27-June-2025
Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), led by CEO Semiramis Paliou, has signed a time charter agreement with dry bulk shipping heavyweight Cargill Ocean Transportation Pte Ltd, the Singapore-based maritime logistics arm of Cargill, for the 2017-built ultramax bulk carrier MV DSI Phoenix, with the charter commencing on August 3, 2025, for a period ranging from a minimum of October 1, 2026, to a maximum of November 30, 2026, at a daily rate of $13,500, with Diana Shipping Inc. (DSX) expecting to generate approximately $5.6m in revenue over the minimum charter period. The new fixture with Cargill Ocean Transportation Pte Ltd follows the expiration of MV DSI Phoenix’s prior contract with Bulk Trading, which had been at a higher daily rate of $16,500. Cargill Ocean Transportation Pte Ltd also recently chartered in Diana Shipping Inc.’s (DSX) ultramax bulk carrier MV DSI Polaris until July 21, 2025, at a rate of $12,500 per day. Cargill Ocean Transportation Pte Ltd, headquartered in Singapore, is a global leader in maritime logistics and part of the Cargill group, one of the largest privately held corporations in the world. Operating a time-chartered fleet of over 600 ships, the company transports more than 200 million tonnes of dry bulk commodities annually across global trade routes. With a strong focus on decarbonization, digitalization, and operational efficiency, Cargill Ocean Transportation Pte Ltd plays a pivotal role in connecting producers and consumers in the global agricultural and industrial supply chains.
Dry bulk shipping heavyweight Cargill Ocean Transportation Pte Ltd, the Singapore-based maritime arm of Cargill, has fixed the 2018-built 60 000 DWT ultramax bulk carrier MV DSI Polaris from Athens-headquartered and Nasdaq-listed shipowner Diana Shipping Inc. (DSX); under the time-charter that commences on 1 July 2025 and runs through 21 July 2026, Cargill Ocean Transportation Pte Ltd will pay a daily hire of $12 500 and retains options to extend the contract by a further two months. This fixture follows a July 2024 deal in which Stone Shipping chartered MV DSI Polaris at a higher daily rate of $15 400. For the minimum scheduled period, Cargill Ocean Transportation Pte Ltd expects disbursements of about $4.66 million. The charter supports Cargill Ocean Transportation Pte Ltd’s broader strategy of securing reliable tonnage for its global dry-bulk logistics platform, which annually moves more than 200 million metric tons of agricultural, energy, and industrial commodities on roughly 6 000 voyages by combining owned ships with long-term charters and spot fixtures. Meanwhile, Diana Shipping Inc. (DSX)—led by Chief Executive Officer Semiramis Paliou—continues to strengthen fleet employment; earlier in June 2025 the company placed one of its Newcastlemax bulk carriers on a separate time charter projected to generate at least $11 million through October 2026.
27-June-2025
Hong Kong-based Harry Banga-led ship management company Caravel Group’s subsidiary Caravel Maritime has divested its 2015 built kamsarmax bulk carrier 81 000 DWT MV Explorer Oceania and its 2016 built kamsarmax bulk carrier 81 000 DWT MV Explorer Asia to a Chinese shipowner in an en-bloc sale worth about $41 million; Caravel Maritime had purchased both ships in July 2018 from Japanese shipowner Nisshin Shipping Co., Ltd. for $48.5 million, and this exit from the kamsarmax bulk carrier segment leaves Caravel Maritime with three Japanese-built ultramax bulk carriers while Caravel Group continues to run one of the world’s largest third-party ship managers, Fleet Management, alongside a dry bulk platform spanning the supramax through kamsarmax segments; meanwhile Tokyo-headquartered Nisshin Shipping Co., Ltd., founded in 1951 and still privately held, controls a modern fleet of more than 100 bulk carriers and chemical tankers with an average age of about two years, has been ordering LNG dual-fuel newbuildings to cut emissions, and in March 2025 expanded deployment of OrbitMI’s digital compliance platform to 14 bulk carriers as part of its drive to improve efficiency and meet tightening environmental regulations.
27-June-2025
Harry Banga-led ship management company Caravel Group has confirmed it has become the largest shareholder in Hong Kong Stock Exchange-listed shipowner and operator Pacific Basin Shipping Limited, while firmly denying market rumors suggesting an impending takeover of Pacific Basin Shipping Limited, a global leader in dry bulk shipping. In a formal disclosure to the Hong Kong Stock Exchange, Caravel Group announced that it now holds 16% of the total issued share capital of shipowner and operator Pacific Basin Shipping Limited, making it the company’s single largest shareholder. Headquartered in Hong Kong, Pacific Basin Shipping Limited operates one of the world’s largest fleets of Handysize and Supramax bulk carriers, with more than 260 ships under its management, including nearly 110 owned ships, serving over 500 customers and transporting more than 110 million tonnes of dry bulk cargo annually. Pacific Basin Shipping Limited focuses primarily on the transport of minor bulks such as logs, grains, steel, fertilizers, and cement, and the company is widely recognized for its efficient fleet operations, global network of offices, and experienced in-house commercial and technical management teams. Caravel Group, a diversified Hong Kong-based conglomerate, operates across three core areas: maritime, commodities, and investment management. Its maritime division, Caravel Maritime, is one of the few fully integrated maritime organizations providing technical and commercial management services, owning ships, and utilizing Caravel Maritime’s commodity cargo base. Caravel Group’s Fleet Management Limited is one of the world’s largest independent third-party ship management companies, overseeing a diverse fleet on behalf of various clients. Caravel Maritime also offers comprehensive in-house and third-party commercial and chartering services specializing in the movement of dry bulk cargo, primarily in the supramax to kamsarmax segments. The group’s bulk carriers are registered under the Hong Kong flag. Caravel Resources plays a major role in the industrial dry bulk raw materials supply chain, with a focus on trading iron ore, coal, and coke for the steel and energy sectors. Caravel Asset Management is an institutional investment manager with a focus on direct investments in global liquid markets, including public equity and credit, spanning multiple industries. Caravel Group emphasized that its increased shareholding in Pacific Basin Shipping Limited reflects its strong belief in the company’s leadership, sound financial structure, operational discipline, and consistent commercial performance, while reiterating that it has no intention to initiate a takeover. With a global presence and a customer-centric business model, Pacific Basin Shipping Limited is considered a cornerstone of the global dry bulk shipping industry, and Caravel Group’s investment underscores the enduring appeal of a well-managed and strategically positioned shipping company in a competitive and evolving maritime landscape.
26-June-2025
Hong Kong-based shipowner and operator Pacific Basin Shipping Limited, under the leadership of CEO Martin Fruergaard and listed on the Hong Kong Stock Exchange, has entered into a memorandum of understanding with The Hong Kong and China Gas Company Limited (Towngas) to secure green methanol supplies as part of Pacific Basin Shipping Limited’s strategy to comply with increasingly strict international emissions regulations. The agreement specifies that The Hong Kong and China Gas Company Limited (Towngas) will supply Pacific Basin Shipping Limited with green methanol that satisfies international certification standards. Pacific Basin Shipping Limited highlighted that this collaboration with The Hong Kong and China Gas Company Limited (Towngas) represents a critical advancement in securing priority access to growing and eventually large volumes of green fuels that ships will require under FuelEU Maritime and the International Maritime Organization’s Global Fuel Standard. This fuel will support Pacific Basin Shipping Limited’s future dual-fuel bulk carrier fleet, with the company currently operating more than 260 ships, nearly 110 of which are listed as owned, and capable of running on conventional marine fuel, sustainable biofuels, or green methanol. In 2024, Pacific Basin Shipping Limited made a notable return to the newbuilding market by ordering four methanol dual-fuel ultramax bulk carriers from Nihon Shipyard, scheduled for delivery between Q4 2028 and Q1 2029. These bulk carriers will have the ability to alternate between different fuel types, and Pacific Basin Shipping Limited noted that incentives under the proposed Global Fuel Standard by the International Maritime Organization may reinforce the case for early adoption of low-emission ships and near-zero carbon fuels. In Q1 2025, The Hong Kong and China Gas Company Limited (Towngas) formed a partnership with Singapore-based Global Energy Trading, the first company in Singapore to operate dedicated methanol bunkering tankers, to develop supply networks across Asia. The Hong Kong and China Gas Company Limited (Towngas) is increasing its green methanol output at its Ordos, Inner Mongolia facility, which uses proprietary technology to convert biomass and municipal waste into fuel, targeting an annual production of 150,000 tonnes by Q4 2025. Additionally, The Hong Kong and China Gas Company Limited (Towngas) plans to establish further methanol production sites throughout China, including in Inner Mongolia, the Greater Bay Area, and Hainan, aiming for an annual production capacity of 1 million tonnes of green fuel and chemical products to meet rising demand from the shipping industry. Pacific Basin Shipping Limited’s initiative is part of a wider move among shipping companies, including major container lines, to secure reliable sources of methanol fuel.
25-June-2025
Thermal coal may emerge as a key beneficiary of rising tensions in the Middle East, as it becomes cheaper than one of its main rivals, liquefied natural gas (LNG), with much of the concern surrounding the conflict between Israel, the United States, and Iran centered on threats to crude oil and refined fuel shipments through the Strait of Hormuz, through which all of Qatar’s LNG also passes, accounting for nearly 20% of global seaborne LNG supply; although Qatar’s LNG exports have not yet been disrupted, the mere threat of Iran potentially blocking the strait or attacking shipping has already pushed spot LNG prices higher in Asia, the largest market, with LNG for delivery to North Asia rising to $14 per million British thermal units (mmBtu) in the week to 20 June 2025, up from $12.6 the previous week and marking a four-month high, while this assessment came before the United States joined Israel’s bombing campaign against Iran, which is expected to drive LNG prices even higher due to increased risk premiums, making LNG no longer cost-competitive with thermal coal in Japan and South Korea—the two major markets where fuel-switching is possible—as Australian thermal coal with a calorific value of 6,000 kilocalories per kilogram at Newcastle Port also hit a four-month high at $109.41 per metric ton in the same week, and based on LSEG data, this equates to approximately $12.18 per mmBtu, about 13% cheaper than LNG, with the last time LNG was cheaper being early May 2025 when its price dropped to $11 per mmBtu while Newcastle coal was $11.47, though since then, LNG prices have climbed more sharply than coal and this divergence is likely to persist as Middle East tensions escalate; although it’s still too soon to determine a definitive trend in thermal coal purchases by Japan and South Korea, early indicators suggest rising demand, with Kpler tracking Japan’s coal arrivals at 6.57 million tons in June, up from 6.39 million in May 2025, and projections for July 2025 indicating a potential surge to 7.23 million tons—the highest since March 2025—and with further revisions likely as more shipments are accounted for, seasonal demand factors also contribute to higher summer and winter import volumes, making year-on-year comparisons critical to confirm whether Japan, Asia’s third-largest coal importer, is indeed ramping up purchases, especially as it imported 10.05 million tons in July 2024 and over 70% of that figure has already been assessed for July 2025, strongly suggesting a year-on-year increase, while in the broader regional context, Asia’s two largest coal importers, China and India, lack the infrastructure to easily substitute LNG with coal due to minimal reliance on natural gas for power generation, but both nations may interpret the instability in the Middle East as added motivation to reduce reliance on imported crude oil and LNG, opting instead to accelerate the use of vast domestic coal reserves along with imports to power electrification of transportation and ensure energy security, regardless of environmental concerns.
25-June-2025
Chicago soybean, corn, and wheat futures declined on Tuesday as easing geopolitical tensions following a proposed ceasefire between Israel and Iran reduced war-related concerns, while favorable weather conditions continued to support U.S. crop prospects, with oil prices also falling sharply after U.S. President Donald Trump announced a ceasefire agreement between the two nations, although he later accused both sides of breaching the accord, and despite his claim that Israel had called off further strikes, Iranian and Israeli media reported fresh Israeli airstrikes on Iran, while the most active soybean contract dropped 0.6% to $10.40-1/2 per bushel and soyoil, widely used in biofuel and closely linked to crude oil, declined 2.1%, with Chicago Board of Trade (CBOT) corn easing 0.3% to $4.18 a bushel after hitting a new 2025 low of $4.16-1/4 earlier in the session, and CBOT wheat falling 1.5% to $5.60-3/4 a bushel, as grain markets remained weighed down by expectations of ample U.S. and global supply despite slightly disappointing U.S. crop condition data, with soybean ratings unchanged at 66% good to excellent—below analyst forecasts—while corn ratings slipped by 2 points to 70%, still the highest for this time of year in five years, and although ratings for both winter and spring wheat unexpectedly declined, the progressing U.S. winter wheat harvest shifted focus to incoming supply, with upcoming hot and rainy weather expected to benefit U.S. corn belt crops with minimal heat stress, while rain in the northern U.S. Plains has improved spring wheat soil conditions and dry weather in the central and southern Plains has supported winter wheat harvesting, according to weather forecaster Vaisala, and global wheat production prospects remain favorable across the Northern Hemisphere as harvests advance, with Russia’s 2025–2026 wheat output now projected at 84.8 million tons and Egypt’s state grains buyer having recently secured several hundred thousand metric tons of Black Sea wheat for July and August 2025 deliveries, though a more consistent rise in importer demand would be necessary to alter the bearish sentiment dominating the wheat market.
25-June-2025
Iron ore futures halted a three-day advance on Tuesday due to an improving supply outlook from leading producer Australia, although steady steel demand in China helped soften the decline, with the most-traded September 2025 iron ore contract on the Dalian Commodity Exchange (DCE) settling at $97.97 a metric ton during daytime trading, while the benchmark July 2025 iron ore contract on the Singapore Exchange fell 0.71% to $93.2 a ton, as Rio Tinto, the world’s largest iron ore producer, entered into a joint venture with Hancock Prospecting to develop the Hope Downs 2 project in Western Australia, which will feature two iron ore pits with a combined annual production capacity of 31 million metric tons according to Rio Tinto, and in parallel, iron ore shipments from Australia and Brazil increased by 8.8% week-on-week for the period 16–22 June 2025, marking the highest weekly volume since June 2024, while hot metal production—a key indicator of iron ore demand—rose 0.24% from the previous week to 2.422 million tons as of 20 June 2025, yet the steel market is beginning to reflect expectations of weakening seasonal demand, with other steelmaking raw materials on the Dalian Commodity Exchange (DCE) also declining, as coking coal and coke prices dropped 1.94% and 2.03% respectively, and key steel benchmarks on the Shanghai Futures Exchange lost ground, with rebar and hot-rolled coil both down around 0.5%, wire rod declining 0.9%, and stainless steel edging lower by 0.28%.
25-June-2025
Egyptian shipowner and operator National Navigation Company (NNC), the largest shipping company in Egypt and a key affiliate of the Holding Company for Maritime and Land Transport under the Ministry of Public Business Sector, is advancing its fleet renewal and expansion strategy by placing an order for 2 additional kamsarmax bulk carrier newbuildings at Jiangsu Hantong Ship Heavy Industry, with the state-owned Cairo-based shipowner and operator National Navigation Company (NNC) commissioning Jiangsu Hantong Ship Heavy Industry to construct and deliver the 82K DWT kamsarmax bulk carrier newbuildings in Q3 2028, marking the second contract between shipowner and operator National Navigation Company (NNC) and Jiangsu Hantong Ship Heavy Industry following a similar agreement signed in Q2 2024 for 2 kamsarmax bulk carrier newbuildings scheduled for delivery in Q1 2026, and while financial terms of both deals remain undisclosed, these four ships represent a major step in shipowner and operator National Navigation Company (NNC)’s long-term objective to modernize its aging fleet and enhance Egypt’s maritime trade capabilities, as the company, founded in 1981, currently operates 14 ships under the Egyptian flag—13 bulk carriers and one 3,000 TEU containership—and is strategically positioned to serve Egypt’s import-export demand across the Mediterranean, Red Sea, and international routes, with the new kamsarmax bulk carrier additions supporting Egypt’s broader national plan to increase the number of ships operated by affiliated companies to over 30 by 2030 and reduce dependency on foreign tonnage while creating greater cargo-carrying self-sufficiency.
24-June-2025
EuroHoldings, which was spun off from Nasdaq-listed Greek shipowner and operator Euroseas (ESEA), led by Aristides Pittas, in Q1 2025, has announced a change in ownership following the sale of 51.04% of its outstanding common shares to Marla Investments, an entity affiliated with the Athens-based Latsis family. The shares were sold by members of the Pittas family, the founding shareholders of EuroHoldings, at a price of $12.90 per share, valuing the block at approximately $18.5 million. In addition to the upfront payment, the sellers will receive quarterly contingent payments based on the continued charter employment of the company’s two feeder containerships, MV Joanna and MV Aegean Express. Following the transaction, the Pittas family retains a 7.6% ownership stake in EuroHoldings. Two key members of EuroHoldings’ Board of Directors—chairman and chief executive officer Aristides Pittas and chief financial officer Anastasios Aslidis—have stepped down, and their positions have been filled by George Margaronis and Christos Triantafillidis, who were nominated by the new shareholder group. EuroHoldings will maintain its current management structure, with EuroBulk Ltd and Eurochart Ltd, both affiliated with the Pittas family, continuing to provide executive, technical, and commercial management services. In addition, EuroHoldings continues to collaborate with EuroBulk Ltd, another Pittas family-affiliated company with a long-standing presence in dry bulk shipping, which has historically managed a fleet of Supramax, Ultramax, and Panamax bulk carriers. EuroBulk Ltd has contributed its expertise to technical and operational aspects of fleet management across the Pittas family’s maritime ventures and remains a valuable technical support partner to EuroHoldings. George Margaronis, vice president of Marla Investments, stated that with over 80 years of heritage in shipping, the Latsis family is pleased to have completed its first transaction related to the United States public markets, which complements its diverse public and private investment portfolio across a range of industries and countries.
24-June-2025
EuroHoldings, which was spun off in Q1 2025 from Nasdaq-listed Greek shipowner and operator Euroseas (ESEA), led by Aristides Pittas, has announced a significant ownership change following the sale of 51.04% of its outstanding common shares to Marla Investments, a company affiliated with the Athens-based Latsis family. The shares were sold by members of the Pittas family, who are the founding shareholders of EuroHoldings, at a price of $12.90 per share, valuing the transaction block at approximately $18.5 million. In addition to the upfront consideration, the agreement includes quarterly contingent payments to the sellers based on the continued charter employment of the company’s two feeder containerships, MV Joanna and MV Aegean Express. Post-transaction, the Pittas family retains a 7.6% stake in EuroHoldings. Two key figures on the EuroHoldings Board of Directors—chairman and chief executive officer Aristides Pittas and chief financial officer Anastasios Aslidis—have stepped down, making room for new board members George Margaronis and Christos Triantafillidis, who were nominated by the new controlling shareholder. EuroHoldings will maintain its current operational structure, with executive, technical, and commercial management services continuing to be provided by EuroBulk Ltd and Eurochart Ltd, both affiliated with the Pittas family. Euroseas (ESEA), the parent company from which EuroHoldings was separated, is a well-established Greek shipping company with a history dating back to the 19th century and a current focus on the ownership and operation of container ships. Listed on the Nasdaq Stock Market, Euroseas (ESEA) operates a fleet of feeder and intermediate-sized containerships deployed in the international shipping market under medium- and long-term charters. The spinoff of EuroHoldings was part of Euroseas’ strategy to unlock shareholder value by creating a separate publicly traded entity focused on a defined subset of its fleet. George Margaronis, vice president of Marla Investments, commented that the Latsis family, which has been active in shipping for over 80 years, is pleased to complete its first transaction related to the United States public markets, complementing its existing portfolio of public and private investments across various industries and geographies.
24-June-2025
Wheat production in the European Union is projected to recover in the marketing year 2025-2026, although the rebound is expected to be uneven due to persistent dryness in critical growing regions. Weather variability across the EU has led to differing outlooks, with continued dryness in northern and Central Europe—particularly in France, Germany, and the United Kingdom—undermining yield expectations despite an expansion in planted area, while 70% of French soft wheat is currently rated in good to excellent condition. Conversely, southern and eastern EU countries such as Spain, Romania, and Bulgaria have benefited from improved rainfall, supporting favorable growing conditions and stronger harvest prospects. Total EU wheat output is forecast at 135.6 million metric tons in 2025-2026, rising from 120 million metric tons the previous year, while the United States Department of Agriculture estimates production at 136.6 million metric tons, compared to 122 million metric tons in 2024-2025. Expectations for export growth are increasing, with commodity brokers predicting wheat exports will reach 33.5 million metric tons, up from 26.3 million metric tons, and USDA forecasting 34.5 million metric tons, a 30.2% year-on-year increase. Eastern European traders anticipate greater grain export opportunities within the EU following the end of the EU-Ukraine free trade agreement, which resulted in the reimposition of tariffs and quotas on Ukrainian agricultural goods from 6 June 2025, ending a tariff-free period that began in June 2022. The European Commission reported that Ukraine accounted for 62% of EU wheat imports and 57% of corn imports during the 2024-2025 marketing year. Demand for EU wheat is expected to remain steady in its primary export destination—the Middle East and North Africa—through 2025-2026, with Morocco forecast to continue high import levels due to another disappointing harvest, and wheat demand across the wider Middle East projected to remain firm. The reintroduction of quotas on Ukrainian wheat imports, now capped at 1 million metric tons compared to 4.5 million metric tons previously, could shift trade dynamics and create opportunities for MENA buyers to secure competitively priced EU wheat.
24-June-2025
Paris-based ship operator and trader Louis-Dreyfus Armateurs (LDA), through its subsidiary Louis Dreyfus Company (LDC), has been selected by Ports of Indiana to operate the grain export terminal at Burns Harbor, located on the southern shore of Lake Michigan. Under the agreement, Louis Dreyfus Company (LDC) will recommission the terminal in Q1 2026, which had been idle since 2023 due to unfavorable market conditions. Originally built in 1979 by United States-based grain trader Cargill, the facility is being revived as part of a strategic push to enhance grain export capabilities in the Midwest. Louis Dreyfus Company (LDC) stated that Burns Harbor’s location provides strategic access to key grain-producing regions and is well-positioned to serve customers in North America and global markets. Louis-Dreyfus Armateurs (LDA), a family-owned maritime group established in 1904 and headquartered in Paris, is involved in multiple maritime sectors including dry bulk shipping, logistics, marine industrial solutions, and subsea services. It operates a diversified fleet and has a longstanding presence in the global shipping and maritime logistics industry, complementing the trading and agri-commodity business of Louis Dreyfus Company (LDC), which itself is one of the world’s leading merchants and processors of agricultural goods. Northern Indiana hosts the largest United States port complex with access to the Great Lakes, the St. Lawrence Seaway, and the United States Inland River System, offering multimodal connectivity to 16 railroads in the Greater Chicago market. Historically, the terminal has handled exports of over 500 million bushels of corn and soybeans. Ports of Indiana emphasized that combining Louis Dreyfus Company’s (LDC’s) global expertise and supply chain capabilities with one of the Great Lakes region’s most robust grain export terminals ensures critical access to international markets for regional farmers. It noted that Burns Harbor is one of the few locations in the Midwest where 1 million bushels of corn can be loaded directly onto an ocean-going ship for export while simultaneously unloading an 85-car unit train and hundreds of semi-trucks from local producers.
24-June-2025
Japanese shipping giant Nippon Yusen Kaisha (NYK) is acquiring Kadmos, a global end-to-end maritime salary payments platform founded four years ago in Germany, with the transaction value undisclosed. This acquisition aligns with Japanese shipping giant Nippon Yusen Kaisha (NYK)’s broader strategy to digitalize maritime financial services and expand its global footprint in crew welfare solutions. In 2019, Japanese shipping giant Nippon Yusen Kaisha (NYK) established MarCoPay in Manila as a financial services platform, which has since grown to include loan and insurance products tailored to the well-being of Filipino seafarers and their families. MarCoPay serves shipowners and ship management companies employing Filipino crew members and has become the sole digital salary payments provider for Filipino seafarers, holding an electronic money issuer license from Bangko Sentral ng Pilipinas, the central bank of the Philippines. With the integration of Kadmos, Japanese shipping giant Nippon Yusen Kaisha (NYK) will extend its digital salary services to seafarers of all nationalities, creating a unified platform through enhanced collaboration between Kadmos and MarCoPay. In parallel, Japanese shipping giant Nippon Yusen Kaisha (NYK)’s dry bulk division, NYK Bulk & Projects Carriers Ltd, continues to operate as a core unit handling a wide array of bulk and project cargoes, supporting NYK’s diversified shipping activities across global trade routes. The acquisition of Kadmos complements NYK Bulk & Projects Carriers Ltd’s operations by strengthening crewing-related financial infrastructure, which is increasingly vital for maintaining seafarer satisfaction, operational efficiency, and compliance in a competitive global shipping environment.
24-June-2025
Most metals on the London Metals Exchange (LME) and Shanghai Futures Exchange (SHFE) moved in tight ranges on Tuesday as traders remained cautious after U.S. President Donald Trump announced a ceasefire between Iran and Israel, with the London Metals Exchange (LME) three-month copper rising slightly by 0.04% to $9,671.5 per metric ton and the Shanghai Futures Exchange (SHFE) most-traded copper contract gaining 0.09% to $10,920.74 per metric ton, while broader commodity markets reflected a wait-and-see sentiment amid ongoing uncertainty in the 2025 trading environment; the U.S. dollar weakened and oil prices fell to their lowest level in over a week, easing supply concerns and making dollar-denominated metals more attractive to non-U.S. currency holders, as London Metals Exchange (LME) aluminium retreated 0.77% to $2,568 per metric ton after hitting a three-month high on Monday, zinc declined 0.37% to $2,677 per metric ton, tin edged down 0.13% to $32,650 per metric ton, lead slipped 0.05% to $2,002 per metric ton, and nickel advanced 0.21% to $14,835 per metric ton.
23-June-2025
The ClarkSea Index, a cross-sector weighted average of earnings for tankers, bulk carriers, containerships, and gas carriers compiled by Clarksons Research, the research arm of London-based Clarksons—the world’s largest shipbroker—hit a new high for 2025 on Friday, just ahead of the United States’ military action against Iran, a development expected to drive the index, a widely watched barometer of global shipping markets, even higher this week, as it surged 7% week-on-week to $26,916 per day, the sharpest weekly increase in over 18 months and the highest level in 11 months, with the year-to-date average running 23% above the 10-year trend despite weakness in dry bulk rates and record weekly declines in transpacific containership prices, while strong gains in tanker markets led the rally, driven by mounting tension in the Middle East, with VLCC earnings on the Middle East to China route nearly doubling week-on-week to exceed $60,000 per day and LR2 earnings from the Middle East to Asia rising above $50,000 per day, pushing overall average tanker earnings up 41% week-on-week to $36,910 per day, the highest in 12 months, and LNG carrier spot rates also jumped sharply in both basins amid vessel shortages and geopolitical disruptions, with average spot earnings for 174,000 cubic meter ships increasing by 77% to $50,500 per day, the highest since October 2024, while VLGC spot rates climbed as Asian operators avoided Middle Eastern ports or demanded premiums, resulting in earnings on the Ras Tanura to Chiba route rising 30% week-on-week to $67,450 per day, and with the United States formally entering the Israel-Iran conflict over the weekend, expectations are high for a further surge in tanker earnings and another possible record for the ClarkSea Index this week, with shipowners poised to return to their desks amid a market outlook that sharply diverges from typical summer conditions.
23-June-2025
China’s coal imports from Indonesia, its largest supplier, dropped 26% year-on-year to 12.48 million tons in May 2025 amid a significant decline in overall coal imports, while imports from Russia decreased 9% to 8.25 million tons; in contrast, imports from Australia rose 11% year-on-year to 7.46 million tons in May 2025, also marking a 7.1% increase from April, but total coal imports from all sources fell 18% compared to May 2024 as buyers favored more affordable domestic coal.
23-June-2025
Greek shipping tycoon Kriton Lendoudis-led shipowner and operator Evalend Shipping Co SA has been identified as the buyer of suezmax tankers placed at HD Hyundai Samho. Athens-based shipowner and operator Evalend Shipping Co SA has assembled an extensive order book of 37 newbuildings with a combined value exceeding $3 billion, reflecting one of the most ambitious expansion programs among private Greek shipowners. Greek shipowner and operator Evalend Shipping Co SA is strengthening its suezmax tanker fleet with an order for two modern newbuildings estimated at nearly $178 million. The 157K DWT suezmax order announced by HD Korea Shipbuilding & Offshore Engineering has been attributed to Greek shipowner and operator Evalend Shipping Co SA. Founded in 1977 by Greek shipping tycoon Kriton Lendoudis, Evalend Shipping Co SA is a diversified Athens-based shipowner and operator with a fleet covering crude oil tankers, product tankers, bulk carriers, LPG carriers, and LNG bunker vessels. Over the decades, Evalend Shipping Co SA has established itself as a prominent name in global shipping by strategically investing in high-quality, fuel-efficient tonnage sourced from leading Asian shipyards in South Korea, Japan, and China. Evalend Shipping Co SA maintains long-term relationships with oil majors, energy traders, and charterers worldwide, balancing spot market exposure with time-charter coverage to manage volatility in the shipping markets. In recent years, Evalend Shipping Co SA has diversified further into the LNG and LPG shipping sectors, aligning its business strategy with the global energy transition and environmental regulations. The suezmax order at HD Hyundai Samho highlights Evalend Shipping Co SA’s commitment to fleet modernization and growth, positioning it as a forward-looking and competitive shipowner in the crude oil transportation market, while reinforcing its reputation as one of Greece’s most dynamic and expansion-minded privately held shipping enterprises.
23-June-2025
China’s soybean imports from Brazil surged by 37.5% in May 2025 compared to May 2024, as Chinese buyers took advantage of Brazil’s bumper crop, while imports from the United States also rose by 28.3%; specifically, China imported 12.11 million metric tons of soybeans from Brazil in May 2025, up from 8.81 million tons a year earlier, and 1.63 million tons from the U.S., up from 1.27 million tons, with U.S. soybeans accounting for 11.7% of China’s total soybean imports that month; overall, China’s May 2025 soybean imports hit a record 13.92 million tons—more than double April’s volume—driven by normalized customs clearance and higher crushing plant operating rates, with some delayed cargoes from previous months also arriving in May; from January to May 2025, Brazil shipped 21.25 million tons and the U.S. 14.57 million tons of soybeans to China, with China accelerating U.S. purchases ahead of potential trade tensions and concentrated arrivals boosting cumulative imports, while earlier harvest delays in Brazil deferred its shipments; soybean imports are expected to stay strong in Q3 2025, but Q4 volumes will hinge on the progress of U.S.-China trade talks, and during January-May 2025, China also imported 111,603 tons of soybeans from Argentina.
23-June-2025
Aluminium prices climbed to their highest levels in three months on Monday after U.S. airstrikes on Iran’s nuclear facilities heightened concerns about rising energy prices and potential supply disruptions from the Middle East, where energy costs can account for 40-45% of aluminium smelting expenses in some regions; fears of escalating conflict and impacts on oil and gas supply intensified as U.S. President Donald Trump warned of further military action unless a peace deal with Israel is achieved, pushing benchmark aluminium up 1.3% to $2,584 per metric ton after reaching $2,654.50, its highest since 21 March 2025; with Middle Eastern countries producing nearly 9% of the world’s aluminium, any closure of the Strait of Hormuz could affect shipments and raw material imports like bauxite and alumina, further tightening global supply; meanwhile, in the London Metals Exchange (LME), market attention shifted to large holdings in cash copper contracts and warrants, with one company controlling over 90% of the positions, driving the cash copper premium over the three-month forward to $340 per ton, the highest since October 2022 and up sharply from $3 just a month earlier, a situation exacerbated by falling copper inventories in LME-approved warehouses and increased exports to the U.S., where prices have surged following President Trump’s directive to investigate possible copper import tariffs, prompting the LME to implement restrictions on large positions in near-term contracts on Friday; elsewhere, three-month copper rose 0.1% to $9,641 per ton, lead increased 0.8% to $2,009, tin dipped 0.2% to $32,615, nickel declined 1.5% to $14,785, and zinc, whose production is energy-intensive, gained 1.8% to $2,677 per ton.
23-June-2025
Chinese state-owned shipowner and operator Shandong Shipping Corporation (SDSC), a subsidiary of Shandong Marine Group Ltd., has expanded its order book of 325K DWT VLOCs (Very Large Ore Carriers) at Qingdao Beihai Shipbuilding by contracting 10 additional 325K DWT Guaibamax bulk carriers, increasing its total number of newbuildings in this series to 16 bulk carriers, following previous orders that included a December 2023 contract for 4 VLOCs scheduled for delivery in Q2 2027 and an additional two units commissioned in September 2024, expected to be delivered in Q3 2028, with all the newly ordered VLOCs estimated to cost between $130 million and $135 million each and featuring methanol dual-fuel engines for the transportation of Brazilian iron ore to China, as Shandong Shipping Corporation (SDSC), headquartered in Qingdao and operating under Shandong Marine Group Ltd., has rapidly grown into one of China’s leading state-owned shipping enterprises with a focus on dry bulk, oil and gas transport, and a strategy geared toward green shipping initiatives, large-scale fleet development, and long-term charter cooperation with major global cargo owners.
23-June-2025
Oil prices dropped by 2% in early trading today as United States President Donald Trump appeared to retreat from immediately supporting Israel’s strikes on Iran, while the Middle East remains tense with a surge in GPS spoofing incidents over the past week since the Israel-Iran conflict began, and UK, French, and German foreign ministers are scheduled to meet with Iranian officials in Geneva today in an effort to ease tensions, following President Donald Trump’s indication that he will decide within the next two weeks whether the United States will participate in Israeli military actions, marking a notable de-escalation from earlier aggressive statements, as he believes there is a meaningful possibility for diplomatic negotiations, and while vessel traffic through the strategic Strait of Hormuz remains active as shown by comparative maps from last week and today, shipping patterns are shifting due to increasing threats in the area, with more than 35 LPG tankers observed idling in Omani waters between 11 and 18 June 2025, representing an 82% increase from normal levels, and the median port call duration for 89 tankers in Saudi Arabia fell to 19 hours during the week ending 19 June 2025, a 37% decrease from the previous week and the shortest recorded since August 2021, as GPS jamming becomes the favored method of grey zone interference by regional players, disrupting navigation without halting maritime flow, exemplified by a fiery collision on Tuesday between a Frontline VLCC and a suezmax from Russia’s shadow fleet, which occurred amid confirmed GPS spoofing in the hours leading up to the incident.
22-June-2025
Abdulaziz bin Turki Al Saud, a Saudi prince, has launched Eleven Energy, a newly established global bunkering company aimed at supporting Saudi Arabia’s international energy ambitions by leading its entry into the global bunker and marine fuels market with a strategic focus on innovation, reliability, and global expansion, and the company will be led operationally by Chris Todd, a seasoned British bunkering professional with over 20 years of experience in physical supply and international trading, having previously held positions at Chemoil, Soyuz, and Delta Energy, as Eleven Energy is set to provide comprehensive physical supply solutions while actively pursuing strategic partnerships worldwide.
20-June-2025
China’s iron ore imports are on track to post their strongest monthly performance in 2025 this June, reflecting a notable resilience that contrasts with the weakening domestic steel sector, as the country, which consumes roughly 75% of global seaborne iron ore, is estimated to import nearly 110 million metric tons, with current projections at 109.56 million tons, representing an increase of about 11% from May 2025’s official figure of 98.13 million tons and marking the highest level since December 2024’s 112.49 million tons, which was the second-largest monthly total on record, prompting questions about why Chinese steel mills and traders are increasing iron ore purchases despite the steel sector’s sluggish performance amid domestic headwinds and global challenges; a key reason appears to be the recent drop in prices, as spot iron ore fell to an eight-month low in early June 2025, while futures on the Singapore Exchange have trended lower since peaking at $107.81 per ton on 12 February 2025, dropping to $94.17 per ton on 18 June 2025 before a slight rebound to $94.30, though the June price slump is too recent to directly affect this month’s import volumes due to lead times between purchase and delivery, but the downward trend that began in mid-May 2025 may have encouraged increased buying activity; another contributing factor is restocking, as inventories had been falling, with port stockpiles hitting a 16-month low of 132 million tons by 6 June 2025 before rising to 133.4 million tons by 13 June 2025, still 9% lower than the 146.6 million tons recorded during the same week in 2024, and while some room for further inventory buildup remains, concerns persist about how long iron ore imports can remain strong if the steel market continues to weaken, with May 2025 steel output declining 6.9% year-on-year to 85.55 million tons and cumulative output for the first five months falling 1.7% to 431.63 million tons, with full-year production expected to drop 4% from 2024 levels due to ongoing struggles in the key property sector, which has shown little improvement despite policy stimulus, as evidenced by a 0.2% month-on-month decline in new home prices in May 2025 following a flat April, along with growing pressure on the export-focused manufacturing sector as the United States imposes higher tariffs, with President Donald Trump signaling potential levies of up to 55% on all imports from China, while domestic steel prices have also been weakening, with rebar contracts on the Shanghai Exchange ending at $414.74 per ton on Wednesday, and although steel exports remain a bright spot, rising 9.9% year-on-year in May 2025 to 10.58 million tons and up 8.9% to a record 48.47 million tons for the January–May period, there is increasing risk that such export strength could trigger more trade protectionism from countries such as the United States and India.
20-June-2025
Iron ore futures prices reversed a five-day decline on Thursday, supported by increased steel production in top consumer China, although the gains were limited due to the ongoing crisis in China’s property sector that continues to suppress demand expectations, as the most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) rose by 0.43% to $97.07 per metric ton and the benchmark July 2025 iron ore contract on the Singapore Exchange climbed 0.6% to $92.95 per ton, with daily combined consumption of iron ore sintering fines rising 2.4% week-on-week to 609,300 tons—the highest daily average recorded in the last seven months—as steel mills ramped up feedstock usage to maintain elevated production levels, but downstream demand has entered the traditional off-season, resulting in continued inventory accumulation, with total iron ore stockpiles at Chinese ports increasing by approximately 1.06% week-on-week to 133.4 million tons as of 13 June 2025, while weakening real estate sales and persistent negative sentiment in the property sector further cloud the outlook, as new home prices declined again in May 2025, extending a prolonged two-year stagnation, and demand for new homes is projected to stay significantly below the 2017 peak for years, signaling a drawn-out property slump in the world’s second-largest economy, with any substantial increase in steel and iron ore demand unlikely until construction activity meaningfully rebounds, and meanwhile, other steelmaking raw materials on the Dalian Commodity Exchange (DCE) eased slightly, with coking coal and coke falling 0.13% and 0.11% respectively, while steel products on the Shanghai Futures Exchange saw moderate gains, with rebar and hot-rolled coil both up 0.13%, stainless steel rising 0.68%, and wire rod increasing 0.12%.
19-June-2025
China’s coal imports may decline by as much as 100 million metric tons in 2025, potentially intensifying downward pressure on price benchmarks already at multi-year lows, following a record high of 542.7 million metric tons in 2024 when lower international prices encouraged substitution of imports for domestic supply; coal shipments were down 8% in the first five months of 2025, and a full-year drop of 100 million tons would represent an 18.4% annual decrease, surpassing expectations, as government directives push coal-fired power plants to cut imports and stockpile more locally mined fuel; thermal coal, used primarily for power generation, and metallurgical coal, used in steelmaking, are both impacted by shifting policy and market dynamics, with domestic production expected to rise by 70 to 80 million tons in 2025 after a decline in 2024, further reducing the need for imports; concurrently, Chinese demand for Indonesian and Australian coal has weakened, reflected in index prices falling 25% and 37% respectively since October 2023, while renewable energy growth has led to reduced reliance on thermal coal, with its share in power generation dropping to a record low of 54% in April 2025 and wind and solar rising to 26%, indicating that overall coal consumption in China may peak by 2027 or 2028 due to increasing production constraints and capacity limits.
19-June-2025
Ukrainian traders are seeking to boost grain exports to the Middle East after their tariff-free access to the European Union market expired, according to the CEO of a company supplying grains to Jordan. The EU had suspended duties and quotas on Ukrainian agricultural products following Russia’s invasion three years ago but reinstated pre-war trade quotas last Friday while negotiations for a new trade agreement continue. This shift was anticipated, and trade patterns have already begun to adjust. In the past month, two Ukrainian companies applied to participate in Jordanian grain tenders, with one failing and the other successfully delivering milling wheat. If Ukraine can no longer profitably export grains to Europe, it will turn to other destinations, intensifying competition with European traders. Despite the change in EU rules—driven by pressure from European farmers affected by surging Ukrainian agricultural exports—Ukraine is expected to remain a major global grain supplier, although it may face difficulties competing with Europe on price or quality. Romanian ports will continue to serve as the main conduit for Ukrainian wheat. Increased competition from Ukraine is welcomed, as it tends to drive prices down. As the world’s seventh-largest wheat exporter, Ukraine has already shipped over 4 million tons of wheat to the EU since the 2024/2025 season began in July 2024. The reinstated pre-war quota allows for just 1 million tons of Ukrainian wheat per year to enter the EU duty-free, which, adjusted for the remaining seven months of 2025, equates to about 583,000 tons—far below the current export pace and highlighting Ukraine’s urgent need to diversify its export markets. Agricultural products represented roughly 60% of Ukraine’s total exports valued at $41.6 billion in 2024, with about 60% of those agricultural exports going to the European Union.
19-June-2025
Japanese shipowner Lepta Shipping Co Ltd has ordered two kamsarmax bulk carrier newbuildings from Yangzi-Mitsui Shipbuilding (YAMIC), a shipyard formed as a joint venture between Imabari-based shipowner Nissen Kaiun Co Ltd (Nissen Kaiun KK) and Mitsui & Co, with construction and delivery entrusted to the Yangzijiang Shipbuilding and Mitsui Engineering & Shipbuilding (Mitsui E&S) partnership, scheduled for Q2 2028. Lepta Shipping Co Ltd, headquartered in Tokyo, has previously ordered a variety of ship types including container ships, capesize bulk carriers, kamsarmax bulk carriers, LPG carriers, and MR tankers through the Yangzijiang Group and currently has a pipeline of more than 40 ships on order. In 2023, Japanese shipowner Lepta Shipping Co Ltd secured contracts for up to twelve kamsarmax bulk carrier newbuildings through the Yangzijiang-controlled alliance with Mitsui Engineering & Shipbuilding (Mitsui E&S) at an estimated $37 million per unit, with deliveries starting from Q1 2026. In Q1 2025, Mitsui Engineering & Shipbuilding (Mitsui E&S) was acquired by fellow Japanese shipbuilder Tsuneishi Shipbuilding Co Ltd, which operates a major yard in Zhoushan, and in 2024, Yangzijiang, China’s largest privately owned shipyard, acquired a stake in Tsuneishi Shipbuilding Co Ltd. Nissen Kaiun Co Ltd (Nissen Kaiun KK), one of Japan’s leading privately held shipowning firms, was founded in 1931 and has built a strong reputation as a significant player in the global shipping industry with a diversified fleet that includes bulk carriers, car carriers, and tankers; in addition to owning and operating ships, Nissen Kaiun Co Ltd (Nissen Kaiun KK) has been actively involved in joint ventures and strategic partnerships to support Japanese shipbuilding and maritime innovation, such as its stake in Yangzi-Mitsui Shipbuilding (YAMIC), which reflects its long-term commitment to expanding shipbuilding capacity and reinforcing Japanese presence in the competitive global maritime sector.
19-June-2025
A member of the influential Greek Vardinoyannis business family has been identified as the buyer of two kamsarmax bulk carriers sold by Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S in February 2025, resolving months of speculation within Greek shipping circles over which Greek shipping player spent approximately $64 million to acquire the 2020 built kamsarmax bulk carrier 81K DWT MV Sentosa Challenger and the 2020 built kamsarmax bulk carrier 81K DWT MV Sentosa Spirit from Danish shipowner and operator Dampskibsselskabet DS Norden A/S, a company with a legacy dating back to 1871 that operates a large fleet of dry cargo and tanker ships globally and is known for its active involvement in both the spot and period charter markets as well as for being one of the world’s leading operators of supramax, panamax, and kamsarmax ships, with a strategic focus on asset trading, risk management, and carbon-efficient shipping solutions.
19-June-2025
Iron ore futures extended their losing streak to a fifth straight session on Wednesday, pressured by waning demand in China, the world’s largest consumer of the steelmaking material. The most-active September 2025 contract on the Dalian Commodity Exchange (DCE) ended daytime trading down 0.5% at $96.79 per metric ton, while the benchmark July 2025 contract on the Singapore Exchange slipped 0.41% to $92.4 per ton. Prices dropped below $93 per ton as Chinese demand remained weak amid a prolonged downturn in the country’s property sector. Home prices in China declined again in May 2025, continuing a two-year stagnation. Steel production from Chinese blast furnace mills fell for the fifth consecutive week from 6 to 12 June 2025, with maintenance stoppages cited as the main cause. Construction activity has slowed due to heavy rainfall in southern China and high temperatures in the north. Efforts by Chinese authorities to reduce steel industry overcapacity are starting to show results, with crude steel output falling 6.9% year-on-year to 86.55 million tons in May 2025. Meanwhile, total iron ore inventories at Chinese ports rose by 1.06% from the previous week to 133.4 million tons as of 13 June 2025. On the Dalian Commodity Exchange (DCE), performance was mixed for other steelmaking materials, with coking coal down 0.57% and coke up 0.62%. On the Shanghai Futures Exchange, steel benchmarks recorded gains, with rebar and stainless steel each rising around 0.1%, hot-rolled coil up 0.32%, and wire rod increasing by 0.43%.
19-June-2025
Norwegian shipowner and operator R.G. Hagland Shipping AS has acquired compatriot chartering platform Vanora in a strategic effort to enhance its digital service capabilities, although the financial terms of the agreement were not disclosed. Under this arrangement, the Aanensen family-run R.G. Hagland Shipping AS will integrate Vanora’s flagship platform, VesselAdmin, which is a digital chartering and payment system tailored for the maritime industry. Since its launch, VesselAdmin has handled over 3,700 bids from brokers and shipowners in both the offshore and dry bulk sectors and has facilitated 250 payments totaling $63.3 million, according to Haugesund-based shipowner and operator R.G. Hagland Shipping AS. Established in 1872, Norwegian shipowner and operator R.G. Hagland Shipping AS has evolved from a traditional shipowner and shipbroker into a diversified organization with business activities spanning shipping, shipbroking, agency services, real estate, and finance. The company operates a fleet exceeding 10 self-discharging bulk carriers transporting timber, pulpwood, woodchips, sand, and gravel throughout the North Sea and Baltic regions. The acquisition reflects Norwegian shipowner and operator R.G. Hagland Shipping AS’s continued dedication to delivering dependable and professional services to clients, with Vanora’s advanced technology expected to enhance R.G. Hagland Shipping AS’s current portfolio and provide added value to R.G. Hagland Shipping AS’s charterers. As a result of this transaction, VesselAdmin will remain an independent operation within the Hagland Group.
19-June-2025
Freight markets are responding rapidly to the escalating conflict between Iran and Israel, with Very Large Crude Carriers (VLCCs) soaring to nearly $55,000 per day—more than double last week’s global average of approximately $25,000—while LR2 tankers have jumped to over $45,000 per day, reaching their highest rates since July 2024. This surge is notable considering that around 60 to 65% of global VLCC and LR2 liftings are linked to the Middle East, making these ships particularly vulnerable to geopolitical instability in the Persian Gulf and adjacent waters. Earlier this week, the Greek Ministry of Shipping issued an advisory urging Greek-flagged ships to avoid Iranian waters due to heightened risks to navigational freedom and ship safety, especially near Iran’s coastline, the Strait of Hormuz, and the Gulf of Oman. Hull and machinery (H&M) insurance rates for ships passing through the Strait of Hormuz have spiked by over 60% within days, with premiums increasing from 0.125% to 0.2% of ship value—raising insurance costs from $125,000 to $200,000 for a $100 million tanker—and brokers cautioning that rates could rise further if hostilities intensify. Ship insurers are also monitoring electronic interference, particularly near Iran’s Port of Bandar Abbas, where GPS spoofing and signal anomalies have prompted warnings from the UK Maritime Trade Operations (UKMTO) and the US-led Combined Maritime Force’s Joint Maritime Information Centre (JMIC). A recent collision between two tankers near the strait, with one reportedly transmitting irregular positioning signals, has deepened concerns of deliberate interference. Insurers are also increasingly alarmed by the possibility of Iranian-backed Houthi militants expanding their attacks on commercial ships. Despite the conflict, senior tanker executives largely reject the prospect of a prolonged Strait of Hormuz closure, noting there is no historical precedent for such an event, even during the Iran-Iraq war or both Gulf Wars. Major oil importers like China and India are expected to exert all possible pressure to keep the strait open, and Iran itself, heavily reliant on oil revenues, would likely avoid any action that jeopardizes this key export route. Current urgency in securing LPG cargoes and ships from the Middle East, as well as from the United States as an alternative source, reflects growing caution in the face of heightened tensions.
19-June-2025
The dry bulk market is projected to be relatively insulated from the ongoing Iran-Israel conflict; however, evaluating the current dynamics offers valuable insights into strategic positioning. As the region adjacent to the strait is a net importer of dry bulk, especially raw materials for construction and grain, there is a significantly higher volume of laden ships transiting the strait from east to west than in the opposite direction. Presently, the number of ships traversing the Strait in both directions aligns with seasonal norms and recent yearly averages, suggesting market participants are currently at ease with the perceived risk. Compared to other regional passages like the Red Sea, the Strait of Hormuz has demonstrated stronger resilience to broader Middle Eastern geopolitical volatility. In contrast, the Suez Canal has experienced a notable drop in traffic since early 2025, when ship security emerged as a pressing issue, while the Strait of Hormuz has maintained consistent ship movement. In Scenario A, a complete shutdown of the Strait would severely disrupt trade flows, especially for Gulf nations, despite the limited tonnage involved. Grain import shortfalls would jeopardize food security, and shortages of raw materials would stall extensive construction initiatives, negatively impacting GDP and triggering inflation if prolonged. The United Arab Emirates (UAE), which has received 25% of all dry bulk tonnage bound for the Arabian Gulf in 2025, would be particularly exposed, as only about 5% of those imports are delivered to Fujairah, a port that does not require passage through the Strait. Although Saudi Arabia and Oman also import dry bulk, their alternative port access outside the Strait would lessen the disruption, albeit requiring logistical adjustments. The UAE is also the leading dry bulk exporter from the Arabian Gulf, accounting for nearly 42% of total exports, with minimal volumes leaving from Fujairah. A full closure would likely cause extreme congestion at this port, escalating freight rates due to bottlenecks, increased risk premiums, and reduced loading availability. Scenario B, involving partial disruption, appears more probable, potentially involving Iran-backed assaults or ship hijackings. Iran may also leverage its influence over militant groups like the Houthis to expand disruptions across the region. Such conditions could lead some ship owners to avoid the Strait, decreasing ship availability and increasing freight costs to the Arabian Gulf, although broader freight rate effects would remain limited given the region’s modest role in global dry bulk trade. A prolonged full closure is considered an improbable strategy for Iran due to its dependency on oil exports, mainly to China, its primary strategic customer. Iranian oil sales to China notably rose in mid-March, prior to new U.S. sanctions, marking the fourth round of sanctions since February, when President Trump reinstated a “maximum pressure” policy to halt Iranian oil exports entirely. If Iran intensified hostilities by targeting tankers, reminiscent of tactics from the 1980s Iran-Iraq war, it would likely undermine its own revenue, as China—importing over 1 million barrels per day—could turn to Brazil, though it remains uncertain whether Brazilian supply could fully offset the loss. In conclusion, while the Iran-Israel standoff remains volatile and difficult to predict, a full closure of the Strait of Hormuz appears increasingly unlikely the longer the conflict persists, and minimal impact is anticipated on dry commodity prices or bulk freight rates in the broader market.
18-June-2025
Shipowners were notably active in the dry bulk newbuilding market last week, with Athens-based shipowner and operator Drydel Shipping, formerly known as Meadway Shipping and Trading (MST), placing an order for an ultramax bulk carrier 64K DWT at Imabari Shipbuilding Co Ltd with delivery scheduled for Q2 2028 and no price disclosed, while Fujian Mawei Shipbuilding Ltd. received a major order from COSCO Bulk Shipping for 15 units of 80K DWT kamsarmax bulk carrier newbuildings at $50 million each, with deliveries commencing in Q2 2027 and concluding in Q4 2032, and Imabari Shipbuilding Co Ltd secured another order for 5 units of 40K DWT handysize bulk carrier newbuildings from Japanese shipowner Shinomiya Tanker K.K. priced at $33.5 million each with all handysize bulk carrier newbuildings set for delivery in Q4 2025; in the container sector, Norwegian shipowner Blystad Group ordered 3 units of 3,000 TEU container ship newbuildings from Chinese shipyard Penglai Zhonghai Jinglu at $43 million apiece with deliveries scheduled from Q2 2027 to Q2 2028; in the gas sector, Sentek Marine ordered 2 units of 18,000 cbm LNG bunkering tankers from Chinese shipyard Guangzhou Wenchong with deliveries planned for Q2 2027 and Q1 2028 and no price disclosed; and in the tanker sector, Sentek Marine placed an order for 2 units of 113K DWT Aframax bulk carrier newbuildings with New Times Shipyard, again with no price disclosed and deliveries due in Q4 2027 and Q1 2028, while activity also intensified in the S&P (Sale and Purchase) market, covering the full range of bulk carrier sizes, with eight reported transactions including the scrubber-fitted 2004-built capesize bulk carrier 173K DWT MV Partagas sold for around $13.5 million, the scrubber-fitted 2012-built post-panamax bulk carrier 111K DWT MV Baby Cassiopeia sold to a Vietnamese shipowner for about $19 million, the scrubber-fitted 2013-built kamsarmax bulk carrier MV Bright Pegasus acquired by a Qatari-based shipowner for approximately $17.5 million, Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) selling the 2010-built panamax bulk carrier 75K DWT MV Selina for about $11.8 million, the 2014-built ultramax bulk carrier 67K DWT MV Bulk Aquila sold for around $22 million, the 2013-built supramax bulk carrier 58K DWT MV Marigoula sold for about $13.5 million, and in the handysize bulk carrier sector, the 2016-built handysize bulk carrier 39K DWT MV NY Trader III was sold for approximately $17 million while the 2014-built handysize bulk carrier 28K DWT MV Amira Sara was sold for around $11 million.
18-June-2025
Using our dry bulk flow tool, we have observed shifting patterns in global corn trade, where the U.S. and Brazil dominate exports similar to soybeans, but unlike soybeans, U.S. corn exports are gaining strength; this report examines whether that rise can offset the weaker soybean outlook, noting that U.S. corn exports, which are the country’s largest dry bulk export by tonnage, showed strong performance in Q1 2025 and are projected to exceed 2022–2024 levels, driving demand for panamax, handysize, and supramax bulk carriers with corn accounting for 30%, 26%, and 22% of their respective demand shares; in terms of tonnage, corn has overtaken soybeans in recent years, growing from 40% of U.S. agricultural exports in 2023 to 59% in 2025, supported by domestic policies such as the Renewable Fuel Standards that maintain ethanol demand, which consumes nearly 40% of U.S. corn and encourages increased corn planting; demand drivers vary across regions, with Japan—currently the top importer—mainly using corn for animal feed and facing possible long-term declines due to demographic and dietary shifts, while Mexico, the second-largest importer, shows more promising growth tied to rising meat demand and heavy corn consumption in its diet, particularly white corn used for food; meanwhile, Vietnam emerges as a potential growth market as it expands industrial-scale animal feed production, and although currently only importing a small portion of its corn from the U.S., expected higher yields and lower prices could make American corn more attractive; overall, strong U.S. corn exports are supporting bulk carrier demand and providing resilience against softer soybean trade caused by trade tensions, with Japan likely to sustain short-term demand, Mexico offering medium-term growth, and Vietnam presenting a longer-term opportunity.
18-June-2025
Dalian iron ore remained largely unchanged on Tuesday as traders weighed mixed macroeconomic signals against continued strong steel demand from top consumer China, with the most-traded September 2025 iron ore contract on the Dalian Commodity Exchange (DCE) closing the daytime session flat at $97.29 per metric ton, while the benchmark July 2025 iron ore contract on the Singapore Exchange dropped 1.24% to $92.9 per ton following data that revealed a decline in China’s steel production, which fell 6.9% year-on-year in May 2025 to 86.55 million tons; additionally, new home prices in China declined in May 2025, extending a two-year period of stagnation and highlighting persistent difficulties in the property sector despite multiple policy interventions, while factory output growth hit a six-month low, although retail sales improved slightly, offering temporary optimism during a delicate phase in China’s trade relationship with the United States, and despite peak blast furnace output, high profit margins are discouraging steel mills from curbing production, with approximately 60% of blast-furnace mills in China reporting positive margins as of 12 June 2025, while iron ore port arrivals decreased 8.62% week-on-week to 23.85 million tons as of 13 June 2025, and other steelmaking raw materials on the Dalian Commodity Exchange (DCE) gained, with coking coal and coke rising by 0.7% and 1%, respectively, whereas steel benchmarks on the Shanghai Futures Exchange traded mostly flat, with rebar inching up 0.17% and hot-rolled coil increasing 0.13%, while wire rod and stainless steel each declined by nearly 0.5%.
17-June-2025
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL has sold the 2011-built kamsarmax bulk carrier 82K DWT MV ASL Venus for approximately $14.5m, reflecting Agricore Shipping ASL’s ongoing strategy to renew and upgrade its fleet. The kamsarmax bulk carrier 82K DWT MV ASL Venus, constructed at Tsuneishi Zhoushan, represents the first publicly reported ship sale by Chinese shipowner and operator Agricore Shipping ASL in 2025. Previously named MV Rosco Palm, the kamsarmax bulk carrier 82K DWT MV ASL Venus was purchased by Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL in April 2022 for around $26m. Since its establishment in 2016, Agricore Shipping ASL has swiftly positioned itself as a key participant in China’s dry bulk shipping sector, with a particular emphasis on the capesize bulk carrier segment. Agricore Shipping ASL presently operates a fleet of 22 ships, which includes eight capesize bulk carriers, and continues to be active in the acquisition of secondhand ships and placement of newbuilding orders. In recent years, Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL has divested 13 ships and acquired 16, and currently has eight bulk carriers under construction at Chinese shipyards, ranging from ultramax to newcastlemax bulk carriers. The bulk carriers under the control of Agricore Shipping Limited ASL are managed by Agricore Group’s subsidiary, Agricore Ship Management Co Ltd.
17-June-2025
All 23 crewmembers aboard the 1997-built Panama-flagged handysize bulk carrier 32K DWT MV Run Fun 3 have been rescued after abandoning their sinking ship in the Indian Ocean. The handysize bulk carrier 32K DWT MV Run Fun 3 had departed Singapore en route to Togo when it began sinking due to flooding in the cargo hold from an unknown cause. All 23 crewmembers escaped using life rafts and were subsequently rescued at sea by another bulk carrier, the 2011-built supramax bulk carrier 55K DWT MV Maple Harbour, which is commercially managed by Monaco-based shipowner and operator C Transport Maritime (CTM) and operates under the Supramax RSA Fleet, consisting of ships chartered in by Stone Shipping. John Michael Radziwill-led shipowner and operator C Transport Maritime (CTM) stated that the crew of the 1997-built Panama-flagged handysize bulk carrier 32K DWT MV Run Fun 3 made every effort to save their ship, but at 08.15 hrs local time, the ship master made the decision to abandon ship. The incident occurred aboard the Zhangjiagang Oceanicwit Shipping-owned handysize bulk carrier 32K DWT MV Run Fun 3 approximately 500 nautical miles south of the Maldives. After the successful rescue operation, the supramax bulk carrier MV Maple Harbour, owned by South Korea-based shipowner and operator Hangang Global Shipping, proceeded to Mauritius, where the 23 crewmembers of the handysize bulk carrier 32K DWT MV Run Fun 3 safely disembarked.
17-June-2025
Japanese shipowner Shinomiya Tanker has reportedly engaged three compatriot shipyards for the construction of five handysize bulk carrier newbuildings. Tokushima-based Japanese shipowner Shinomiya Tanker has placed one 40K DWT handysize bulk carrier newbuilding at Naikai Zosen and has ordered two additional handysize bulk carrier newbuildings each from Imabari Shipbuilding and Hakodate Dockyard, with each unit priced at approximately $33m. The first handysize bulk carrier newbuilding, associated with a charter agreement involving Copenhagen-based shipowner and operator Lauritzen Bulkers A/S, had been quietly ordered earlier and is scheduled for delivery in 2025, though details have only recently emerged. The remaining four handysize bulk carrier newbuildings are expected to be delivered in 2027 and will enter into charter arrangements with South Korean shipowner and operator Hyundai Merchant Marine (HMM), as well as shipowners based in the United Arab Emirates and the United Kingdom. Established in 1968, Japanese shipowner Shinomiya Tanker currently operates a fleet of 10 ships, including four bulk carriers, and counts Gearbulk, Centurion Bulk, Tomini Shipping, Union Maritime, Iino Gas Transport, and MSC among the charterers of its ships.
17-June-2025
Athens-based shipowner and operator Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA, managed by the Moundreas family, has completed its first publicly reported bulk carrier acquisition of 2025, reflecting a calculated shift in its asset strategy. Nicholas G Moundreas (NGM) acquired the 2020-built kamsarmax bulk carrier 82K DWT MV Aom Sophie II from Japanese shipowner Kyowa Kisen Co Ltd for approximately $31m, representing a departure from Greek shipowner and operator Nicholas G Moundreas’s (NGM’s) conventional focus on acquiring mid-aged tonnage. The latest ship acquisition comes after a series of asset plays in recent years, including a notable March 2024 transaction in which Athens-based shipowner and operator Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA sold the 2010-built capesize bulk carrier 180K DWT MV Epic to a Chinese shipowner, generating a 75% return on the capesize bulk carrier. Founded in the early 1970s, Nicholas G Moundreas (NGM) is a well-established and privately held maritime group with deep roots in the Greek shipping industry, active in both the dry bulk and tanker segments. The Moundreas family, through Nicholas G Moundreas (NGM), has built a reputation for its prudent asset management, market timing, and ability to identify value-accretive opportunities. The group’s structure, which blends direct ship ownership with ship management services for third-party investors and partners, provides Nicholas G Moundreas (NGM) with the agility to transition across ship classes and segments in response to evolving market fundamentals, asset price trends, and age profile opportunities, positioning it as a flexible and opportunistic player in the global shipping sector.
17-June-2025
Athens-based Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) has finalized an agreement to sell its 2010-built panamax bulk carrier 75K DWT MV Selina for approximately $11.8m to an undisclosed buyer. The Jiangnan Shanghai Changxing-built panamax bulk carrier 75K DWT MV Selina was previously acquired by Semiramis Paliou-led shipowner and operator Diana Shipping Inc. (DSX) for around $10.9m. The panamax bulk carrier MV Selina is currently chartered to Reachy Shipping (SGP) Pte Ltd, a Singapore-based ship operator established in 2007 that focuses on the transportation of dry bulk commodities including grains, coal, and ores, and provides ship chartering, cargo trading, and logistics coordination services throughout the Asia-Pacific and Middle East regions. The ship is earning $6,500 per day under this charter until 9 July 2025. Earlier in February 2025, Greek shipowner and operator Diana Shipping Inc. (DSX) also completed the sale of the 2010-built post-panamax bulk carrier MV Alcmene for approximately $11.9m. The upcoming sale of the 2010-built panamax bulk carrier 75K DWT MV Selina is scheduled to close by August 15 and will reduce the fleet of Diana Shipping Inc. (DSX) to 36 bulk carriers.
17-June-2025
The conflict between Israel and Iran entered its fifth consecutive day on Tuesday, unsettling global energy markets and heightening tension across the maritime industry. Although Israeli airstrikes have not yet directly impacted Iran’s crude oil infrastructure, a reported explosion at a natural gas plant near the extensive South Pars field over the weekend has intensified fears of broader regional destabilisation, with Iran claiming a successful strike on the Israeli port city of Haifa. The threat of an expanding war in the oil-rich Middle East—which is responsible for nearly one-third of global crude flows—has caused a notable surge in energy prices and tanker freight rates, as shipowners, traders, and insurers evaluate the escalating risks of operating in the region. In response to the growing conflict, maritime authorities have reported significant electronic interference affecting commercial ships across the Middle East. The Joint Maritime Information Center (JMIC), part of the US-led Combined Maritime Forces, confirmed on Saturday that ships navigating near the Persian Gulf and eastern Mediterranean have experienced false positioning data and extensive GPS jamming. A recognizable circular spoofing pattern has been detected off the coast of Haifa, attributed to disrupted GPS signals, according to data analyzed by commercial tracking services. The Joint Maritime Information Center has advised ship operators to monitor navigation systems vigilantly and establish backup communication and positioning protocols to mitigate risks at sea. While Iran’s oil export terminals have so far avoided damage, market analysts are watching closely for possible Iranian retaliation through the disruption of traffic in the Strait of Hormuz, a critical passage handling around 20m barrels per day of crude and refined products. Though a complete closure of the Strait of Hormuz is considered improbable and impractical, partial interference through harassment, ship seizures, or limited attacks remains a credible threat. Even small-scale disruptions could deter shipowners from transiting the area, leading to higher freight rates and a possible shift in demand to Atlantic Basin crude and other secure loading areas. Concerns are mounting that Iran may mobilize proxy groups to widen the conflict beyond the Gulf. Maritime security experts are warning of renewed attacks on Red Sea shipping by Houthi rebels in Yemen, whose naval assets were previously targeted by US strikes earlier this year, as a potential display of solidarity with Tehran. On Friday, UK-flagged ships were officially cautioned against navigating the southern Red Sea.
16-June-2025
Norway-based shipowner and operator GC Rieber Shipping has announced plans to develop a fully electric, battery-powered mini dry bulk carrier in collaboration with freight partners GC Rieber Minerals and Franzefoss Minerals, specifically designed for shortsea operations along the Norwegian coast. The project has secured a $9.5m grant from Enova, Norway’s state-owned agency focused on promoting clean energy technologies. The funding, obtained through GC Rieber Shipping’s subsidiary Polar Energy Shipco, will support the construction of the battery-powered mini dry bulk carrier, which will be equipped with battery packs exceeding 20 MWh and rotor sails to enhance energy efficiency. Einar Ytredal, CEO at GC Rieber Shipping, stated that this support from Enova allows the company to accelerate the transition to zero-emission shipping, and expressed pride in working alongside GC Rieber Minerals and Franzefoss Minerals to pioneer more sustainable and efficient maritime transport solutions. The battery-powered mini dry bulk carrier will be operated by K. Sætre & Sønner, a company with substantial expertise in transporting bulk and general cargo across the North Sea. As part of the initiative, GC Rieber Minerals will also receive funding to establish a shore-based charging facility at Laksevågneset.
15-June-2025
Norwegian shipowner and operator Møre Sjø has placed an order for two hydrogen-powered coaster-size bulk carriers at Istanbul-based Gelibolu Shipyard, with the 4,000 dwt hydrogen-powered coaster-size bulk carrier newbuilds scheduled for delivery in 2027 and set to incorporate hydrogen fuel cells and battery propulsion systems. Ørsta-based Norwegian shipowner and operator Møre Sjø currently operates two bulk carriers along the Møre coast, where they transport sand, stone, asphalt mix, and other specialised cargo under fixed contracts. One of the hydrogen-powered coaster-size bulk carrier newbuilds, both designed by Naval Dynamics, will be assigned to a contract with compatriot Nordasfalt upon delivery. The pricing for the two hydrogen-powered coaster-size bulk carrier newbuilds has not been disclosed. The project is supported by approximately $8.5m from Enova, with additional backing from the NOx Fund, financial support from NRP, and technical guidance provided by the Green Shipping Program. Norwegian shipowner and operator Møre Sjø stated that the project has been developed over several years with substantial support and that they have arrived at a hydrogen-powered coaster-size bulk carrier newbuild concept in which they have strong confidence, noting that existing bulk carriers are outdated and necessitated a completely new approach, ultimately leading to the decision to pursue hydrogen ships with hydrogen fuel cells based on a thorough evaluation of technological maturity, cost-efficiency, and reliable fuel access.
13-June-2025
Iron ore futures prices declined on Thursday as investors awaited further clarity on trade negotiations between the United States and China, despite a positive tone from U.S. President Donald Trump, with the most-traded September 2025 iron ore contract on the Dalian Commodity Exchange (DCE) closing 0.21% lower at $98.05 per metric ton and the benchmark July 2025 iron ore on the Singapore Exchange slipping 0.53% to $94.6 per ton; President Trump stated on Wednesday that he was very happy with a trade deal that reestablished a fragile truce in the ongoing U.S.–China trade conflict, while China’s foreign ministry said on Thursday that the country will always honour its commitments, though without offering specifics; meanwhile, steel output has been falling for two consecutive weeks, pointing to weakening demand for raw materials like iron ore, and other steelmaking ingredients on the Dalian Commodity Exchange also fell, with coking coal down 2.79% and coke declining 1.77%; most steel benchmarks on the Shanghai Futures Exchange moved lower amid subdued demand, as rebar dropped 0.7%, hot-rolled coil fell 0.87%, wire rod lost 0.75%, while stainless steel was the only gainer, rising 0.48%; apparent consumption of five major steel products—rebar, wire rod, hot-rolled coil, cold-rolled coil, and medium plate—fell by 1.6% for the week ending 12 June 2025, following a 3.5% decrease the previous week.
12-June-2025
Shandong Shipping Corporation, a subsidiary of Shandong Marine Group (SDMG), is strategically enhancing its dry bulk fleet by engaging the domestic shipbuilding industry. Shandong Shipping Bulk has chosen Hengli Shipbuilding for the construction of 2 post-panamax bulk carriers with a deadweight capacity of 95K. The total value of the agreement between Shandong Shipping Bulk and Hengli Shipbuilding is estimated at around $76 million, with delivery of the new post-panamax bulk carriers expected in 2027. Hengli Shipbuilding, based in Dalian, has secured numerous bulk carrier newbuilding contracts since 2023, predominantly focused on the kamsarmax bulk carrier segment. Shandong Shipping Bulk, a subsidiary of Shandong Shipping Corporation (SDSC), operates a diversified fleet consisting of VLOC (Very Large Ore Carrier), capesize, panamax, and handymax bulk carriers, placing its fleet scale among the leading in China. Shandong Shipping Bulk offers one of the most professional dry bulk fleets in the country, capable of meeting the varied requirements of charterers. Shandong Shipping Bulk provides global shipping services for iron, coal, grain, and a wide range of bulk commodities, with shipping routes connecting more than 1000 ports in over 100 countries and regions. Shandong Shipping Corporation (SDSC), a significant state-owned enterprise established by the Shandong Provincial People’s Government and controlled by Shandong Marine Group (SDMG), is regarded as one of the most promising shipping enterprises and operates under the core values of Tolerance, Responsibility, Self-motivation, and Perseverance. Shandong Shipping Corporation (SDSC) is dedicated to serving international charterers with high-quality logistics services and fulfilling the needs of global trade, maintaining a strong worldwide reputation for dependable service, ongoing innovation, and progressive management. Shandong Shipping Bulk focuses on the marine transportation of bulk cargo including mineral products, grain, energy, chemicals, and general goods, with shipping routes covering the majority of the world’s major ports. The bulk carrier fleet of Shandong Shipping Bulk ranks among the top in China, and it operates the world’s largest ore carrier with a capacity of 400,000 DWT.
11-June-2025
The global shipbuilding industry is undergoing a notable decline in newbuilding ship orders, driven largely by regulatory uncertainty and geopolitical tensions, with the impact most severe in the dry bulk carrier segment where new orders have dropped to historically low levels. The combination of weak freight rates, elevated newbuilding ship prices, prolonged lead times, and general uncertainty in the dry bulk shipping market has contributed to the slowdown, as shipowners remain cautious and await developments related to United States President Donald Trump’s tariff policies and the United States Trade Representative (USTR)’s plans concerning China-associated tonnage and increased port fees in the United States before proceeding with newbuild commitments. Further hesitation stems from the unclear direction of upcoming environmental regulations and the industry’s transition toward alternative bunkers (fuels). Clarksons Research, the research division of Clarksons—the world’s largest shipbroker based in London—reports that overall newbuilding activity in the first five months of 2025 has dropped approximately 50% compared to the same period in 2024, which itself had been the strongest year for new orders since 2008, though many shipyards still hold a solid backlog of forward orders. According to Clarksons data, the dry bulk segment, shipping’s largest sector, has suffered the steepest decline in new orders in 2025 apart from car carriers. Newbuilding ship prices have recently softened, with Clarksons noting a 1% decrease since the start of 2025. Shipbrokers predict further declines in newbuilding prices in the near term as fewer shipyards manage to secure fresh contracts and demand for new dry bulk carriers diminishes in line with weakening freight rates. Clarksons Research foresees continued global uncertainty putting downward pressure on freight markets and delaying investment, with the anticipated new wave of shipbuilding activity expected to reduce newbuilding prices by over 10% in 2025 depending on ship type and size, despite some resistance due to the existing robust order books.
11-June-2025
China, the world’s largest coal importer, reduced its coal imports by 18% year-on-year in May 2025, as competitively priced domestic coal reduced the need for overseas supplies and renewable energy sources further displaced coal-fired power generation. China’s coal imports totaled 36.04 million metric tons in May 2025. This decline marked the third consecutive month of year-on-year decreases in coal imports, following a period of consistent growth since November 2022, except for January and February when year-on-year comparisons are typically distorted by the Lunar New Year holiday. Between January and May 2025, China’s cumulative coal imports reached 188.7 million metric tons. Domestic coal prices have remained at four-year lows, undercutting the profitability of imported coal, with medium-grade coal carrying a heat value of 5,500 kilocalories per kg averaging $87.91 in May 2025. Meanwhile, domestic coal production rose by 7%, totaling 1.58 billion tons over the first four months of 2025. China’s thermal power generation, primarily fueled by coal and to a lesser extent natural gas, declined by 4% from January to April 2025.
11-June-2025
China’s soybean imports surged to an all-time high of 13.92 million metric tons in May 2025, more than doubling April 2025’s volume. In April 2025, China had imported just 6.08 million metric tons of soybeans, marking a decade-low due to extended customs clearance times and delayed Brazilian shipments caused by harvest setbacks and logistical disruptions. Crushing plant utilization rates have now climbed above 50%, and soybean meal deliveries have remained robust, with May 2025’s import level exceeding market expectations of 12 million to 12.5 million metric tons. Compared to May 2024, when imports totaled 10.22 million metric tons, May 2025 saw a 36.2% increase. From January to May 2025, China’s cumulative soybean imports reached 37.11 million metric tons. Most of China’s soybean purchases are sourced from Brazil, the world’s largest producer, which typically exports the bulk of its crop between March and June. Brazil shipped out 14.10 million metric tons of soybeans in May 2025 and is forecast to export 12.55 million metric tons in June 2025. In Argentina, the world’s third-largest soybean supplier, yields have been outperforming expectations despite harvest delays caused by persistent rainfall affecting several crops.
11-June-2025
A new element with the potential to disrupt the current global iron ore and dry bulk market landscape is emerging, as the long-anticipated Simandou iron ore project in Guinea is set to alter global supply dynamics and maritime trade patterns. With reserves surpassing 2 billion tonnes and exceptionally high iron content averaging 65–68% Fe, the Simandou iron ore project in Guinea is regarded as one of the world’s most valuable undeveloped iron ore sources. Scheduled to commence shipments in Q4 2025, the Simandou iron ore project could serve as a structural inflection point for both the commodity markets and seaborne logistics. Simandou’s ore grade is particularly notable in the global iron ore market, offering a cleaner and more efficient raw material for steelmaking. This aligns with the intensifying environmental goals in China, where steel manufacturers are increasingly required to lower emissions. The high purity of Simandou’s iron ore makes it ideally suited for electric arc furnaces, which produce less carbon than conventional steelmaking processes. As China accelerates its transition toward decarbonization and greater scrap-based steel production, demand for high-grade iron ore is expected to increase, placing Simandou in a strategically favorable position. Once fully operational, the project aims to deliver 120 million tonnes annually—accounting for roughly 6–10% of the global seaborne iron ore trade, depending on prevailing market conditions. While this volume remains modest relative to Australia’s dominant 900 million tonnes of annual iron ore exports, Simandou introduces a credible new competitor, especially as several Australian and Brazilian iron ore mines approach depletion. The majority of Simandou’s iron ore output is anticipated to be shipped to China, the leading global importer of iron ore, driven not only by China’s demand for steel but also by the involvement of Chinese firms in the project’s ownership. Consequently, the Simandou project is expected to have a pronounced impact on traditional Brazil-to-China and Australia-to-China iron ore trade lanes. Importantly, Simandou’s location in West Africa (WAFR) results in longer shipping distances to China compared to Australia, with significant implications for the global freight market. An increased flow of iron ore from Guinea to China would elevate tonne-miles—a key metric in the dry bulk shipping industry. While the Australia-to-China route is comparatively short, the addition of volumes from Guinea introduces longer, intercontinental journeys, which could constrain bulk carrier availability and contribute to higher freight rates. To facilitate this shift, Simandou’s development plan includes major infrastructure investments, such as a multi-hundred-kilometer railway and a new export port designed to accommodate heavy volumes of iron ore as well as general cargo and passenger traffic, thereby enhancing Guinea’s overall transport network. Nonetheless, political risk remains a critical concern. Guinea’s military-led government has adopted a more assertive stance in managing natural resources, revoking exploration licenses and engaging in disputes with foreign stakeholders. This interventionist approach raises concerns about operational continuity and whether production objectives can be met without disruption. Still, if Simandou successfully ramps up within 30 months of initiating production, it could significantly reconfigure global iron ore exporter market shares. In essence, the Simandou iron ore project in Guinea is far more than a typical mining venture; it represents a transformative supply-side development with broad implications. Simandou’s high-grade ore aligns with the global movement toward greener steel production, while its geographic position introduces a sustained increase in tonne-mile demand. Its cumulative impact on trade flows, freight market dynamics, and the competitive landscape among incumbent exporters makes the Simandou project a highly consequential development to monitor in the coming years.
11-June-2025
Iron ore futures prices extended losses for a second consecutive session on Tuesday, weighed down by expectations of rising supply, although strong demand from top consumer China and optimism surrounding potential improvement in China-US trade relations helped limit the decline. The most-traded September 2025 iron ore contract on the Dalian Commodity Exchange (DCE) ended daytime trading down 0.85% at $97.16 per metric ton. The benchmark July 2025 iron ore contract on the Singapore Exchange dropped 0.63% to $94.1 per ton, after earlier touching $93.9—the lowest since 3 June 2025. Shipments of iron ore from leading suppliers Australia and Brazil rose by nearly 2% from the previous week to 29.19 million tons as of 8 June 2025, marking the highest weekly volume since December 2024. June 2025 iron ore imports are projected to increase as mills boost their use of imported cargoes due to price advantages, while miners are expected to accelerate shipments by the end of the month to meet Q2 targets. Hot metal output, a key indicator of iron ore demand, averaged 2.42 million tons per day as of 5 June 2025. Investors are also hopeful for improved U.S.-China relations as another round of trade talks takes place in London on Tuesday. Other steelmaking inputs on the Dalian Commodity Exchange (DCE) posted gains, with coking coal and coke rising by 0.51% and 0.48%, respectively. Steel benchmarks on the Shanghai Futures Exchange showed limited movement, with rebar and hot-rolled coil largely unchanged, wire rod edging down 0.12%, and stainless steel falling 1.46%.
11-June-2025
Ship traffic in the Red Sea has risen by 60% since August 2024, now averaging 36 to 37 ships per day, though this remains significantly below pre-crisis levels. The increase in merchant shipping via the Bab Al-Mandab Strait came after a decline in Houthi missile and drone attacks, along with a ceasefire agreement between the United States and Yemen’s Houthi movement. In August 2024, shipping volumes had fallen to just 20 to 23 ships daily, down from a pre-attack average of 72 to 75 ships before the Houthi offensive began in November 2023 in response to Israel’s war in Gaza. Although traffic has recovered to some extent, it still lags well behind pre-conflict numbers. The most recent reported attack on a commercial ship occurred in November 2024, and since then, the Houthis have focused exclusively on Israeli-linked ships or those previously docked at Israeli ports. For ships that do not fall into those categories, the chance of being targeted is extremely low—exceeding 99%. Despite the relative stability, apprehension about routing ships through the Red Sea continues. In May 2025, United States President Donald Trump stated that the Red Sea shipping crisis was nearing resolution after lasting over 17 months, claiming the Houthis had agreed to stop attacking shipping in exchange for the United States ceasing its strikes on the group. However, the Houthis still issue confrontational statements, and leading global shipping lines remain cautious, with most ship operators reporting in recent earnings calls that it is still too early to fully resume standard Red Sea transits.
10-June-2025
Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) has entered into a time charter contract with Bermuda-based Stone Shipping Ltd, the ship chartering arm of C Transport Maritime (CTM), for one of its panamax bulk carriers. Stone Shipping Ltd hired the 2014-built panamax bulk carrier ice-class MV Atalandi. Bermuda-based Stone Shipping Ltd, the ship chartering arm of C Transport Maritime (CTM), will pay a gross charter rate of $9,000 per day for the 35 days of the charter period and $10,100 per day for the balance period of the time charter. Stone Shipping Ltd hired panamax bulk carrier MV Atalandi for a period until a minimum of 15 June 2026, up to a maximum of 15 August 2026. The panamax bulk carrier MV Atalandi charter is expected to begin on 9 June 2025. Stone Shipping Ltd will pay a total of approximately $3.62 million for the minimum scheduled period of the time charter. Currently, Athens-based and New York-listed shipowner and operator Diana Shipping Inc. (DSX) fleet consists of 37 dry bulk carriers: 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. Semiramis Paliou-led shipowner and operator Diana Shipping Inc. (DSX) also expects to take delivery of two methanol dual-fuel newbuilding kamsarmax bulk carriers by Q4 2027 and Q1 2028, respectively. Currently, the combined carrying capacity of the Diana Shipping Inc. (DSX) fleet, excluding the two bulk carriers not yet delivered, is approximately 4.1 million DWT.
10-June-2025
COSCO Shipping Specialized Carriers has entered into an agreement with Bank of Communications Financial Leasing (BoComm Leasing) to acquire 6 multipurpose heavy lift ships. The Shanghai-listed arm of COSCO Shipping Group, which manages a diversified fleet of over 150 ships, has committed to 60K DWT multipurpose heavy lift ships that will be built at CSSC-affiliated Chengxi Shipyard. Under the terms of the deal, COSCO Shipping Specialized Carriers will bareboat charter the 6 multipurpose heavy lift ships for a period of approximately 16 years, with annual payments of about $19.4 million, totaling around $310 million. COSCO Shipping Specialized Carriers has previously engaged in several leasing transactions with Bank of Communications Financial Leasing (BoComm Leasing) and other Chinese lessors to support the expansion of its fleet tailored to specialized shipping requirements, such as heavy lift and pulp carrier operations. In Q1 2025, COSCO Shipping Specialized Carriers outlined its intention to add more than 50 ships, including car carriers, multipurpose ships (MPP), and heavy lift ships by Q4 2025, in response to growing demand for transporting wind power components, port handling equipment, and other specialized cargo.
10-June-2025
Athens-based shipowner and operator Drydel Shipping, formerly known as Meadway Shipping and Trading (MST), is enhancing its fleet with the addition of an ultramax bulk carrier newbuilding through a deal with Nihon Shipyard in Japan. The shipowner and operator Drydel Shipping, led by Costas Dellaportas, has signed a contract with Nihon Shipyard for the construction of a 64K DWT ultramax bulk carrier newbuilding, which is scheduled for delivery in 2028, although Greek shipowner and operator Drydel Shipping has not disclosed the financial details of the ultramax bulk carrier newbuilding. This latest contract represents the 10th bulk carrier in shipowner and operator Drydel Shipping’s active newbuilding program, all of which have been ordered from Japanese shipyards; prior to this, Drydel Shipping ordered two capesize bulk carrier newbuildings from Namura Shipbuilding, also slated for delivery in 2028. According to Athens-based shipowner and operator Drydel Shipping, the newly ordered ultramax bulk carrier newbuilding will feature a fuel-efficient hull form, an IMO (International Maritime Organization) Tier III/Phase 3 compliant engine, and advanced energy-saving systems including a hybrid fin and a weather-assisting duct. Nihon Shipyard is a joint venture with Imabari Shipbuilding holding a 51% stake and Japan Marine United owning the remaining 49%. Greek shipowner and operator Drydel Shipping, formerly known as Meadway Shipping and Trading (MST), commented: “Despite today’s challenging dry bulk market environment, Drydel Shipping is proud to welcome another high-quality bulk carrier newbuilding project from the esteemed Imabari Shipbuilding, reaffirming Drydel Shipping’s long-standing commitment to Japanese shipbuilding. Drydel Shipping is a firm believer in the long-term potential of the dry bulk sector; this 64K DWT ultramax bulk carrier newbuilding underscores our forward-looking approach.”
10-June-2025
The U.S. Department of Agriculture holds ambitious expectations for U.S. corn exports in both the current and upcoming marketing years, but Brazil’s strong ongoing harvest may cap the overall potential. As of 30 May 2025, U.S. corn exporters had already committed 99% of the USDA’s full-year 2024-2025 export forecast, which ends on 31 August 2025—marking the highest coverage at this point in the season in a decade and suggesting the current target may be too conservative. U.S. corn has remained price-competitive against Brazilian supplies in recent weeks, and export sales for 2024-2025 have consistently outperformed seasonal averages. However, Brazil has begun harvesting its highly export-focused second corn crop, with production forecasts rising significantly in recent days. Since Brazil’s surge in second-corn production and exports during 2011-2012, U.S. corn exporters have faced challenges closing sales in the final quarter of the marketing year whenever Brazil’s crop is strong. For 2024-2025, Brazil’s second-corn harvest is projected to be 11% higher year-on-year, and similar historical patterns suggest the U.S. could still secure an additional few million metric tons in corn sales over the next three months. The USDA currently estimates 2024-2025 U.S. corn exports at 66 million metric tons. However, comparisons with last year should be made cautiously, as corn was both more abundant and cheaper then, and Brazil’s second crop was down 12%, which opened the door for above-average late-season U.S. exports in 2023-2024. Some market participants believe that concerns over tariffs led buyers to front-load purchases, which, although unconfirmed, could present a short-term headwind to further U.S. sales. Looking ahead, the USDA’s export projection for 2025-2026 surpasses that of 2024-2025, but its viability remains uncertain as Brazil’s large 2024-2025 crop will likely dominate international demand in the coming months. As of 30 May 2025, U.S. corn exporters had booked just over 3 million metric tons for 2025-2026 shipments—slightly ahead of the past two years, though not particularly impressive. As with old-crop trade, new-crop U.S. corn sales tend to be subdued ahead of the marketing year when Brazil’s second-corn output is strong, a trend that often applies to other global corn exporters as well. Combined corn production for 2024-2025 in Brazil, Argentina, and Ukraine is expected to rise by 2% year-on-year, potentially suppressing U.S. export volumes during the early months of the 2025-2026 period. Beyond Brazil’s influence, U.S. corn export prospects in 2025-2026 will also depend heavily on domestic conditions. While not without challenges, the 2025-2026 U.S. corn crop has made a solid start, supported by favorable weather forecasts through mid-June. Historically, U.S. corn exports rarely fall short of initial projections when production meets or exceeds early expectations.
10-June-2025
China’s iron ore imports in May 2025 fell short of expectations, declining by 4.9% from April 2025, as steel mills showed restraint in purchasing seaborne cargoes amid forecasts of seasonally weaker steel demand. China, the world’s largest consumer of iron ore, imported 98.13 million metric tons in May 2025, missing analyst projections which had anticipated volumes exceeding 100 million tons, and marking a decrease from 103.14 million tons in April 2025. The lower-than-expected import volume in May 2025 was partly attributed to some steelmakers opting to source from domestic ports where supply was more readily available and pricing more competitive. The decline in China’s iron ore imports led to a 2.8% month-on-month drop in portside inventory, which stood at 133 million tons as of 30 May 2025. Although May 2025 iron ore import figures were below expectations, they remained relatively robust due to ongoing restocking activities by mills amid declining port inventories. Over the first five months of 2025, China’s total iron ore imports dropped 5.2% year-on-year to 486.41 million tons. Meanwhile, China’s exports of steel products in May 2025 increased by 1.15% from April 2025 to reach a seven-month high of 10.58 million tons. Analysts noted that the continued acceleration of steel product shipments, driven by concerns over potential tariff hikes weakening demand, was supporting export growth. For the January–May 2025 period, China’s steel product exports surged 8.9% year-on-year to a record 48.47 million tons. Conversely, China’s steel imports declined 24.5% year-on-year in May 2025 to 481,000 tons.
10-June-2025
Shunyu Shipping, a joint venture formed by state-owned Xiamen Xiangyu and Shunda Mining, has officially launched operations, focusing on capesize bulk carrier trades between China and West Africa. Combining Xiamen Xiangyu’s extensive expertise in international commodity trading with Shunda Mining’s mining operations in Guinea, Shunyu Shipping aims to oversee the entire logistics chain from iron ore extraction in Guinea to supply into China’s steel and energy markets. Shunyu Shipping plans to carry project cargo and industrial equipment from China to West Africa on the westbound leg and transport iron ore and other commodities from Guinea to China on the return voyage. Shunyu Shipping has completed its inaugural shipment, delivering 21,000 cu m of Chinese equipment to Guinea. Rather than relying solely on chartered tonnage, Shunyu Shipping intends to gradually build up its own fleet, following the operational model of Xiamen Xiangyu’s existing shipping platform, which currently manages six bulk carriers, including both bulk carriers and deck cargo ships.
9-June-2025
The U.S. Interior Department has approved a proposal by Signal Peak Energy to expand its coal mining operations, enabling increased exports to Japan and South Korea, the agency announced Friday as part of its response to President Donald Trump’s energy emergency directives. The approval allows the Montana-based coal producer to extract 22.8 million metric tons of federal coal and 34.5 million metric tons of adjacent non-federal coal, extending the operational life of the Bull Mountains mine by nine years. Interior Secretary Doug Burgum, who also serves as co-chair of President Donald Trump’s Energy Dominance Council, stated that expanding access to federal coal resources will help strengthen strategic energy ties with U.S. allies abroad. “President Trump’s leadership in declaring a national energy emergency is allowing us to act decisively, cut bureaucratic delays and secure America’s future through energy independence and strategic exports,” he said. Signal Peak Energy originally submitted its mine expansion plan to the Office of Surface Mining Reclamation and Enforcement in 2020, but the proposal remained under federal review and litigation until now. The Interior Department completed the environmental impact statement for the project under its revised policy, which limits such reviews to a maximum of 28 days. This week, Burgum joined Energy Secretary Chris Wright and Environmental Protection Agency Administrator Lee Zeldin in Alaska to promote an LNG project and other U.S. energy exports aimed at Asian markets, in an event attended by officials from Japan and South Korea. The Bull Mountains mine, located in Musselshell and Yellowstone counties, employs over 250 workers and mainly supplies coal to Japan and South Korea. Environmental groups have opposed the expansion due to concerns over water consumption and greenhouse gas emissions.
9-June-2025
The seaborne coal trade has declined in 2025, with Indonesia—the world’s top coal exporter—also showing a downward trend. From January to April 2025, global seaborne coal loadings dropped by 6.4% year-on-year to 408.3 million tons (excluding cabotage), with Indonesian coal exports falling by 10.9% year-on-year to 150.1 million tons, Australian exports decreasing by 7.3% year-on-year to 103.3 million tons, Russian exports down 3.3% year-on-year to 50.7 million tons, U.S. exports slipping 1.3% year-on-year to 27.5 million tons, and South African exports increasing 7.7% year-on-year to 21.8 million tons; meanwhile, Colombian shipments dropped 23.5% year-on-year to 15.3 million tons, Canadian exports rose 1.8% year-on-year to 16.1 million tons, and Mozambique shipments edged up 0.2% year-on-year to 6.2 million tons. Seaborne coal imports into Mainland China declined 7.9% year-on-year to 115.0 million tons over the same period, with Indian imports down 7.9% year-on-year to 75.9 million tons, Japanese imports down 2.1% year-on-year to 50.7 million tons, and South Korean imports falling 19.9% year-on-year to 30.9 million tons, while the European Union recorded a 5.7% year-on-year increase to 21.5 million tons, Vietnam jumped 23.2% year-on-year to 22.7 million tons, Malaysia rose 2.3% year-on-year to 12.8 million tons, and Bangladesh surged 68.5% year-on-year to 5.6 million tons. Indonesia, which held a 38.8% share of the global seaborne coal market in 2024, had previously experienced depressed export volumes in 2020 and 2021 due to COVID-19 and domestic consumption policies, but exports hit a record high in 2022 and continued rising in 2023, reaching 494.6 million tons—up 10.2% year-on-year—before climbing another 7.7% year-on-year to 532.9 million tons in 2024. Most of Indonesia’s coal exports are shipped from East and South Kalimantan on Borneo, along with some volumes from southern Sumatra, with major terminals including Taboneo/Banjarmasin (100.8 million tons in January–December 2024), Tanjung Bara (41.7 million tons), Muara Berau (40.1 million tons), Balikpapan (39.8 million tons), Muara Banyuasin (39.2 million tons), Muara Pantai (37.1 million tons), Samarinda (33.7 million tons), Bunati (32.4 million tons), Adang Bay (20.4 million tons), Tanjung Pemancingan (19.4 million tons), Senipah Terminal (14.3 million tons), and Kaliorang (13.9 million tons); in 2024, 50.3% of volumes were carried on Panamax vessels, 30.1% on Supramax, 10.4% on Post-Panamax, and 7.2% on Capesize tonnage. China remained the top destination for Indonesian coal, taking 44.0% of exports or 234.4 million tons in January–December 2024, up 14.2%, though volumes dropped 20.1% year-on-year to 54.4 million tons in January–April 2025; India accounted for 19.2% of shipments at 102.2 million tons in 2024, down 1.9%, and fell 15.3% year-on-year to 33.3 million tons in January–April 2025; shipments to the Philippines rose 6.1% year-on-year to 37.2 million tons, representing 7.0% of total exports; exports to Japan increased 11.7% year-on-year to 28.1 million tons, South Korea imported 26.4 million tons, up 0.9% year-on-year, Malaysia received 24.3 million tons, down 1.1% year-on-year, and Vietnam saw a 36.8% year-on-year surge to 24.3 million tons in January–December 2024.
9-June-2025
Hamburg-based shipowner and operator Carsten Rehder Schiffsmakler und Reederei is further deepening its collaboration with Garden Reach Shipbuilders and Engineers (GRSE) by signing a new memorandum of intent for 4 additional multipurpose (MPP) dry cargo ships. This latest agreement raises the total number of 7.5K DWT multipurpose (MPP) ships ordered by Carsten Rehder Schiffsmakler und Reederei from the Kolkata-based shipyard Garden Reach Shipbuilders and Engineers (GRSE) to 12, following the initial contract for 4 multipurpose (MPP) ships signed in June 2024 at $13.5m each and an additional 4 ordered in September 2024, with deliveries scheduled through 2027. According to Indian shipyard Garden Reach Shipbuilders and Engineers (GRSE), the newly ordered multipurpose (MPP) ships will include hybrid propulsion systems and adhere to the latest cybersecurity standards. The finalization of the Carsten Rehder Schiffsmakler und Reederei agreement is anticipated by the end of August 2025. Indian shipyard Garden Reach Shipbuilders and Engineers (GRSE), which operates under India’s Ministry of Defence and is primarily recognized for its defense and offshore ships, is also expanding into the offshore shipbuilding sector through a memorandum of understanding with Dubai-based Aries Marine to jointly explore and develop platforms and ships using Aries Marine’s designs.
5-June-2025
Norway-headquartered shipbroker Fearnleys, a prominent name in global maritime services with a history dating back to 1869, has reported that its investment and advisory arm, Fearnley Securities Project Finance, arranged new shipping deals totaling $165 million in Q1 2025, bringing the total value of its active project portfolio to approximately $1.3 billion; the $165 million in transaction volume included $66 million in equity provided by project partners and investors, underscoring Fearnley Securities Project Finance’s role in facilitating structured investments across various shipping segments, including tankers, bulk carriers, and offshore assets; despite facing a more challenging market environment in Q1 2025 compared to 2023 and 2024, Fearnley Securities Project Finance noted a strong start to the year, reflecting continued demand for tailored maritime financing solutions supported by the broader Fearnleys group’s deep market expertise, global brokerage network, and longstanding relationships with shipowners, operators, and institutional investors.
5-June-2025
Iron ore futures prices rebounded on Wednesday as investors closed out short positions to secure profits, though the upside was capped by expectations of seasonally weaker demand; the most-traded September 2025 iron ore contract on the Dalian Commodity Exchange (DCE) ended daytime trading 1.37% higher at $97.98 per metric ton, recovering from a nearly two-month low hit the previous day, while the benchmark July 2025 iron ore contract on the Singapore Exchange rose 0.95% to $95.2 per ton; the recent sharp declines in futures brought prices below spot levels, suggesting limited near-term downside and encouraging short sellers to unwind positions, especially with hot metal output projected to remain steady around 2.4 million tons in June 2025, and further significant declines likely only if market fundamentals deteriorate further; average daily hot metal output, a key measure of iron ore demand, slipped 0.7% from the previous week to 2.42 million tons as of 30 May 2025, though this remains 2.6% higher than the same period a year earlier; the rebound in iron ore was also partially driven by a rally in coal and coke prices, with coking coal surging 7.19% and coke climbing 5.72% after both touched nearly nine-year lows on Tuesday, supported by expectations of tightening supply; steel benchmarks on the Shanghai Futures Exchange also advanced, with rebar gaining 1.57%, hot-rolled coil rising 1.61%, wire rod increasing 1.14%, and stainless steel edging up 0.59%.
5-June-2025
Norway’s most prominent shipowner John Fredriksen has delivered a sharply critical assessment of living conditions in both Norway and the United Kingdom, confirming that he is moving part of his business operations to Dubai in response to what he perceives as a rapid decline in the Western world; when asked about the Norwegian government’s decision to divest its stake in airline Norwegian, where John Fredriksen is the largest private shareholder, he responded unequivocally, stating that he tries to stay away from Norway as much as possible; long based in London, John Fredriksen revealed he has now transitioned elements of his business to the United Arab Emirates, identifying the United Kingdom’s updated tax policies as a principal reason behind the move, although not the only factor, and he also confirmed the closure of the London headquarters of his private shipping group Seatankers in 2024; expressing his disillusionment with both countries, John Fredriksen remarked that both Britain and Norway have severely deteriorated, and he accused the governments of each nation of fostering overregulated environments that discourage initiative; offering his broader view, John Fredriksen remarked that the Western world is in systemic decline and increasingly inward-looking, lamenting what he sees as a fading work ethic and rising complacency in industrialized nations; he criticized the prevalence of remote work, insisting that people should return to the office and increase their efforts, rather than working from home; when asked about US President Donald Trump and trade policy, shipping magnate John Fredriksen dismissed both as utterly ineffective; reflecting on his relationship with Norway, John Fredriksen said that he abandoned hopes for the country long ago, recalling his departure in 1978 and saying that things have only deteriorated further since then, describing Norway as irrelevant, except for those employed in the public sector, who he believes still benefit; despite his criticism, John Fredriksen remains deeply linked to Norway through major holdings in tanker giant Frontline and seafood leader Mowi, and as perhaps the most recognized figure in global shipping, John Fredriksen—now a Cypriot citizen—asserted that the regulatory and operating conditions for shipping in Norway have never been more unfavorable, echoing wider frustration within Norway’s maritime sector over what is perceived as diminishing support from the state and a shrinking pool of skilled maritime professionals; his remarks reflect growing concern among Norwegian shipowners who feel increasingly sidelined by policy shifts they view as damaging to the country’s historically vital shipping industry, with additional worries about a declining domestic investor base and the Oslo Stock Exchange’s waning influence in global maritime finance; John Fredriksen suggested that regulatory decisions have alienated shipping altogether from national priorities, and explained his recent investment surge across multiple maritime and offshore firms—including Star Bulk Carriers, International Seaways, and offshore driller Valaris—as part of a broader strategy to capitalize on undervalued shipping stocks with the expectation of significant returns as global supply tightens and geopolitical uncertainty reshapes trade routes; emphasizing the importance of capital readiness, John Fredriksen noted that it pays to have liquidity when others do not, and he reiterated his belief in the cyclical nature of the shipping industry, stating that the critical factor is who will be ready when the market turns.
5-June-2025
The world’s largest shipping association, BIMCO (Baltic and International Maritime Council), has started drafting a standardized clause to address the legal and contractual uncertainties triggered by recent trade policy measures announced by the United States Trade Representative (USTR), which include plans to impose additional fees on ships calling at ports in the United States if those ships are Chinese-built, Chinese-owned, or Chinese-operated; these actions fall under the United States Trade Representative (USTR)’s “Section 301 Investigation of China’s Targeting of the Maritime, Logistics, and Shipbuilding Sectors for Dominance” and are also set to impact foreign-built car carriers, regardless of ownership, with the anticipated result being a significant increase in the cost of seaborne trade to and from the United States, while introducing complex legal and commercial challenges across the shipping sector that moves approximately 90 percent of global trade; in response, BIMCO (Baltic and International Maritime Council)’s documentary committee has made it a top priority to create a clause that will assist shipowners, charterers, and other stakeholders in managing these emerging regulatory risks, and due to the breadth and urgency of the United States Trade Representative (USTR)’s planned measures, a dedicated subcommittee comprising legal and commercial experts is actively working on the clause, which is expected to be finalized and released shortly, with further updates to be provided upon its official adoption.
4-June-2025
Athens-based Vafias family-controlled shipowner and operator Brave Maritime Corporation Inc., a subsidiary of StealthGas Inc. and part of the diversified Vafias Group with a longstanding presence in the Greek shipping sector, has secured its fifth bulk carrier acquisition in Q1 2025 as it intensifies its focus on acquiring Japanese-built ships, with the latest deal involving the purchase of the modern handysize bulk carrier MV Bunun Orchid from Taiwanese shipowner and operator Wisdom Marine Lines Co Ltd; the transaction reinforces Brave Maritime Corporation Inc.’s position as the leading Greek buyer of secondhand bulk carriers over the past two years, with the company pursuing a strategy centered on high-specification, modern Japanese tonnage to enhance fleet quality and operational efficiency; led by Harry Vafias, Brave Maritime Corporation Inc. has been actively expanding its dry bulk fleet to complement its wider maritime interests across LPG, product tankers, and dry cargo segments, and the latest acquisition of the 2021-built 37,000 DWT handysize bulk carrier MV Bunun Orchid—delivered from I-S Shipyard and sold for approximately $25 million—was confirmed by Taipei-based shipowner and operator Wisdom Marine Lines Co Ltd, which reported a booked profit of $9.9 million on the sale, marking another step in Brave Maritime Corporation Inc.’s aggressive fleet renewal and expansion program.
4-June-2025
South Korean shipowner and operator Hyundai Merchant Marine (HMM), the country’s largest container carrier and a growing force in the dry bulk segment, has secured a $462 million, 10-year shipping contract with Brazilian mining giant Vale following the recent purchase of a capesize and a newcastlemax bulk carrier in Q1 2025; the long-term agreement, which begins on 1 July 2025, will involve transporting iron ore from Brazil to China, reinforcing Hyundai Merchant Marine (HMM)’s strategic push to diversify beyond container shipping and strengthen its presence on key industrial cargo routes, particularly in support of global commodities trade; headquartered in Seoul and majority-owned by Korea Development Bank, Hyundai Merchant Marine (HMM) operates an expanding fleet that includes container ships, bulk carriers, and tankers, and has been increasingly active in securing long-term cargo contracts to stabilize revenue and reduce exposure to volatile spot markets; while the total value and duration of the Vale contract have been confirmed, South Korean shipowner and operator Hyundai Merchant Marine (HMM) has not disclosed the number of ships to be deployed for this trade, though market sources anticipate the use of its recently acquired large bulk carriers as part of the commitment.
4-June-2025
South Korea’s new president Lee Jae-myung plans to relocate the headquarters of Hyundai Merchant Marine (HMM), the country’s largest container carrier and a pivotal player in global shipping, from Seoul to Busan as part of a broader effort to decentralize government functions and enhance regional development; the move aligns with his vision to strengthen Busan’s role as a maritime hub, further supported by his proposal to also transfer the Ministry of Oceans and Fisheries to the city, which is home to South Korea’s busiest port; Busan’s mayor Park Heong-joon welcomed the announcement, emphasizing that hosting HMM—ranked among the world’s top ten container shipping companies with a fleet serving major international routes—would boost investment, attract skilled professionals, and drive innovation in the regional supply chain; however, the HMM Labour Council responded with caution, noting that while it recognizes the strategic intent, any relocation must rigorously protect employees’ rights and livelihoods; Lee, who has pledged continued support for South Korea’s shipbuilding industry, stated during his campaign that he envisions Busan evolving beyond its current status to become East Asia’s maritime brain.
4-June-2025
The growth of India’s steel sector is often promoted as a new opportunity for iron ore miners amid slowing Chinese demand, yet the actual impact may not match the expectations, as India’s current steel-making capacity stands at around 200 million metric tons per year with a target to reach 300 million by 2030, raising questions about how much of this increased iron ore requirement can be met by domestic mining; while India, the fourth-largest iron ore producer, achieved a record 289 million tons of output in the fiscal year ending March 2025—up from 277 million tons in 2024—this still falls short of the estimated 460 million tons needed to support a 300-million-ton steel industry, assuming the standard 1.6 tons of ore per ton of steel via the blast furnace/basic oxygen furnace method; the challenge is not just boosting output but also ensuring the infrastructure can support efficient transport of ore to steel plants, and although India has vast reserves and the potential to surpass China and Brazil in iron ore production, major increases in output by 2030 remain unlikely, with even Vedanta’s Sesa Goa Iron Ore facing limitations; the Indian Steel Association projects a shortfall of over 100 million tons in coming years, suggesting a sharp rise in imports will be necessary, especially as India, currently a net exporter of low-grade ore—primarily to China, which received 11.11 million of the 13.67 million tons exported in the first five months of 2025—has seen export volumes decline to a monthly average of 2.73 million tons from 3.13 million in 2024 and 3.70 million in 2023, while imports have surged to 4.57 million tons over the same period, putting India on pace to more than double its 2024 and 2023 import totals of around 6.7 million tons, though even reaching 10 million tons this year would still leave a significant gap to the 100 million tons projected for 2030; ultimately, the outcome will hinge on the pace of steel capacity expansion—India has 20 million tons currently under construction and another 155 million planned—and how effectively domestic miners scale output, but for now, trends suggest a continued decline in low-grade exports and a gradual increase in higher-grade imports.
4-June-2025
Strategic Shipping, a private Connecticut-based maritime investment and management firm specializing in dry bulk assets, continues to expand its leading stake in Nasdaq-listed and Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL), with recent activity showing Strategic Shipping actively acquiring shares at a discount to net asset value in the open market; following the December 2024 transaction in which Strategic Shipping merged its fleet of modern bulk carriers into the Mark Filanowski-led shipowner and operator Pangaea Logistics Solutions (PANL), the company has steadily reinforced its role as the largest shareholder in the New York-listed shipowner and operator Pangaea Logistics Solutions (PANL), reflecting its long-term strategic alignment with the operator’s vertically integrated business model that includes cargo handling, terminal operations, and niche trades; Strategic Shipping, founded with a focus on long-term capital deployment in shipping, has now accumulated over 440,000 additional shares through a series of open-market purchases disclosed on Monday, raising its total ownership to 28.7% of Pangaea Logistics Solutions (PANL) and signaling continued confidence in the shipowner’s market position and future earnings potential.
4-June-2025
US alternative asset manager EnTrust Global, known for its focus on maritime and real assets investments, has reported a record year for its shipping-focused Blue Ocean fund, with $2.1 billion in transactions completed during 2024 and into Q1 2025; EnTrust Global confirmed that its Blue Ocean fund executed more than 20 deals during this period, reflecting strong momentum in maritime finance and reaffirming its position as a leading player in the sector; founded in 1997 and headquartered in New York, EnTrust Global manages billions in assets across various alternative strategies and has positioned its Blue Ocean platform as a dedicated vehicle for ship finance, including structured credit, leasing, and equity investments across a wide range of shipping segments; with the latest transactions included, EnTrust Global has now invested a total of $6.1 billion through the Blue Ocean fund since its inception, highlighting its commitment to long-term capital deployment in the global maritime industry.
4-June-2025
The Brazilian mining giant Vale (NYSE: VALE), one of the world’s largest mining corporations and the leading exporter of iron ore, is preparing for substantial cost implications from upcoming International Maritime Organization (IMO) carbon regulations, stating in its new sustainability report that these rules are expected to add to its $4.75 billion annual freight expenditure; headquartered in Rio de Janeiro, Vale plays a central role in global seaborne iron ore trade, particularly on the Brazil-to-China capesize bulk carrier route, and highlighted the IMO’s greenhouse gas regulations as a significant climate-related financial risk in its first-ever sustainability-related financial disclosure report; Vale (NYSE: VALE), which operates one of the largest ship chartering departments in the mining sector, coordinates a vast network of long-term time charters and spot charters for capesize and very large ore carrier (VLOC) ships, many of which are dedicated to transporting iron ore to Asia, and the new IMO rules targeting emissions intensity and ship efficiency pose both compliance and cost challenges for Vale’s chartering strategy, as the miner must now evaluate the operational and commercial impact of decarbonization standards on its extensive maritime logistics chain.
3-June-2025
Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) has entered into a time charter contract with Bohai Ocean Shipping (Singapore) Holding Pte. Ltd. (BOSS) for the 2017-built, 208,000 DWT newcastlemax bulk carrier MV Newport News, at a gross charter rate of $25,000 per day for a period commencing on June 14, 2025, and extending to a minimum of September 1, 2026, up to a maximum of October 31, 2026, amounting to approximately $10.95 million for the minimum scheduled period. This new rate exceeds the current charter with Japanese shipowner NYK Bulk (Nippon Yusen Kabushiki Kaisha), under which the ship is earning $20,000 per day. Bohai Ocean Shipping (Singapore) Holding Pte. Ltd. (BOSS) is a wholly owned subsidiary of Bohai Ocean (Hebei) Transportation Co., Ltd., which was established in December 2022 as part of a strategic shipping development initiative jointly funded by Hebei Communications Investment Group, Hebei Port Group, Hebei Construction Group, and Hebei Iron and Steel Group, with Hebei Transportation Investment Group holding a 70% stake and the remaining three groups sharing the other 30%, supported by a registered capital of 900 million CNY. BOSS was founded in August 2023 to enable international expansion, enhance fleet development, and improve customer service capabilities, and it operates independently from Singapore with a core mission to build a modern, environmentally sustainable, and globally competitive dry bulk fleet. The company’s strategic positioning in Singapore allows it to access global shipping markets more effectively while supporting China’s broader logistics and resource transport objectives. Currently, Diana Shipping Inc., led by CEO Semiramis Paliou, operates a fleet of 37 dry bulk carriers, consisting of 4 newcastlemax, 8 capesize, 4 post-panamax, 6 kamsarmax, 6 panamax, and 9 ultramax bulk carriers, and is expected to take delivery of two methanol dual-fuel newbuilding kamsarmax bulk carriers in Q4 2027 and Q1 2028, respectively.
3-June-2025
Athens-based and New York-listed shipowner and operator OceanPal Inc., a dry bulk shipping company and subsidiary of Diana Shipping Inc. (DSX) led by Semiramis Paliou, has entered into an agreement to sell its oldest ship, the 2004-built, 73,000 DWT panamax bulk carrier MV Protefs, for approximately $7 million, with the Jiangnan Shanghai Changxing-built vessel expected to be delivered to its new owners by June 17, 2025; this move follows the company’s strategic exit from the capesize segment earlier in Q1 2025 through the sale of the 2005-built, 171,000 DWT capesize bulk carrier MV Salt Lake City for around $16 million. Founded to operate and manage a fleet of dry bulk carriers and capitalize on short- to medium-term market opportunities, OceanPal Inc. primarily focuses on time chartering its vessels and optimizing earnings through market-driven employment strategies. Headquartered in Athens and listed on the Nasdaq Capital Market, the company’s business model is centered on maintaining a lean, versatile fleet of mid-size bulk carriers suitable for global trade routes. Following the completion of the MV Protefs sale, OceanPal Inc. will own two 2005-built panamax bulk carriers and one 2009-built MR2 tanker, reflecting a continued shift toward fleet optimization and enhanced operational efficiency under the leadership of Semiramis Paliou.
3-June-2025
Shipowners aiming to gain a competitive advantage in bulk carrier trading may find a strategic opportunity in the bauxite trade, as Guinea’s military government recently revoked 51 mining licenses across bauxite, gold, diamond, graphite, and iron sectors, citing violations of the national mining code, reflecting a broader surge in resource nationalism across sub-Saharan Africa where governments are increasingly seeking to retain a larger share of resource-generated revenues, thereby elevating investment and supply chain risks while asserting stronger control over mineral assets. Since 2015, Guinea has rapidly grown into a major bauxite exporter, driven by foreign investments in infrastructure, and the shift has been further accelerated by Indonesia’s 2023 ban on raw bauxite exports, which redirected buyers to alternative sources like Australia and West Africa. Seaborne bauxite trade has experienced notable expansion over the past three decades, with compound annual growth rates rising from 2.5% (1996–2005) to 6.9% (2006–2015) and reaching 9.6% from 2016 to 2025, largely fueled by China’s rising aluminum production to support its booming construction, infrastructure, and consumer sectors, while the global push toward decarbonization has further driven demand for aluminum in electric vehicles, solar energy systems, and sustainable architecture. Unlike other dry bulk commodities facing stagnant or declining growth, bauxite is expected to be the standout performer among minor bulks in 2025, with global trade growing by 12% in 2024 and projected to expand another 9% in 2025 to an all-time high of 205 million tons, led by strong Guinean exports to China, which are forecast to increase by 9% in 2025 and 6% in 2026, in support of the latter’s rapidly scaling EV industry and dominance in solar panel manufacturing. China’s emergence as a major aluminum exporter, particularly in aluminum wire and cable, is further reinforced by a global trend toward substituting copper with aluminum. However, the anticipated growth in Guinea’s alumina refining capacity—highlighted by China’s State Power Investment Corporation’s plan to build the country’s largest alumina refinery—suggests a gradual pivot from raw bauxite exports to in-country processing, a shift that, along with government actions like the recent license cancellations, could reshape trade flows and affect investor sentiment, underscoring the increasingly complex interaction between political agendas, industrial strategies, and global commodity markets.
2-June-2025
CMB.TECH, the Belgian shipowner and operator controlled by the Saverys family, and Norway-based Nasdaq-listed dry bulk shipping company Golden Ocean Group (GOGL) have officially announced a definitive agreement to merge, forming one of the world’s largest listed diversified maritime shipping groups—this all-stock transaction, detailed in a merger agreement signed by both CMB.TECH and Golden Ocean Group (GOGL), follows the term sheet that was previously disclosed last month. Under the agreement, Golden Ocean Group (GOGL) will merge with and into CMB.TECH Bermuda, a wholly owned subsidiary of CMB.TECH, and in return, shareholders of Golden Ocean Group (GOGL) will receive 0.95 ordinary shares of CMB.TECH for each share they currently hold; based on this exchange ratio and assuming no adjustments, CMB.TECH anticipates issuing approximately 95.95 million new shares. CMB.TECH operates as a subsidiary of Bocimar International NV. The newly combined entity will manage a fleet of around 250 ships, covering dry bulk, crude oil, chemicals, container shipping, and offshore support, thereby significantly expanding its global presence and strategic importance in the shipping industry. Upon completion of the merger, existing CMB.TECH shareholders will own approximately 70% of the merged company, while Golden Ocean Group (GOGL) shareholders will hold about 30%. Golden Ocean Group (GOGL) will be delisted from both Nasdaq and Euronext Oslo Børs following the merger, whereas CMB.TECH will retain its current listings and will also pursue a secondary listing on Euronext Oslo Børs. Provided all necessary conditions are fulfilled on schedule, the merger is expected to be completed in Q3 2025.
2-June-2025
China is pushing its coal-fired power plants to increase domestic coal stockpiles and reduce imports in an attempt to support local prices, according to sources familiar with the matter, though traders doubt the move will reverse the ongoing price decline. After ramping up output significantly in response to the 2021 energy shortages and blackouts, the country’s coal sector is now grappling with surplus supply, producing more than even the world’s largest thermal power system can consume. To alleviate pressure on miners facing shrinking profits, the state planner has directed power plants to prioritize domestic coal and raise their thermal coal inventories by 10%, setting a total target of 215 million metric tons by 1 June 2025. However, with stockpiles already building up along the supply chain, traders argue the policy is unlikely to prompt significant buying or stabilize prices. National coal inventories are 42% higher than a year ago, and stockpiles at northern Bohai ports have increased 25%, prompting authorities to urge buyers to draw from these ports. Despite these efforts, coal prices continue to slide, with medium-grade 5,500 kcal/kg coal priced at $86 per metric ton on Tuesday, the lowest level since March 2021, and some buyers reportedly attempting to exit long-term contracts in favor of cheaper spot deals. While China imported a record 542.7 million tons of coal in 2024, imports are forecast to decline in 2025, with April volumes already down 16%. Domestic production, however, remains on the rise, as the government remains wary of repeating past shortages and has shown no intention of cutting output; coal production reached 1.58 billion tons from January to April 2025, up 6.6% year-on-year, even as industry profits dropped 48.9% during the same period.
2-June-2025
Japanese trading house Marubeni Corporation has released further details about its previously announced strategic agreement to invest an undisclosed amount in Bergen-based shipowner and operator Gearbulk Holding, the world’s largest operator of open-hatch bulk carriers known for its expertise in transporting forestry products, unitised cargo, and industrial goods. “This is not just a financial investment; it’s a strategic partnership to grow together,” stated Japanese trading house Marubeni Corporation. The Japanese trading house Marubeni Corporation has built a long-standing relationship with Norwegian open-hatch bulker operator Gearbulk Holding through its Singapore-based shipping arm MMSL Pte Ltd, engaging in multiple chartering and leasing transactions over the past two decades. Bergen-based shipowner and operator Gearbulk Holding, established in 1968, operates a fleet of more than 60 open-hatch bulk carriers and plays a vital role in the global maritime logistics of pulp, paper, aluminum, and other high-value cargo that require careful handling and efficient stowage. Gearbulk Holding is widely regarded as a market leader in the open-hatch segment, with operations extending across key trade lanes in Europe, the Americas, and Asia. In Q1 2025, Mitsui OSK Lines (MOL) completed the acquisition of Gearbulk Holding, marking a significant milestone in the consolidation of specialised cargo shipping services.
2-June-2025
Iron ore futures prices declined on Friday and ended the week in negative territory amid weakening demand in China for the steelmaking raw material, as traders prepared for ongoing trade-related uncertainties. The most-traded September 2025 iron ore contract on the Dalian Commodity Exchange (DCE) fell 0.43% to $97.65 per metric ton, down 2.84% over the week, while the benchmark June 2025 contract on the Singapore Exchange slipped 0.66% to $96.25 a ton, registering a weekly loss of 1.91%. Hot metal output, a key indicator of iron ore consumption, dropped for the third consecutive week, down approximately 0.7% to 2.42 million tons as of 30 May 2025. With seasonal steel demand already past its peak, further declines in construction material demand are expected, although steady steel mill profits continue to lend some support to iron ore prices. China’s manufacturing activity likely contracted for the second month in a row during May 2025. In the U.S., President Donald Trump’s tariffs were temporarily reinstated on Thursday by a federal appeals court, reversing a trade court’s ruling from the previous day that had halted the broadest measures. Other steelmaking inputs on the DCE also retreated, with coking coal down 5.28% and coke falling 2.13%, while steel benchmarks on the Shanghai Futures Exchange moved sideways—rebar dipped 0.34%, hot-rolled coil fell 0.81%, wire rod inched up 0.12%, and stainless steel gained nearly 0.6%.
2-June-2025
Norway’s most prominent shipowner John Fredriksen has taken the opportunity at the Nor-Shipping event to express his dissatisfaction with what he sees as Norway’s declining commitment to the shipping sector, as Norwegian-born shipping magnate John Fredriksen delivered sharp criticism of the political climate affecting maritime business in the country. John Fredriksen, who now holds Cypriot citizenship and resides in London, stated: “The framework conditions for shipping in Norway have never been weaker than they are now.” His comments come at a time of growing frustration within the Norwegian maritime industry, where many believe that government support is eroding and that the sector is suffering from a weakening supply of maritime talent. John Fredriksen’s remarks reflect a broader discontent among Norwegian shipowners, who feel increasingly sidelined by national policies perceived as unfavourable to the shipping industry. His concerns are being voiced as the industry faces a shortage of experienced maritime professionals, a contracting domestic investor base, and a diminished role for the Oslo Stock Exchange in global shipping finance. “Shipping is almost wanted away,” John Fredriksen stated, pointing to a succession of regulatory decisions that have, in his view, marginalised one of Norway’s historically essential industries. John Fredriksen went on to highlight his group’s recent strategic investments in maritime and offshore equities, including significant positions in Athens-based and Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK), International Seaways, and offshore driller Valaris. His investment strategy is centred on targeting undervalued shipping stocks, anticipating strong returns as ship supply remains constrained and geopolitical developments continue to reshape global trade flows. John Fredriksen underscored that liquidity and timing will be decisive competitive advantages in the near future. “Shipping has always been cyclical,” John Fredriksen observed. “The question is who’s prepared when the cycle turns.” Many Norwegian shipowners continue to raise concerns about the absence of a coordinated maritime strategy from the Norwegian government, particularly as the industry confronts complex decarbonisation requirements and escalating geopolitical challenges. With John Fredriksen’s flagship shipowner and operator Frontline remaining actively listed on the Oslo Bourse—despite the exchange’s waning significance in global shipping capital markets—his comments are expected to carry considerable weight with both institutional investors and policymakers.
2-June-2025
In a new development in the trade war initiated by US President Donald Trump, a federal court in the United States has blocked the administration’s broad tariffs. The Court of International Trade ruled that the emergency legislation cited by the White House does not grant the president the authority to unilaterally impose tariffs on nearly all countries, and also invalidated the separate duties levied by the United States on China, Mexico, and Canada. The Trump administration quickly filed an appeal, stating: “It is not for unelected judges to decide how to properly address a national emergency.” This ruling introduces greater uncertainty for US importers, who now face not only the volatility of tariff changes but also doubts about whether the announced tariffs can be legally enforced. Additionally, the decision raises questions about the recoverability of tariffs already paid in recent weeks; if the tariffs are ultimately ruled unlawful following appeals, shippers may have a solid basis to seek reimbursement. Earlier this month, US President Donald Trump softened his approach toward China in the trade conflict by cutting tariffs by 115% for a 90-day period, which led to a sharp surge in container freight rates on the transpacific route as shippers rushed to move goods before the temporary reduction ends.
1-June-2025
More than twenty-five years after Safmarine was acquired by Danish containership operator Maersk, South Africa is cautiously progressing toward the establishment of a new national shipping carrier. Initially proposed in 2017, the initiative is now advancing, with Pretoria finalising the framework for the creation of a national shipping line. The Department of Transport has invited shipping companies to participate in a steering committee that will design the operational model for the new carrier, and the Development Bank of Southern Africa (DBSA) is expected to play a role in its formation. The planned carrier will likely operate under the name South African Shipping Company (SASCO). The South African government is evaluating the inclusion of various types of ships in the new fleet, such as crude tankers, chemical tankers, containerships, dry bulk carriers, and bunker barges, with acquisition options covering both newbuilds and secondhand ships, all of which will be flagged in South Africa. Safmarine, once a key national shipping identity, was sold to Maersk in 1999, and five years ago the Danish containership operator officially phased out the Safmarine brand.