, as India diversified its suppliers to include the U.S., Russia, and Mozambique. However, with the Chinese market now more accessible due to U.S. withdrawal, Australia could make up for some of the ground lost in India. Overall, the reconfiguration of global metallurgical coal trade is expected to negatively affect tonne-mile demand for bulk carriers. As trade routes shorten—U.S. exports move to nearer destinations like India, Australia sends more coal to China, and Mongolia boosts overland supply—average shipping distances decrease. Nonetheless, a slight uptick in total global trade, forecast to rise 0.8% in 2025 driven by India’s growth, could help offset the reduced shipping distances.
24-April-2025
Chicago soybean futures extended their gains for a fourth consecutive session on Thursday, driven by renewed hopes that the U.S. and China might ease their trade tensions and revive American soybean exports to China; corn futures stabilized following a decline on Wednesday due to a stronger U.S. dollar, while wheat prices continued to weaken as favorable rains in U.S. and Black Sea growing areas improved supply prospects; the most active soybean contract on the Chicago Board of Trade (CBOT) rose 0.4% to $10.54-1/4 a bushel, approaching Wednesday’s intraday high of $10.57-1/2, the highest since 24 February 2025; China, the world’s largest soybean importer, has imposed tariffs that make U.S. soybeans prohibitively expensive, but recent comments from President Donald Trump and Treasury Secretary Scott Bessent hinting at a willingness to de-escalate trade tensions have encouraged speculative buying; the Trump administration’s move to exempt China-built ships carrying U.S. crops from new port fees has also eased export concerns; market sentiment suggests that Trump’s tough tariff rhetoric may have been a strategic bluff aimed at negotiating better terms; adding to the optimism, soybean stockpiles at Chinese ports are gradually shrinking, while in Argentina, dry weather across key farming regions is expected to accelerate the delayed 2024/25 soybean harvest; elsewhere, CBOT corn edged up 0.2% to $4.80 a bushel, while wheat slipped 0.3% to $5.42 a bushel.
24-April-2025
The world’s largest car carrier has embarked on its maiden voyage to Brazil after departing from a shipyard in China. The MV BYD Shenzhen, with a capacity of 9,200 CEU (Car Equivalent Units), exceeds Höegh Autoliners’ Aurora class series and becomes the fourth ship in the expanding fleet of Chinese automobile manufacturer BYD, which is set to add two more ships in the near future. The 219-meter-long MV BYD Shenzhen, powered by LNG dual-fuel, was built by China Merchants Jinling Shipyard.
23-April-2025
Greek shipowner and operator Angelakos (Hellas) S.A. has unveiled an order book comprising eight kamsarmax bulk carriers at Nantong Cosco KHI Ship Engineering Co (Nacks) and Dalian Cosco KHI Ship Engineering (Dacks) as part of its ongoing fleet renewal strategy. Led by Stephanos E. Angelakos, Angelakos (Hellas) S.A. has added two additional bulk carrier new buildings to its schedule at Dalian Cosco KHI Ship Engineering (Dacks) and Nantong Cosco KHI Ship Engineering Co (Nacks). The Athens-based shipowner and operator Angelakos (Hellas) S.A. is intensifying its fleet renewal efforts through continued expansion of its new building program in China. Angelakos (Hellas) S.A. disclosed that its order book now includes eight kamsarmax bulk carriers divided between Nantong Cosco KHI Ship Engineering Co (Nacks) and Dalian Cosco KHI Ship Engineering (Dacks). Angelakos (Hellas) S.A. stated: “We are excited to announce the commencement of our fifth new building initiative — the construction of eight advanced, eco-friendly 82K DWT kamsarmax bulk carriers, in collaboration with top-tier shipyards Nantong Cosco KHI Ship Engineering Co (Nacks) and Dalian Cosco KHI Ship Engineering (Dacks).” Established in 1968, Angelakos (Hellas) S.A. has built a longstanding reputation in the international shipping community, specializing in dry bulk operations with a focus on safe, efficient, and environmentally conscious shipping. Over the decades, Angelakos (Hellas) S.A. has managed a diversified fleet and maintained a consistent presence in global trade routes. With a strategic emphasis on technical excellence, operational integrity, and a commitment to sustainability, Angelakos (Hellas) S.A. continues to modernize its fleet to meet evolving industry standards and regulatory requirements.
23-April-2025
CMB.TECH, which is controlled by the Saverys family, and Golden Ocean Group (GOGL) have agreed on a term sheet for a stock-for-stock merger that will result in a major maritime player operating a combined fleet of over 250 ships. According to the terms, which received unanimous approval from the Board of Directors of both CMB.TECH and Golden Ocean Group (GOGL), the Saverys family-controlled shipowning vehicle will be the surviving entity, with the merger based on an exchange ratio of 0.95 shares of CMB.TECH for each share of the Nasdaq-listed shipowner and operator Golden Ocean Group (GOGL). Assuming no changes to the exchange ratio, CMB.TECH shareholders will own approximately 70% of the total issued share capital of the combined company, while shareholders of Golden Ocean Group (GOGL) will hold the remaining 30%. Carl Steen, chairman of the transaction committee at Golden Ocean Group (GOGL), said, “We have concluded unanimously that the proposed exchange ratio is based on a net asset value of CMB.TECH of $15.23 per share and a value of $14.49 per Golden Ocean Group (GOGL) share is fair and believe this proposed merger is in the best interests of the company and its stakeholders.” In March 2025, Belgian shipowner CMB.TECH acquired John Fredriksen’s controlling stake in the Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL) for nearly $1.2 billion and has since increased its ownership in Golden Ocean Group (GOGL) in anticipation of this merger. The merger, which remains subject to standard closing conditions and the signing of definitive agreements, would establish one of the largest diversified listed maritime groups globally, spanning five shipping divisions and comprising one of the biggest dry bulk fleets, which includes 87 modern capesize and newcastlemax bulk carriers. Alexander Saverys, Chief Executive Officer of CMB.TECH, stated, “By merging CMB.TECH and Golden Ocean Group (GOGL), we would take another great step forward in building our leading diversified maritime group. The value of our fleet would reach more than $11 billion and, combined with our public listings and enhanced liquidity in our shares, we will have all the necessary firepower to continue to invest in our fleet and seize opportunities.” Both CMB.TECH and Golden Ocean Group (GOGL) intend to finalise the transaction during Q2 2025 and aim to complete the merger in Q3 2025, after which CMB.TECH will remain listed in New York and Brussels and seek a secondary listing in Oslo. Peder Simonsen, Chief Executive Officer of Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL), commented, “If completed, the merged company will be one of the largest listed maritime groups both in terms of market capitalisation, net asset value and expected share liquidity. This transaction will allow us to offer an even broader service to our customers, a wide range of possibilities to our employees and last but not least, the creation of long-term added value to our shareholders.”
23-April-2025
CMB.TECH, a maritime company controlled by the Saverys family, and Golden Ocean Group (GOGL), a leading Bermuda-registered and Norway-based dry bulk shipping company listed on Nasdaq and Oslo Stock Exchange, have signed a term sheet for a stock-for-stock merger that will result in the formation of a global maritime powerhouse with a combined fleet of over 250 ships. The agreement, which received unanimous approval from the Board of Directors of both CMB.TECH and Golden Ocean Group (GOGL), outlines that the Saverys family-controlled shipowning vehicle will be the surviving entity, with the merger structured around an exchange ratio of 0.95 shares of CMB.TECH for every one share of Golden Ocean Group (GOGL). If the exchange ratio remains unchanged, CMB.TECH shareholders will own approximately 70% of the total issued share capital of the combined company, while Golden Ocean Group (GOGL) shareholders will hold the remaining 30%. Golden Ocean Group (GOGL), which operates one of the largest publicly listed fleets of dry bulk carriers globally, specializes in the Capesize and Panamax segments and plays a crucial role in transporting essential commodities such as coal, iron ore, and grains across major international trade routes. Carl Steen, chairman of the transaction committee at Golden Ocean Group (GOGL), stated, “We have concluded unanimously that the proposed exchange ratio is based on a net asset value of CMB.TECH of $15.23 per share and a value of $14.49 per Golden Ocean Group (GOGL) share is fair and believe this proposed merger is in the best interests of the company and its stakeholders.” In March 2025, CMB.TECH acquired John Fredriksen’s controlling stake in Golden Ocean Group (GOGL) for nearly $1.2 billion and has since increased its holdings in the company as part of its strategic plan to pursue a full merger. The merger, which is still subject to customary conditions and the finalization of definitive agreements, will create one of the world’s most diversified listed maritime groups, spanning five shipping divisions and including one of the largest dry bulk fleets globally, with 87 modern capesize and newcastlemax bulk carriers forming a core part of its operations. Alexander Saverys, Chief Executive Officer of CMB.TECH, said, “By merging CMB.TECH and Golden Ocean Group (GOGL), we would take another great step forward in building our leading diversified maritime group. The value of our fleet would reach more than $11 billion and, combined with our public listings and enhanced liquidity in our shares, we will have all the necessary firepower to continue to invest in our fleet and seize opportunities.” The companies plan to finalize the transaction during Q2 2025 and expect to complete the merger in Q3 2025, after which CMB.TECH will maintain its listings in New York and Brussels and pursue a secondary listing in Oslo. Golden Ocean Group (GOGL), known for its modern, fuel-efficient vessels and its strong presence in the dry bulk segment, has built a solid reputation for operational excellence and sustainability-driven strategies. Peder Simonsen, Chief Executive Officer of Golden Ocean Group (GOGL), commented, “If completed, the merged company will be one of the largest listed maritime groups both in terms of market capitalisation, net asset value and expected share liquidity. This transaction will allow us to offer an even broader service to our customers, a wide range of possibilities to our employees and last but not least, the creation of long-term added value to our shareholders.”
23-April-2025
Non-Chinese shipowners can find reassurance in the U.S. Trade Representative’s (USTR) recent decision to scale back penalties on Chinese-linked vessels, allowing them to continue ordering most ship types from China with minimal risk. This move helps preserve the competitiveness of Chinese shipyards, as the softened port fees reduce uncertainty for non-Chinese carriers considering newbuilding projects—an outcome expected to favor Chinese yards. The USTR eased the most punitive measures after a public hearing sparked widespread criticism, diminishing the temporary advantage that South Korean shipbuilders had gained under the initial proposal. As Chinese shipyards maintain pricing advantages over their South Korean and Japanese counterparts, a rebound in orders is anticipated across most vessel categories. However, despite the comprehensive nature of the USTR’s announcement, its vague wording leaves room for uncertainty regarding how the proposed fees will be applied. A public hearing scheduled for May 19, 2025, will precede the final decision, with the new port fees set to take effect on October 14, 2025, and gradually phased in over three years.
23-April-2025
Indian Adani Ports and Special Economic Zone (APSEZ) has acquired the North Queensland Export Terminal (NQXT) in Australia through a non-cash deal valued at approximately $2.54 billion. The transaction involves the acquisition of Abbot Point Port Holdings (APPH), a Singapore-based company currently owned by Carmichael Rail and Port Singapore Holdings, which is a related party that owns and operates the NQXT deepwater coal export terminal. The facility, which has a nameplate capacity of 50 million tons per annum, is situated at the Port of Abbot Point, around 25 kilometers north of Bowen in North Queensland on Australia’s east coast. The terminal operates under a long-term lease from the Queensland Government and currently serves eight major customers under long-term “take or pay” agreements, exporting coal to 15 countries, with 88% of the shipments going to Asia. Ashwani Gupta, Chief Executive Officer of Adani Ports and Special Economic Zone (APSEZ), described the acquisition as a critical move in the company’s international expansion strategy, enabling access to new export markets and securing long-term revenue through ongoing contracts. He also highlighted that the terminal is strategically positioned for significant growth, driven by upcoming capacity expansion, contract renewals, and future potential in green hydrogen exports. As part of the agreement, Adani Ports and Special Economic Zone (APSEZ) will also assume responsibility for various non-core assets and liabilities listed on the balance sheet of Abbot Point Port.
22-April-2025
Shipping has spent the weekend reacting to developments from the United States, where softened plans to impose additional charges on China-linked ships making American port calls have sparked strong backlash in China and Hong Kong, while also causing unease among members of the Ocean Alliance, a major consortium in the container shipping sector. The document issued by the US Trade Representative (USTR) has been closely examined by the global shipping community and has drawn criticism for its vague language. The US Trade Representative (USTR) announcement, while detailed, has been criticized for being poorly worded and leaving several key points open to interpretation. Under the new rules, disclosed late last Thursday by the US Trade Representative (USTR), non-Chinese shipowners will be required to pay the greater of two calculated charges: a tonnage-based fee that starts at $18 per net ton on October 14, 2025, and increases to $33 per net ton by April 17, 2028, or a container-based fee that begins at $120 per container discharged on October 14, 2025, and rises to $250 per container by April 17, 2028. In addition, non-US-built ships carrying vehicles will be charged $150 per vehicle. These fees will be applied once per voyage on impacted ships, up to a maximum of six times per year. Temporary exemptions—lasting up to three years—may be granted if the shipowner orders and receives a US-built ship of equal or greater net tonnage. Exemptions also apply to smaller ships, ships operating on domestic routes or in the Caribbean and Great Lakes, and specific specialized ship types. Empty bulk carriers entering US ports to load exports such as wheat and soybeans are also excluded. Container ships with a capacity below 4,000 TEU and voyages under 2,000 nautical miles are exempt as well. Chinese shipowners and operators, however, are expected to face significantly higher charges, starting at $50 per net ton, with an annual increase of $30 per ton over the next three years. According to Clarksons, based on 2024 port call data, only 7% of containerships would fall under the new fee structure, a sharp decline from 83% under the original US Trade Representative (USTR) proposal introduced in February 2025, which was widely criticized during a public hearing in March. Across all shipping categories, only 9% of 2024 port calls would be affected under the revised framework, compared to 43% in the initial plan. The new policy is expected to have minimal impact on exports of US crude oil, refined products, LNG, LPG, chemicals, coal, and grains. Containers may experience limited disruption, though less than initially feared, while car carriers will be more affected as all foreign ships will be subject to a $150 per CEU port fee. The targeted nature of the fees on Chinese ship operators may result in notable shifts within transpacific liner trade routes. China’s COSCO and OOCL, which are part of the Ocean Alliance alongside France’s CMA CGM and Taiwan’s Evergreen, are directly affected. Hede Shipping, a smaller independent Chinese ship operator, is also impacted. According to estimates by Sea-Intelligence, a Danish liner consultancy, these three Chinese companies could face US port charges of up to $10 million when the US Trade Representative (USTR) fees are fully implemented, potentially prompting the Ocean Alliance to restructure by assigning CMA CGM and Evergreen to manage US-bound services while reallocating COSCO and OOCL to Asia-Europe routes. The World Shipping Council (WSC), a prominent shipping industry lobbying group, has criticized the newly introduced charges, particularly those levied on car carriers. The World Shipping Council (WSC) stated that the US Trade Representative (USTR)’s port fee policy is counterproductive, as it would lead to increased consumer prices, weaken American trade competitiveness, and fail to support the revitalization of the US maritime industry. The World Shipping Council (WSC) argued that the tonnage-based structure disproportionately penalizes larger and more efficient ships. Additionally, the organization expressed concerns over the new, previously unannounced fee tied to car equivalent unit (CEU) capacity, warning that it would hinder US economic growth and raise vehicle prices for consumers. The World Shipping Council (WSC) also raised legal concerns, suggesting that the proposed charges may exceed the authority outlined in existing US trade law. The Chinese government, along with Chinese shipbuilding and shipping associations and COSCO, have all denounced US President Donald Trump’s port fee measures. The national shipbuilding association of China urged the global maritime sector to oppose what it called a short-sighted move by the US and to protect a fair and open market environment. The China Shipowners Association described the US measures as highly discriminatory and rejected the accusations made by the US as being based on misinformation and prejudice. COSCO, a major Chinese shipping company, asserted that the new fees disrupt fair competition and undermine the normal order of the global shipping sector. COSCO warned that such actions distort market competition, interfere with the proper functioning of the global maritime industry, and pose risks to the long-term stability, resilience, and security of global supply and industrial chains. The Ministry of Commerce in Beijing pledged to take firm and appropriate actions to defend China’s interests, declaring that the new fees reveal the true nature of unilateralism and protectionism by the US, and represent a clear example of non-market behavior. In Hong Kong, which hosts the world’s fourth-largest shipping register, shipowners are now reconsidering their flagging options. The Hong Kong government stated that, despite the US’s coercive actions, it will continue cooperating with the international maritime community to support free trade and foster the healthy development of the global shipping industry. Shipping companies incorporated in Hong Kong, Shanghai, or elsewhere in China are now compelled to explore alternative strategies.
22-April-2025
Chicago wheat futures posted slight gains on Tuesday, driven by concerns that ongoing dry weather could threaten U.S. winter wheat crop yields. Corn prices moved higher as wet conditions in the U.S. Midwest delayed fieldwork, while soybeans also saw a mild increase. Support for wheat came from a deterioration in crop condition over the past week. The most active wheat contract on the Chicago Board of Trade (CBOT) rose 0.2% to $5.53-1/4 per bushel after falling nearly 2% in the previous session. Corn climbed 0.2% to $4.90-3/4 per bushel, while soybeans advanced 0.4% to $10.45-3/4 per bushel. The U.S. Department of Agriculture (USDA) rated 45% of the winter wheat crop in good or excellent condition, down from 50% a year earlier, as dryness continued to impact growing regions in the U.S. Plains. Analysts had expected the rating to remain unchanged at 47%. In the U.S. Midwest, forecasts of continued rainfall are likely to hinder corn planting progress, even though recent figures show farmers are ahead of the seasonal average. As of April 20, farmers had planted 12% of the corn crop, surpassing the five-year average of 10%, according to the USDA’s weekly crop progress report. Soybean planting also showed progress, with 8% of the crop in the ground, above the five-year average of 5%. On the global front, Russian wheat export prices edged lower last week, influenced in part by optimism surrounding a potential resolution to the Ukraine conflict. Export prices for Russian wheat with 12.5% protein content were estimated at $250 to $252 per ton free-on-board (FOB), slightly down from the previous week’s range of $250 to $253.
22-April-2025
Copper prices in London climbed to their highest level in more than two weeks on Tuesday, driven by a significant drop in the U.S. dollar after U.S. President Donald Trump intensified his criticism of Federal Reserve Chairman Jerome Powell, shaking investor confidence in the U.S. economic outlook. The benchmark three-month copper contract on the London Metal Exchange (LME) rose 1.2% to $9,298 per metric ton, briefly reaching $9,333 per metric ton, the highest price recorded since 4 April 2025. Trading on the London Metal Exchange (LME) resumed following a two-day closure for the Easter Holiday. On the Shanghai Futures Exchange (SHFE), the most actively traded copper contract advanced 0.9% to approximately $10,549.64 per metric ton. A weakening dollar typically makes U.S. dollar-denominated commodities more attractive to buyers using other currencies. In a Truth Social post published on Monday, U.S. President Donald Trump escalated his attack on Federal Reserve Chair Jerome Powell, referring to him as a “major loser” and demanding an immediate reduction in interest rates, warning that failure to act could lead to an economic slump. Confidence in U.S. financial markets continues to erode as U.S. President Donald Trump’s economic policies raise concerns over the stability of the global economic order. In other base metals trading, aluminium on the London Metal Exchange (LME) added 0.6% to $2,379.50 per metric ton, lead climbed 0.9% to $1,940 per metric ton, tin surged 1.6% to $31,135 per metric ton, zinc increased 0.8% to $2,596.50 per metric ton, and nickel edged up 0.2% to $15,660 per metric ton. On the Shanghai Futures Exchange (SHFE), aluminium slipped 0.2% to approximately $2,732.45 per metric ton, zinc gained 0.3% to about $3,080.52 per metric ton, lead rose 0.06% to around $2,343.85 per metric ton, nickel advanced 0.1% to roughly $17,370.56 per metric ton, and tin dropped 0.6% to approximately $35,650.87 per metric ton.
22-April-2025
Qingdao-based and Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd is continuing to grow its dry bulk fleet by adding a new ultramax bulk carrier being constructed at Tsuneishi Zhoushan Shipbuilding. The Chinese shipowner and operator Seacon Shipping Group Ltd is committing approximately $38.5 million for the delivery of the 63K DWT ultramax bulk carrier in April 2027 by Tsuneishi Zhoushan Shipbuilding, a Chinese shipyard controlled by Tsuneishi and partly owned by Yangzijiang Shipbuilding with a 34% stake. According to Seacon Shipping Group Ltd, this investment supports its ongoing strategy to enhance and expand its fleet by gradually retiring older controlled ships and replacing them with newer tonnage. Seacon Shipping Group Ltd highlighted that the new ultramax bulk carrier will offer improved operational and fuel consumption efficiency, in line with the latest environmental standards. Seacon Shipping Group Ltd has previously worked with Tsuneishi Zhoushan Shipbuilding, having ordered kamsarmax and handysize bulk carrier newbuildings in 2021 and 2023, respectively. Currently, Seacon Shipping Group Ltd operates a fleet of more than 25 bulk carriers and holds a diverse order book comprising nearly 40 ships, including self-owned, bareboat chartered, and joint venture vessels. The management of this expanding fleet is expertly handled by Seacon Ship Management Company, a key subsidiary of Seacon Shipping Group Ltd. Seacon Ship Management Company plays an essential role in ensuring the operational success of Seacon Shipping Group Ltd through its specialization in managing maritime assets. The subsidiary is responsible for a range of functions including technical management, crew management, and safety compliance, all of which are crucial to maintaining the fleet’s reliability and performance. These services also contribute significantly to Seacon Shipping Group Ltd’s growth and profitability goals. Seacon Ship Management Company is widely recognized for its expertise in optimizing vessel operations, applying innovative technologies and strategies to enhance fuel efficiency, reduce emissions, and support environmentally sustainable performance.
21-April-2025
Athens-based shipowner and operator Cosmoship Management SA is reportedly close to finalising the purchase of a Chinese-built ultramax bulk carrier in a transaction that reflects a decline in ship values following recent US measures targeting this type of tonnage. The acquisition by Nickos Savvas-led shipowner and operator Cosmoship Management SA signals a drop in valuations for Chinese-built ships. Cosmoship Management SA is acquiring the 2015-built ultramax bulk carrier 63K DWT MV Vantage Lady at what is perceived to be a discounted price compared to the latest market levels. Greek shipowner and operator Cosmoship Management SA is paying around $20m for the ultramax bulk carrier MV Vantage Lady, a figure notably lower than the $22m that South Korea-based shipowner and operator Kmarin is said to have secured in March 2025 from Chinese buyers for the sister ship ultramax bulk carrier MV Kmarin Oslo, built at Jiangsu New Hantong.
21-April-2025
Costamare Inc. (CMRE), a shipowner and operator listed on the New York Stock Exchange, has scheduled 7 May 2025 as the official launch date for the spin-off of its dry bulk business, Costamare Bulkers Holdings Limited (Costamare Bulkers), which will also be listed on the New York Stock Exchange. Each shareholder of Costamare Inc. (CMRE) will be entitled to receive one common share of Costamare Bulkers Holdings Limited (Costamare Bulkers) for every five common shares of Costamare Inc. (CMRE) held as of the close of business on 29 April 2025. Costamare Bulkers Holdings Limited (Costamare Bulkers) will be led by Costamare Inc.’s (CMRE’s) Chief Financial Officer Gregory Zikos. Assisting Gregory Zikos in the leadership of Costamare Bulkers Holdings Limited (Costamare Bulkers), which will include ownership of nearly 40 bulk carriers in addition to the dry bulk trading platform CBI comprising approximately 50 chartered-in bulk carriers in the large bulk carrier segments, will be Jens Jacobsen as Chief Commercial Officer and Dimitris Pagratis as Chief Financial Officer. Shipowner and operator Costamare Inc. (CMRE), under the leadership of Konstantinos Konstantakopoulos, entered the dry bulk sector in 2021 with the acquisition of 16 bulk carriers. The decision to separate the bulk carrier and containership segments was announced in February 2025, with the objective of creating two focused, pure-play investment platforms targeting different investor profiles, streamlining the corporate structure, increasing financial agility to pursue distinct business strategies, and allowing the management teams of both Costamare Inc. (CMRE) and Costamare Bulkers Holdings Limited (Costamare Bulkers) to concentrate on tailored growth opportunities. The Costamare Inc. (CMRE) brand will continue operating independently as a container ship tonnage provider, with a fleet currently consisting of nearly 70 ships.
21-April-2025
Japanese shipping giant Nippon Yusen Kaisha (NYK) has introduced the executive team for NYK Bulkship Partners, appointing Mitsubishi Ore Transport boss Koichi Uragami to lead the new entity. Japanese shipping giant Nippon Yusen Kaisha (NYK) is establishing a new presence in the dry bulk sector by merging three of its shipping and ship management subsidiaries. Asahi Shipping, Hachiuma Steamship, and Mitsubishi Ore Transport will be combined to create NYK Bulkship Partners. Nippon Yusen Kaisha (NYK) has officially named the leadership of the newly unified bulker business NYK Bulkship Partners. Nippon Yusen Kaisha (NYK) announced last week that it is consolidating its three dry bulk subsidiaries, Asahi Shipping, Hachiuma Steamship, and Mitsubishi Ore Transport (MOT), into one major market player under the name NYK Bulkship Partners. Nippon Yusen Kaisha (NYK) stated that the new organisation, currently operating under the provisional name NYK Bulkship Partners, is expected to begin operations in January 2026.
21-April-2025
Hong Kong-based shipowner and operator Pacific Basin Shipping Limited Chief Executive Officer Martin Fruergaard stated that the possibility of US port fees targeting China-built ships is boosting the market for Japanese-built bulk carriers. Pacific Basin Shipping Limited, one of the world’s leading owners and operators of modern Handysize and Supramax dry bulk ships, manages a large fleet focused primarily on the transportation of minor bulks including grains, coal, and ores. The company operates an extensive global network with offices across key maritime hubs, providing high-frequency and flexible shipping services to a diverse customer base. Pacific Basin Shipping Limited anticipates that the United States Trade Representative rules will likely be softened prior to their enforcement. According to Pacific Basin Shipping Limited Chief Executive Officer Martin Fruergaard, the risk of significant fees for China-built ships at US ports is prompting bulker buyers to shift their interest toward tonnage constructed in Japan. The shipping industry is expected to gain more insight into the potential fees shortly, as the United States Trade Representative is scheduled to unveil its plan.
21-April-2025
London-headquartered shipbroker Howe Robinson S&P (Sale and Purchase) managing partner Carsten Roennau is in search of new shipbroking talent, targeting experienced individuals as he observes fresh momentum in the secondhand ship market. UK-headquartered shipbroker Howe Robinson Partners is looking to strengthen its S&P (Sale and Purchase) division by bringing in additional shipbrokers to tap into new opportunities spanning all major ship types. Carsten Roennau, who is based in Hamburg and serves as the managing partner of S&P (Sale and Purchase) at Howe Robinson, is focused on attracting dynamic professional shipbrokers with a solid track record of completed transactions and a well-developed client portfolio.
19-April-2025
Australian mining giant BHP Mining, formerly known as BHP Billiton, stated that the escalating trade war poses risks to the global economy and stressed the importance of adaptation to sustain global growth, as the company reported a slight decrease in iron ore production for the third quarter. BHP Mining explained that the immediate impact of the tariffs recently imposed by U.S. President Donald Trump was limited, although U.S. President Donald Trump has since postponed some of the tariffs while raising others targeting China. These tariffs include steel from China, which is a critical market for Australian mining giant BHP Mining’s key export, iron ore. BHP Mining Chief Executive Officer Mike Henry said that “China’s ability to transition toward a consumption-driven economy and the flexibility of trade flows to adjust to the changing environment will be crucial to maintaining a positive global outlook.” His comments were made as the company released quarterly results showing a slight decline in iron ore output and a rise in copper production, the latter of which is also subject to a U.S. tariff investigation. The reduction in iron ore production was attributed to cyclone-related disruptions, while the company indicated that 2025 copper output from its Chilean operations is expected to fall within the upper half of its forecast range, supported by ramp-up activities at the Escondida mine. The world’s largest publicly listed miner, BHP Mining, was forced to suspend operations at Port Hedland—the largest iron ore export terminal globally—due to Cyclone Zelia’s impact on the Pilbara region in Western Australia in February, following earlier disruptions from Cyclone Sean in January 2025. Despite the weather-related interruptions, BHP Mining achieved record output over the nine-month period from its Pilbara operations, driven by strong contributions from South Flank and Mining Area C, supported by the full ramp-up of South Flank last year and a 13% increase in mining activity. Copper production rose by 10% to 513,200 metric tons during the quarter, primarily due to a 20% increase at the Escondida mine in Chile, which benefited from improved operational efficiency. BHP Mining stated that it expects to achieve its fiscal 2025 unit cost targets across all assets, with the exception of the BMA coal joint venture, where costs are forecast to rise due to adverse weather conditions and geological issues at the Broadmeadow mine. BHP Mining continues to allocate iron ore revenues—which still represent over half of its total earnings—toward expanding its copper and potash projects as part of its broader strategy to benefit from the global energy transition. Iron ore production from BHP Mining’s operations in Western Australia declined to 67.8 million tons in the quarter ending March 31, compared to 68.1 million tons during the same period the previous year.
19-April-2025
China’s coal production hit a record monthly high in March 2025, despite repeated industry calls to scale back output amid an oversupplied coal market. March 2025 coal output reached 440.58 million metric tons, up 9.6% compared to the same period last year, as buyers increasingly opted for domestic coal over imports. Coal production for Q1 2025 totaled 1.2 billion metric tons, an 8.1% increase from Q1 2024, surpassing earlier expectations of a modest rise in a market already struggling with excess supply, which had led two major industry associations in February to call for reductions in both coal output and imports. China’s coal imports declined by 6% in March 2025, pressured by high port inventories and domestic prices that have fallen to four-year lows, making imported coal less attractive. In 2024, China’s annual coal production climbed to a record 4.76 billion tons, though the growth rate eased to 1.3%.
19-April-2025
New York Stock Exchange-listed shipowner and operator Costamare Inc. (CMRE) announced that its Board of Directors (BOD) has approved the previously disclosed plan to spin off its dry bulk shipping segment into an independent entity named Costamare Bulkers Holdings Limited (Costamare Bulkers). Costamare Bulkers Holdings Limited (Costamare Bulkers) is expected to complete the spin-off through a pro rata distribution to shareholders of Costamare Inc. (CMRE) on May 6, 2025. Further details regarding Costamare Bulkers Holdings Limited (Costamare Bulkers) and the proposed spin-off can be found in the Registration Statement on Form 20-F filed by Costamare Bulkers Holdings Limited (Costamare Bulkers) with the U.S. Securities and Exchange Commission (SEC). As part of the transaction, New York Stock Exchange-listed shipowner and operator Costamare Inc. (CMRE) will distribute all of the shares of Costamare Bulkers Holdings Limited (Costamare Bulkers) it owns to holders of Costamare Inc. (CMRE) common shares on a pro rata basis. Each Costamare Inc. (CMRE) shareholder will receive one common share of Costamare Bulkers Holdings Limited (Costamare Bulkers) for every five common shares of Costamare Inc. (CMRE) held as of the close of business on April 29, 2025, which is the record date for the distribution. The New York Stock Exchange (NYSE) will implement a due-bill trading process for New York Stock Exchange-listed shipowner and operator Costamare Inc. (CMRE) shares starting April 29, 2025, and continuing through the Distribution Date, during which time Costamare Inc. (CMRE) shares will trade with the entitlement to receive shares of Costamare Bulkers Holdings Limited (Costamare Bulkers). Beginning on or around May 1, 2025, and continuing through the Distribution Date, it is expected that Costamare Bulkers Holdings Limited (Costamare Bulkers) shares will trade on a when-issued basis on the New York Stock Exchange (NYSE) under the ticker symbol “CMDB WI.” During the same period, there will be two markets for Costamare Inc. (CMRE) common shares: shares trading under the regular-way ticker “CMRE” will include the entitlement to receive Costamare Bulkers Holdings Limited (Costamare Bulkers) shares, while shares trading under the ex-distribution ticker “CMRE WI” will trade without that entitlement. Shareholders who sell Costamare Inc. (CMRE) shares in the regular-way market between the record date and the Distribution Date will also transfer their entitlement to receive Costamare Bulkers Holdings Limited (Costamare Bulkers) shares in the distribution. Investors are advised to consult with their financial advisors about the specific consequences of buying or selling Costamare Inc. (CMRE) shares before the Distribution Date. Shareholders of Costamare Inc. (CMRE) will receive one common share of Costamare Bulkers Holdings Limited (Costamare Bulkers) for every five common shares of Costamare Inc. (CMRE) held as of the record date, and will receive cash for any aggregated fractional shares. The distribution is expected to occur at 5:00 p.m. New York City time on May 6, 2025, subject to customary closing conditions, and at market close on that day, when-issued trading of Costamare Bulkers Holdings Limited (Costamare Bulkers) shares and ex-distribution trading of Costamare Inc. (CMRE) shares will end. On May 7, 2025, Costamare Bulkers Holdings Limited (Costamare Bulkers) shares are expected to begin regular-way trading on the New York Stock Exchange (NYSE) under the ticker symbol “CMDB,” while Costamare Inc. (CMRE) shares will continue to trade on the New York Stock Exchange (NYSE) under the symbol “CMRE.” The completion of the proposed distribution and spin-off is subject to the effectiveness of the Registration Statement filed with the U.S. Securities and Exchange Commission (SEC) and the approval of the listing of Costamare Bulkers Holdings Limited (Costamare Bulkers) shares on the New York Stock Exchange (NYSE). Morgan Stanley & Co. LLC is serving as advisor to Costamare Inc. (CMRE) for the transaction. Costamare Bulkers Holdings Limited (Costamare Bulkers) will operate as an international owner and operator of dry bulk carriers, with a fleet of 38 bulk carriers totaling approximately 3 million DWT in capacity, including one panamax bulk carrier that Costamare Bulkers Holdings Limited (Costamare Bulkers) has agreed to sell. Costamare Bulkers Holdings Limited (Costamare Bulkers) will also control a dry bulk platform (CBI) that manages the chartering in and out of dry bulk carriers, executes Contracts of Affreightment (COA), enters forward freight agreements, and may employ hedging strategies.
19-April-2025
Iron ore futures prices fell on Wednesday as the escalating trade tensions between China and the United States fueled concerns about the demand outlook, while optimism for major stimulus measures faded after the release of stronger-than-expected Chinese economic data. The most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) recovered part of its earlier decline but still ended daytime trading 0.14% lower at $96.99 per metric ton, while the benchmark May 2025 iron ore contract on the Singapore Exchange slipped by 1.28% to $97.45 per ton. Data published on Wednesday revealed that China’s economy grew 5.4% year-on-year in Q1 2025, exceeding forecasts, supported by firm consumption and solid industrial output. In the property sector, China’s new home prices remained unchanged in March 2025 compared to the previous month, reflecting an improvement over February 2025 when prices recorded a 0.1% month-on-month decline. Hopes that China would introduce aggressive stimulus measures to counteract the economic impact of United States tariffs and to meet its annual growth target have diminished, putting additional downward pressure on the ferrous sector. Despite the price weakness, there were indications of tighter supply and resilient demand, with Rio Tinto reporting its lowest Q1 2025 iron ore shipments since Q1 2019 and warning that further weather-related disruptions could affect its 2025 forecast, while Brazilian miner Vale produced 67.7 million metric tons of iron ore in Q1 2025, a 4.5% decrease from Q1 2024. Meanwhile, China’s crude steel output rose by 4.6% year-on-year in March 2025, supported by higher profit margins and robust export activity. Other steelmaking materials traded on the Dalian Commodity Exchange (DCE) showed mixed trends, with coking coal falling 0.77% and coke rising 0.26%. Steel benchmarks on the Shanghai Futures Exchange weakened, with rebar prices declining 1.06%, hot-rolled coil dropping 1.05%, wire rod falling 0.72%, and stainless steel edging down 0.08%. Steel demand has shown early signs of softening since last week, and the impact of trade tensions on steel exports is expected to become more visible by May 2025.
19-April-2025
Rio Tinto (ASX, LON, NYSE: RIO) reported on Wednesday its lowest Q1 2025 iron ore shipments since Q1 2019 and issued a warning that further weather-related disruptions could result in missing its full-year 2025 forecast after cyclones impacted Rio Tinto’s Pilbara operations, with the company now anticipating Pilbara iron ore shipments for 2025 to reach the lower end of its projected range of 323 million to 338 million metric tons. Multiple tropical cyclones during Q1 2025 disrupted operations at the Dampier port in the Pilbara region, where Rio Tinto (ASX, LON, NYSE: RIO) had already warned about weather-related losses amounting to 13 million tons of iron ore. Recovery efforts are underway, with Rio Tinto aiming to recover about half of the lost volume through repairs and additional contract mining, which are expected to cost around $95 million across its Pilbara operations. Rio Tinto (ASX, LON, NYSE: RIO) stated that “Pilbara iron ore guidance remains subject to the timing of approvals for planned mining areas and heritage clearances. The system has limited ability to mitigate further losses from weather if incurred.” Rio Tinto (ASX, LON, NYSE: RIO) has been facing challenges in ramping up production consistently while also shipping more lower-grade ore, as it prepares to launch its next generation of iron ore mines, and the company may lose its position as the top global iron ore producer if Brazil’s Vale SA achieves the upper limit of its 2025 guidance of 335 million tons, compared to Rio Tinto’s 323 million to 338 million ton target which excludes an expected 9.7 million to 11.4 million tons from Canadian operations. On the copper side, consolidated production increased 16% year-on-year to 210 thousand tons but declined 8% compared to the previous quarter, with Rio Tinto’s Kennecott operation in Utah experiencing a 32% quarter-on-quarter drop in copper output due to unexpected conveyor failures, though year-on-year production rose by 7%, and Rio Tinto (ASX, LON, NYSE: RIO) confirmed the conveyor is now fully operational. Rio Tinto, the world’s largest iron ore producer, shipped 70.7 million tons of iron ore from its Pilbara operations during the three months ending March 31, down from 78 million tons during the same period in the previous year.
18-April-2025
The United States is set to implement fees on Chinese-built ships that call at American ports, regardless of who owns them, in a long-anticipated move closely watched by the global shipping industry. A slight relief for non-Chinese shipowners is that the final regulation is less stringent than the originally proposed flat fee of $1.5 million per port call. In contrast, Chinese shipowners may now face significantly higher costs than initially expected, as the US President Donald Trump administration continues its policy of targeting China with economic penalties. Non-Chinese shipowners will incur whichever is higher between two calculated fees: a tonnage-based charge beginning at $18 per Net Ton (NT) on October 14, 2025, increasing to $33 per Net Ton by April 17, 2028, or a container-based charge starting at $120 per container on October 14, 2025, rising to $250 per container by April 17, 2028. Ships transporting cars that are not built in the US will be subject to a $150 fee per vehicle. LNG carriers will be required to transport 1% of US LNG exports using US-built, operated, and flagged ships within four years, a figure that will increase to 4% by 2035 and to 15% by 2047. These fees will apply once per voyage, capped at six times annually. A temporary suspension of the fees, for up to three years, may be granted if the shipowner orders and receives a US-built ship with equal or greater Net Tonnage. Exemptions exist for smaller ships, domestic routes including those to the Caribbean and within the Great Lakes, and certain specialized ship types. Bulk carriers arriving empty to load US exports like wheat or soybeans are also exempt. The policy, announced on 17 April 2025, does not apply to container ships with a capacity under 4,000 teu or to voyages under 2,000 nautical miles. Chinese shipowners and Chinese operators appear set to bear significantly higher expenses, starting with a $50 per Net Ton fee that will increase by $30 annually through 2027. In container shipping, Chinese operators such as COSCO and OOCL often run vessels of about 13,000 teu on the transpacific, equating to around 60,000 Net Tons (NT), which could result in fees of approximately $8.4 million per ship. The new US regulations do not include a cap on charges, unlike the previous plan which imposed a $1 million maximum. Ships and shipping remain essential to US economic security and the stability of trade flows. The US President Donald Trump administration’s initiative aims to counter China’s maritime dominance, secure the US supply chain, and signal stronger demand for domestically built ships. Continuing its push against Chinese maritime infrastructure, the US Trade Representative (USTR) has scheduled a hearing for 19 May 2025 on proposed 100% tariffs on ship-to-shore cranes, container chassis, and related parts. While the US President Donald Trump administration’s move received praise from US steel and shipbuilding unions, it raised concerns among many shippers, especially as transpacific trade is already under strain due to the ongoing US-China trade war. In the near to mid-term, these developments may lead to higher freight costs, reduced competitiveness of US exports, and shifts in global trade routes. Without simultaneous investment in US shipbuilding and clearer policy direction, the likelihood of trade disruptions and inflationary impacts will remain high.
18-April-2025
This week’s spotlight is on the changing dynamics of soybean dry bulk flows from Brazil and the United States to China, following the newest round of tariffs amid intensifying trade tensions, with voyage data indicating a structural shift in global soybean trade and highlighting China’s growing preference for Brazilian imports. Over recent years, Brazil has firmly established itself as the leading soybean supplier to China, a shift driven by broader macroeconomic trends, particularly the prolonged trade dispute between the United States and China. Brazil’s strength lies in its record-high harvests, competitive pricing, and absence of trade barriers, making it a more stable and cost-efficient partner to meet China’s expanding soybean needs. U.S. soybean exports to China, which historically followed a seasonal pattern with peaks in the first and last quarters, are now showing disruption, as March 2025 saw volumes drop to around 2 million tonnes—substantially lower than during the same timeframes in 2023 and 2024—underscoring the ongoing effects of the trade war. As tariff pressures and geopolitical uncertainty persist, Chinese buyers are increasingly turning to Brazil, resulting in a consistent erosion of the U.S. share in the market and leaving American farmers and agribusinesses facing reduced demand, falling prices, and increasing financial strain. In contrast, Brazil’s soybean exports to China have surged in 2025, with March and April shipments exceeding 10 million tonnes, significantly above historical levels, aligning with China’s seasonal needs and further strengthening Brazil’s role as a dominant supplier. This sustained volume into mid-year signals more than a temporary trade change; it marks deeper economic integration between China and Brazil and positions Brazil as a pivotal force in the global agricultural supply chain, reshaping the soybean trade landscape. At the same time, sentiment in the capesize bulk carrier freight market is softening due to a rising number of ballasters, and early indicators also point to weakening conditions in the panamax bulk carrier segment, with capesize bulk carrier freight rates from Brazil to China closing at $19 per tonne, reflecting a 20% drop from the previous month. Panamax bulk carrier freight rates from the Continent to China held near $30 per tonne, showing a 6% decrease month-on-month and a 30% decrease compared to last month. Supramax bulk carrier freight rates for the Indonesia–East Coast India (ECI) route remained firm at about $9 per tonne, representing a 5% monthly increase, while handysize bulk carrier freight rates from the North Pacific (NOPAC) to the Far East slipped slightly under $30 per tonne, showing a 6% decline month-on-month. The latest ballaster data points to continued momentum for capesize bulk carrier activity in Southeast Africa, while panamax bulk carrier trends face downward pressure, with the third week of April 2025 marked by a downward trajectory in panamax bulk carrier tonne-day growth and a sharp increase in supramax bulk carrier activity, alongside a significant rise in dry bulk port congestion in China across all bulk carrier size segments.
18-April-2025
Multiple key institutions responsible for shipping trade forecasts are now revising their economic outlooks downward for the year ahead as a result of US President Donald Trump’s escalating tariff war. The World Trade Organization (WTO) has issued a stark warning that global merchandise trade could contract by as much as -1.5% in 2025, which would mark only the sixth time in the last 60 years that a decline of this magnitude has occurred, placing it alongside historic economic crises such as the covid pandemic and the global financial collapse. According to the latest Global Trade Outlook and Statistics report released by the World Trade Organization (WTO) secretariat, the volume of global merchandise trade is forecast to drop by 0.2% in 2025 under the current environment, which is nearly three percentage points below what would have been expected under a scenario with minimal tariffs, with the projection based on conditions as of 14 April 2025. The contraction could worsen further to -1.5% if the situation declines after 9 July 2025, a date on which US President Donald Trump may introduce additional tariffs worldwide. The World Trade Organization (WTO) has expressed serious concern regarding the instability in trade policy, emphasizing the negative impact of the ongoing US-China confrontation, and warning that continued uncertainty poses a significant risk to global economic expansion. The United Nations Conference on Trade and Development (UNCTAD) has also raised alarms, stating that the global economy is on a trajectory toward recession. A new UNCTAD report forecasts global growth to decelerate to 2.3% in 2025, attributing this to policy-driven trade shocks, financial instability, and rising unpredictability. Trade policy uncertainty has reached historic highs, already resulting in delayed investment and hiring cutbacks. For the tanker segment, both the International Energy Agency (IEA) and OPEC have downgraded their global oil demand growth estimates for 2025 and 2026, citing pressure from continued trade friction, especially the protectionist actions initiated by Trump. OPEC now projects an increase of 1.3 million barrels per day for both years, translating to around 1% annual growth, while the International Energy Agency (IEA) has lowered its 2025 forecast by 300,000 barrels per day to 730,000 barrels per day and its 2026 forecast to 690,000 barrels per day. The US Energy Information Administration has also sharply reduced its 2025 outlook by 30%, bringing it down to 900,000 barrels per day, while Goldman Sachs has issued an even more restrained projection, estimating a 300,000 barrels per day rise from the end of 2024 through to the end of 2025. In the container segment, sentiment remains weak as the US-China tensions persist, with current tariff relief measures from the US falling short of what is needed to recover Transpacific trade volumes. Container cargo bookings over the next three weeks are reported to be down between 30-60% in China and 10-20% across other parts of Asia. On Wednesday, the State of California filed a lawsuit to halt US President Donald Trump’s expansive tariff measures targeting international trade partners, accusing him of overstepping his executive powers and causing economic damage to both California and the broader US economy.
17-April-2025
India’s wheat stocks stored in government warehouses jumped 57% to a three-year high at the start of the new crop year this month, according to official data, easing supply concerns that had driven domestic wheat prices to a record high earlier in 2025. The increased opening stocks are expected to help the federal government contain potential price spikes later in the year, even if the Food Corporation of India (FCI), the state-run stockpiler, fails to meet its 2025 domestic wheat procurement goal. Wheat reserves in state storage facilities stood at 11.8 million metric tons as of April 1, well above the Indian government’s target of 7.46 million metric tons and over 4 million tons more than the same time last year. Even if the 2025 wheat procurement target is missed as it was in 2024, there will still be ample stock available for open market sales. The Food Corporation of India (FCI) has set a target of purchasing 31 million tons of wheat from farmers in 2025. In 2024, the Food Corporation of India (FCI) aimed to buy between 30 and 32 million tons but managed to acquire only 26.6 million tons. Poor harvests over the past three years and reduced purchases by the Food Corporation of India (FCI) had pushed wheat prices higher and raised speculation that India could be forced to import wheat for the first time in seven years, though the Indian government has so far resisted calls for imports. The wheat procurement season in 2025 has started strong, with Food Corporation of India (FCI) purchases already outpacing levels seen during the same period last year. As of April 1, India’s government-held rice reserves, including unmilled paddy, stood at a record 63.09 million tons, far exceeding the Indian government’s target of 13.6 million tons. These higher rice stocks provide India with the flexibility to increase exports without affecting domestic availability. The Food Corporation of India (FCI) is currently holding significantly more rice than is necessary, and the Indian government will now aim to promote exports to reduce the need for additional procurement from the upcoming crop. India is the largest exporter of rice in the world and accounts for about 40% of global rice trade.
16-April-2025
The trade war initiated by US President Donald Trump has unsettled the capesize bulk carrier spot market, with rates plunging to six-week lows. Average earnings for capesize bulk carriers have declined amid ongoing geopolitical uncertainty. The market has seen no relief, as bearish sentiment driven by the global trade conflict continues to weigh on rates. According to the Baltic Exchange, it was a particularly difficult week, with average rates on its Baltic Capesize Index (BCI) lingering near a six-week low of approximately $15,000 per day, reflecting a 9% decline compared to the previous week. Luxembourg-based shipbroker Barry Rogliano Salles (BRS) commented: “It has been another bleak week for the capesize bulk carrier market, with the global economic outlook clouded by uncertainty following the unexpected tariff announcement from US President Donald Trump.”
16-April-2025
Chinese coal buyers are attempting to renegotiate long-term contracts, seeking more favorable terms on the spot coal market, where prices have fallen to their lowest levels in four years. This is placing additional strain on China’s financially pressured coal sector. Diminished coal demand has driven spot coal market prices below those stipulated in existing long-term coal contracts. As of 10 April 2025, China’s domestic coal price for medium-grade 5,500 kcal/kg coal stood at $92.31 per metric ton, the lowest level since March 2021. Many end-users are reluctant to fulfill their long-term coal contracts. Chinese companies’ coal contracts are expected to undergo renegotiation; however, if agreements cannot be reached, shipments may need to be postponed. China’s coal sector has been negatively impacted by a warmer-than-usual winter that reduced heating demand, as well as an oversupplied domestic coal market. These factors prompted two industry associations in February 2025 to advocate for restrictions on coal output and imports. Chinese coal buyers are standing firm on the terms of their coal contracts signed with domestic coal producers, while import-based term agreements—which account for a relatively small share of China’s coal supply—remain unaffected for now. China imported a record 542.7 million tons of coal in 2024. Power plants in China generally secure long-term coal contracts to cover approximately 20-50% of their total coal requirements, procuring the remainder from the spot coal market. On 9 April 2025, the China Coal Transportation and Distribution Association announced that relevant government departments are intervening to ensure the enforcement of long-term coal contracts. According to Chinese coal traders, this intervention may lead to a partial improvement in contract compliance. Nonetheless, it is not expected to influence coal prices in the near term, as coal demand remains extremely weak.
16-April-2025
Martinos family firms Eastern Mediterranean Maritime (Eastmed) and Thenamaris Ships Management are preparing to execute a series of ship sales. Greek shipowning heavyweight Thenamaris Ships Management is expected to take delivery of 11 new building ships in 2025. Athens-based shipowner and operator Thenamaris Ships Management and Eastern Mediterranean Maritime (Eastmed), both recognized for their calculated market strategies, appear to be advancing their fleet renewal initiatives. Greek shipowners Thanassis Martinos-led Eastern Mediterranean Maritime (Eastmed) and Nikolas Martinos-led Thenamaris Ships Management may be planning to phase out as many as 10 older ships, following the disposal of seven tankers, bulkers, and container ships in 2025. If these developments are confirmed, Eastern Mediterranean Maritime (Eastmed) and Thenamaris Ships Management are projected to generate approximately $180 million in total, which could support the funding of their newbuilding projects or enhance their liquidity reserves in the face of geopolitical uncertainty. Eastern Mediterranean Maritime (Eastmed), founded by Thanassis Martinos and headquartered in Athens, is a long-established and highly respected name in the global shipping industry. The shipowner is active across multiple sectors, including tankers, bulk carriers, and container ships, and is known for its prudent asset management and operational efficiency. Eastern Mediterranean Maritime (Eastmed) has built a reputation for maintaining a balanced and diversified fleet, emphasizing safety, regulatory compliance, and environmental responsibility. The shipowner has historically shown strong discipline in timing its ship acquisitions and disposals, often aligning with broader market cycles. With a focus on long-term sustainability and value creation, Eastern Mediterranean Maritime (Eastmed) remains a key player in Greek and international shipping circles.
16-April-2025
China’s imports of iron ore declined to 93.97 million tons in March 2025, down from 94.21 million tons in February 2025 and representing a 6.7% decrease compared to March 2024. For Q1 2025, iron ore arrivals totaled 285.31 million tons, marking a 7.8% drop from Q1 2024. A major factor contributing to the weakness in iron ore imports was weather-related disruptions in Australia, which accounts for approximately two-thirds of China’s total iron ore imports. Australian exports of iron ore to China fell to 50.5 million tons in February 2025, the lowest level since 2020. Many cargoes loaded in February 2025 would have arrived in China in March 2025. However, cargoes loaded in March rebounded to 67.61 million tons, suggesting that April 2025 imports may show improvement. Coal imports across all grades reached 114.85 million tons in Q1 2025, a 0.9% decrease from Q1 2024. As with iron ore, coal shipments from Australia—China’s second-largest coal supplier after Indonesia—were affected by weather disruptions. Australia’s coal exports to China dropped to 3.74 million tons in February 2025, a two-year low. While they recovered to 6.17 million tons in March 2025, this figure remained below the 2024 monthly average of 6.7 million tons. Additionally, a decline in Chinese domestic coal prices encouraged power utilities to opt for local supplies, a trend expected to continue, thereby applying further downward pressure on coal import volumes. Copper imports also softened in Q1 2025, with unwrought copper arrivals falling 5.2% to 1.3 million tons. However, the copper market was also influenced by a temporary factor—shipments to the United States increased as traders aimed to benefit from higher U.S. prices in anticipation of an import tariff on the critical industrial metal. With the United States absorbing more cargoes, Chinese buyers opted to reduce their imports and wait for potentially lower prices once the situation regarding US President Donald Trump’s proposed tariffs became more certain. The overall trend in China’s Q1 2025 commodity imports indicates softness. Even where there were signs of strength—such as in crude oil arrivals in March 2025—these were largely driven by temporary influences. The outlook remains uncertain, particularly in light of US President Donald Trump’s current 145% tariff on U.S. imports from China, which, if sustained, will present additional challenges for China in achieving its economic growth target of around 5% for 2025.
16-April-2025
Iron ore futures prices remained confined within a narrow range on Tuesday, as iron ore traders awaited the release of additional economic data from China, the top consumer, to gain clearer insight into demand prospects and potential stimulus measures. The most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) ended daytime trading 0.99% higher at $97.5 per metric ton. Meanwhile, the benchmark May 2025 iron ore contract on the Singapore Exchange recovered earlier losses to trade 0.48% higher at $98.6 per ton. China is set to release a series of economic indicators and industrial metals output data on Wednesday. Conflicting market signals have clouded the demand outlook for iron ore, a crucial steelmaking material, causing prices to fluctuate within a limited band. Near-term iron ore demand continues to be supported by relatively high hot metal output, helping to stabilize prices despite rising trade tensions between China and the United States. However, unless there is significant positive news for the steel sector, it is unlikely that hot metal output will exceed 2.45 million tons. While China’s steel exports in March 2025 exceeded expectations by surpassing 10 million tons, shipments in the second half of 2025 are expected to come under pressure due to escalating trade frictions driven by the increased tariffs imposed by U.S. President Donald Trump. China’s gross domestic product growth is projected to reach 3.4% by 2025. A potentially slower pace of economic expansion in China may weaken demand for industrial metals. Other steelmaking inputs on the Dalian Commodity Exchange (DCE) also recorded gains, with coking coal rising 0.72% and coke climbing 2.02%. Most steel benchmarks on the Shanghai Futures Exchange declined. Rebar slipped 0.19%, hot-rolled coil fell 0.34%, wire rod (SWRcv1) dropped 0.71%, while stainless steel rose 0.47%.
16-April-2025
Pilbara Ports recorded a total monthly throughput of 69.5 million tonnes (Mt) for March 2025, representing a 3 per cent increase compared to March 2024. The Port of Port Hedland reported a monthly throughput of 51.5Mt, including 65.6Mt of iron ore exports. This reflected a 2 per cent rise in total throughput compared to March 2024. Imports via the Port of Port Hedland reached 171,000 tonnes, marking a 4 per cent increase from March 2024. The Port of Dampier reported a total throughput of 15.7Mt, which was a 1 per cent decline from March 2024. Imports through the Port of Dampier were 93,000 tonnes, showing a 23 per cent drop compared to March 2024. Throughput fluctuations are influenced by several factors, such as shifts in market conditions, port maintenance activities, and the operational requirements of proponents. Since 1 July 2024, the total throughput across all ports stands at 567.1Mt.
16-April-2025
The government of Montenegro is organizing a charter agreement in an effort to prevent the bankruptcy of state-owned shipowner Crnogorska Plovidba AD Kotor. As part of this plan, Crnogorska Plovidba AD Kotor will fix its two bulk carriers, MV Kotor and MV Dvadesetprvi Maj, to fellow Montenegrin shipping company Barska Plovidba AD, which is likewise state-owned. This move is aimed at generating the necessary funds to cover overdue loan obligations and thereby avert bankruptcy for Crnogorska Plovidba AD Kotor.
16-April-2025
Martinos family firms Eastern Mediterranean Maritime (Eastmed) and Thenamaris Ships Management are preparing a series of ship sales. Greek shipping giant Thenamaris Ships Management is on track to receive 11 newbuilding deliveries in 2025. Athens-based shipowner and operator Thenamaris Ships Management and Eastern Mediterranean Maritime (Eastmed), both recognized for their strategic market decisions, seem to be accelerating their fleet renewal strategies. Greek shipowners Thanassis Martinos-led Eastern Mediterranean Maritime (Eastmed) and Nikolas Martinos-led Thenamaris Ships Management may be preparing to dispose of up to 10 aging ships, following the sale of seven tankers, bulkers, and container ships in 2025. If these transactions are finalized, Eastern Mediterranean Maritime (Eastmed) and Thenamaris Ships Management are expected to generate approximately $180 million combined, which could support the financing of their newbuilding deliveries or strengthen their cash reserves in light of ongoing geopolitical uncertainty. Thenamaris Ships Management, established in 1970 and headquartered in Athens, is one of Greece’s most prominent and diversified ship management companies. The company operates a modern fleet that spans tankers, bulk carriers, LNG carriers, and container ships. Known for its focus on operational excellence and long-term market positioning, Thenamaris Ships Management manages over 80 vessels and maintains a strong presence in both the wet and dry shipping sectors. With a history of timely fleet upgrades and an emphasis on sustainability, the company continues to invest in advanced, eco-efficient ship designs, further solidifying its role as a major player in global maritime trade.
16-April-2025
Trafigura, a leading global commodities trader and one of the largest charterers, has secured $235 million in financing to ship tanker and bulk carrier cargoes from the United Arab Emirates (UAE). Lenders from the United Arab Emirates (UAE) and Japan have collaborated on the funding arrangement. Trafigura Maritime Logistics, a subsidiary of Trafigura and one of the world’s largest traders and shipowners, obtained the financing package to support the purchase and export of commodities from the United Arab Emirates (UAE). Trafigura Maritime Logistics operates an extensive fleet of owned and chartered vessels, including tankers, bulk carriers, and gas carriers. The company plays a critical role in facilitating the physical movement of commodities across global markets. Its logistics arm is a key enabler of Trafigura’s global trading operations, ensuring timely and efficient transport of oil, refined products, metals, and bulk materials. With a strategic focus on operational safety, environmental performance, and supply chain efficiency, Trafigura Maritime Logistics maintains strong relationships with shipyards, financiers, and port authorities worldwide. The $235 million funding has been provided by the Abu Dhabi Exports Office (ADEX), Japan’s Sumitomo Mitsui Banking Corp (SMBC), and the Commercial Bank of Dubai (CBD). Trafigura Maritime Logistics described the transaction as “a strategic move to empower United Arab Emirates (UAE) exporters and advance the nation’s economic diversification goals.”
15-April-2025
China’s coal imports declined by 6% in March 2025, impacted by elevated inventory levels at ports and subdued domestic demand, which have driven spot prices down to their lowest point in four years. Imports for March 2025 totaled 38.73 million metric tons, a decrease from 41.38 million metric tons recorded in March 2024. This marked the first monthly year-on-year decline in coal imports since March 2022, excluding the January-February period, where year-on-year comparisons are typically influenced by the Lunar New Year holiday. As of 11 April 2025, China’s domestic price for medium-grade coal with a heat value of 5,500 kilocalories per kilogram stood at $92.70 per metric ton, the lowest level since March 2021. Coal miners in Indonesia, one of China’s key suppliers, have not adjusted their prices in line with the falling Chinese market, despite facing rising operational costs and an upcoming increase in royalties. This price gap has prompted Chinese power plants to increase reliance on domestic coal sources. In contrast, coal imports during the January-February 2025 period had reached a record high of 76.12 million metric tons, representing a 2% year-on-year increase. The March 2025 drop had been anticipated, and further declines are likely in the coming months due to narrowing import profit margins and persistent high stockpiles at ports. China publishes combined data for January-February 2025 to account for the timing of the Lunar New Year, which can fall in either month. Over the January-February-March 2025 period, total coal imports reached 114.85 million metric tons, reflecting a 0.9% decline from the 115.89 million metric tons recorded during the same period in the previous year.
15-April-2025
Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) has signed a time charter agreement with China Resource Chartering for one of its panamax bulk carriers. China Resource Chartering has chartered the 2013-built panamax bulk carrier 77K DWT MV Ismene at a daily rate of $11,000 for a duration extending from a minimum of March 20, 2026, to a maximum of May 20, 2026. The time charter for panamax bulk carrier MV Ismene is expected to commence on 26 April 2025. For the minimum committed charter period, China Resource Chartering is set to pay an estimated $3.54 million. As of now, Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) operates a fleet of 37 dry bulk carriers, comprising 4 newcastlemax bulk carriers, 8 capesize bulk carriers, 4 post-panamax bulk carriers, 6 kamsarmax bulk carriers, 6 panamax bulk carriers, and 9 ultramax bulk carriers. The fleet is overseen by shipowner and operator Diana Shipping Inc. (DSX) under the leadership of Chief Executive Officer Semiramis Paliou. Additionally, Diana Shipping Inc. (DSX) is scheduled to take delivery of two methanol dual-fuel newbuilding kamsarmax bulk carriers, expected to join the fleet by Q4 2027 and Q1 2028, respectively.
15-April-2025
Athens-based shipowner and operator Lavinia Bulk Ltd. Chief Executive Officer Panos Laskaridis states that the United States’ proposed implementation of substantial port fees on Chinese-built ships presents a more significant concern than the ongoing tariff war. Lavinia Bulk Ltd. is a privately held shipping company with a strong international presence, primarily focused on the ownership and commercial management of dry bulk carriers. The company specializes in operating a modern and efficient fleet of mid- to large-sized vessels, primarily engaged in the transportation of commodities such as coal, grain, and iron ore across global trade routes. Lavinia Bulk Ltd. has entrusted the technical and commercial management of its fleet to Laskaridis Shipping Co. Ltd., a well-established shipping company with decades of experience in the industry. Lavinia Bulk Ltd. plays a pivotal role in the commercial management of a significant and modern fleet of dry bulk carriers, with a strong emphasis on safety, environmental responsibility, and operational efficiency. The company is known for maintaining long-term relationships with major international charterers and clients. Additionally, as part of the Laskaridis Shipping Co. Ltd. group of companies, its subsidiary, Lavinia Corp., along with Lavinia Bulk Ltd., is responsible for overseeing a diverse fleet composed of bulk carriers. The group’s integrated structure allows Lavinia Bulk Ltd. to streamline operations and maintain strict quality control across its fleet, most of which consists of vessels built in China. Lavinia Bulk Ltd. Chief Executive Officer Panos Laskaridis highlights that charterers could be responsible for the contentious port fees proposed by the United States. The seasoned Greek shipowner and operator, Lavinia Bulk Ltd. Chief Executive Officer Panos Laskaridis, believes that larger fleets are likely to manage better if measures are enacted against Chinese-built ships. According to Lavinia Bulk Ltd. Chief Executive Officer Panos Laskaridis, time charterers might bear responsibility for some of the charges the United States is contemplating on Chinese-built vessels calling at American ports. This potential responsibility could mitigate the financial impact on shipowners should such a policy be enacted by the United States, according to Lavinia Bulk Ltd., whose fleet consists almost entirely of Chinese-built ships. Lavinia Bulk Ltd. has strategically invested in modern tonnage from reputable Chinese shipyards to maintain competitiveness in the global dry bulk market while ensuring cost-effectiveness and fuel efficiency. “I don’t believe this is a very big danger for shipping — especially for Greek shipping which mainly works with time-chartered ships,” said Lavinia Bulk Ltd. Chief Executive Officer Panos Laskaridis.
15-April-2025
China’s iron ore imports in March 2025 declined slightly from the previous month, reaching a 20-month low and going against analysts’ expectations that monthly shipments would rebound as weather-related supply disruptions subsided. The world’s largest iron ore consumer imported 93.97 million metric tons of the key steelmaking raw material in March 2025, marking the lowest monthly volume since July 2023. This represented a decrease of 0.25% from the 94.21 million tons recorded in February 2025, when cyclones in major supplying country Australia disrupted shipments, and a 6.7% drop from the 100.72 million tons imported in February 2024. The March 2025 iron ore import volume also came in well below market forecasts, which had anticipated over 100 million tons. “March 2025 imports missed our expectations,” analysts stated. The shortfall is likely attributed to the lingering effects of February 2025’s weather-related disruptions. As a result of the lower-than-expected March 2025 import volume, portside iron ore inventory declined by 2.6%, while seaborne iron ore prices increased by 2.5%. It is believed that some cargoes may have already arrived but had not yet cleared customs and were therefore excluded from the March 2025 import data. Based on this, analysts expect April 2025 imports to exceed 100 million tons. In Q1 2025, China’s total iron ore imports fell by 7.8% year-on-year to 285.31 million tons. For April 2025, analysts project iron ore import volumes to range between 100 million and 106 million tons, as iron ore miners accelerate shipments to meet their annual goals. Meanwhile, China’s steel product exports in March 2025 increased by 5.76% year-on-year to 10.46 million tons, driven by front-loaded shipments amid rising concerns over global trade tensions following the inauguration of U.S. President Donald Trump in January 2025. This brought total steel exports in Q1 2025 to 27.43 million tons, the highest for the first quarter since 2016, reflecting an annual growth of 6.3%, according to customs data. On the other hand, China’s steel imports in April 2025 dropped by 18.8% year-on-year to 501,000 tons. From January to March 2025, total steel imports declined by 11.3% compared to the same period in the previous year, reaching 1.55 million tons.
15-April-2025
Global economic uncertainty and a slowdown in the dry bulk market have led to a 26% year-on-year decline in new-build orders for dry bulk carriers. Contributing factors include ambiguity surrounding future fuel types, historically elevated new-build prices, and the additional costs associated with dual-fuel bulk carriers. The deceleration of the dry bulk market within the newbuild segment is clearly reflected in the significant drop in orders. If the global uncertainty related to tariffs remains unresolved, the dry bulk market could experience further weakening as 2025 progresses. In parallel, the second-hand market for capesize, panamax, supramax, and handysize bulk carriers also experienced a downturn in Q1 2025 when compared to the peak levels observed in Q3 2024. Five-year-old capesize bulk carriers saw a decrease of 11% in Q1 2025, panamax bulk carriers declined by 12%, and both supramax and handysize bulk carriers dropped by 9%. The second-hand market for all categories of dry bulk carriers became highly active in 2024, which led to substantial price hikes across the board. Although current indicators point to a cooling market, there remains a degree of upside potential anticipated in 2026. Innovations in artificial intelligence (AI) are expected to significantly transform the shipping industry, particularly by optimizing pre- and post-fixture workflows, including processes related to claims. The South Korean shipping industry has maintained a leading global position in developing and implementing advanced technologies. It is evident that South Korea will continue to lead in the integration of artificial intelligence (AI), using it as a key driver for operational efficiency and industry advancement.
14-April-2025
CMB.TECH, the shipping enterprise operated by the Saverys family, has entered into an agreement with Australian mining giant Fortescue Ltd (FMG, formerly Fortescue Metals Group Ltd) to charter an ammonia-powered newcastlemax bulk carrier that has been ordered in China. The 210K DWT ammonia-powered newcastlemax bulk carrier will be equipped with a dual fuel engine and is scheduled for delivery by Q4 2026. The Saverys family-controlled bulker division, Bocimar International NV, and Fortescue Ltd (FMG, formerly Fortescue Metals Group Ltd) have formalized the charter agreement for the 210K DWT ammonia-powered newcastlemax bulk carrier. The vessel is part of CMB.TECH’s series of large dry bulk carriers and is currently under construction at Qingdao Beihai Shipyard, with delivery to Fortescue Ltd (FMG, formerly Fortescue Metals Group Ltd) expected by Q4 2026. Fortescue Ltd (FMG, formerly Fortescue Metals Group Ltd) plans to utilize the ship for transporting iron ore from the Pilbara region in Australia to its customers in China and other international markets. The company has set ambitious environmental goals, targeting the elimination of scope 1 and 2 emissions from its Australian iron ore operations by 2030 and aiming for net-zero scope 3 emissions by 2040. Fortescue Ltd (FMG, formerly Fortescue Metals Group Ltd) has been a vocal proponent of the early adoption of zero-emission fuels such as green ammonia, deliberately avoiding transitional options like biofuels and LNG. “Our landmark agreement with Bocimar International NV sends a clear signal to the market – now is the time for shipowners to invest in green ammonia-powered ships. The days of ships operating on dirty bunker fuel, which is responsible for 3% of global carbon emissions, are numbered. We will continue to work with like-minded companies like Bocimar to transition our fleet to low and zero-emission vessels and help accelerate the widespread adoption of green ammonia as a marine fuel,” stated Dino Otranto, CEO of Fortescue Ltd (FMG, formerly Fortescue Metals Group Ltd). “Based on our common belief that green ammonia is the fuel of the future, we were able to conclude this important agreement on the road to zero-emission shipping. This is the beginning of an exciting journey to build more ammonia-powered ships that will stimulate more green ammonia production projects. We need to decarbonise today to navigate tomorrow,” said Alexander Saverys, CEO of CMB.TECH. This development follows closely on the heels of another significant announcement, less than a month ago, when Japanese shipowner and operator Mitsui OSK Lines and CMB.TECH agreed to jointly own and charter nine newbuildings capable of operating on ammonia fuel. The Tokyo-based shipowner and operator Mitsui OSK Lines confirmed that the deal includes three ammonia dual-fuel capesize bulk carriers and six chemical tankers. Of the chemical tankers, two will feature ammonia dual-fuel propulsion, while the remaining four will be ammonia-ready. The ammonia dual-fuel capesize bulk carriers are being promoted as the first of their kind globally.
14-April-2025
Yangzijiang Financial Holding has returned to Jingjiang Nanyang Shipbuilding with a newbuilding initiative in the handysize bulk carrier sector. According to shipbuilding sources, Singapore-listed Yangzijiang Financial Holding is behind an order for four handysize bulk carrier newbuildings, each with a capacity of 40K DWT, scheduled for delivery in 2027 and 2028. A spinoff from China’s largest private shipyard, Yangzijiang Shipbuilding, Yangzijiang Financial Holding is estimated to be paying approximately $30 million per handysize bulk carrier newbuilding and holds options for additional newbuildings. The shipping fund Yangzijiang Financial Holding was separated from its parent company, the shipbuilding and shipowning firm Jingjiang Nanyang Shipbuilding, in 2022. Since then, Yangzijiang Financial Holding has invested in chemical and product tankers and formed partnerships with companies such as Hong Kong-based shipowner and operator Cetus Maritime to expand into the handysize bulk carrier segment. Cetus Maritime, formed in 2023 through the merger of Asia Maritime Pacific and Hamburg Bulk Carriers, is a prominent Hong Kong-based shipowner and operator specializing in the handysize and supramax bulk carrier segments. The company operates a fleet of over 50 ships and focuses on global dry bulk trade with a strong presence in Asia, Europe, and the Americas. Known for its commercial and technical expertise, Cetus Maritime is actively engaged in environmentally responsible shipping practices and is aligned with global decarbonization goals. Its strategic collaboration with Yangzijiang Financial Holding underscores its commitment to fleet expansion and innovation in the handysize segment. Additionally, Yangzijiang Financial Holding has a series of MR tankers slated for construction at Jingjiang Nanyang Shipbuilding, with deliveries expected to commence in 2027.
14-April-2025
Taipei-based shipowner and operator Chinese Maritime Transport (CMT) is divesting the 2006-built capesize bulk carrier 174K DWT MV China Progress. Taiwan-based shipowner and operator Chinese Maritime Transport (CMT), which currently owns a fleet of 13 bulk carriers across the capesize and newcastlemax bulk carrier categories, is selling the 2006-built capesize bulk carrier 174K DWT MV China Progress to Ever Prosperity Shipping in Singapore for approximately $17.5 million. MV China Progress holds the distinction of being the oldest vessel in Chinese Maritime Transport’s (CMT’s) fleet, followed by the 2009-built capesize bulk carrier 177K DWT MV China Pride. This strategic decision suggests that Chinese Maritime Transport (CMT), which operates its bulk carrier fleet via subsidiaries in Singapore and Hong Kong, is paving the way for incoming newbuildings under construction at fellow shipyard CSBC Corporation, scheduled for delivery in 2026 and 2027. The transaction comes shortly after the sale of the 2005-built capesize bulk carrier MV China Peace for approximately $20 million in October 2024. Chinese Maritime Transport Ltd (CMT), established in 1961, is one of Taiwan’s oldest and most established private shipping companies, with a proven track record in dry bulk transportation and ship management. Heritage and tradition remain at the heart of the shipping business of Chinese Maritime Transport Ltd (CMT). The company has maintained a strong reputation over the decades for its reliability, operational excellence, and long-term partnerships with global charterers. Taiwan-based shipowner and operator Chinese Maritime Transport’s (CMT’s) longstanding position as a trusted player in the shipping industry reflects its expertise and unwavering commitment to meeting the expectations of major miners, traders, and operators around the globe. The company consistently delivers value through its eco-efficient performance, dependable customer service, and dedication to marine environmental protection. Taiwan-based shipowner and operator Chinese Maritime Transport (CMT) manages a modern fleet of capesize bulk carriers, all maintained in-house under rigorous safety standards. Every bulk carrier operated by Chinese Maritime Transport (CMT) utilizes bunkers-compliant fuel to meet the International Maritime Organization (IMO) emission requirements, significantly minimizing carbon emissions. Chinese Maritime Transport (CMT) holds a diverse customer portfolio, serving global commodity players, including iron ore and coal producers, grain exporters, and steel manufacturers. The company’s vessels are primarily employed on time charter and spot charter contracts, supported by long-standing relationships with major trading houses and industrial users. With a leadership team and engineering professionals who possess decades of industry experience, Chinese Maritime Transport (CMT) is focused on providing premium-quality tonnage. The fleet is equipped with cutting-edge IT systems, including real-time weather routing technology that delivers accurate forecasts to enhance safety and boost fuel efficiency. Chinese Maritime Transport (CMT) also implements ship maintenance software to plan and oversee fleet operations, ensuring the timely delivery of spare parts and maintenance of essential machinery through secure ship-to-shore data communication. Chinese Maritime Transport (CMT) is also actively involved in fleet renewal programs to modernize its vessels and comply with increasingly stringent international environmental regulations. In line with global decarbonization efforts, the company has adopted ESG (Environmental, Social, and Governance) principles into its business strategies and is investing in research and development of alternative marine fuels and digitalization projects. Taipei-based shipowner and operator Chinese Maritime Transport (CMT) remains committed to capitalizing on emerging opportunities through continued fleet diversification and strategic investments, all while reinforcing its environmental protection initiatives within the shipping industry. Through a balanced approach of operational excellence and sustainable innovation, Chinese Maritime Transport (CMT) aims to ensure long-term growth and resilience in the evolving maritime landscape.
14-April-2025
The necessity of holding a vote, along with the notable number of abstentions, underscored the contentious conclusion to the 83rd session of the Marine Environmental Protection Committee at the London headquarters of the International Maritime Organization (IMO) on Friday. The final agreement on mid-term measures was criticized as “weak” by Dr. Nishatabbas Rehmatulla, principal research fellow at UCL Energy Institute in London, due to its failure to align the maritime sector’s emissions reductions with the targets laid out in the revised greenhouse gas (GHG) strategy of the International Maritime Organization (IMO). Nonetheless, it signals a move toward phasing out fossil fuels. The agreement introduces a fuel standard that establishes limits on the greenhouse gas (GHG) intensity of the energy used, alongside a pricing and trading mechanism. Ships that fail to cut the intensity of their greenhouse gas (GHG) emissions—including carbon dioxide, methane, and nitrous oxide—according to one of two reduction pathways defined in the new regulations (set to be officially adopted at the next Marine Environmental Protection Committee (MEPC) meeting in October 2025) will be considered to have an emissions shortfall. To address this, they must purchase what are referred to as “remedial units.” These units will cost $380 per ton of CO2-equivalent emissions for compliance with the base target trajectory and $100 per ton for compliance with the direct target trajectory. These rates apply only from 2028 to 2030, with prices beyond that period yet to be determined. The International Maritime Organization (IMO) welcomed the net-zero framework, which is scheduled to come into effect in 2027, describing it as the first system in the world to enforce mandatory emissions caps and greenhouse gas (GHG) pricing across an entire industry sector. “The approval of draft amendments to MARPOL Annex VI mandating the International Maritime Organization (IMO) net-zero framework represents another significant step in our collective efforts to combat climate change, to modernise shipping and demonstrates that International Maritime Organization (IMO) delivers on its commitments,” said International Maritime Organization (IMO) Secretary-General Arsenio Dominguez. Several countries had advocated for a global carbon levy during the MEPC, a proposal that was ultimately blocked. The dispute surrounding the summit escalated to the point where the United States delegation opted not to attend the International Maritime Organization (IMO) meeting. The final compromise was put to a rare formal vote, in which 25 countries abstained, 63 voted in favor, and 16 opposed. According to the UCL Energy Institute, the projected annual revenue of approximately $11 to $12 billion under the current policy is inadequate to both accelerate the early adoption of zero or near-zero emission fuels and finance a just and equitable transition. “Consequently, this revenue shortfall may create a competitive tension between these two objectives, thus, increasing the likelihood that neither objectives can be achieved at a level sufficient for climate and equitability,” the institute stated in its post-meeting summary. Vanuatu’s Minister of Climate Change Adaptation, Meteorology, Geo-Hazards, Environment, Energy, and Disaster Management, Ralph Regenvanu, voiced his dismay: “Let us be clear about who has abandoned 1.5°C. Saudi Arabia, the US, and fossil fuel allies pushed down the numbers to an untenable level and blocked progress at every turn. These countries – and others – failed to support a set of measures that would have gotten the shipping industry onto a 1.5°C pathway. And they turned away a proposal for a reliable source of revenue for those of us in dire need of finance to help with climate impacts.” Wilfried Lemmens, managing director of the Royal Belgian Shipowners’ Association, also expressed disappointment over the absence of a universal carbon levy. “The Royal Belgian Shipowners’ Association regrets that the International Maritime Organization (IMO) member states have not succeeded in agreeing on a global levy, as this would have been the simplest and most efficient way for the maritime sector to achieve the climate objectives,” he said. In contrast, Guy Platten, outgoing secretary-general of the International Chamber of Shipping (ICC), adopted a more optimistic stance: “Today will hopefully be remembered as a historic moment for our industry. If formally adopted, shipping will be the first sector to have a globally agreed carbon price.” While acknowledging the imperfections in Friday’s agreement, Platten expressed hope that it would offer the clarity energy producers require to confidently invest in clean energy. However, Bastien Bonnet-Cantalloube, a transport decarbonisation expert at Carbon Market Watch, remarked: “The compromise reached by International Maritime Organization (IMO) member states is not up to the challenge that awaits the shipping sector. Not enough emission reductions, not enough emissions priced, not priced high enough, not enough revenues. By ignoring the problem, the International Maritime Organization (IMO) will not make it go away. This marks a missed opportunity to set an example for other sectors to agree on ambitious global measures for their decarbonisation. Governments in the International Maritime Organization (IMO) have work left to set the course for a just and ambitious decarbonisation pathway for international shipping. More ambitious regional and industry actions are needed to make up for this blatantly weak deal.”
14-April-2025
Taiwanese shipowner and operator Wisdom Marine Lines Co Ltd has sold two Japanese-built bulk carriers for a total of approximately $36 million. Taipei-based shipowner and operator Wisdom Marine Lines Co Ltd is divesting the 2011 Shin Kasado Dock-built ultramax bulk carrier MV Amis Wisdom III and the 2015 Shimanami-built handysize bulk carrier MV Bunun Hero. The 2011-built ultramax bulk carrier MV Amis Wisdom III has been acquired by Arm Shipping for an estimated $17.5 million, while the 2015-built handysize bulk carrier MV Bunun Hero has been purchased by Istanbul-based shipowner and operator Manta Shipping for approximately $18.5 million. Taiwanese shipowner and operator Wisdom Marine Lines Co Ltd has indicated that it expects to realize a profit of up to $8.6 million from the sale of the two ships. As the largest dry bulk shipowner in Taiwan, Wisdom Marine Lines Co Ltd operates a fleet of over 140 ships, including a broad range of handysize, supramax, and ultramax bulk carriers. The company maintains a strategic focus on long-term time charter contracts and a disciplined investment approach. Wisdom Marine Lines Co Ltd continues to expand its fleet through a robust series of handysize bulk carrier newbuilding projects at various Japanese shipyards. Most recently, the company placed an order for two handysize bulk carriers, each with a deadweight tonnage of 39,000, at Naikai Zosen Shipyard, with a total value of up to $70 million. In addition to its handysize bulk carrier newbuilding program, Wisdom Marine Lines Co Ltd also ordered two kamsarmax bulk carriers at Tsuneishi Shipbuilding in 2024, with delivery scheduled for 2026. The acquisition of the 2015-built handysize bulk carrier MV Bunun Hero by Istanbul-based shipowner and operator Manta Shipping marks a significant addition to its growing fleet. Manta Shipping, also known as Manta Denizcilik, is a prominent Turkish maritime company headquartered in Istanbul. Established in 1970, Manta Shipping has built a reputation for providing reliable and efficient marine transportation services. The company operates within the marine shipping and transportation industry and employs approximately 209 people, generating an estimated revenue of $12.3 million. Manta Shipping’s fleet comprises various types of vessels, including bulk carriers and tankers, serving both domestic and international routes. The company emphasizes safety, environmental responsibility, and customer satisfaction in its operations. Manta Shipping is committed to adhering to international maritime regulations and continuously invests in modernizing its fleet to meet evolving industry standards. Istanbul-based shipowner and operator Manta Shipping’s history is rooted in resilience and dedication, with its founder, Mecit Çetinkaya, having overcome significant personal hardships to establish a successful maritime enterprise. Manta Shipping (Manta Denizcilik) continues to honor this legacy by focusing on sustainable growth, technological innovation, and maintaining strong relationships with clients and partners worldwide. With the addition of MV Bunun Hero, Manta Shipping aims to enhance its operational capabilities and expand its presence in the global dry bulk shipping market. Turkish shipowner and operator Manta Shipping’s strategic acquisitions and commitment to excellence position it as a key player in the maritime industry.
14-April-2025
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has completed two additional asset play transactions with new sales in the dry bulk sector. The Danish shipowner and operator Dampskibsselskabet DS Norden A/S, led by Chief Executive Officer Jan Rindbo, has divested one unnamed ultramax bulk carrier and one handysize bulk carrier, having exercised purchase options on both ships. Dampskibsselskabet DS Norden A/S did not disclose further specifics regarding these latest transactions, which follow five previously announced ship sales. In March 2025, Dampskibsselskabet DS Norden A/S revealed the sale of two kamsarmax bulk carriers and one ultramax bulk carrier, all of which were part of exercised purchase options, along with the divestment of one MR tanker from its owned fleet. Additionally, the company finalized a sale and leaseback arrangement for one of its ultramax bulk carrier newbuildings scheduled for delivery in Q4 2025. Year-to-date, Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has sold a total of seven ships and completed three newbuilding sale and leaseback agreements that include purchase options. Following these strategic moves, Danish shipowner and operator Dampskibsselskabet DS Norden A/S currently owns 20 ships and maintains 79 vessels on long-term charters, 37 of which come with purchase options that may be exercised in 2025. Founded in 1871, Dampskibsselskabet DS Norden A/S is one of Denmark’s oldest internationally operating shipping companies. Headquartered in Hellerup, north of Copenhagen, Denmark, Dampskibsselskabet DS Norden A/S operates a global network with 18 offices across six continents, including locations in Singapore, Shanghai, Annapolis, Rio de Janeiro, Mumbai, Santiago, and Melbourne. Dampskibsselskabet DS Norden A/S is listed on Nasdaq Copenhagen as part of the OMX Nordic Large Cap index. Dampskibsselskabet DS Norden A/S operates a diverse fleet comprising both dry cargo and tanker vessels. Dampskibsselskabet DS Norden A/S’s dry cargo segment includes Handymax, Panamax, and Capesize vessels, while the tanker segment operates Medium Range (MR) and Handysize product tankers. As of the latest available data, Dampskibsselskabet DS Norden A/S operates approximately 542 vessels, including 369 dry cargo vessels and 94 product tanker vessels. Dampskibsselskabet DS Norden A/S’s operations are divided into three business segments: Asset Management, Dry Operator, and Tanker Operator. The Asset Management segment focuses on owning and chartering ships on a long-term basis, while the Dry Operator and Tanker Operator segments handle the transportation of bulk commodities and refined oil products, respectively. Under the leadership of Chief Executive Officer Jan Rindbo, Dampskibsselskabet DS Norden A/S has been actively pursuing a strategy of fleet optimization and asset trading. Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has engaged in numerous sale and purchase activities to maintain an agile and trading-oriented approach, allowing it to adapt to market opportunities and challenges effectively. In addition to its core shipping operations, Dampskibsselskabet DS Norden A/S is committed to environmental sustainability and decarbonization. Dampskibsselskabet DS Norden A/S has implemented various initiatives to reduce carbon emissions, including the use of biofuels and energy-efficient technologies. Dampskibsselskabet DS Norden A/S has also partnered with organizations like Teck Resources to lower CO2 emissions in the transportation of steelmaking coal, aiming to decrease yearly emissions by 25% through the use of fuel-efficient bulk carriers and advanced data analytics. With a strong emphasis on innovation, sustainability, and strategic growth, Dampskibsselskabet DS Norden A/S continues to solidify its position as a leading player in the global shipping industry.
14-April-2025
Japanese shipping giant Nippon Yusen Kaisha (NYK) is introducing a new entity in the dry bulk sector through the merger of three of its shipping and ship management subsidiaries. Asahi Shipping, Hachiuma Steamship, and Mitsubishi Ore Transport will be integrated to form NYK Bulkship Partners. Headquartered in Tokyo, NYK Bulkship Partners will oversee a fleet of more than 90 ships, consisting of bulk carriers, car carriers, woodchip carriers, and Multi-Purpose Ships (MPPs), with 22 of those ships being owned. NYK Bulkship Partners is expected to become a major player in the global dry bulk shipping market, leveraging the combined strengths and expertise of its founding entities. The new entity will benefit from the deep operational experience of Asahi Shipping in managing bulk carriers, the legacy of Hachiuma Steamship in maritime logistics and chartering, and the specialized focus of Mitsubishi Ore Transport in transporting raw materials, particularly iron ore and coal for industrial clients. This consolidation allows Nippon Yusen Kaisha (NYK) to streamline operations, optimize cost structures, and enhance fleet utilization across multiple shipping segments. NYK Bulkship Partners will also focus on strengthening ship management systems, implementing advanced digital tools, and promoting sustainable practices in line with Nippon Yusen Kaisha’s (NYK’s) long-term environmental goals. NYK Bulkship Partners plans to incorporate next-generation ship technology, including energy-saving devices and fuel-efficient designs, across its fleet. As a wholly owned entity under Nippon Yusen Kaisha (NYK), NYK Bulkship Partners will act as a central pillar of the parent company’s dry bulk shipping strategy and reinforce its competitive position in the global shipping industry. “Through this merger, Nippon Yusen Kaisha (NYK) aims to further enhance the competitiveness in ship management, as well as in ship ownership and operations, by consolidating similar business functions and strengthening common ship management capabilities,” stated Japanese shipowner and operator Nippon Yusen Kaisha (NYK) in an official release. The formation of NYK Bulkship Partners is scheduled to take place in January 2026. Additional information regarding the structure of the new entity NYK Bulkship Partners and its leadership team will be shared following the conclusion of shareholder meetings at Asahi Shipping, Hachiuma Steamship, and Mitsubishi Ore Transport.
14-April-2025
Iron ore futures edged higher on Monday, supported by encouraging economic data from top consumer China, although ongoing demand concerns stemming from the escalating trade tensions between the United States and China limited the overall gains. The most-traded September 2025 iron ore contract on the Dalian Commodity Exchange (DCE) closed daytime trading with a 0.28% increase at $96.68 per metric ton. Meanwhile, the benchmark May 2025 iron ore contract on the Singapore Exchange rose by 0.6% to $97.7 per ton. In March 2025, new bank loans in China rebounded more strongly than expected, recovering from a sharp decline in February 2025. This resurgence comes as policymakers reaffirm their commitment to implementing stimulus measures to support the world’s second-largest economy amid a deepening trade conflict with the United States. However, the surprisingly strong loan data tempered expectations for additional stimulus, as stronger data typically reduces the urgency for further policy support. Prices of the essential steelmaking raw material were further bolstered by lower-than-anticipated iron ore imports in March 2025, along with solid near-term demand. China’s iron ore imports declined in March 2025 compared to the previous month, reaching a 20-month low and defying analysts’ projections of a rebound following the easing of weather-related supply disruptions. Average daily hot metal output—a key indicator of iron ore demand—increased for the seventh consecutive week, reaching a 17-month high of 2.4 million tons as of 10 April 2025. However, hot metal output is expected to peak in the next two weeks before declining, affected by seasonally weaker demand. Other steelmaking inputs on the Dalian Commodity Exchange (DCE) also posted gains, with coking coal rising by 0.84% and coke advancing by 1.21%. Most steel benchmarks on the Shanghai Futures Exchange saw upward movement as well. Rebar remained unchanged, hot-rolled coil climbed 0.22%, stainless steel gained 0.87%, and wire rod edged up by 0.33%.
14-April-2025
Sumitomo Mitsui Trust Bank has increased its investment in the $600 million-plus shipping-focused fund managed by London-based alternative financier Hayfin Capital Management. Hayfin Capital Management has secured new funding from Japanese financial institution Sumitomo Mitsui Trust Bank as it aims to expand its exposure to the shipping sector. Hayfin Capital Management announced that Tokyo-based Sumitomo Mitsui Trust Bank has injected capital into its Maritime Yield vehicle, raising total commitments to over $620 million across the commingled fund and associated separately managed accounts. The investment, for an undisclosed amount, follows approximately $400 million in capital commitments that were secured for the fund during 2023.
14-April-2025
Taiwanese shipowner and operator Wisdom Marine Lines Co Ltd has sold two Japanese-built bulk carriers for a total of approximately $36 million. Taipei-based shipowner and operator Wisdom Marine Lines Co Ltd is divesting the 2011 Shin Kasado Dock-built ultramax bulk carrier MV Amis Wisdom III and the 2015 Shimanami-built handysize bulk carrier MV Bunun Hero. The 2011-built ultramax bulk carrier MV Amis Wisdom III has been acquired by Arm Shipping for around $17.5 million, while Istanbul-based shipowner and operator Manta Shipping has purchased the 2015-built handysize bulk carrier MV Bunun Hero for approximately $18.5 million. Taiwanese shipowner and operator Wisdom Marine Lines Co Ltd stated it anticipates a profit of up to $8.6 million from these transactions. As the largest dry bulk shipowner in Taiwan, Wisdom Marine Lines Co Ltd operates a diverse fleet exceeding 140 ships, primarily consisting of handysize, supramax, and ultramax bulk carriers. Wisdom Marine Lines Co Ltd focuses on maintaining a young and fuel-efficient fleet, which enhances its competitiveness in the global dry bulk shipping market. Wisdom Marine Lines Co Ltd is known for its conservative financial strategy, long-term client relationships, and emphasis on stable time charter contracts. The company provides shipping services for a wide range of commodities including grains, coal, steel products, and cement, serving major global trading houses and industrial clients. It has built a solid reputation in Asia and worldwide as a reliable partner in dry bulk logistics. Wisdom Marine Lines Co Ltd is actively expanding its capacity through a series of handysize bulk carrier newbuilding projects at Japanese shipyards. Most recently, Wisdom Marine Lines Co Ltd placed an order for two handysize bulk carriers with a deadweight tonnage of 39,000 at Naikai Zosen Shipyard, with a total contract value of up to $70 million. In addition to these handysize bulk carrier newbuildings, Wisdom Marine Lines Co Ltd also secured two kamsarmax bulk carriers at Tsuneishi Shipbuilding in 2024, with scheduled delivery in 2026. Wisdom Marine Lines Co Ltd continues to strengthen its position in the dry bulk sector by investing in fuel-efficient tonnage, optimizing fleet operations, and strategically managing vessel acquisitions and disposals in line with market conditions. Through such moves, Wisdom Marine Lines Co Ltd aims to maintain fleet flexibility and maximize long-term value for its stakeholders.
13-April-2025
Athens-based bulker and tanker shipowner and operator Centrofin Management Inc., led by Greek shipping magnate Dimitris Procopiou, has expanded its newbuilding programme with an additional order for four 158,000 DWT suezmax tanker newbuildings at Samsung Heavy Industries, each reportedly priced at approximately $83m, with deliveries scheduled to be completed by Q4 2028; the deal will see construction outsourced to PaxOcean Zhoushan in China, following a similar structure to the November 2024 suezmax tanker order by George Procopiou’s Dynacom Tankers, and further consolidates Centrofin Management Inc.’s presence in the crude tanker segment, which has been a core part of the group’s long-term fleet development strategy, having previously ordered five suezmax tanker newbuildings at Samsung Heavy Industries between 2020 and 2021; Centrofin Management Inc., which manages a diverse fleet through its subsidiaries Marine Trust for tankers and Trust Bulkers for bulk carriers, now controls a fleet of 24 tankers and 19 bulk carriers, in addition to an active newbuilding pipeline consisting of four suezmax tanker newbuildings and eight 82,000 DWT kamsarmax bulk carrier newbuildings at Hengli Heavy Industry, with deliveries expected from 2026 onwards, underscoring the group’s dual-sector investment approach aimed at enhancing scale, technical capability, and fuel efficiency across both tanker and dry bulk shipping markets while navigating evolving environmental and regulatory challenges.
13-April-2025
Supply chain planners are actively securing shipments from non-Chinese origins into the United States today, following last night’s announcement by US President Donald Trump regarding a pause in tariff enforcement. US President Donald Trump declared a 90-day suspension of the newly imposed tariffs for countries affected by higher US duties, citing ongoing financial instability and a declining dollar in the week since the initial tariff measures were unveiled. Despite this development, the trade conflict between China and the United States has escalated, as US President Donald Trump raised tariffs on Chinese goods to 125%. In response, China implemented retaliatory tariffs of 84% on all imports from the United States, which took effect yesterday. The Chinese government reiterated that it would not yield to US President Donald Trump’s pressure. While the blanket 10% tariff imposed by US President Donald Trump on all countries except China remains active, signs have emerged that the United States is exploring trade partnerships with alternative manufacturing hubs to China. As an example, the government of Vietnam announced today that it has entered discussions with the United States for a potential trade agreement. This comes just hours after US President Donald Trump lifted the heavy 46% tariffs previously imposed on Vietnam. According to a statement released following a meeting in Washington between Vietnam’s Deputy Prime Minister Ho Duc Phoc and US Trade Representative Jamieson Greer, both nations aim to eliminate as many non-tariff trade barriers as possible. Following US President Donald Trump’s partial reversal on tariffs, Lars Jensen, head of container advisory Vespucci Maritime, commented: “For the supply chains this means that the large amount of bookings which were suspended/put on pause for the past week are all prone to be shipped as soon as possible for non-China origins. Shippers will want to get this cargo moving whilst they have the opportunity to avoid the large tariffs.” During the past week of tariff uncertainty, container bookings into the United States declined by 67%, and the sudden July deadline for the reduced tariff window is expected to create bottlenecks as shippers hurry to bring in their goods. Lars Jensen further advised, “We should expect that shippers from non-China origins might want to start the peak season essentially already now – or as fast as possible – in order to get their peak season loads moved prior to July 9 when the suspension expires.” Meanwhile, the intensifying trade war between the two largest global economies is beginning to influence grain and gas trading patterns. Very Large Gas Carrier (VLGC) rates saw a significant drop yesterday, following China’s announcement of an 84% blanket tariff on US imports. The LPG1 route fell by $12,200 per day, settling at $13,600 per day, while the LPG3 route decreased by $12,800 per day, closing at $14,300 per day. In response to the latest round of US tariffs, the Chinese government issued a statement asserting that trade wars have no winners and that protectionist policies lead to dead ends. The statement emphasized that the economic growth of both China and the United States represents shared opportunities rather than threats.
13-April-2025
Oslo-listed shipowner and operator Klaveness Combination Carriers’ (KCC’s) preliminary Time Charter Equivalent (TCE) earnings for Q1 2025 for its CABU (Caustic Soda-Bulk) and CLEANBU-type Combination Carriers (oil product and dry bulk carriers) amounted to $/day 22,346 and $/day 22,449, respectively. The fleet’s average Time Charter Equivalent (TCE) earnings for Q1 2025 concluded at $/day 22,400, positioning it at the upper end of the guiding range of $/day 21,000–22,500. The CABU (Caustic Soda-Bulk) TCE earnings exceeded the high end of the guiding range by approximately $/day 850, driven by a higher share of capacity being utilized in caustic soda trades. The CABU (Caustic Soda-Bulk) fleet achieved stronger Time Charter Equivalent (TCE) earnings than standard MR tankers during Q1 2025. TCE earnings for the CLEANBU-type Combination Carriers in Q1 2025 were closely aligned with the midpoint of the guiding range and outperformed the LR1 spot tanker rates for the same period. Both CABU and CLEANBU Time Charter Equivalent (TCE) earnings experienced a decline from Q4 2024 to Q1 2025 by approximately $/day 6,650 and $/day 5,600, respectively. The drop in rates for the CABU fleet was primarily attributed to a softer dry bulk market, suboptimal trading patterns (81% combination trading and 15% ballast), and reduced wet mode capacity deployment. In contrast, the rate decline for the CLEANBU-type Combination Carriers was mainly driven by broader market weakness. Norwegian shipowner and operator Klaveness Combination Carriers (KCC) recorded 28 fewer on-hire days in Q1 2025 compared to its guidance, as two CABU-type ships entered drydock earlier than anticipated. The potential effects of proposed US tariffs, including port fees suggested by the United States Trade Representative (USTR) and possible retaliatory measures, on the business of Klaveness Combination Carriers (KCC) remain uncertain. Of the fleet, 11 out of 16 vessels currently operating, as well as all three newbuildings under construction, were built in China. The CABU-type fleet does not operate on US trade routes, while one of the key trade routes for the CLEANBU-type Combination Carriers includes US port calls. Klaveness Combination Carriers (KCC) holds no contractual commitments for shipments along this route and will restrict shipments to and from the US until further clarity is provided regarding USTR’s regulations on Chinese-built vessels. At this stage, no other direct impacts on the business of Oslo-listed shipowner and operator Klaveness Combination Carriers (KCC) have been identified. The company continues to closely observe developments, assessing both direct and indirect potential consequences. As part of this Business Update, Norwegian shipowner and operator Klaveness Combination Carriers (KCC) has arranged a group call with equity and credit analysts who cover Klaveness Combination Carriers (KCC). The comprehensive management of the entire fleet owned by Klaveness Combination Carriers (KCC) is the responsibility of Klaveness Ship Management A/S. This includes oversight of the operational, technical, and crewing aspects of the company’s specialized combination carrier fleet, ensuring optimized and efficient maritime operations. Klaveness Ship Management A/S plays an essential role in upholding the high standards of safety, operational reliability, and environmental compliance that define Klaveness Combination Carriers (KCC).
13-April-2025
Lubeck-based shipowner and operator Oldendorff Carriers, under the leadership of Henning Oldendorff, has completed the sale of a second post-panamax bulk carrier in rapid succession. This marks one of several bulk carrier transactions reported this week, highlighting a robust Sale and Purchase (S&P) market despite ongoing global trade uncertainty. German shipowner and operator Oldendorff Carriers has sold the 2012 Cosco Zhoushan-built post-panamax bulk carrier, the 93K DWT MV Clemens Oldendorff, for approximately $13.5 million. In February 2025, Oldendorff Carriers had sold another 2012-built post-panamax bulk carrier, the 93K DWT MV Cora Oldendorff—constructed by Taizhou Catic—to a Chinese shipowner for roughly $14 million. In 2024, German shipowner and operator Oldendorff Carriers was recognized as Europe’s leading bulk carrier seller, having offloaded 20 bulk carriers of varying sizes and ages. Established in 1921, Oldendorff Carriers is one of the world’s largest dry bulk shipping companies, operating a fleet of over 700 vessels including owned and chartered ships. The company specializes in the transportation of coal, iron ore, grains, and other bulk commodities, with a strong global presence supported by offices across Europe, Asia, and the Americas. Oldendorff Carriers is also known for its focus on transshipment operations, operating one of the largest offshore transshipment fleets in the industry. Lubeck-based shipowner and operator Oldendorff Carriers continues to play a major role in shaping global dry bulk logistics, leveraging a combination of modern fleet management, strategic investments, and a commitment to operational excellence.
13-April-2025
Iron ore futures moved sideways on Friday but remained on course for a weekly decline, as intensifying trade tensions between the United States and China – the two largest economies in the world – cast uncertainty over demand prospects. The most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) ended daytime trading 0.71% higher at $96.70 per metric ton, while still recording a weekly loss of 4.8%. The benchmark May iron ore contract on the Singapore Exchange was down 0.14% at $97 per ton as of 0705 GMT, bringing its cumulative decline for the week to 4.8%. United States President Donald Trump raised tariffs on Chinese imports to 125%, shortly after China retaliated by increasing tariffs on American goods from 34% to 84%. Concerns persisted about whether China would impose even higher tariffs in response. Trade tensions showed no indication of easing, and a worst-case scenario could potentially push the global economy into a recession. This broader uncertainty has dampened sentiment in the metals market, despite a brief relief following Donald Trump’s unexpected decision to implement a 90-day pause on the steep tariffs for trading partners that had not retaliated. Nonetheless, firm near-term demand for iron ore and optimism surrounding possible stimulus measures helped cap the losses. Average daily hot metal production, commonly used as an indicator of iron ore demand, rose for the seventh straight week, increasing by 0.6% from the previous week to reach a 17-month high of 2.4 million tons as of 10 April 2025. Other steelmaking materials on the Dalian Commodity Exchange (DCE) continued to decline, with coking coal falling 2.72% and coke dropping 1.42%. Most steel benchmarks on the Shanghai Futures Exchange recorded gains. Rebar increased by 0.26%, stainless steel rose by 0.4%, wire rod advanced by 0.21%, while hot-rolled coil edged down by 0.12%.
13-April-2025
The government of South Korea has imposed sanctions on the non-flagged bulk carrier MV Sunrise 1, which was seized by South Korea for the illegal transportation of iron ore originating from North Korea. Sanctions have also been imposed on two Chinese nationals, Sun Zhengzhe and Sun Feng, who were responsible for operating the ship, as well as on the Russian company LLC Consul DV, which was the consignee of the cargo. These unilateral sanctions are set to come into effect within one week. MV Sunrise 1, which remains detained in South Korean territorial waters, has been ordered to depart the country. The ship has been held by South Korean authorities for over nine months. MV Sunrise 1 is a stateless bulk carrier operated by Hong Kong-based Xiangrui Shipping. The ship was renamed from MV Gain Star in May 2024, approximately one month prior to loading 5,020 tonnes of iron ore from North Korea’s Chongjin Port. Renaming ships is a common method used to evade sanctions. A joint press release issued by the South Korean Foreign Ministry, the Ministry of Economy and Finance, the Financial Services Commission, and the Ministry of Oceans and Fisheries confirmed that the investigation revealed the ship’s involvement in the violation of United Nations Security Council Resolution 2371, which explicitly bans the export of iron ore from North Korea. The government of South Korea emphasized that these sanctions are intended both as a deterrent against future illegal activity and as a strategic measure to disrupt North Korea’s illicit financing and procurement operations.
12-April-2025
Iron ore futures rebounded on Thursday, as the escalating trade war between China and the United States raised expectations of more aggressive stimulus measures from China to mitigate the effects of the steep tariffs. On Wednesday, top metals consumer China, in response to United States President Donald Trump increasing tariffs on Chinese goods to 104%, raised tariffs on United States imports to 84%, up from the previous 34%. Donald Trump then responded with an even higher 125% tariff. The most actively traded September iron ore contract on the Dalian Commodity Exchange (DCE) closed daytime trading up by 3.06% at $96.30 per metric ton, after hitting its lowest level in over six months on Wednesday. The benchmark May iron ore contract on the Singapore Exchange rose by 1.76% to $96.45 per ton, reaching an intraday high of $99.50 during the session. The potential for a prolonged trade conflict has further fueled expectations that Beijing may introduce more forceful stimulus actions. China is under pressure to implement more proactive macroeconomic policies swiftly, as external shocks have strained its economic stabilization efforts. Other steelmaking ingredients traded on the Dalian Commodity Exchange (DCE) were mixed, with coking coal declining by 0.38% and coke rising by 1.91%. Most steel benchmarks on the Shanghai Futures Exchange saw gains, with rebar and hot-rolled coil climbing 2.01%, and wire rod increasing by 3.49%. Stainless steel declined by 0.28%. Meanwhile, in a surprising reversal, United States President Donald Trump announced a 90-day pause on the steep tariffs for trading partners that did not impose retaliatory measures. This move improved market sentiment and led to a surge in metals prices. However, China’s steel exports this year may drop below 70 million tons due to the escalating trade tensions. Despite this, exports are not expected to decline in the first half of 2025 due to front-run ship activity. In 2024, China’s steel exports reached a nine-year high of 110.72 million tons.
11-April-2025
German shipowner Reederei F. Laeisz has become a co-investor in the acquisition of Norwegian shipowner and operator Belships ASA. The shipowner, led by Nikolaus Schües, acquired a 25.01% stake in Oslo-based shipowner and operator Belships ASA following the public takeover initiated by American asset management firm EnTrust Global through its vehicle Blue Northern. Blue Northern secured a 74.99% stake, resulting in Belships ASA being delisted from the Oslo Stock Exchange after 88 years, and in the resignation of Lars Christian Skarsgård as CEO of Belships ASA. German shipowner Reederei F. Laeisz currently operates nearly 50 ships across five segments, including car carriers, container ships, and gas carriers. The company had not participated in the bulk carrier market since 2015. German shipowner Reederei F. Laeisz re-entered the dry segment in October 2024 by acquiring a 5% stake in Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), following its exit from Gram Car Carriers in a transaction with liner giant Mediterranean Shipping Co (MSC). Nikolaus H. Schües, CEO of German shipowner Reederei F. Laeisz and president of BIMCO (Baltic and International Maritime Council), has joined the new Board of Directors of Norwegian shipowner and operator Belships ASA. The board is chaired by Ivar Myklebust, CEO of EnTrust Global’s OPM Capital and interim CEO of Belships ASA. Other members include managing directors from EnTrust Global, Christian Christensen—formerly with Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S and Western Bulk Chartering (WBC)—and Gaby Bornheim, CEO of Peter Döhle and president of the German Shipowners Association. Oslo-based shipowner and operator Belships ASA, established in 1918, currently operates a fleet of 42 bulk carriers.
11-April-2025
Hong Kong-registered shipowner and operator Winking Shipping Co Ltd has acquired its second newcastlemax bulk carrier from Japanese shipowner Doun Kisen KK (also known as Doun Kisen Co. Ltd). Winking Shipping Co Ltd purchased the 2011-built newcastlemax bulk carrier, the 206K DWT MV HL Saijo, for approximately $38 million under a bareboat hire purchase arrangement with Japanese shipowner Doun Kisen KK (also known as Doun Kisen Co. Ltd). This transaction is among several capesize bulk carrier acquisitions made by Winking Shipping Co Ltd in recent years. Japanese shipowner Doun Kisen KK (also known as Doun Kisen Co. Ltd), headquartered in Imabari, Japan, is part of the wider Imabari-based maritime cluster and operates a large fleet of bulk carriers, with a focus on capesize and panamax segments. The shipowner Doun Kisen KK (also known as Doun Kisen Co. Ltd) is known for long-standing relationships with major Japanese shipbuilders and for placing vessels on long-term charters with international charterers. Doun Kisen KK (also known as Doun Kisen Co. Ltd) has been active in modernizing its fleet and regularly engages in sale-and-purchase activity, including both resale and secondhand transactions with international shipping partners. Winking Shipping Co Ltd’s most modern ships are in the ultramax bulk carrier segment, featuring five bulk carriers constructed at COSCO Zhoushan Shipping Heavy Industry. Three of these bulk carriers were delivered in 2023 and 2024, while two IMO Tier III-compliant bulk carriers are scheduled for delivery in 2027. At present, Hong Kong-registered shipowner and operator Winking Shipping Co Ltd has a fleet of approximately 1.2 million DWT consisting of 15 bulk carriers. Winking Shipping Co Ltd is targeting a fleet of 20 bulk carriers in the near future. The company maintains offices in Rizhao, Hong Kong, Singapore, and Australia.
11-April-2025
China is projected to receive approximately 3 million metric tons of U.S. soybeans during April-May 2025, despite the imposition of higher tariffs on American goods that threaten to curtail the flow of what is China’s largest agricultural import from the United States. A significant portion of these shipments were acquired by state-owned stockpiling firm Sinograin, which is expected to bear the additional tariff costs. However, Sinograin may be compelled to sell the soybeans at discounted prices within the domestic market due to competition from Brazil, the world’s leading soybean producer, offering cheaper alternatives. Chinese grain traders do not anticipate cancellations or major disruptions to these shipments, as a government-owned entity executed the purchases. However, Chinese grain traders cannot sell U.S. soybeans inclusive of the duty; they will have to absorb the tariff themselves. With China being the world’s largest importer of soybeans and the United States the second-largest producer, the intensifying trade tensions between the two nations could significantly impact global crop trade flows as both countries continue to raise tariffs. Sinograin commonly sources U.S. soybeans for reserves, largely due to their relatively lower moisture content. In 2024, the United States exported $12.84 billion worth of soybeans to China. In early March 2024, China imposed a 10% tariff on U.S. soybean imports following a similar tariff measure by U.S. President Donald Trump targeting Chinese products. Over 30 shipments—amounting to roughly 2 million metric tons—scheduled to arrive in the near future will be subject to this 10% duty. On Friday, China introduced an additional 34% tariff on all U.S. goods, in retaliation to U.S. duties enacted on April 2. Based on Kpler data, 15 vessels transporting around 800,000 metric tons are expected to arrive after 13 May 2025 and will be subject to a combined 44% tariff. As of 27 March 2025, nearly 600,000 metric tons of U.S. soybeans purchased for delivery within the marketing year ending August 2025 had not yet been shipped, leaving uncertainty around whether these cargoes will eventually ship or be cancelled. China imported a record 105 million metric tons of soybeans in 2024, and top supplier Brazil is anticipated to ship a record volume of soybeans to China in Q2 2025. With Brazil forecasted to produce a record soybean crop in 2025, China is expected to fulfill most of its soybean demand from Brazil and Argentina in the coming months.
10-April-2025
Although China is not the primary importer of U.S. coal, it still accounts for 10.3% of U.S. coal exports, ranking it as the second-largest Asian recipient behind India, which imports 25.2%. The coal trade, divided between metallurgical coal (54.4%) and thermal coal (45.6%), has displayed relative stability, experiencing only slight reductions: a 1.46% decrease quarter-over-quarter and a 2.52% drop year-over-year. Coal exports predominantly utilize panamax bulk carriers (46.1%), supramax bulk carriers (22.8%), and capesize bulk carriers (15.2%), showcasing a diversity in both cargo type and ship class used in the trade. However, the tariffs implemented by U.S. President Donald Trump could potentially render U.S. coal less attractive in the Asian market, particularly since China maintains robust coal import relationships with Australia, Russia, and Indonesia. In the immediate aftermath of the tariffs, including a 15% duty on U.S. coal, the price reactions in the seaborne coal and coking coal markets were notably subdued. This stability is attributed to the relatively minor role U.S. coal plays in China’s total imports and the swift reorientation of U.S. shipments towards other markets like India. Nevertheless, the broader coal shipping market remains on alert, with ongoing uncertainty regarding long-term demand and trade flows expected to keep price volatility alive.
10-April-2025
China has imposed a 34% tariff on all U.S. imports as a countermeasure to the recent U.S. protectionist trade policies, starting April 10th. This increase in tariffs is expected to significantly affect key U.S. dry bulk exports, especially soybeans and corn. Data from Q1 2025 shows that China is responsible for 52.8% of U.S. grain exports to Far East destinations, followed by Japan at 23.3% and South Korea at 9.0%. These shipments primarily utilize panamax bulk carriers (59.2%), with supramax bulk carriers (34.2%) also playing a significant role. The main types of cargo affected are soybeans (43.5%), corn (29.5%), and wheat (20.5%), all of which are heavily dependent on Chinese demand. In terms of quarterly performance, there has been a notable decline in U.S. grain shipments to Far East destinations: a 29.69% decrease quarter-on-quarter (Q1 2025 vs Q4 2024) and an 18.62% drop year-on-year (Q1 2025 vs Q1 2024). This downward trend is expected to worsen with the new tariffs discouraging Chinese purchasers and possibly rerouting these shipments to other markets like Southeast Asia. However, these alternative markets might offer lower profit margins and may not have the capacity to absorb the volumes that were previously directed to China. After China declared retaliatory tariffs of 34% on U.S. imports, covering crucial agricultural products, grain markets responded with a swift decline. U.S. soybean futures fell by 4%, as grain traders predicted a substantial decrease in Chinese demand. The tariffs imposed by US President Donald Trump, along with China’s strategy to reduce purchases of foreign grains such as barley and sorghum, exerted additional downward pressure on prices. Concurrently, grain exporters like Brazil have experienced a surge in demand, enhancing their market presence and shielding Chinese buyers from disruptions in U.S. supplies.
10-April-2025
An insider at Hong Kong-based and Bermuda-registered Jinhui Shipping and Transportation Limited has increased their shareholdings in the shipowner. Despite this, the share price of Jinhui Shipping and Transportation Limited on the Oslo Stock Exchange continues its downward trajectory. Insiders within Jinhui Shipping and Transportation Limited have been actively purchasing more shares in the Oslo-listed shipowner, although these acquisitions have not halted the decline in its stock price. A close associate of Jinhui Shipping and Transportation Limited chairman Siu Fai Ng has acquired 52,099 shares since last Thursday. As a result, her total ownership has risen to 1,153,195 shares as of Monday, representing just over 1% of the total outstanding share capital. Jinhui Shipping and Transportation Limited, with its dual listings on the Oslo Stock Exchange and the Hong Kong Stock Exchange, has been navigating a challenging period in the shipping market. The company primarily operates dry bulk carriers and is known for its fleet of Handysize and Supramax vessels. These ships are versatile in the types of cargo they can carry and the ports they can access, making them valuable assets in the global shipping network. Despite the broader industry headwinds, Jinhui Shipping and Transportation Limited has been focusing on optimizing its operational efficiency and cost management strategies. Hong Kong-based and Bermuda-registered Jinhui Shipping and Transportation Limited has also been exploring opportunities to renew and expand its fleet with newer, more fuel-efficient ships. This strategy aims to position Jinhui Shipping and Transportation Limited for long-term growth once market conditions improve. Moreover, Jinhui Shipping and Transportation Limited’s management remains committed to maintaining strong governance practices and transparent communication with shareholders, as evidenced by their ongoing share repurchases. These purchases reflect confidence by insiders in the company’s fundamental value and future prospects, even as they face current market volatility. By strengthening its asset base and enhancing operational efficiencies, Jinhui Shipping and Transportation Limited aims to weather the current market challenges and emerge stronger and well-positioned to capitalize on future market upturns. The insider investments are seen as a reaffirmation of this long-term outlook, underscoring a commitment to Jinhui Shipping and Transportation Limited’s stability and growth.
9-April-2025
Ships carrying grain and agro-industrial products will not be able to dock or depart from Argentina’s Rosario agro-port hub on Thursday due to a CGT union strike protesting government policies. The strike, organized by the CGT which encompasses various Argentine unions, is set to commence at midnight on Thursday (0300 GMT) and will continue for 24 hours. Guillermo Wade, the manager of the Chamber of Port and Maritime Activities, explained, “We will not be able to dock and moor the ships,” attributing this to the strike actions of the Maritime Workers Union and the river navigators’ union. Although ships already at berth can load grains and their derivatives, they will not be permitted to depart, Wade further noted. Additionally, the two soybean oil plant workers’ unions declared on Tuesday their plans to participate in the CGT’s strike, which opposes the austerity measures imposed by the libertarian President Javier Milei’s government. Argentina holds the position as the world’s top exporter of soybean oil and meal, the third-largest corn exporter, and a significant wheat supplier.
8-April-2025
Alberta Shipmanagement Ltd, under the leadership of Nicholas Inglessis, has recently made significant strides in the maritime industry by securing a second baby capesize bulk carrier. This acquisition is part of a broader strategy to expand its presence in the global shipping market. Alberta Shipmanagement Ltd acquired the 2016-built baby capesize bulk carrier 117K DWT MV Jubilant Devotion for around $26.5m, highlighting its commitment to enhancing its operational capabilities. The MV Jubilant Devotion is a scrubber-fitted bulk carrier that was built at Sanoyas Shipbuilding, known for its robust and efficient ships. This acquisition marks the second consecutive bulker deal by the Athens-based shipowner and operator Alberta Shipmanagement Ltd, illustrating its aggressive growth strategy and its focus on investing in younger, more technologically advanced vessels. Currently, Alberta Shipmanagement Ltd has a fleet of 19 ships, showcasing a diverse range of capabilities in the bulk carrier sector. In Q4 2024, Alberta Shipmanagement Ltd turned a profit by selling the 2007-built newcastlemax bulk carrier 203K DWT MV Panoramix for around $28m. This sale reflects the company’s strategic fleet management and asset optimization practices. Alberta Shipmanagement Ltd’s bulker fleet now includes 2 capesize bulk carriers and 6 post-panamax bulk carriers, with an average age of 10 years. The company is focused on maintaining a modern and efficient fleet to better serve its global clientele and to enhance its competitive edge in the shipping industry. With a strategic vision for future growth and a strong leadership team, Alberta Shipmanagement Ltd continues to be a prominent player in the maritime sector.
8-April-2025
Lars Christian Skarsgård has stepped down as CEO of Norwegian shipowner and operator Belships ASA after a six-year tenure at the helm of the company. This resignation follows the successful acquisition of Belships ASA by US asset management firm EnTrust Global, a move that saw the company being delisted from the Oslo Stock Exchange and significant changes to its Board of Directors (BOD). The restructuring included the appointment of Ivar Hansson Myklebust as the new chairman of the BOD, who will also serve as the interim CEO until a suitable replacement is found. Belships ASA, known for its robust fleet management and strategic market positioning, has grown significantly under Skarsgård's leadership. The company's strategic acquisitions and fleet expansion have bolstered its position in the global shipping industry. With the inclusion of newbuildings, Belships ASA's fleet now encompasses 42 ultramax bulk carriers, reflecting its commitment to enhancing its service offerings and expanding its operational scope. The transition in leadership comes at a pivotal time for Belships ASA, as it aligns itself with the new strategic direction imposed by EnTrust Global. The firm’s takeover represents a strategic shift intended to leverage Belships ASA’s strengths in the bulk shipping sector and to capitalize on emerging market opportunities. As the company prepares for this new chapter, the focus will remain on maintaining high operational standards and exploring avenues for sustainable growth.
8-April-2025
Norwegian hedge fund Sissener Canopus has divested from Norway-based dry bulk shipping company Golden Ocean Group (GOGL) following the takeover by Saverys family-controlled CMB.Tech, and aligning with John Fredriksen’s financial strategies. Concurrently, Sissener Canopus has invested in Athens-based and New York-listed shipowner and operator Star Bulk Carriers (SBLK), in conjunction with Oslo-listed shipowner Himalaya Shipping. The Oslo-based investor Sissener Canopus sold its holdings in Golden Ocean Group (GOGL) after CMB.Tech acquired John Fredriksen’s majority stake in the company. Subsequent to this transaction, CMB.Tech has continued to increase its ownership, now holding 49.4% of the shares.
8-April-2025
Japanese shipowner and operator NYK (Nippon Yusen Kabushiki Kaisha) has successfully completed a substantial $886m share buy-back program over the past year, culminating in a series of transactions aimed at consolidating its financial base and enhancing shareholder value. This prominent Japanese shipowner and operator will now proceed to cancel 5.8% of its outstanding stock, reflecting a strategic move to optimize its equity structure and improve earnings per share. NYK (Nippon Yusen Kabushiki Kaisha), a leading figure in Japanese shipping, achieved its share buy-back target by investing $886m throughout the last 12 months. This goal was meticulously executed with the final purchases made on the Tokyo Stock Exchange from 1 to 4 April 2025, where NYK (Nippon Yusen Kabushiki Kaisha) reported the acquisition of 1.08 million shares during this period. The buy-back program is part of NYK’s broader strategy to adapt to the changing dynamics of the global shipping industry and maintain its competitive edge. The company has been focusing on diversifying its operations, including expanding into maritime logistics and energy transportation, which complements its traditional shipping business. This strategic diversification is designed to mitigate the risks associated with market volatility in the shipping sector and to tap into new growth areas. Additionally, NYK (Nippon Yusen Kabushiki Kaisha) is heavily invested in sustainability initiatives, aiming to reduce its environmental impact and comply with international regulations on emissions. Japanese shipowner and operator NYK (Nippon Yusen Kabushiki Kaisha) has been a pioneer in developing advanced technologies for energy-efficient ships and is actively involved in projects related to liquefied natural gas (LNG) and other cleaner energy sources. The decision to cancel shares and streamline its capital structure reflects NYK’s commitment to fiscal health and shareholder interests. This action is expected to strengthen the company’s financial standing and support its ongoing investments in innovation and sustainability, ensuring NYK (Nippon Yusen Kabushiki Kaisha) remains at the forefront of the shipping industry well into the future.
8-April-2025
Iron ore futures declined on Monday, affected by reciprocal tariffs between the U.S. and China, the largest consumer, which have escalated the global trade conflict. The most actively traded May iron ore contract on the Dalian Commodity Exchange (DCE) closed the daytime trading session down 3.36% at $104.31 per metric ton. At one point during the session on the Dalian Commodity Exchange (DCE), prices dropped to $103.17, marking their lowest level since 21 March 2025. Meanwhile, the benchmark May iron ore on the Singapore Exchange fell 2.8% to $97.8 per ton by 0752 GMT, with prices reaching a near-three-month low of $96.4 earlier in the session. Newly imposed U.S. tariffs are expected to exert downward pressure on iron ore prices in the near term. On Monday, Chinese stocks plummeted as tensions escalated between the world’s two largest economies, posing a threat to international trade flows and potentially slowing global demand. In response to U.S. President Donald Trump’s implementation of a 34% tariff on most Chinese goods, China retaliated last Friday by imposing an additional 34% tariff on all U.S. imports. This trade conflict has mitigated the impact of increasing demand for iron ore, even as steelmakers boost production for the peak construction period in March and April 2025. Hot metal production, a key indicator of iron ore demand, saw a monthly increase of 14,500 tons, reaching 2.3873 million tons. Other steelmaking components traded on the Dalian Commodity Exchange (DCE) also experienced declines, with coking coal and coke decreasing by 2.06% and 2.21%, respectively. On the Shanghai Futures Exchange, steel benchmarks declined, with rebar falling 2.59%, hot-rolled coil dropping about 3%, wire rod decreasing 3.5%, and stainless steel declining 3.87%.
8-April-2025
Erasmus Shipinvest Group and Erasmus Shipmanagement Inc. CEO John Su, anticipating the rise in global tensions, strategically downsized his fleet to better navigate the challenges. Erasmus Corp now believes that smaller ships will be more adept at maneuvering through the complexities of trade wars. John Su has reoriented Athens-based shipowner and operator Erasmus Corp to concentrate on smaller and medium-sized ships as a means to thrive amid growing geopolitical unrest. Previously, Athens-based shipowner and operator Erasmus Corp managed a diverse fleet of around 30 bulk carriers, which included everything from handysize to capesize bulk carriers. In response to shifting market dynamics and geopolitical tensions, Erasmus Corp has significantly streamlined its fleet over recent years, moving away from operating large bulk carriers. This strategic pivot reflects Erasmus Corp’s adaptation to a changing global shipping environment where flexibility and agility are becoming increasingly important. By focusing on smaller vessels, Erasmus Corp aims to exploit niche markets and trade routes less accessible to larger ships, thereby maintaining profitability and relevance in a competitive industry. Additionally, Erasmus Corp is investing in technological advancements to enhance the efficiency and environmental performance of its fleet. This includes upgrading existing vessels and considering eco-friendly technologies for new acquisitions. Such initiatives not only prepare Erasmus Corp for stricter future environmental regulations but also align with global sustainability trends, further stabilizing the company’s position in the market. Through these adjustments, Erasmus Corp is not just surviving but aiming to thrive by being proactive and responsive to the global economic climate and shipping industry’s evolving demands. This strategic foresight by CEO John Su and his team is poised to secure a resilient future for Erasmus Corp in the international maritime sector.
8-April-2025
The executive team of Tufton Oceanic Assets Limited (TOAL), energized by a recent management buyout, is set to redefine their strategy in the shipping industry. The buyout has positioned TOAL for a more aggressive stance in the market, particularly in exploring new acquisition opportunities and expanding their operational footprint. The leadership of Tufton Investment Management—comprising CEO Andrew Hampson, CIO Nicolas Tirogalas, and founder Ted Kalborg—plays a crucial role in directing the company’s strategic decisions. These three principal shareholders are not only at the helm of managing TOAL but also hold a commanding 75% ownership, reinforcing their influence over the company’s future direction. Tufton Oceanic Assets Limited (TOAL), listed on the London Stock Exchange, is primarily focused on investments in the maritime and offshore assets sector. The company’s portfolio includes a diverse range of vessels, from bulk carriers to tankers, which cater to different segments of the market. Following the management buyout, Tufton Oceanic Assets Limited (TOAL) has sharpened its focus on enhancing its asset base and maximizing shareholder value through strategic initiatives and partnerships. Tufton Oceanic Assets Limited (TOAL) is also known for its participation in the Oslo-listed Stainless Tankers operation, which specializes in the chemical carrier market. This involvement diversifies TOAL’s investment portfolio and enhances its exposure to specialized shipping sectors, which are expected to see growth in the coming years. Furthermore, Tufton Oceanic Assets Limited (TOAL) actively manages several private investments, which allows them to leverage industry insights and financial expertise to identify and capitalize on unique investment opportunities within the shipping and offshore industries. With a robust strategy for growth and a strengthened leadership structure, Tufton Oceanic Assets Limited (TOAL) is poised to make significant impacts in the global shipping markets, adapting dynamically to the evolving industry landscape.
7-April-2025
The shipowner and operator based in Singapore, Berge Bulk, has disclosed a significant shareholding in Genco Shipping & Trading (GNK), which is listed in New York. Berge Bulk’s investment entity, Kibo Investment, acquired 3.13 million shares in Genco, amounting to a 7.3% ownership, as indicated by a filing with the US Securities and Exchange Commission. This acquisition, noted in a 13G filing, is valued at approximately $42 million. Genco Shipping & Trading (GNK), headquartered in Manhattan, is predominantly owned by institutional investors, with BlackRock being the largest at about 10%, and Dimensional Fund Advisors next with a 6.5% share. Genco Shipping & Trading (GNK), led by John Wobensmith, oversees a fleet of over 40 bulkers ranging from supramax to capesize bulk carriers. Conversely, James Marshall’s Berge Bulk operates and owns a fleet of 90 bulk carriers, including large valemax and handysize vessels. In Q4 2023, Greek shipping magnate George Economou acquired approximately 5.4% of Genco Shipping & Trading (GNK) and initiated a boardroom conflict, from which he later disengaged and sold his shares in Genco Shipping & Trading (GNK) at a profit. The market capitalization of Genco Shipping & Trading (GNK) is roughly $578.5 million. For the year 2024, Genco Shipping & Trading (GNK) reported earnings of $76.4 million.
7-April-2025
Donald Trump’s imposition of 10% tariffs on all countries took effect this past Saturday, causing another sharp decline in Asian stock markets today. This Wednesday will introduce even steeper reciprocal US tariffs, putting listed shipping companies on alert as they brace for the potential fallout from a looming global trade war. Last week, the shipping sector experienced severe declines, with average stock values plummeting by 15.5% across various segments including tankers, containers, dry bulk, LNG, and LPG. The impact of a potential global recession is unavoidable for the shipping industry. As equity markets continue to deal with the possibility of an economic downturn, the pressure on shipping stocks is expected to persist. During a discussion at the White House last Wednesday regarding the new tariffs, Braemar Shipping Services, a shipbroker listed on the London Stock Exchange, commented, “April 2, 2025, might be remembered as a critical point in history, as globalization undergoes one of its most significant tests in the coming months.” China responded on Friday by announcing a retaliatory tariff hike of 34% on all US imports, adding to the tariffs introduced in February and March that targeted goods like grains, coal, LNG, and crude oil. According to Clarksons Research, the newly tariffed goods this year represent 3.7% of all seaborne trade, totaling 460 million tonnes out of 12.6 billion tonnes. Clarksons’ latest weekly report notes that “Direct exposure has become substantially significant in certain shipping segments (e.g., cars), and the indirect negative effects on the global economy are accelerating.” The US plays a significant role in seaborne trade, accounting for 5% of imports and 7% of exports. Analysts predict that the container sector, with 11% of its global trade volumes now subject to tariffs, will be among the hardest hit by the escalating trade conflict initiated by Donald Trump. During the 2018-19 US-China trade war, tariffs affected 5% of global container trade volumes, resulting in a 0.5% reduction in global container trade. For scenario planning, stakeholders might consider the financial crisis in 2009, which saw a 9% decline in global container volumes and a drastic fall in freight rates. Given the ongoing Red Sea crisis and its capacity absorption, it’s unlikely to mitigate such a downturn. According to Clarksons, the car trade is particularly vulnerable, with 26% of seaborne volumes now tariffed. Additionally, 14% of LPG and 55% of ethane trade are now highly susceptible to China’s countermeasures. However, direct impacts in other major sectors appear more limited, with only 2% of the dry bulk trade, 1% of LNG, and less than 1% of oil being tariffed. In 2024, China was the third-largest importer of US exports by value, representing 7% of US exports. Key export categories include chemicals, computer and electronic products, agricultural products, transportation equipment, and oil and gas, constituting 18%, 14%, 13%, 13%, and 9% of the value, respectively, according to BIMCO data. These sectors are likely to face adverse effects on trade between the two economies, negatively impacting their economic growth. The US agricultural sector, which exported $18.2 billion worth of goods to China, equivalent to 23% of US exports, is expected to feel significant impacts.
7-April-2025
Recently, Japanese thermal coal importers have been shifting away from their traditional supplier, Australia, in favor of low-sulfur coal from Indonesia, while also exploring new sources in South Africa and Colombia. This shift is driven by the need to diversify supply amid scarcities in high-calorific-value coal, stringent environmental regulations, and pricing pressures. In 2024, Japan’s coal imports from Australia fell to 74 million metric tons, down from 82.6 million in 2021. Meanwhile, imports from Indonesia increased to 25.8 million metric tons in 2024, up from 20.6 million metric tons. Japanese coal imports from Russia drastically reduced to just 800,000 metric tons in 2024, from 10.5 million metric tons in 2021, largely due to international sanctions following Russia’s invasion of Ukraine in 2022. Japan has historically relied on high-quality Australian coal, but declining investment in high-grade coal mining in Australia, the scaling back or exit of firms from the coal sector, tighter environmental laws, and rising Australian coal exports to China are complicating efforts to secure stable, long-term supplies. In response, the Japanese government is encouraging companies to pursue alternative sources like South Africa and Colombia. As environmental standards tighten, Japanese power plants have increasingly favored low-ash coal from Indonesia over the high-ash varieties from Australia. The challenge of selling surplus coal ash domestically or to South Korea has grown as industrial activities in these countries have declined, affecting the cement sector which is a major user of coal ash. Furthermore, Japanese importers, typically willing to pay a premium for seaborne coal cargoes, are now negotiating heavy discounts for high-calorific-value Indonesian coal. Despite a focus on Indonesian coal, Japan is also assessing other markets like South Africa, analyzing the logistics and technical feasibility of using South African coal before making long-term commitments. Thermal coal imports from South Africa have risen significantly, from 200,000 metric tons in 2021 to 3.1 million metric tons in 2024. The market dynamics have shifted, with Asian consumers now seeking approximately $6/mt FOB discounts on high-calorific-value Australian coal due to emerging alternative markets and the depreciating yen, which makes imports costlier amidst rising freight charges. Price trends have also shifted, with coal from Australia with a calorific value of 5,500 kcal/kg NAR dropping to $70.25/mt FOB on April 3, the lowest since June 1, 2021. In contrast, Indonesian coal with a calorific value of 5,900 kcal/kg GAR averaged $92.52/mt FOB in 2024, peaking at $83.50/mt FOB on April 3. There are concerns about Indonesia’s coal reserves not meeting Japan’s long-term demand, particularly since traditional boilers are optimized for Australian coal, though newer power plants can adapt to alternative sources. Japan’s 7th Strategic Energy Plan, approved on February 18, outlines a significant reduction in thermal power, projected to fall to 30-40% of the power generation mix by fiscal year 2040-2041, down from 68.6% in 2023-2024. Despite advancements in renewable energy, the growth has been slower than anticipated, and ongoing fossil fuel subsidies keep coal-generated power economically viable. The Strategic Energy Plan does not specify a target mix for coal power due to uncertainties in deploying new technologies. With anticipated increases in electricity demand, coal power is being preserved as a backup while integrating ammonia co-firing and CCUS technologies. However, continued reliance on coal without effective decarbonization may challenge Japan’s greenhouse gas reduction targets and the goal to boost renewable energy’s share.
7-April-2025
Peder Simonsen, initially appointed as the interim CEO of the Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL), will now assume the role permanently. Previously the CFO of Golden Ocean Group (GOGL), Simonsen stepped into the interim CEO position in May 2024 following the departure of Lars-Christian Svensen. Svensen has since taken leadership roles at the Tor Olav Trøim-backed shipowner and operator 2020 Bulkers and Himalaya Shipping. Additionally, Golden Ocean Group (GOGL) has named Randi Navdal Bekkelund as the successor to Simonsen in the CFO role. Bekkelund, departing from the soon-to-be-dissolved Avance Gas, will join Golden Ocean Group (GOGL) in June 2025. In a significant corporate development in March 2025, the Saverys family-controlled CMB.TECH acquired John Fredriksen’s controlling stake in Golden Ocean Group (GOGL) for approximately $1.2 billion. Since then, CMB.TECH has continued purchasing shares in Golden Ocean Group (GOGL) and is nearing the threshold that would require a mandatory takeover offer.
7-April-2025
Historically, the United States dominated the global grain and oilseed trade, but its leadership in corn exports is now being challenged by Brazil, which previously surpassed the U.S. as the leading soybean exporter. The U.S.’s stronghold on global exports of corn, soybean, and wheat is weaker than ever before. In response to this slipping dominance, U.S. President Donald Trump announced comprehensive reciprocal tariffs on all trading partners last Wednesday, a move that U.S. farmers supported during the last election despite the risks. These trade barriers could erode the U.S.’s historical advantage in markets it once dominated. Competing grain producers have improved their agricultural and export capacities over the years, often benefiting from U.S. agricultural setbacks. In the past five years, the U.S. share of global corn exports has hit a record low of 31%, a significant drop from 61% two decades ago and a peak of 80% in the late 1970s. This decline was most noticeable from the late 2000s to the early 2010s, a period marked by the global financial crisis and several major U.S. crop failures. Meanwhile, Brazil, now the second-largest corn exporter, has increased its share from 5% twenty years ago to 22% today. Similarly, the U.S. contribution to global soybean exports has significantly decreased to a record-low 27%, down from more than 80% in the 1970s. Since 2012-13, when Brazil took over as the top soybean exporter, its share has grown from 39% a decade ago to 55% now. Until about a decade ago, the U.S. was the leading wheat exporter; now, it ranks fourth. The pinnacle of U.S. wheat export dominance occurred in January 1980 when then-President Jimmy Carter publicly canceled 17 million metric tons of U.S. grain export contracts with the Soviet Union due to their invasion of Afghanistan, initiating what is known as the U.S. grain embargo. At that time, the U.S. was responsible for 44% of global wheat exports, a figure that has now plummeted to a record-low 11%. President Carter’s actions reflected a desire to shield American farmers and boost domestic agricultural use, sentiments echoed by Trump. Despite the embargo’s intent, U.S. intelligence in 1981 determined it had minimal impact on Soviet grain reserves, as the Soviets managed to secure more grain from other sources than expected—a situation reminiscent of recent developments in the soybean market where Brazil has exceeded export expectations. The U.S. remains a leading corn producer and holds the second and fourth positions in global soybean and wheat production, respectively. However, its production shares have also reached historic lows, with corn at 31%, down from 41% two decades ago, and soybeans and wheat at 28% and 6%, respectively, from higher percentages in the past. In contrast, Russia has increased its wheat production by over 70% in the last decade, now accounting for 11% of global output, up from 7%. Brazil has also significantly boosted its soybean and corn production by about 85% and 55%, respectively, capitalizing on favorable market conditions and profitability. This shift illustrates that a substantial portion of global grain production now occurs outside the U.S., and these producers are poised to respond if U.S. trade policies prove counterproductive.
7-April-2025
The Oslo-based dry bulk operator Western Bulk Chartering (WBC) has completed the sale of one of its ultramax bulk carriers, the 2020-built 63K DWT MV Western Fuji, to an undisclosed buyer. Originally owned by the renowned Japanese shipowner Nisshin Shipping Co Ltd, the MV Western Fuji was bareboat chartered to Western Bulk Chartering (WBC). Nisshin Shipping Co Ltd, known for its expansive and diverse fleet that includes bulk carriers, tankers, and container ships, has established itself as a significant player in the global shipping industry with a reputation for operational excellence and reliability. Following the execution of a ship purchase option from Nisshin Shipping Co Ltd, Western Bulk Chartering (WBC) reported a net profit of approximately $1.5 million from this transaction. The details of this sale are kept confidential as per agreements with Nisshin Shipping Co Ltd. The revenue from the sale of the ultramax bulk carrier MV Western Fuji will be recognized in Q2 2025. The ship, constructed at the Nantong Xiangyu Shipyard and valued at just under $28 million, highlights the strong craftsmanship and engineering capabilities that are typical of ships commissioned by Nisshin Shipping Co Ltd.
5-April-2025
Lars-Christian Svensen has assumed the role of chief executive at the Tor Olav Troim-backed Norwegian shipping companies 2020 Bulkers and Himalaya Shipping, succeeding Herman Billung. Previously, Lars-Christian Svensen served as the chief commercial officer for these companies following his departure from the Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL) in 2024. As of Tuesday, 2020 Bulkers and Himalaya Shipping welcomed Lars-Christian Svensen as their new CEO, as Herman Billung stepped down from the position. Herman Billung will continue his association with 2020 Bulkers, serving as a senior adviser to the Board of Directors. This leadership transition concludes a six-month handover period during which Lars-Christian Svensen held the role of chief commercial officer for both 2020 Bulkers and Himalaya Shipping, following his resignation.
5-April-2025
Frode Teigen concludes a remarkable asset-play course as Norwegian shipowner and operator Belships ASA makes its departure from the Oslo Stock Exchange. Under the leadership of CEO Lars Christian Skarsgård, shipowner and operator Belships ASA underwent significant transformation during Frode Teigen's tenure as the majority shareholder. This marks the closure of an 88-year period of trading on the Oslo Stock Exchange for Belships ASA, culminating a six-year journey that transformed the company from a project requiring significant work to a highly regarded entity among equity analysts. Friday represents the last trading day for Belships ASA's stock, with its official delisting scheduled for Monday following its acquisition by a fund managed by the US-based asset management company EnTrust Global. Belships ASA, established in 1927, has long been a prominent figure in the maritime industry, specializing in the ownership and operation of dry bulk tonnage. Throughout its history, Belships ASA has managed a fleet comprising mainly bulk carriers, catering to global trade routes and servicing key industries such as construction, agriculture, and mining. The company's strategic focus on modernizing its fleet and improving operational efficiencies has positioned it well within the competitive shipping market. Under the strategic direction of Frode Teigen and the operational leadership of CEO Lars Christian Skarsgård, Belships ASA expanded its fleet and optimized its operational practices, contributing to its robust performance and appeal to investors. The transformation involved fleet renewal initiatives, enhancing technological capabilities aboard their ships, and adopting more sustainable shipping practices to meet international environmental standards. The decision to delist from the Oslo Stock Exchange follows a successful period of growth and operational enhancement, making Belships ASA an attractive acquisition target. The transition to private ownership under EnTrust Global is seen as a new chapter in the company’s history, promising continued innovation and expansion in the years to come. This strategic move aligns with the broader trends in the industry towards consolidation and enhanced scale to leverage market opportunities effectively.
5-April-2025
Singapore-based shipowner and operator Berge Bulk has acquired a 7.3% stake in the New York-listed shipowner and operator Genco Shipping & Trading (GNK), which is led by John Wobensmith. The acquisition, led by James Marshall of Berge Bulk, involved purchasing over 3 million shares and is classified as a passive investment, according to regulatory filings. A prominent private bulker owner from Singapore, Berge Bulk is renowned for its significant presence in the global dry bulk shipping industry. The company, which operates one of the world’s largest fleets of bulk carriers, specializes in transporting major bulk commodities such as iron ore, coal, and grains. This strategic stake acquisition in Genco Shipping & Trading (GNK) reflects Berge Bulk’s ongoing efforts to expand its influence and operational reach within the global shipping market. The purchase of 3.13 million shares was conducted through Kibo Investments, Berge Bulk’s investment subsidiary based in Singapore, as detailed in the filings. Berge Bulk’s approach to investment is characterized by its commitment to enhancing operational efficiencies and environmental sustainability in shipping operations, aligning with broader industry trends towards cleaner and more efficient maritime logistics. Like many U.S. stocks, Genco Shipping & Trading’s shares have experienced a downturn this week, impacted by the ongoing global trade tensions. This market context highlights the challenges and opportunities faced by major shipping companies like Berge Bulk as they navigate through fluctuating economic conditions and strive to maintain competitiveness in the international market.
5-April-2025
CMB.TECH, the shipping enterprise managed by the Saverys family, is on the verge of reaching the merger threshold following additional purchases of shares in Golden Ocean Group (GOGL). CMB.TECH now holds 49.4% of the shares in the former John Fredriksen-supported, Bermuda-registered, and Norway-based dry bulk shipping company Golden Ocean Group (GOGL). The prospect of a merger between CMB.TECH and Golden Ocean Group (GOGL) seems increasingly likely as the Belgian shipowning company CMB.TECH has once again increased its ownership stake in the Nasdaq-listed shipowner and operator Golden Ocean Group (GOGL). According to a filing with US securities regulators, the Saverys family-led shipowning entity CMB.TECH now possesses a 49.4% interest in the US and Oslo-listed Golden Ocean Group (GOGL). CMB.TECH, headquartered in Antwerp, Belgium, is renowned for its innovative approach within the shipping industry, particularly in integrating green technology and sustainability practices into its operations. The company has been a pioneer in developing and adopting hydrogen and other low-carbon technologies to power its fleet, positioning itself as a leader in the push towards decarbonizing maritime transport. This focus on sustainable technology not only differentiates CMB.TECH in the competitive shipping market but also aligns with global environmental goals and increasing regulatory pressures on emissions. The strategic acquisition of a significant stake in Golden Ocean Group (GOGL) by CMB.TECH is part of a broader vision to expand its influence in the global shipping industry while championing sustainable practices. By potentially merging with Golden Ocean Group, CMB.TECH aims to leverage both companies’ resources to enhance operational efficiencies and accelerate the adoption of eco-friendly technologies across their combined fleets. This move is seen as a critical step in CMB.TECH’s long-term strategy to lead the transformation of the shipping sector towards a more sustainable future.
5-April-2025
Takenori Igarashi, the new CEO of K Line, is emphasizing growth in the sectors of bulk carriers and LNG. Additionally, expanding the car carrier business remains a significant priority under his leadership. As the head of the prominent Japanese shipowner and operator K Line, Takenori Igarashi is encouraging his team to harness their “animal spirit” to drive expansion in car carriers, bulk carriers, and LNG. Takenori Igarashi, K Line’s CEO, has noted the growing uncertainty stemming from geopolitical risks and trade policies. He specifically referenced the situations in the Middle East and Ukraine, as well as the inauguration of US President Donald Trump, as factors contributing to the volatile business environment.
5-April-2025
Japanese shipowner and operator NYK (Nippon Yusen Kabushiki Kaisha) has acquired the Eneos shipowning venture in a transaction valued at over $500 million. This prominent Japanese shipowner and operator, NYK (Nippon Yusen Kabushiki Kaisha), has finalized deals to assume control of a diversified fleet including gas carriers, tankers, and bulk carriers. Tokyo-listed shipping behemoth NYK (Nippon Yusen Kabushiki Kaisha) has successfully completed the acquisition of a joint-venture shipowning company formerly partnered with Eneos Ocean Corp. NYK (Nippon Yusen Kabushiki Kaisha) is investing approximately $508 million to purchase an 80% stake in NYK Energy Ocean Corporation (NEO). This new entity was established in February 2025 after NYK (Nippon Yusen Kabushiki Kaisha) acquired all of Eneos’ ships in 2024, with the exception of its crude tankers.
5-April-2025
Lubeck-based shipowner and operator Oldendorff Carriers, led by Henning Oldendorff, conducted a study indicating that scrubbers are the most environmentally friendly fuelling option. This research is the first to evaluate the effects of exhaust gas cleaning systems and heavy fuel oil compared to low-sulphur fuels on a well-to-wake basis. According to the study, using heavy fuel oil with exhaust gas cleaning systems could either match or exceed the environmental benefits of using low-sulphur marine fuels, supported by findings from a significant academic study endorsed by German shipowner and operator Oldendorff Carriers. The study identified scrubbers as the least damaging fuelling option across 10 different environmental impact categories from well to wake, such as greenhouse gas emissions, terrestrial acidification, and ozone formation. Scott Bergeron, fleet managing director at Lubeck-based shipowner and operator Oldendorff Carriers and co-author of the study, stated, “After conducting a thorough, multiyear, peer-reviewed study, we have been able to dispel prevalent concerns and assumptions.” German shipowner and operator Oldendorff Carriers is recognized as one of the top dry bulk operators globally, with a legacy exceeding 100 years. The company manages a substantial fleet that includes approximately 700 vessels at any time, encompassing both owned and chartered ships. Oldendorff Carriers boasts a versatile fleet capable of handling a diverse range of cargo sizes, from small coasters to post-panamax bulk carriers.
5-April-2025
The countdown is on for the Singapore division of bulker operator and logistics group Delta Corp Holdings, led by Mudit Paliwal, to address a second winding-up petition. This marks the second judicial motion to dissolve Delta Corp Holdings’ Singapore subsidiary over unsettled invoices. The Singapore branch has just over a week to resolve a creditor’s claim or it will have to appear before a court in Singapore. Hong Kong-based conglomerate Raiser International Shipping lodged the winding-up petition against Delta Corp Shipping, the shipping-focused Singapore subsidiary of the group, with the Singapore High Court on March 18, 2025. This is the second such petition filed against Delta Corp Shipping within a month.
5-April-2025
A significant decline in new orders for bulk carriers is anticipated as the dry bulk sector reacts to the repercussions of US President Donald Trump’s tariffs. Petros Pappas, CEO of Athens-based and New York-listed shipowner and operator Star Bulk Carriers (SBLK), predicts a downturn in ship order books following what is referred to as Liberation Day. He remarked that while Donald Trump’s tariffs are likely to negatively impact the dry bulk market in the short term, there could be positive effects in the long term. Donald Trump’s recent aggressive tariff policies are expected to significantly influence the market for new shipbuilding, as stated by one of the leading global dry bulk shipowners. Although the dry bulk sector seemed to have endured less immediate damage compared to other sectors in the aftermath of the US president’s so-called Liberation Day, the potential for retaliatory measures poses a greater risk that could be more harmful.
4-April-2025
ArcelorMittal South Africa has postponed the shutdown of its unprofitable long steel plants until August 31, following a financial boost of $91.50 million from the state-owned Industrial Development Corporation, according to a statement from the steelmaker on Monday. Previously, ArcelorMittal had been negotiating with the government for a relief package and had announced on February 28 that it would halt long steel production by April due to not securing concessions for its demands. The company had sought reduced electricity and freight rail tariffs, the implementation of import duties, and the elimination of a scrap metal export tax, which it claimed provided an unfair advantage to its competitors, notably recycling mini-mills. ArcelorMittal explained, “The extension of the wind-down period has been made possible through a financing arrangement with the Industrial Development Corporation of South Africa amounting to 1.683 billion rand.” The impending closure of the long steel operations, which manufacture products like fencing material, rail, rods, and bars crucial for the construction, mining, and manufacturing industries, has been anticipated since November 2023. This closure is expected to impact approximately 3,500 direct and indirect jobs.
4-April-2025
Shipping stocks continue to face significant challenges today as the global community reacts to the extensive tariffs announced by US President Donald Trump on Wednesday. The new average US tariff rate is now approximately 25%, a level reminiscent of the 1930s and the Great Depression era. The introduction of these tariffs resulted in one of the largest declines in US stock market history, erasing $3.1 trillion in market value yesterday, with stock markets in the Asia-Pacific region also trading lower today. The scope of these tariffs renders past comparisons to Donald Trump’s previous tariff measures, implemented eight years ago, obsolete. Nonetheless, some within the shipping industry are hopeful, especially after Trump’s recent openness to reduce tariffs if other nations present substantial concessions, indicating that the White House is still open to negotiations despite some officials’ firm stances. This year’s trade war initiated by Donald Trump is fundamentally different from the actions he began in 2017. Economists are now forecasting a slower and more modest growth in US GDP, a higher chance of recessions within the US and internationally, and a potential decrease in global trade volumes. The extensive tariffs are expected to heavily impact global shipping, particularly the container sector, which is predicted to be the most vulnerable to the new tariffs. While many tanker and dry bulk commodities remain exempt from the latest increases, most goods transported in containers will see a rise in import tariffs. According to BIMCO, if the tariff increases halt growth in US container imports, this could reduce global container volume growth by 0.5 percentage points. In related news concerning containers, there is increasing speculation that French shipping company CMA CGM may delay its substantial investment plans in the US. On March 6, CMA CGM’s Chairman Rodolphe Saadé announced a planned $20 billion investment in the US over the next four years during a visit to the White House. However, following Trump’s imposition of a 20% tariff on goods from European Union countries, French President Emanuel Macron has suggested that such investments be reevaluated. Yesterday, he advised French politicians and business leaders that “investments announced in recent weeks should be temporarily suspended until the situation with the United States is resolved.” This tumultuous start to Donald Trump’s second term, marked by Wednesday’s tariffs, represents a significant upheaval, as summarized by the Luxembourg-headquartered shipbroker Barry Rogliano Salles (BRS). Looking ahead, the shipping industry awaits Trump’s decision regarding potential penalties on Chinese-built ships operating in US ports.
4-April-2025
BHP Group (ASX: BHP), the largest mining company globally, is considering the spin-off of its iron ore and coal operations as a part of its medium-term strategy for growth. This move aligns with BHP’s ambition to transform into a more environmentally conscious miner, focusing on commodities like potash and copper, which are essential for the future. This strategic shift would involve moving away from iron ore and coal, which have been fundamental to BHP’s operations for many years. Currently, BHP Mining, formerly known as BHP Billiton and the world’s third-largest iron ore producer, operates five mines in Western Australia’s Pilbara region. BHP Group is also a significant producer of metallurgical coal, operating five mines in Central Queensland’s Bowen Basin. The proposed divestiture of BHP Mining’s iron ore and coal divisions would notably diminish its footprint in Australia, where it is headquartered. If BHP Mining decides to go ahead with the separation, these units are likely to be listed on the Australian stock market. However, BHP Mining intends to retain its Australian copper assets, such as the Olympic Dam, which contains one of the largest copper deposits globally, as it aims to become a leader in global copper production. This goal was underscored by its unsuccessful attempt to acquire competitor Anglo-American (LON: AAL) last year. This discussion of restructuring isn’t new for BHP Mining’s leadership. In early 2024, BHP Mining CEO Mike Henry and then CFO David Lamont presented to investors the idea of spinning off slower growth divisions by the decade’s end. However, these plans were shelved as BHP Mining still relied on the revenue from its Australian operations to fund significant investments in Chile’s Escondida copper complex and the Jansen potash project in Canada. BHP Mining has a history of spinning off entities, exemplified by its creation of South32 (ASX: S32) ten years ago. BHP Mining believes that a spin-off of its iron ore and coal businesses would not only generate cash but also provide franking credits advantageous to Australian taxpayers, suggesting substantial local interest in any potential public offering.
4-April-2025
US President Donald Trump has imposed additional tariffs of 34% on imports from China, severely affecting emerging manufacturing nations like Vietnam and Cambodia, while also imposing 20% tariffs on goods from the European Union and establishing a baseline tariff of 10% on most other imports to the US. This move has destabilized markets, prompting vows of retaliation from the EU and China. “US tariffs represent a significant threat to global economic stability, and the EU is readying countermeasures should negotiations fall through,” stated EU Commission President Ursula von der Leyen. She further warned, “The global economy will endure significant damage, escalating uncertainty will foster more protectionism.” China’s Ministry of Commerce has demanded that Washington immediately retract the new tariffs, cautioning that they pose a risk to global economic growth and could detrimentally affect US interests and global supply chains. The Ministry emphasized the need for dialogue, stating, “In a trade war, there are no victors, and protectionism offers no escape.” Neil Shearing, Group Chief Economist at Capital Economics, remarked that the tariffs imposed by Trump are higher than expected, pushing the average US tariff rate to nearly 25%, a figure reminiscent of the 1930s. “Should these tariffs persist, US inflation is expected to surge beyond 4%,” Shearing noted, adding that China and other Asian economies are especially impacted, with tariffs on Chinese goods exceeding 60%. He also noted that the latest tariffs, announced yesterday, will not affect crude oil, natural gas, or refined products. “Although the energy commodities sector fares better than expected under these tariffs, there are concerns about GDP growth and potential implications for shipping demand due to a slowdown,” noted an update from Skandinaviska Enskilda Banken (SEB), a Swedish bank. Reflecting on the initial trade war under Trump seven years ago, China had targeted American farmers, decreasing imports of US grain, which they compensated for by increasing imports from Brazil, resulting in minimal net tonne-mile impact. According to Clarksons Platou Securities, dry bulk, especially grain and steel products, was most affected in the first trade war with China, followed by LNG and LPG. “In terms of dry bulk, we expect that retaliatory tariffs against the US will have a greater impact on cargo volumes than the tariffs the US announced on April 2,” indicated Braemar Shipping Services, a shipbroker listed on the London Stock Exchange, in a client note today.
4-April-2025
Navilands Group, a Greek ship management company, has secured a prominent new client, signaling its intent for dynamic expansion. The company, supported by Konstantinos Konstantakopoulos, is integrating traditional in-house management with an extensive global network. With its roots expanding from offices in Athens, Shanghai, and Manila, Navilands Group is now drawing interest from shipowners and ships beyond those initially contributed by its principal investor, Konstantinos Konstantakopoulos. Chartworld Shipping Corporation, an established Athens-based shipowner and operator led by Lou and George Kollakis, specializes in operating a diverse fleet that includes bulk carriers and container ships. Renowned for its robust safety standards and innovative ship management practices, Chartworld has entrusted the management of the 2009-built container ship MV Baltimore Star, which has a capacity of 4,255 TEU, to Navilands Group. This partnership underscores Chartworld’s confidence in Navilands Group’s capability to manage significant maritime assets effectively. Additionally, Navilands Group has secured management contracts for two bulkers from another unnamed Greek shipowner, with more ships expected to be added in the coming months. This growing portfolio not only reflects Navilands Group’s expanding influence in the maritime industry but also highlights its ability to attract substantial agreements from well-respected shipowners globally.
4-April-2025
The Trump administration has imposed sanctions targeting Russian entities involved in the theft of Ukrainian grain, which allegedly supports funding for the Houthis in Yemen. The US Office of Foreign Assets Control (OFAC) has recently expanded its sanctions list to include additional individuals and companies. These entities have been implicated in supplying weapons, sensitive materials, and stolen Ukrainian grain through an Iranian conduit to the Houthis. The sanctions also extend to the handysize bulkcarrier 37K DWT MV Zafar, also known under the alias MV AM Theseus. Secretary of the Treasury Scott Bessent stated that these sanctions are part of a broader strategy to undermine the Houthis’ capacity to destabilize the Middle East. Additionally, the US has conducted airstrikes on Houthi positions in recent weeks. Despite these tensions, transit through the Red Sea continues at rates 70% below the usual trend, with the ongoing diversions creating a 3% increase in demand for shipping, as reported by Clarksons Research, a branch of Clarksons, the largest shipbroker globally, headquartered in London.
4-April-2025
CEO Semiramis Paliou is steadfast in her commitment to the bulker strategy as the Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) prepares to celebrate its 20th anniversary as a NYSE-listed company. On Tuesday, April 1st, 2025, Ms. Semiramis Paliou, along with the executive team, will ring the Closing Bell at the NYSE. Diana Shipping Inc. (DSX) CEO Ms. Semiramis Paliou expressed, “It is a privilege to commemorate 20 years as a listed company, and we deeply appreciate the ongoing support from our shareholders and partners throughout this time. This milestone is not merely about marking two decades on the New York Stock Exchange; it’s a celebration of continuous advancement, enduring partnerships, and mutual trust. Since our debut on the exchange, we have solidified our leadership in the dry bulk shipping industry, and we look forward to further enhancing this legacy as we move forward into future growth.”
4-April-2025
The Italian-Swiss dry bulk operator Nova Marine Carriers has formed a joint venture with the Italian steel manufacturer Marcegaglia to manage shipments of raw materials to the steelmaker’s manufacturing locations. Named NovaMar Logistic, this joint venture will oversee the operations of the handysize bulk carrier built in 2012, the 26K DWY Sider Luck, running it along European cabotage routes to link raw material supply ports with Marcegaglia’s facilities in locations like Ravenna and Fos-sur-Mer. Vincenzo Romeo, who leads Nova Marine Carriers—a company with a fleet exceeding 100 ships—expressed that this initiative is a strategic enhancement of a relationship with Marcegaglia that has spanned more than a decade. Marcegaglia CEO Antonio Marcegaglia emphasized that the joint venture not only bolsters the partnership with Nova Marine Carriers but also represents a strategic effort to fortify the supply chains. He noted the importance of creative and structured solutions to protect these chains and maintain competitiveness amid current geopolitical instabilities and increasing protectionism. NovaMar Logistic was established with backing from the Lugano-based, steel-focused ship brokerage, OD Shipping, supporting its strategic objectives in the logistics and shipping sectors.
4-April-2025
Iron ore futures saw a slight decline on Thursday following U.S. President Donald Trump’s announcement of a comprehensive set of reciprocal tariffs, although the seasonal demand for this crucial steelmaking component mitigated the fall. The most-traded May iron ore contract on the Dalian Commodity Exchange (DCE) in China closed the daytime trading session 0.32% lower at $108.05 per metric ton. Meanwhile, the benchmark May iron ore contract on the Singapore Exchange dropped by 0.84% to $101.95 per ton as of 0707 GMT. The tariffs introduced by U.S. President Donald Trump were unexpectedly stringent and are expected to impact the ferrous markets significantly. On Wednesday, President Trump announced a minimum 10% tariff on most goods imported into the United States, with significantly higher rates on products from numerous countries, exacerbating a trade war that could escalate inflation and hinder economic growth both in the U.S. and globally. Chinese imports are particularly affected, facing a new 34% tariff, which brings the total new duty to 54%. In response, China called for the immediate cancellation of the new U.S. tariffs on Thursday and declared its intent to take countermeasures to protect its interests. Despite these challenges, steelmakers have increased production during the peak construction months of March and April, helping to stabilize prices. The demand for imported iron ore in China is anticipated to stay robust through April as an uptick in steel consumption is likely to prompt steelmakers to increase their production of hot metal. On the supply side, iron ore exports have decreased by 17% year-over-year due to the current cyclone season in Australia. Other steelmaking components traded on the Dalian Commodity Exchange also experienced declines, with coking coal and coke decreasing by 0.2% and 0.64%, respectively. On the Shanghai Futures Exchange, most steel benchmarks recorded losses, with rebar down 0.19%, hot-rolled coil declining 0.63%, stainless steel dropping 0.92%, and wire rod marginally rising nearly 0.4%. China’s financial markets will observe a public holiday on Friday, with trading set to resume on Monday, April 7, 2025.
4-April-2025
Norges Bank Investment Management has announced it will oppose a proposal for mining giant Rio Tinto (ASX, LON, NYSE: RIO) to reassess its dual listings in London and Sydney, according to the website of Norway’s sovereign wealth fund. Shareholders of Rio Tinto, including the London-based hedge fund Palliser Capital and over 100 other investors, are scheduled to cast their votes on this resolution at the annual general meeting of the world’s largest iron ore miner on Thursday. Norges Bank, the largest sovereign wealth fund globally, holds a 2.51% share in London-listed Rio Tinto Plc, making it the seventh largest shareholder. In February 2025, Rio Tinto advised its shareholders to vote against this resolution. Rio Tinto (ASX, LON, NYSE: RIO) clarified in March 2025, following an extensive review, that “unifying the dual-listed companies (DLC) structure is not necessary to maintain strategic flexibility for the group.”
4-April-2025
ResInvest Group and Myrtle Marine Corp have established a strategic joint venture, creating a 50/50 partnership to invest in the Athens-based ship operator Mira Bulk Limited. Mira Bulk Limited, a Greek ship operator, will primarily market the ships of Myrtle Marine and meet the freight requirements of EP Resources. ResInvest Group has highlighted that, with its robust engagement in both geared and gearless markets, Mira Bulk Limited will enhance operational efficiencies and deliver enhanced value to clients across both the Pacific and Atlantic regions. Founded in 2024 and based in Athens, Mira Bulk Limited operates a fleet that typically includes over 20 ships on charter, comprising a variety of bulk carriers including handysize, supramax, ultramax, and kamsarmax. Established in February 2024, Mira Bulk Limited combines extensive knowledge in dry bulk shipping with strong commodity trading insights, resulting in operational synergies, cost efficiencies, and competitive market advantages for clients. Through solid partnerships with entities like Myrtle Marine Corp. and EP Resources AG, Mira Bulk Limited secures competitive pricing and strategic market access for both shipping and cargo. With profound expertise in dry bulk shipping and an expansive global network, Mira Bulk Limited offers dependable, flexible, and competitively priced ocean freight solutions for shippers, traders, and end users globally. As a credible participant in the fuel, freight derivative, and emissions markets, Mira Bulk Limited focuses on well-managed risk exposure and provides forward pricing and customized, complex pricing solutions to charterers. Mira Bulk Limited, with a presence in Athens, Greece, and additional branches in Europe and Asia, is co-owned by ResInvest Group and Vaiana Shipping Limited.
4-April-2025
Taipei-based dry bulk shipowner U-Ming Marine Transport, part of the Far Eastern Group, is bolstering its fleet with two capesize bulk carrier newbuilds from China. This expansion includes 180K DWT capesize bulk carrier newbuilds contracted at Qingdao Beihai Shipbuilding, scheduled for delivery in 2028. U-Ming Marine Transport is investing between $75 million and $79 million for each capesize bulk carrier new build. Currently, U-Ming Marine Transport manages a diverse fleet of nearly 80 ships, which includes vessels that are under construction and others involved in joint ventures. The fleet predominantly features bulk carriers but also includes Very Large Crude Carriers (VLCCs), LR1 tankers, cement carriers, and crew transfer vessels. The company has recently further increased its orders with two ultramax bulk carrier newbuilds at Oshima Shipbuilding and up to four capesize bulk carrier newbuilds at Hengli Heavy Industry. U-Ming Marine Transport is recognized for its commitment to sustainability and innovation in maritime logistics. The company has been actively investing in environmentally friendly ships and technologies that reduce emissions and increase fuel efficiency. Their strategic growth initiatives have focused on expanding their presence in global shipping markets while enhancing their operational efficiencies and reducing their environmental footprint. U-Ming Marine Transport’s leadership, led by President C.K. Ong, emphasizes strategic partnerships and technological advancements to stay ahead in the competitive shipping industry. U-Ming Marine Transport’s proactive approach to business and environmental responsibility has positioned it as a leader in the maritime industry, with significant contributions to global trade and logistics.
4-April-2025
A significant cocaine seizure occurred on the 2014-built supramax bulk carrier MV Lunita, managed by Norwegian shipowner and operator Ugland Bulk Shipping AS which is the subsidiary of Grimstad-based JJ Ugland Group, after a tip from the FBI led to the discovery of a $700 million cocaine haul. In response, Ugland Bulk Shipping AS has announced plans to reevaluate its procedures to strengthen defenses against drug trafficking. The Grimstad-based JJ Ugland Group, which includes Ugland Bulk Shipping AS, is also set to enhance security measures following the confirmation of this massive drug find. South Korean authorities uncovered a record-breaking quantity of cocaine on the Ugland Bulk Shipping AS-managed supramax bulk carrier MV Lunita, docked at the port of Okgye on April 2, 2025. The drugs, totaling one tonne and packaged in 50 parcels, are estimated to be worth approximately $700 million. Ugland Bulk Shipping AS is a prominent player in the global shipping industry, specializing in the operation of bulk carriers that transport a wide range of commodities including iron ore, coal, and grains. As part of the larger JJ Ugland Group, the company benefits from extensive maritime expertise and a fleet that includes several classes of bulk carriers, ranging from handysize to capesize vessels. This incident has prompted Ugland Bulk Shipping AS to further prioritize security and surveillance measures on their ships to prevent future instances of drug smuggling. The new security protocols will involve closer collaboration with international law enforcement agencies and enhanced training for crew members to detect and deter illegal activities.
3-April-2025
Alberta Shipmanagement Ltd, under the leadership of Nicholas Inglessis, has recently made significant strides in the maritime industry by securing a second baby capesize bulk carrier. This strategic acquisition further cements Alberta Shipmanagement Ltd’s reputation as a diversified player in the shipping sector, particularly in the niche of bulk carriers. The Inglessis family, which owns Alberta Shipmanagement Ltd, continues to diversify its portfolio, now including a range of specialized bulk carrier tonnage that positions the company competitively in global markets. This move is part of a broader strategy to capitalize on specific market opportunities and enhance the company’s operational capabilities. Based in Athens, this prominent shipowner and operator has marked a milestone in the secondhand Sale and Purchase (S&P) market with the acquisition of its first baby-cape transaction since 2024. The company’s latest acquisition, the 117K DWT MV Jubilant Devotion, built in 2016, reflects its commitment to modernizing its fleet with capable and efficient vessels. Despite the significant nature of these acquisitions, Alberta Shipmanagement Ltd has chosen not to disclose the financial details of the baby capesize bulk carrier MV Jubilant Devotion. This decision aligns with the company’s usual practice regarding transaction specifics, maintaining a focus on strategic growth and fleet enhancement without publicizing financial particulars. These developments signify Alberta Shipmanagement Ltd’s proactive approach to strengthening its market presence and enhancing its fleet with high-capacity vessels that promise to bolster its operational efficiency and service delivery in the competitive field of maritime logistics and bulk transport.
3-April-2025
Norwegian shipowner and operator Belships ASA is set to be delisted from the Oslo Stock Exchange and will introduce a new Board of Directors (BOD). Belships ASA has been a fixture on the Oslo Stock Exchange since 1937. After 88 years, Belships ASA will withdraw from trading on the Oslo Stock Exchange. The trading of Belships ASA's shares was halted following the close of the market on Monday, and a formal request for delisting was submitted to the exchange on Tuesday. Additionally, Norwegian shipowner and operator Belships ASA announced a completely renewed board on Monday, following the successful acquisition of Belships ASA by a fund managed by the US asset management company EnTrust Global last Friday.
3-April-2025
C3is Inc (CISS), a distinguished shipowner and operator controlled by the Athens-based Vafias family, has recently undertaken its third reverse stock split within a single year, showcasing a strategic effort to maintain compliance with Nasdaq’s minimum share price requirement. This move is part of a broader strategy by the Nasdaq-listed company to boost investor confidence and stabilize its financial standing on the stock exchange. Under the leadership of Harry Vafias, C3is Inc (CISS) focuses on operating bulk carriers and tankers, specifically targeting the sectors that require smaller, more versatile vessels such as handysize bulk carriers and aframax tankers. These vessels are crucial for the company’s operations, allowing it to navigate various global trading routes efficiently. By reducing its share count from 4.2 million to 700,000, C3is Inc (CISS) aims to elevate its share price above the $1 threshold, a requirement for continued listing on the Nasdaq Stock Exchange in New York. This financial maneuver is intended to avoid potential delisting, which could harm the company’s reputation and financial health. In addition to its strategic stock adjustments, C3is Inc (CISS) continues to focus on enhancing its operational efficiencies and expanding its market presence. The company is actively involved in optimizing its fleet operations and exploring new markets to adapt to the dynamic demands of the maritime shipping industry. Overall, these efforts by C3is Inc (CISS) reflect a proactive approach to navigating the complexities of the financial markets and the shipping industry, ensuring that the company remains competitive and compliant with trading regulations.
3-April-2025
Ted Petrone has retired from his position as vice chairman at Navios Maritime Holdings (NM), a shipowner and operator listed in New York. After four decades with Navios Maritime Holdings (NM), executive Ted Petrone, who was Angeliki Frangou’s long-term number two, now identifies as a retired investor. Ted Petrone’s retirement follows a 45-year tenure with Navios Maritime Holdings (NM). Furthermore, Ted Petrone, serving as the vice chairman of Navios Maritime Partners, a subsidiary of Navios Maritime Holdings (NM), has declared his retirement. Ted Petrone has expressed his retirement from Navios Maritime Partners, where he initially began his career as an assistant ship operator in 1980, as a heartfelt goodbye. This was more than twenty years before the Greek shipowner Angeliki Frangou acquired the former US Steel subsidiary and listed it in New York.
3-April-2025
Nova Marine Carriers, a leading Swiss-Italian dry cargo operator based in Lugano, has entered into a bulk carrier joint venture with Italian steel manufacturer Marcegaglia. CEO Vincenzo Romeo of Nova Marine Carriers and Italian steelmaker Marcegaglia have established a new entity, NovaMar Logistic, to oversee handysize bulk carriers. This formation solidifies their strategic partnership. NovaMar Logistic, the newly formed joint venture, will assume management of the handysize bulker, 26K DWT MV Sider Luck, built in 2012. The MV Sider Luck handysize bulker is slated for operation within European cabotage trades. Marcegaglia Steel, led by CEO Antonio Marcegaglia, together with all subsidiaries involved in the steel processing sector, are integral to this initiative.
3-April-2025
Major Greek shipowners contend that the upheaval from US tariffs might ultimately enhance shipping. Greek shipowners involved in bulkers, tankers, and containers consider that trade inefficiencies might favor the shipping market. The worldwide US tariff initiative introduced by President Donald Trump late on Wednesday could initially negatively impact the shipping market but may promote it subsequently, several prominent Greek shipowners suggest. These shipowners, active across all trade sectors, believe that transitioning towards a new global trade equilibrium could prove beneficial in the long run.
2-April-2025
CMB.TECH, the shipowning entity under the management of the Saverys family, has edged closer to the merger threshold by investing $83 million in shares of the Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL). This purchase by the Saverys family’s company, a subsidiary of Compagnie Maritime Belge (CMB), brings their ownership stake in Golden Ocean Group (GOGL) to nearly 46%. The Belgian shipowner CMB.Tech continues to invest heavily in Golden Ocean Group (GOGL) shares, indicating a probable move towards a merger. According to a filing with the Oslo Stock Exchange on Wednesday, the Saverys family-controlled CMB.TECH has further increased its stake by purchasing an additional 10.3 million shares in the Nasdaq-listed shipowner Golden Ocean Group (GOGL) through open-market transactions, totaling $83.36 million.
2-April-2025
Donald Trump is slated to announce comprehensive tariffs later today at 16:00 EST in the White House Rose Garden, dubbing the day as ‘Liberation Day.’ This move marks a significant economic development early in his second term, impacting global seaborne trades. While the exact details and extent of the reciprocal country-based tariffs have not been disclosed, the White House indicated yesterday that they would be implemented immediately. Despite their significant presence, U.S. trade tariffs—and corresponding retaliatory measures—have so far directly affected only 1.5% of global seaborne trade volumes, as per the latest findings from Clarksons Research, a subsidiary of Clarksons—the world’s largest shipbroker based in London. During the 2018-2019 trade disputes, tonne-miles were reduced by merely 0.5%. The world’s largest shipbroker Clarksons describes U.S. policy as changeable, acknowledging the possibility for escalation and broader indirect effects, but also the potential for crafting new trade agreements and the emergence of new trading patterns. Anticipations of continued strength in U.S. ocean freight imports as Q2 2025 begins may indicate that the ongoing uncertainty is prompting many ocean shippers to keep frontloading until the tariff situation stabilizes. Meanwhile, China’s manufacturing purchasing managers’ index has been climbing, reaching a 12-month peak in March 2025, showing that early in 2025, the manufacturing sector appears largely unaffected by tariffs. The effectiveness of tariffs in altering trade dynamics is increasingly under scrutiny. Tariffs have been a hallmark of Donald Trump’s first term as well as Joe Biden’s tenure, yet the data demonstrates that loaded container imports into the U.S. continued to surpass exports by 2.4 times in 2024. Analysts have previously reported that this statistic starkly indicates that the import tariffs instituted since 2018 have failed to correct the U.S. trade deficit. During the initial trade conflict with China under Donald Trump’s presidency seven years ago, China targeted American agriculture, reducing imports of U.S. grain. However, China compensated by increasing imports from Brazil, resulting in minimal net tonne-mile impact. According to Clarksons Platou Securities, dry bulk shipments, especially grain and steel products, were most affected in the initial Trump-era trade skirmish with China, followed by LNG and LPG shipments.
2-April-2025
During Q1 2025, the world’s largest thermal coal buyers significantly reduced their imports, bringing purchases down to the lowest quarterly total since 2022. The global import volume of coal in Q1 2025 was just above 240 million metric tons, marking a decrease of approximately 10 million tons compared to Q1 2024. The leading coal importers—China, India, Japan, and South Korea, who together accounted for 69% of total imports in 2024—cut their Q1 2025 imports by over 10% from the previous year, driven by an increase in clean power generation which allowed their utilities to reduce coal consumption. This trend of growing clean power output might lead to further reductions in coal imports in these major markets in the upcoming months and could lead to their first collective decrease in thermal coal imports since 2020. Despite the significant cuts in the major markets, increased coal purchases by several smaller, rapidly developing economies have somewhat mitigated the overall decline, maintaining the level of total global coal imports. In 2025, China, the top coal consumer globally, decreased its imports to 67 million tons in Q1 from nearly 85 million tons in Q1 2024, marking its lowest quarterly import figure since Q3 2022. The decrease is attributed to sluggish industrial activity and a peak in domestic coal production in 2024, which reduced China’s need for imported coal. India’s imports for Q1 2025 totaled just under 39 million tons, a drop of 5.6 million tons from Q1 2024. Indian authorities have focused on increasing domestic coal production rather than relying on imports, resulting in a decrease in India’s average monthly import rate from about 45 million tons at the end of 2023 to around 37 million tons since mid-2024. South Korea made the subsequent largest reduction, with its Q1 2025 imports totaling 15.3 million tons, down from 18.6 million tons in Q1 2024, influenced by record nuclear power production that led to a decrease in coal and gas-fired generation. Japan’s imports for Q1 2025 were slightly over 25 million tons, down from 27.8 million tons during Q1 2024, marking the lowest first-quarter total since 2018. Overall, these four largest coal importers collectively reduced their imports by nearly 30 million tons in Q1 2025 compared to Q1 2024. However, other countries have increased their coal imports. Notably, Turkey, Vietnam, and Bangladesh all saw record coal import volumes in Q1 2025, while the Philippines and Malaysia recorded their second-highest import totals for the same period. Thailand, Pakistan, Hong Kong, Morocco, and the Netherlands, the main gateway for coal into continental Europe, also saw substantial import volumes in Q1 2025. Although the increases in these smaller markets are modest compared to the nearly 18 million ton drop recorded in China, the collective increases across these nations could add significant volume over the course of the year. Furthermore, around 43 million tons of coal cargoes were dispatched in March 2025, which is likely to boost delivery volumes into all major coal-importing nations during Q2 2025 and support coal trade flows during what is typically a low period for global coal usage. The substantial import reductions already observed in China and India are particularly encouraging for environmentalists who are monitoring for long-term declines in global coal imports. Even if imports continue to rise in countries like Turkey and Vietnam, the sustained decrease in imports by the four largest importers is expected to lead to a contraction in global coal shipments by the end of the year.
We kindly suggest that you visit the web page of HandyBulk to learn more about Bulk Coal Shipping www.handybulk.com
2-April-2025
Costamare Bulkers Services, recently established as a division of the New York-listed shipowner and operator Costamare Inc. (CMRE), has announced its leadership lineup. Leading Costamare Bulkers Services will be Costamare Inc.’s (CMRE’s) CFO, Gregory Zikos. Assisting him will be Jens Jacobsen, taking the role of CCO, and Dimitris Pagratis, stepping in as CFO. This new branch will manage an impressive fleet comprising nearly 40 bulk carriers and the trading platform CBI, which includes about 50 chartered-in bulk carriers in the larger segments. The parent company Costamare Inc. (CMRE), under the leadership of Konstantinos Konstantakopoulos, made its entry into the dry sector by acquiring 16 bulk carriers in 2021. The decision to segregate the bulk carriers and container ships was made public in February 2025. This strategic move aims to provide two distinct, pure-play investment opportunities catering to different investor bases, streamline the structure, and enhance financial agility to focus on separate operational goals. This separation also allows for more targeted management approaches within Costamare Inc. (CMRE) and Costamare Bulkers Services, each focusing on specialized market opportunities. Meanwhile, Costamare Inc. (CMRE) will continue to operate independently as a container ship tonnage provider, with a current fleet of nearly 70 ships.
2-April-2025
CEO Semiramis Paliou remains dedicated to the bulker strategy as Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) marks its IPO anniversary. This milestone arrives while the Greek shipowner and operator Diana Shipping Inc. (DSX) explores new markets, even as its shares experience downward pressure. Diana Shipping Inc. (DSX) CEO Semiramis Paliou reaffirmed her commitment to the company’s strategy focusing on dry bulk shipping and period-charter operations during its 20th anniversary as a publicly listed company in the U.S. On Tuesday, Diana Shipping Inc. (DSX) CEO Semiramis Paliou rang the bell at the New York Stock Exchange, signifying a period when the company is venturing into new markets and its stock prices are near their lowest in four years.
2-April-2025
Enterprises Shipping & Trading SA, led by President Victor Restis since Enterprises Shipping & Trading SA was founded in 1973, is an Athens-based shipowner and operator with a long-standing focus on the management and operation of bulk carriers and tankers serving international trade lanes and a broad spectrum of cargo requirements. Enterprises Shipping & Trading SA oversees an extensive operating platform that includes the dry bulk shipping arm Safbulk Maritime SA, and Safbulk Maritime SA is widely associated with disciplined fleet renewal, careful asset timing, and a continuous effort to keep its ships commercially relevant as market and regulatory expectations evolve. In line with that strategy, Safbulk Maritime SA recently arranged the sale of MV Braverus, a 2009-built capesize bulk carrier of 170K deadweight tonnage, in a transaction valued at about $22 million with a Hong Kong-based shipowner, representing the first bulk carrier sale by Safbulk Maritime SA since 2023 and underlining a clear preference for modernizing and upgrading fleet capability. MV Braverus also stood as the oldest bulk carrier in the Safbulk Maritime SA fleet, and the divestment highlights how Safbulk Maritime SA uses selective sales to refresh age profile, improve efficiency, and maintain operational competitiveness while keeping optionality to reinvest when pricing and newbuilding availability make sense. Enterprises Shipping & Trading SA typically employs ships through a mix of fixed-period chartering—often for durations such as one year—and voyage-based fixtures, frequently working with large multinational charterers and operators, where the charterer controls the cargo, routing, and schedule while Enterprises Shipping & Trading SA retains responsibility for ship upkeep, technical reliability, day-to-day operations, and crew management. This model allows Enterprises Shipping & Trading SA to deliver consistency across commercial cycles by applying standardized procedures for maintenance planning, drydock preparation, spares management, and performance monitoring, while also supporting long-term relationships by prioritizing predictable execution, on-time delivery, and dependable service levels. In practice, Enterprises Shipping & Trading SA’s operating framework also encompasses the practical realities that drive results for a shipowner and operator, including budgeting and cost control, bunker procurement discipline, vetting and inspection readiness, port coordination, compliance documentation, and structured crew recruitment and training aimed at sustaining safe operations across ships trading worldwide. Beyond core commercial management, Enterprises Shipping & Trading SA places strong weight on sustainability and safety, operating modern double-hull tankers, emphasizing timely and safe cargo delivery, and prioritizing protection of the marine environment alongside the health and safety of seafarers and the wider public. Enterprises Shipping & Trading SA reinforces this commitment through comprehensive training programs, preventive management practices, and rigorous follow-up procedures designed to maintain high utilization and reliability while reducing exposure to operational and market risks, including risks associated with the oil shipment trade. On quality, safety, and governance, Enterprises Shipping & Trading SA aligns its management systems with recognized international standards and has been acknowledged for quality management (ISO 9001), environmental management (ISO 14001), and energy management (ISO 50001), while also referencing recognition tied to social responsibility (ISO 26000) and food safety (HACCP), reflecting a structured approach to continuous improvement across technical performance, environmental stewardship, and organizational discipline. Enterprises Shipping & Trading SA has also been associated with multiple excellence distinctions, including a four-star EFQM Recognized for Excellence Certificate held since 2006 and the Silver and Gold Bee Certificates from the European Business Ethics Network, supporting Enterprises Shipping & Trading SA’s stated focus on ethical conduct, transparency, and responsible operations. Overall, Enterprises Shipping & Trading SA remains an established participant in global shipping while positioning Enterprises Shipping & Trading SA as a benchmark-oriented shipowner and operator that blends commercial flexibility with operational consistency, fleet renewal through Safbulk Maritime SA, and a standards-driven mindset intended to keep Enterprises Shipping & Trading SA resilient and competitive as international trade patterns, customer requirements, and maritime compliance expectations continue to shift.
2-April-2025
Brazilian soybean traders are set to ship unprecedented volumes in Q1 2025, fueled by robust demand from China, the world’s top importer, amid ongoing trade tensions with the U.S. The current soybean shipments from Brazil have not yet been affected by the new trade war dynamics. However, any escalation is likely to shift more Chinese demand towards Brazil, similar to the situation observed in 2018. As of March 25, Brazilian traders had loaded 22.8 million tons of soybeans onto bulk carriers, with 17.7 million tons destined for China. These amounts set new records despite logistical challenges and a delayed start to Brazil’s soybean harvest season. The surge in Brazil’s Q1 2025 soybean shipments to China is reflective of early purchases totaling about 33 million tons made by December 2024, ahead of the new crop’s availability and when Chinese crushing markets were active. This volume represents an increase of 7 million tons over the previous year at the same time. Brazilian farmers typically plant soybeans starting in September and begin harvesting in early January, varying by region, with ports becoming increasingly active from February. Currently, the US-China trade war has minimal impact on these shipments, although the advance purchasing activities by China in 2024 suggest that Chinese importers were anticipating potential disruptions from a Trump election victory. Brazil is expected to harvest over 170 million tons of soy in 2025. Despite the longstanding US-China trade tensions, the demand from China for Brazilian soy has consistently grown. Indeed, Brazil’s soy shipments to China for the first quarter broke the previous year’s record, reaching approximately 18 million tons, which is about 2 million tons more than the prior year. The trade tensions between the US and China typically escalate in the latter half of the year, a period when the U.S. usually increases its soy sales to China. In the initial months of 2025, January and February, China accounted for 79% of Brazilian soybean exports, up from 75% during the same months in 2024.
We kindly suggest that you visit the web page of HandyBulk to learn more about Bulk Grain Shipping www.handybulk.com