30-May-2025
Iron ore futures ended a four-day losing streak on Thursday, supported by improved market sentiment after a U.S. federal court blocked President Donald Trump’s tariffs from taking effect, with the most-traded September 2025 contract on the Dalian Commodity Exchange (DCE) rising 1.29% to $98.31 per metric ton and the benchmark June 2025 contract on the Singapore Exchange gaining 0.95% to $97 per ton. The court ruled that Trump had exceeded his authority by imposing sweeping tariffs on imports from countries running trade surpluses with the U.S., including recent 25% duties on autos and steel, a decision that boosted investor confidence and opened the door to a short-term rebound in ferrous markets. Despite this, seasonal steel demand has already peaked, and construction material consumption is expected to decline as China approaches its June 2025 rainy season. Although authorities previously signaled a reduction in crude steel output this year, many traders and steelmakers doubt the cuts will be enforced amid improved profit margins. Meanwhile, other steelmaking inputs on the DCE weakened, with coking coal down 3.98% and coke down 1.62%, and following two rounds of price cuts in May 2025, the met coke market remains vulnerable to further declines if the broader ferrous sector remains soft. On the Shanghai Futures Exchange, most steel benchmarks moved higher, with rebar up 0.47%, hot-rolled coil rising around 0.3%, wire rod gaining 0.9%, while stainless steel edged down 0.39%.
28-May-2025
The Chinese state-owned shipping titan Cosco Shipping Bulk, the dry bulk division of China COSCO Shipping Corporation Limited and a global leader in dry bulk logistics operating an extensive fleet across capesize, panamax, ultramax, and handysize segments, through its subsidiary company Refined Success, chartered in one newcastlemax bulk carrier and one post-panamax bulk carrier from Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX); Cosco Shipping Bulk subsidiary Refined Success chartered in the 2012-built newcastlemax bulk carrier 206K DWT MV Philadelphia until June 2026 at a daily rate of $21,500, with extension options starting from 8 August 2026, and is scheduled to take delivery of the newcastlemax bulk carrier MV Philadelphia on 29 May 2025, while the same newcastlemax bulk carrier MV Philadelphia had previously been chartered by CEO Semiramis Paliou-led Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) to Nippon Yusen Kaisha (NYK) at a daily rate of $22,500; furthermore, Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) chartered out the 2013-built post-panamax bulk carrier 87K DWT MV Phaidra to Singapore-based shipowner and operator SwissMarine Pte Ltd for $9,750 per day after the post-panamax bulk carrier MV Phaidra concluded its prior charter with Athens-based ship operator Aquavita International at a rate of $12,000 per day, with the new fixture for the 2013-built post-panamax bulk carrier 87K DWT MV Phaidra commencing on 31 May 2025 and running until 1 January 2026, and Singapore-based shipowner and operator SwissMarine Pte Ltd holding options to extend the employment of the MV Phaidra until 8 February 2026, with both ships expected to generate approximately $10 million in gross revenue for Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), which currently operates a fleet of 37 bulk carriers and has two methanol dual fuel kamsarmax newbuilds scheduled for delivery in 2027 and 2028, while Cosco Shipping Bulk, as a strategic business arm of China COSCO Shipping Corporation Limited, plays a critical role in China’s raw material logistics network and maintains a dominant position in the global dry bulk market through long-term charters and strategic alliances, and Aquavita International, a privately held dry bulk shipping operator headquartered in Athens with additional offices in Copenhagen, Dubai, and Singapore, focuses on operating modern bulk carriers across the capesize, panamax, and supramax segments, catering to a diverse global client base including major commodity traders, steel producers, and power utilities, with a strong reputation for flexible charter solutions and cargo logistics expertise.
28-May-2025
The Chinese state-owned shipping titan Cosco Shipping Bulk, the dry bulk division of China COSCO Shipping Corporation Limited and one of the world’s largest operators of dry bulk tonnage with a fleet covering capesize, panamax, ultramax, and handysize segments, through its subsidiary company Refined Success, chartered in one newcastlemax bulk carrier and one post-panamax bulk carrier from Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX); Cosco Shipping Bulk subsidiary Refined Success chartered in the 2012-built newcastlemax bulk carrier 206K DWT MV Philadelphia until June 2026 at a daily rate of $21,500, with extension options available from 8 August 2026, and is scheduled to take delivery of the newcastlemax bulk carrier MV Philadelphia on 29 May 2025, while the same ship had previously been chartered by CEO Semiramis Paliou-led Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) to Nippon Yusen Kaisha (NYK) at a rate of $22,500 per day; additionally, Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) chartered out the 2013-built post-panamax bulk carrier 87K DWT MV Phaidra to Singapore-based shipowner and operator SwissMarine Pte Ltd for a daily rate of $9,750 following the conclusion of the post-panamax bulk carrier MV Phaidra’s previous charter with Athens-based ship operator Aquavita International at a rate of $12,000 per day, with the new charter period commencing on 31 May 2025 and running until 1 January 2026, and SwissMarine Pte Ltd retaining options to extend the charter until 8 February 2026, with both charter deals together expected to generate approximately $10 million in gross revenue for Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), which currently owns a fleet of 37 bulk carriers and has two methanol dual fuel kamsarmax newbuilds scheduled for delivery in 2027 and 2028, while Cosco Shipping Bulk, as a core business unit of China COSCO Shipping Corporation Limited, maintains an extensive global network with strategic partnerships and operates hundreds of ships, playing a central role in China’s raw materials supply chain and international dry bulk logistics.
28-May-2025
Australian wheat inventories in 2025 are expected to significantly exceed 2024 levels by the end of the season, placing downward pressure on prices due to weaker demand from China and strong competition from substantial Russian wheat exports; a potential fire sale of stored grain may be required to create space ahead of the Q4 2025 wheat harvest, which could further depress Chicago Board of Trade (CBOT) futures already trading near their lowest levels since 2020 amid an oversupplied global grain market; between October 2024 and March 2025, Australia shipped only 546,000 metric tons of wheat to China, compared to 2.9 million metric tons over the same period in the 2023/2024 marketing season, while Russia, the world’s largest wheat exporter, has maintained high export volumes during Q2 2025 despite it typically being a quieter period before harvest; the upcoming Northern Hemisphere wheat harvest, including Russia’s, is set to accelerate in the coming weeks, introducing more low-priced grain into the market and diminishing Australia’s export opportunities; if the current export pace continues, carryover from the 2024 crop could reach between 5 million and 6 million tons, and with additional stock from previous seasons, total carryover could climb as high as 8 million tons, creating a significant oversupply that may lead to aggressive selling and drive prices down toward $194 per ton; if new season crops perform well, storage constraints could force producers to sell into the export market at lower prices to free up capacity; Australia’s end-of-season wheat stocks have averaged 3.3 million tons over the past five years; analysts project 2025 wheat production in Australia to be between 28 million and 34 million tons, slightly below the 34.1 million tons harvested in 2024 but still well above the ten-year average of 27.6 million tons; while Chinese buyers booked four to five 55,000-ton shipments of Australian wheat in early May 2025, these represent the only new purchases recorded in Q1 2025 and have not been followed by further orders; meanwhile, Russia continues to export competitively priced grain even during its off-season, limiting Australia’s ability to expand its presence in markets such as the Middle East and Africa where increased demand for Australian wheat had been anticipated.
28-May-2025
Iron ore futures extended losses for a third consecutive session on Tuesday as renewed speculation surrounding crude steel production cuts in China, the world’s top consumer, continued to weigh on market sentiment amid persistent overcapacity issues; the most-traded September 2025 iron ore contract on the Dalian Commodity Exchange (DCE) dropped 1.76% to close at $97.16 per metric ton, while the benchmark June 2025 iron ore contract on the Singapore Exchange declined 0.95% to $96.15 per ton; concerns intensified as reports emerged that several steel mills in Shandong province had begun scaling back output, reinforcing fears of reduced iron ore demand at a time when China is aiming to curb the growth of its steel industry to address the long-standing supply-demand imbalance; despite these headwinds, China’s industrial profits posted a rebound in April according to official data, suggesting underlying economic resilience even as the country faces ongoing deflationary pressures and trade tensions with the United States; additional weakness was seen across other steelmaking raw materials on the Dalian Commodity Exchange (DCE), with coking coal slipping 0.12% and coke down 0.94%, while steel futures on the Shanghai Futures Exchange also recorded losses, with rebar falling 1.23%, hot-rolled coil down 1.33%, wire rod losing 0.34%, and stainless steel edging 0.19% lower.
28-May-2025
The Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP), a pure-play capesize bulk carrier owner headquartered in Athens and focused exclusively on the capesize segment with a strategic emphasis on high-quality Japanese-built tonnage and index-linked chartering, reported its financial results for Q1 2025 and declared a quarterly cash dividend of $0.05 per common share, marking the 14th consecutive quarterly distribution under its capital return policy; for Q1 2025, CEO Stamatis Tsantanis-led shipowner and operator Seanergy Maritime (SHIP) reported Net Revenues of $24.2 million, with Net Loss and Adjusted Net Loss standing at $6.8 million and $5.2 million respectively, while EBITDA and Adjusted EBITDA were $6.6 million and $8.0 million respectively; Seanergy Maritime’s (SHIP’s) fleet recorded a daily Time Charter Equivalent (TCE) of $13,403 for Q1 2025, representing a 3% premium over the average Baltic Capesize Index (BCI) of $12,998, a result attributed to the effectiveness of the shipowner and operator’s commercial and hedging strategy amid a seasonally weak dry bulk market; as of the end of Q1 2025, Seanergy Maritime (SHIP) reported cash and cash equivalents of $30.9 million, shareholders’ equity of $254.8 million, long-term debt net of deferred charges of $318.8 million, and a fleet book value including chartered-in bulk carriers totaling $546.9 million; after achieving record performance in 2024, Seanergy Maritime (SHIP) entered Q1 2025 with a focused strategy to leverage favorable long-term fundamentals in the capesize segment, expanding its fleet through the acquisition of Japanese-built bulk carriers and strengthening financial resilience through $88.1 million in new financing and refinancing transactions, successfully addressing all near-term maturities and maintaining a loan-to-value ratio below 50%; during Q1 2025, Seanergy Maritime (SHIP) took delivery of one capesize bulk carrier and one newcastlemax bulk carrier, both employed under index-linked Time Charters (TC), increasing the fleet to 21 ships and reinforcing its position as the only U.S.-listed shipowner and operator with an exclusive focus on the capesize sector; although Q1 2025 performance was impacted by seasonal weakness in dry bulk demand, the Athens-based shipowner and operator Seanergy Maritime (SHIP) maintained a solid TCE of $13,403, and by late February 2025, market conditions began improving, with 39% of Q2 2025 fleet days already fixed at an average daily rate of $22,700 and a projected blended fleet TCE exceeding $19,000; looking ahead, Seanergy Maritime (SHIP) has secured approximately one-third of its operating days for the remainder of 2025 at average rates above $22,000, enhancing revenue visibility and supporting its board’s decision to declare a discretionary dividend of $0.05 per share for Q1 2025, bringing total shareholder returns under its capital return policy to $43.1 million; Seanergy Maritime (SHIP), which benefits from close ties with Japanese shipbuilders and a strong presence in the Atlantic and Pacific basins, remains bullish on capesize fundamentals amid expanding global seaborne trade, tightening environmental regulation, elevated newbuilding costs, and a historically low capesize orderbook; iron ore and bauxite trades continue to demonstrate resilience despite macroeconomic headwinds and weather disruptions, with iron ore volumes expected to rise from Q2 2025 driven by Brazilian export growth and the anticipated Q4 2025 start of West African shipments from Simandou, while bauxite remains a high-growth trade despite recent political instability in Guinea, and coal volumes, although moderating in Q1 2025 following robust 2024 levels, continue to be supported by strong energy demand from Southeast Asia; on the supply side, the aging capesize fleet—with an increasing share over 15 years old—and a high number of dry-dockings expected in the remainder of 2025 are projected to constrain capacity and further tighten market conditions; as the only Nasdaq-listed shipowner and operator dedicated solely to capesize bulk carriers, Seanergy Maritime (SHIP) enters the rest of 2025 with confidence in its fleet strategy, earnings outlook, and capital structure, positioning itself to benefit from a structurally improving dry bulk market.
28-May-2025
The Chinese state-owned shipping titan Cosco Shipping Bulk, the dry bulk division of China COSCO Shipping Corporation Limited, through its subsidiary company Refined Success, chartered in one newcastlemax bulk carrier and one post-panamax bulk carrier from Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX); Cosco Shipping Bulk subsidiary Refined Success chartered in the 2012-built newcastlemax bulk carrier 206K DWT MV Philadelphia until June 2026 at a daily rate of $21,500, with extension options beginning from 8 August 2026, and is scheduled to take delivery of the newcastlemax bulk carrier MV Philadelphia on 29 May 2025, while the same newcastlemax bulk carrier MV Philadelphia had previously been chartered by CEO Semiramis Paliou-led Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) to Nippon Yusen Kaisha (NYK) at a daily rate of $22,500; furthermore, Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) chartered out the 2013-built post-panamax bulk carrier 87K DWT MV Phaidra to Singapore-based shipowner and operator SwissMarine Pte Ltd for $9,750 per day following the conclusion of the post-panamax bulk carrier MV Phaidra’s earlier charter with Athens-based ship operator Aquavita International at a rate of $12,000 per day, with the new fixture for the 2013-built post-panamax bulk carrier 87K DWT MV Phaidra commencing on 31 May 2025 and continuing until 1 January 2026, and Singapore-based shipowner and operator SwissMarine Pte Ltd retaining options to extend the employment of the MV Phaidra until 8 February 2026, with both ships combined expected to generate approximately $10 million of gross revenue for Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), which currently owns and operates a fleet of 37 bulk carriers and has two methanol dual fuel kamsarmax newbuilds scheduled for delivery in 2027 and 2028, while SwissMarine Pte Ltd, founded in 2001 and headquartered in Singapore with additional offices in Geneva and Dubai, is one of the world’s leading dry bulk freight trading and ship operating firms, specializing in panamax, post-panamax, and capesize bulk carrier operations, managing a large fleet through chartered-in tonnage and focusing on servicing major industrial clients across energy, steel, mining, and agricultural commodity sectors through both spot and time-charter freight solutions.
27-May-2025
Iron ore futures prices declined on Monday, weighed down by sluggish steel consumption in China—the world’s largest consumer—and ongoing weakness in the country’s real estate sector, which further dampened market sentiment. The most-active September 2025 iron ore contract on the Dalian Commodity Exchange (DCE) closed daytime trading down 2.21% at $98.47 per metric ton, while the benchmark June 2025 contract on the Singapore Exchange slipped 1.09% to $97.05 per ton. Between 19 and 23 May 2025, Chinese import iron ore prices declined in both spot and futures markets, as hot metal production—a key indicator of iron ore demand—dropped 0.48% month-on-month to 2.4 million tons amid the seasonal slowdown in steel consumption. Despite still-elevated output levels, China’s construction and property sector continued to weigh heavily on domestic steel demand. Analysts expect the real estate downturn to persist through 2025, with home prices projected to fall nearly 5% and remain flat into 2026. Other steelmaking inputs on the DCE also weakened, with coking coal down 1.96% and coke falling 1.72%. On the Shanghai Futures Exchange, steel benchmarks declined across the board: rebar fell 1.67%, hot-rolled coil dropped 2.03%, stainless steel edged down 0.04%, and wire rod plunged 2.58%.
27-May-2025
Qingdao-based and Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd is continuing the expansion of its dry bulk fleet with the addition of a handysize bulk carrier newbuilding project in Japan. The project involves a single 40K handysize bulk carrier contracted by CEO Guo Jinkui-led shipowner and operator Seacon Shipping Group Ltd at Imabari Shipbuilding for approximately $35 million. Seacon Shipping Group Ltd stated that the handysize bulk carrier newbuilding will be designed for fuel efficiency and will comply with the latest environmental standards set by the International Maritime Organization. Qingdao-based and Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd expects to receive delivery of this 40K handysize bulk carrier in Q1 2028. This new order follows a recent ultramax bulk carrier newbuilding placed by Seacon Shipping Group Ltd at Tsuneishi Zhoushan and reflects the company’s strategy to modernise and grow its fleet by gradually retiring older controlled ships and replacing them with more advanced and environmentally efficient bulk carriers. Seacon Shipping Group Ltd, which holds an orderbook of nearly 30 ships, also has 40K handysize bulk carrier newbuildings under construction at Japanese shipyard Namura Shipbuilding Co. Ltd. for delivery in Q3 2025, in addition to 42K DWT handysize bulk carrier newbuildings contracted at Tsuneishi Group (Zhoushan) Shipbuilding Inc in China, with most newbuilding projects financed through sale and leaseback arrangements. The fleet operations of Seacon Shipping Group Ltd are managed by its key subsidiary Seacon Ship Management Company, which is responsible for technical operations, crew administration, and adherence to safety regulations, forming the foundation of the company’s reliable and stable fleet performance. These operational services are essential to advancing the long-term growth and profitability strategy of Seacon Shipping Group Ltd. Known for its high standards, Seacon Ship Management Company incorporates advanced technological solutions and management techniques to optimise fuel consumption, reduce carbon emissions, and maintain full compliance with rigorous environmental requirements.
26-May-2025
New York Stock Exchange-listed shipowner and operator Costamare Inc. (CMRE) spin-off Costamare Bulkers Holdings Limited (Costamare Bulkers), a rapidly expanding Athens-based dry bulk shipping company led by Gregory Zikos, has extended the charters of two newcastlemax bulk carriers from Tor Olav Troim-backed Norwegian shipping company 2020 Bulkers. Costamare Bulkers Holdings Limited (Costamare Bulkers), which focuses on operating a diversified fleet of modern bulk carriers across various size segments including newcastlemax, capesize, kamsarmax, and ultramax ships, has agreed on index-linked charter extensions for the 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Santos and the 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Sao Paulo for a period of 11 to 13 months. According to a statement from 2020 Bulkers, which owns six newcastlemax bulk carriers, the index-linked charter agreements reflect a notable premium over standard capesize bulk carrier benchmarks, along with an additional premium linked to fuel efficiency advantages derived from scrubber installations. Both 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Santos and 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Sao Paulo are trading under the chartering platform CBI operated by Costamare Bulkers Holdings Limited (Costamare Bulkers), which currently manages close to 50 large bulk carriers. In addition to its chartering platform, Costamare Bulkers Holdings Limited (Costamare Bulkers) directly owns and operates a fleet of 37 bulk carriers, strategically deployed across global dry bulk trade routes. The company, a dedicated dry bulk subsidiary of Costamare Inc. (CMRE), has positioned itself as a prominent participant in the global dry bulk market through a combination of period charters, index-linked employment, and spot market exposure, supported by an experienced management team and a conservative capital structure aimed at long-term fleet growth and operational efficiency.
23-May-2025
CMB.TECH, the Belgian shipowner and operator controlled by the Saverys family, posted a Q1 2025 net profit of $40.4 million following its takeover of Norway-based dry bulk shipping company Golden Ocean Group (GOGL), with the results led by executives CFO Ludovic Saverys and CEO Alexander Saverys; the Q1 2025 earnings are not directly comparable to Q1 2024, during which CMB.TECH reported a $495.2 million profit that was significantly boosted by a $407.6 million net gain from ship disposals. Now operating a fleet of approximately 250 ships, CMB.TECH has emerged as a major force in the global maritime industry following its acquisition of the Nasdaq-listed shipowner and operator Golden Ocean Group (GOGL), previously backed by John Fredriksen. CMB.TECH, headquartered in Antwerp, is known for its focus on clean technology and alternative fuel innovation, with investments spanning dry bulk, container, tanker, and hydrogen-powered ships. As part of Compagnie Maritime Belge (CMB), one of the oldest shipping groups in the world, CMB.TECH is positioning itself at the forefront of maritime decarbonisation through the development of ammonia- and hydrogen-fueled ships, autonomous navigation systems, and sustainable fleet expansion strategies aimed at aligning commercial performance with environmental compliance.
23-May-2025
Cargill-backed ship vetting group RightShip is actively exploring strategic options to bring in a minority investor to accelerate its growth and enhance its technological capabilities, particularly in artificial intelligence and digital maritime solutions, with the Singapore-based group stating that it is seeking a partner who not only brings financial resources but also offers relevant industry expertise; RightShip made it clear that any new investor must share its mission, values, and long-term vision, which are closely aligned with those of its existing shareholders—global chartering leaders BHP, Rio Tinto, and Cargill Ocean Transportation, the shipping arm of agribusiness giant Cargill. Cargill Ocean Transportation, one of the largest bulk charterers in the world, operates a fleet of more than 600 ships annually and plays a critical role in global commodity supply chains, with a growing focus on digitalisation, safety, and decarbonisation across maritime logistics. The partnership with RightShip supports Cargill Ocean Transportation’s commitment to improving safety standards, environmental performance, and operational efficiency in the global shipping industry.
23-May-2025
Clarksons Securities, the investment arm of Clarksons—the world’s largest shipbroker based in London—has projected a two-tier structure emerging in shipping equity markets as forthcoming International Maritime Organization (IMO) fuel regulations begin to support the strategic direction of Belgian shipowner and operator CMB.TECH, which is controlled by the Saverys family and actively pursuing ammonia-fueled ship development. Analysts at London-based Clarksons Securities stated that shipowners lacking a defined decarbonisation strategy are likely to face mounting difficulties, with valuations expected to diverge between those prepared for regulatory shifts and those that are not. The IMO’s proposal for a global carbon levy starting in 2028 adds further urgency, posing significant risks to companies that have not invested in alternative fuels or emission reduction measures.
23-May-2025
Singapore-headquartered shipowner and operator Eastern Pacific Shipping (EPS), led by Idan Ofer, has selected two of its managed ships for the installation of Hyundai Heavy Industries subsidiary Avikus’s artificial intelligence-based autonomous navigation technology, which includes the Hyundai intelligent Navigation Assistant System (HiNAS) Control, HiNAS Cloud, and a shore-side analytics platform designed for fleet monitoring; the systems will be deployed on one bulk carrier and one suezmax tanker. The AI-powered HiNAS Control system integrates data from various navigation sensors and equipment to autonomously manage the ship’s heading and speed, enhancing collision avoidance and reducing fuel consumption, while HiNAS Cloud offers shore-based teams access to real-time voyage analytics and decision-support tools. Singapore-headquartered shipowner and operator Eastern Pacific Shipping (EPS) stated that this partnership with Avikus will enhance its digital transformation strategy and help deliver measurable improvements in operational performance and environmental sustainability across its fleet. The technology, which has already been installed on more than 350 ships through both newbuild and retrofit applications, is now making its first commercial appearance outside South Korea with this agreement. The contract also includes full commissioning and a comprehensive training program for onboard and online crew education, further supporting the effective integration of the technology and highlighting the reliability of Avikus’s autonomous navigation solutions in achieving fuel efficiency and improved navigational safety. Eastern Pacific Shipping (EPS), founded in 1967 and owned by the Ofer family, is one of the world’s largest privately-owned shipowners and operators, with a diversified fleet of over 250 ships across the tanker, container, gas, car carrier, and dry bulk segments. With a strong commitment to decarbonisation, digitalisation, and crew welfare, Eastern Pacific Shipping (EPS) has positioned itself as a leader in sustainable maritime transportation, actively investing in dual-fuel technologies, green shipping corridors, and partnerships that advance innovation in the global shipping industry.
23-May-2025
ArcelorMittal’s shipping subsidiary Global Chartering Ltd, a 50:50 joint venture formed in 2019 between global steel producer ArcelorMittal and Greek shipping tycoon Peter Livanos-backed DryLog, has secured a long-term charter agreement for a next-generation LNG dual-fuel kamsarmax bulk carrier owned by Japanese shipowner Kambara Kisen Co. Ltd., which was established in 1903 in Hiroshima and is the parent company of Kambara Kisen Singapore Pte Ltd; the vessel, believed to be the 82K DWT MV Oceana Frontier currently being built at Tsuneishi Holdings Corporation, will be operated by Global Chartering Ltd as part of its long-term strategy to integrate modern, environmentally advanced ships into its fleet. Global Chartering Ltd, headquartered in London with additional offices in Mauritius and India, manages a fleet of 39 long-term dry bulk carriers, including 21 time-chartered and 18 bareboat-chartered ships, one of which is fully owned, and it oversees approximately 25% of ArcelorMittal’s global dry bulk shipping requirements across multiple business units such as AM Sourcing SCA, AM/NS India, AM Mining SA, AM Logistics Belgium NV, and AM/NS Calvert LLC. Global Chartering Ltd’s customer base includes major commodity players like Vale International SA, Rio Tinto Shipping (Asia), and Trafigura Maritime Logistics. The technical management of Global Chartering Ltd’s bareboat fleet is split between leading providers Anglo Eastern and Synergy Group, both of which bring extensive experience across diverse ship types and global operations. Anglo Eastern manages over 650 ships and employs more than 37,000 seafarers, while Synergy Group oversees a fleet of more than 660 vessels, supported by 24,000 seafarers and 22 offices in 13 countries. Global Chartering Ltd’s model combines ArcelorMittal’s logistical scale and cargo needs with DryLog’s deep maritime expertise, positioning the venture at the forefront of dry bulk shipping innovation and sustainability, particularly through investments in alternative-fuel and high-efficiency vessels like the new LNG dual-fuel kamsarmax bulk carrier.
23-May-2025
Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL), listed on both the Oslo Stock Exchange and the New York Stock Exchange, reported a net loss of $44.1 million and a loss per share of $0.22 for Q1 2025, citing a combination of a softer dry bulk shipping market, elevated dry-docking expenses, macroeconomic uncertainty, and ongoing disruptions from global trade tariff discussions, while also acknowledging that the first quarter is traditionally the weakest period for capesize and panamax bulk carriers; this compares to Q1 2024, when Golden Ocean Group (GOGL) posted a net profit of $65.4 million during an unusually robust market. Golden Ocean Group (GOGL), formerly supported by shipping magnate John Fredriksen, is among the largest publicly listed owners and operators of capesize and panamax bulk carriers, managing a fleet of more than 80 ships that primarily transport iron ore, coal, and other key dry bulk commodities across major global trade routes. Golden Ocean Group (GOGL) is headquartered in Bermuda and maintains operational offices in Norway, pursuing a strategy that combines exposure to the spot market with index-linked time charters to optimize earnings through market cycles, positioning Golden Ocean Group (GOGL) as a bellwether for the broader dry bulk shipping sector.
23-May-2025
CMB.TECH, the Belgian shipowner and operator controlled by the Saverys family, and Norway-based dry bulk shipping company Golden Ocean Group (GOGL) experienced significant share price declines following the release of their Q1 2025 results and a weaker near-term dry bulk market outlook, with shares of CMB.TECH, managed by CFO Ludovic Saverys and CEO Alexander Saverys, falling approximately 4% on the Brussels and Oslo Stock Exchanges, while Nasdaq-listed shipowner and operator Golden Ocean Group (GOGL), formerly backed by John Fredriksen, also saw its stock drop after missing analysts’ earnings expectations and reporting softer forward bookings; although the Q1 2025 results were below forecasts, analysts noted that the shortfall was primarily due to elevated dry docking activity, while the underlying freight rate performance remained solid. Golden Ocean Group (GOGL), headquartered in Bermuda and operating from Norway, is one of the world’s largest owners of capesize and panamax bulk carriers, with a fleet heavily focused on transporting iron ore and coal across long-haul routes, and has long been considered a bellwether in the dry bulk sector. With a fleet of over 80 modern bulk carriers and a strategy centered on index-linked charters and operating leverage to freight cycles, Golden Ocean Group (GOGL) plays a critical role in seaborne commodity logistics and remains closely watched by investors as an indicator of broader dry bulk market conditions.
23-May-2025
Iron ore futures on the Dalian Commodity Exchange (DCE) traded within a narrow range on Thursday as investors weighed steady demand from top consumer China against increased shipments from major producers Australia and Brazil, with the most-active September 2025 iron ore contract ending the daytime session 0.14% higher at $100.93 per metric ton, while the benchmark June 2025 contract on the Singapore Exchange slipped 0.56% to $99.25 per ton. Demand from end-users, particularly in the manufacturing sector, remained strong and continued to support steel consumption growth, as the utilisation rate of 104 electric furnaces rose 1.2% week-on-week to 40.4%, and daily scrap steel usage climbed 3.1% to 245,400 tons. Hot metal production, a key indicator of iron ore consumption, stayed high at 2.4477 million tons this week. Port inventory of imported iron ore across 47 Chinese ports decreased 1.74% week-on-week to 146.28 million tons. On the supply side, weekly iron ore shipments from Australia and Brazil rose by 11.7% to reach 27.1 million tons. Other steelmaking materials on the Dalian Commodity Exchange (DCE) declined, with coking coal down 1.66% and coke falling 0.85%. China exported 447,800 tons of stainless steel in April 2025, reflecting a 14.1% year-on-year increase. Steel benchmarks on the Shanghai Futures Exchange showed limited movement, with hot-rolled coil edging up 0.09%, stainless steel rising 0.04%, rebar slipping 0.03%, and wire rod easing 0.06%.
23-May-2025
Hong Kong-based shipowner and operator Pacific Basin Shipping Limited, led by CEO Martin Fruergaard and listed on the Hong Kong Stock Exchange, has continued the execution of its fleet renewal strategy with the sale of one of its oldest supramax bulk carriers, the 2005-built 56K DWT MV Swan River, which was sold for approximately $10 million to an unidentified shipowner; Pacific Basin Shipping Limited has been actively divesting older ships and acquiring newer, larger, and more fuel-efficient bulk carriers to modernize its fleet and enhance operational efficiency, and while shipbrokers noted that the price achieved for MV Swan River was on the lower end, it falls within the range of valuations from digital market platforms. Pacific Basin Shipping Limited is one of the world’s largest owners and operators of modern handysize and supramax bulk carriers, with a fleet of over 240 owned and chartered ships that primarily transport minor bulk commodities including grains, fertilizers, cement, forest products, and steel products across global trade routes. Headquartered in Hong Kong with offices worldwide, Pacific Basin Shipping Limited is known for its customer-focused operating model, disciplined capital allocation, and commitment to environmental responsibility through fleet optimization and the adoption of cleaner technologies.
23-May-2025
Nasdaq-listed shipowner and operator Safe Bulkers Inc. (SB), led by CEO Polys Hajioannou, has completed its share buyback programme as it reported a sharp decline in earnings for Q1 2025, though it opted to maintain dividend payments despite prevailing weakness in the dry bulk freight market; New York-listed Safe Bulkers Inc. (SB), which operates a fleet of 47 bulk carriers—mainly kamsarmax, post-panamax, and capesize ships—primarily employed on period charters, recorded its 19th consecutive profitable quarter, but posted its lowest profit in that run with net income dropping 72% year-on-year to $7.2 million due to lower revenue driven by a subdued freight environment. Safe Bulkers Inc. (SB), incorporated in the Republic of the Marshall Islands and headquartered in Monaco with operational offices in Cyprus and Greece, focuses on long-term fleet renewal and environmental compliance, actively investing in IMO Tier III newbuildings and fuel-efficient vessels to enhance sustainability and chartering appeal. Safe Bulkers Inc. (SB) is known for its conservative financial management, disciplined capital allocation, and focus on shareholder returns through dividends and repurchase programmes, positioning itself as a stable performer in the cyclical dry bulk sector.
23-May-2025
The Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) spin-off United Maritime Corporation announced its financial results for Q1 2025 and declared a quarterly dividend of $0.01 per common share, marking its tenth consecutive dividend since its inception. For Q1 2025, United Maritime Corporation reported net revenues of $7.8 million, compared to $10.6 million in Q1 2024, with adjusted EBITDA amounting to $0.9 million, down from $3.7 million in the same period last year. Net loss and adjusted net loss stood at $4.5 million and $4.4 million respectively, compared to $1.3 million and $1.1 million in Q1 2024, while the average time charter equivalent (TCE) rate was $9,953 per day, significantly lower than the $15,165 recorded in the prior year. United Maritime Corporation reported $3.4 million in cash, cash equivalents, and restricted cash, shareholders’ equity of $55.6 million, and long-term debt, finance lease liabilities, and other financial obligations, net of deferred financing costs, totaling $94.5 million. The book value of United Maritime Corporation’s fleet stood at $151.3 million as of Q1 2025, including one chartered-in kamsarmax bulk carrier and one capesize bulk carrier classified as held for sale. Athens-based CEO Stamatis Tsantanis stated that United Maritime Corporation’s Q1 2025 performance was impacted by seasonal weakness in the dry bulk market, but noted confidence in improving fundamentals and emphasized United Maritime Corporation’s ongoing commitment to shareholder value, underlined by its consistent dividend track record totaling $1.62 per share since November 2022. United Maritime Corporation expects to complete the sale of MV Gloriuship, its oldest ship, in Q2 2025, with the ship currently fixed at above-market rates; other ships such as MV Goodship and MV Nisea are also secured at advantageous rates, providing stronger earnings visibility for the upcoming periods. Approximately 79% of United Maritime Corporation’s available operating days for Q2 2025 have already been covered at a solid average rate of $16,835, with the full-quarter TCE expected to average $15,653 based on prevailing forward freight assessments. Four ships are fixed on daily rates, while the other four are exposed to spot market fluctuations. United Maritime Corporation highlighted the effectiveness of its index-linked charter strategy and freight hedging, which have enabled it to benefit from recent market recovery. In addition, United Maritime Corporation increased its equity stake in the Energy Construction Vessel (ECV) joint venture to approximately 30%, describing the move as a strategic expansion into offshore energy and renewables markets, aimed at diversifying revenue sources beyond traditional dry bulk shipping. United Maritime Corporation emphasized that this initiative aligns with long-term trends in offshore infrastructure, where limited supply and rising demand present a favorable investment environment. In terms of broader market outlook, United Maritime Corporation noted that Q1 2025 reflected a typical seasonal downturn in coal and iron ore trade volumes following strong export activity in 2024, while since March 2025, a gradual normalization and rate recovery has taken place. Despite persistent global macroeconomic uncertainty and fluctuating trade policies, United Maritime Corporation sees positive signs of easing trade tensions and expects that limited fleet growth and sustained commodity demand in agriculture, power generation, and construction will support market fundamentals. United Maritime Corporation, established in 2022 and headquartered in Athens, is a Nasdaq-listed shipping and investment platform focusing on dry bulk shipping and opportunistic diversification across maritime and infrastructure assets. Formed as a spin-off from Seanergy Maritime (SHIP), United Maritime Corporation operates a modern fleet of kamsarmax and capesize bulk carriers, and is managed by a leadership team with deep industry expertise and a track record of value-driven asset deployment. United Maritime Corporation’s strategy is centered on capitalizing on market cycles, maintaining financial flexibility, and expanding into adjacent sectors such as energy infrastructure, all with the objective of enhancing shareholder returns and long-term resilience.
23-May-2025
Athens-based Nasdaq-listed shipowner and operator Pyxis Tankers, led by CEO Valentios Eddie Valentis, stated in its Q1 2025 report that it sees compelling opportunities emerging soon to expand its fleet of mid-sized, modern eco-efficient ships in both the product tanker and dry bulk segments, reflecting a strategic vision to grow and diversify beyond its current platform; in the meantime, Pyxis Tankers will continue to allocate operational cash flow toward enhancing balance sheet liquidity, repaying scheduled debt, and maintaining the strong technical and commercial performance of its six existing ships. Founded in 2015 and headquartered in Athens, Pyxis Tankers focuses on the ownership and operation of product tankers engaged in seaborne transportation of refined petroleum products such as gasoline, jet fuel, and naphtha, and has recently signaled its interest in entering the dry bulk sector to capitalize on asset value cycles and complementary market dynamics. Pyxis Tankers is known for its disciplined financial approach, chartering flexibility, and strategic fleet management, with a long-term goal of building a cost-efficient and environmentally compliant fleet that meets global trading demands while delivering returns to shareholders through growth and operational stability.
23-May-2025
Singapore-based shipowner and operator SwissMarine Pte Ltd, led by Peter Weernink and traditionally recognized for its significant presence in the capesize and newcastlemax bulk carrier segments, is now redirecting its expansion strategy toward smaller bulk carrier classes, specifically kamsarmax and ultramax ships, as the capesize bulk carrier market presents limited room for further growth; SwissMarine Pte Ltd is actively enlarging its fleet in these mid-size segments and increasing its workforce to support operational growth and diversification. Founded in 2001 and headquartered in Singapore, SwissMarine Pte Ltd is a privately held dry bulk shipping company that has historically specialized in the transportation of major commodities including iron ore, coal, and grains across global routes. SwissMarine Pte Ltd operates one of the largest commercially managed capesize fleets in the world and serves major mining, energy, and commodity trading companies. The shift toward kamsarmax and ultramax ships reflects SwissMarine Pte Ltd’s intention to diversify cargo coverage, enhance flexibility across more trade routes, and capture market opportunities in regions and ports less accessible to larger bulk carriers, all while maintaining its reputation for efficient and reliable global dry bulk transportation services.
23-May-2025
Tufton Management Ltd., a specialist maritime investment manager and subsidiary of London Stock Exchange-listed Tufton Oceanic Assets Limited (TOAL), has reported notable operational efficiency gains from the 2017-built kamsarmax bulk carrier 81K DWT MV TR Lady, which it owns and manages, after equipping the ship with three Flettner rotors that delivered an average of 9.1% in bunker fuel savings and corresponding emissions reductions over a one-year period; the MV TR Lady, chartered by dry bulk shipping leader Cargill Ocean Transportation, operated on multiple global routes across the Indian, Atlantic, and Pacific Oceans, including transits around both the Cape of Good Hope and Cape Horn, with performance varying across regions. Tufton Management Ltd., headquartered in London, specializes in managing shipping investments on behalf of institutional and listed funds, with a focus on generating stable returns through long-term charter-backed secondhand vessels and sustainable shipping solutions, and the use of Flettner rotor technology on MV TR Lady reflects Tufton Management Ltd.’s broader strategy to enhance environmental performance across its managed fleet while aligning with global decarbonisation goals.
23-May-2025
Oslo-based dry bulk operator Western Bulk Chartering (WBC), led by CEO Torbjorn Gjervik, has opted not to declare a dividend for Q1 2025 as a result of weak market conditions, with Western Bulk Chartering (WBC)’s Board of Directors confirming that any decision regarding a Q2 2025 dividend will be announced in August 2025; in a statement released after market close on Thursday, Western Bulk Chartering (WBC), which is backed by Norwegian investor Christen Sveaas, explained that the dry bulk market during Q1 2025 followed a typical seasonal trajectory, with rates declining into early February and rebounding through March, while supramax bulk carrier rates dropped to approximately $6,000 per day before recovering to around $11,000 per day by mid-March, only to soften again thereafter. Western Bulk Chartering (WBC) also noted that the decision to withhold the Q1 2025 dividend reflects its focus on maintaining financial flexibility amid ongoing freight market volatility. Established in 1982 and headquartered in Oslo, Western Bulk Chartering (WBC) operates as a global asset-light dry bulk operator with a fleet of primarily supramax and ultramax ships employed in both the spot and period markets, leveraging a trading-oriented business model that combines freight market expertise with real-time cargo flow intelligence. Western Bulk Chartering (WBC) is known for its risk-managed chartering strategy, diversified cargo base, and strong presence across Atlantic and Pacific trades, and it continues to position itself to take advantage of market opportunities while exercising capital discipline in periods of weaker earnings.
22-May-2025
Dry bulk market headwinds dragged Tor Olav Troim-backed Oslo-listed shipowner and operator Himalaya Shipping into the red for Q1 2025, as the capesize and newcastlemax bulk carrier spot markets struggled during the seasonally weakest quarter of the year. CEO Lars-Christian Svensen-led Himalaya Shipping posted a quarterly loss driven by a decline in Australian iron ore exports and mounting uncertainties linked to global trade tensions, tariffs, and macroeconomic volatility. All 12 of Himalaya Shipping’s newcastlemax bulk carriers, listed on both the Oslo and New York stock exchanges, are chartered on index-linked contracts, which exposed the fleet to the full impact of the depressed capesize spot market. Established to capitalize on modern fuel-efficient ship designs, Himalaya Shipping operates one of the youngest fleets in the sector, with a strategic focus on high-specification newcastlemax bulk carriers equipped with scrubbers and LNG-ready features. Tor Olav Troim-backed Oslo-listed shipowner and operator Himalaya Shipping positions itself as a premium tonnage provider, aiming to deliver long-term value through environmentally compliant and commercially agile shipping solutions, while leveraging market cycles and maintaining close alignment with leading commodity players.
22-May-2025
CMB.TECH, the Belgian shipowner and operator controlled by the Saverys family, came under scrutiny for underwhelming Q1 2025 bulk carrier earnings during an extended earnings call, just as it prepares for a strategic merger with Norway-based dry bulk shipping company Golden Ocean Group (GOGL). Executives CFO Ludovic Saverys and CEO Alexander Saverys defended the company’s performance, stressing that despite short-term volatility, the medium to long-term prospects for the dry bulk shipping markets remain strong. Analysts and investors questioned how the results could be improved beyond the anticipated integration of the Nasdaq-listed shipowner and operator Golden Ocean Group (GOGL), formerly backed by John Fredriksen. CEO Alexander Saverys responded by highlighting the inherent limitations of operating in the spot market, stating, “The revenue in dry bulk is not something you can control when you’re active on the spot market, because the market is the market.” CMB.TECH, headquartered in Antwerp, is a diversified maritime group focusing on both shipping and cleantech innovation, with active involvement in dry bulk, container, and hydrogen-based technology segments. The company has been at the forefront of decarbonisation efforts in the maritime sector, developing and operating hydrogen-powered ships and related infrastructure. The upcoming merger with Golden Ocean Group (GOGL) is seen as a major step in CMB.TECH’s strategy to scale up its bulk carrier operations and leverage synergies to enhance fleet performance and market positioning in an increasingly competitive global shipping environment.
22-May-2025
Tufton Management Ltd., a maritime investment manager and subsidiary of London Stock Exchange-listed Tufton Oceanic Assets Limited (TOAL), reported that the 2017-built kamsarmax bulk carrier 81K DWT MV TR Lady, which it owns and manages, achieved an average of 9.1% bunker fuel savings and emissions reductions over the course of a year after being equipped with three Flettner rotors for wind-assisted propulsion; the MV TR Lady, currently on charter to dry bulk shipping giant Cargill Ocean Transportation, operated across the Indian, Atlantic, and Pacific Oceans, including transits around both the Cape of Good Hope and Cape Horn, with performance outcomes varying depending on route and prevailing wind conditions. Cargill Ocean Transportation, the maritime division of U.S.-based agribusiness multinational Cargill, is one of the largest freight charterers in the world, overseeing the transportation of more than 200 million tons of dry bulk commodities annually aboard a fleet of over 600 chartered ships, and has been a vocal advocate for decarbonising global shipping through initiatives focused on energy efficiency, digital solutions, and adoption of alternative fuels. Cargill Ocean Transportation has partnered with leading shipowners, technology firms, and classification societies to trial and scale emission-reduction technologies, and the performance of the MV TR Lady further supports Cargill Ocean Transportation’s commitment to reducing its carbon footprint and promoting responsible, sustainable maritime logistics.
22-May-2025
The ship recycling market has remained largely stagnant over the past week, with minimal activity across major regions and continued uncertainty driven by regulatory and economic challenges. In India, sentiment remained subdued due to ongoing liquidity issues, weak steel demand, and a limited supply of end-of-life ships, with no signs of short-term recovery. Bangladesh similarly saw limited movement, as regulatory hurdles, particularly the non-issuance of NOCs for non-HKC-compliant yards, suppressed buying interest and delayed several pending transactions, all while the implementation date of the HKC draws near. Economically, Bangladesh continues to grapple with liquidity constraints and slowing GDP growth, prompting the IMF to extend $1.3 billion in financial support, with an additional $762 million requested by the government. In Pakistan, the ship recycling market remained inactive, mirroring the regional trend, and the focus is shifting toward the upcoming HKC compliance deadline in June, as stakeholders await clarity and potential support measures expected in the national budget announcement on 2 June 2025. The domestic steel market in Pakistan remains muted due to limited liquidity and subdued demand. In Turkiye, while prices held firm, the market remained quiet, though the steady arrival of candidate ships signals potential for improvement, and recent monetary policy actions by the central bank aimed at reducing foreign exchange demand may influence market direction. Tensions between India and Pakistan that escalated last week have since eased following a ceasefire announcement, offering some hope for regional stability and cross-border economic engagement. On a positive note for Europe, Germany has approved its first ship recycling yard compliant with international standards, adding capacity to the continent’s regulated dismantling infrastructure. Meanwhile, broader industry discussions at the recent Responsible Ship Recycling Forum in London emphasized the need for harmonization between the Hong Kong Convention and the Basel Convention to prevent future legal ambiguities concerning end-of-life ship management. Overall, the ship recycling market remains cautious and fragmented, with weak demand, limited fresh tonnage, and policy uncertainties continuing to weigh on activity across regions.
22-May-2025
South Korean shipowner and operator Hyundai Merchant Marine (HMM) has acquired a newcastlemax bulk carrier from Lubeck-based shipowner and operator Oldendorff Carriers. S&P (Sale and Purchase) shipbrokers report the Seoul-based shipowner and operator Hyundai Merchant Marine (HMM) has snapped up the 2015-built newcastlemax bulk carrier MV Luise Oldendorff from Henning Oldendorff-led German shipowner and operator Oldendorff Carriers in a deal valued at about $51m. Germany’s biggest private shipowner and operator Oldendorff Carriers ordered the Hyundai Heavy-built scrubber-fitted newcastlemax bulk carrier 207K MV Luise Oldendorff in November 2013 for a reported $52m and this is the third newcastlemax bulk carrier sold to South Korean shipowner and operator Hyundai Merchant Marine (HMM) since July 2023, following the transactions involving the 2016-built newcastlemax bulk carrier MV Global Pioneer (ex MV Henriette Oldendorff) and 2016-built newcastlemax bulk carrier MV Global Adventure (ex MV Hermann Oldendorff). In September 2024, South Korean shipowner and operator Hyundai Merchant Marine (HMM) unveiled expansion plans through to the end of the decade, setting aside a massive $17.5 billion that will see its container fleet nearly double while its tanker and dry bulk fleets triple in size come 2030; this budget has been earmarked to expand Hyundai Merchant Marine’s (HMM’s) dry bulk and tanker business from 36 ships to 110. In January 2025, South Korean shipowner and operator Hyundai Merchant Marine (HMM) acquired the 2010 Namura-built capesize bulk carrier MV Global Enterprise for about $29m. Hyundai Merchant Marine (HMM) had also been tied to a purchase of the 2014-built newcastlemax bulk carrier MV Oriental Dragon from bulker owner Hebei Ocean Shipping Co (Hosco) for around $49m in March 2025. Founded in 1976 and headquartered in Seoul, Hyundai Merchant Marine (HMM) is South Korea’s largest and flagship shipping company and operates across the container, tanker, and dry bulk segments, with strategic partnerships and memberships in major shipping alliances including THE Alliance. The company plays a key role in securing South Korea’s import and export logistics and has been at the forefront of fleet modernisation and digital transformation in maritime operations. Hyundai Merchant Marine (HMM) is majority-owned by the Korea Development Bank (KDB), which has supported the company’s restructuring and growth as part of national efforts to revitalize the maritime industry.
22-May-2025
Norwegian shipowner and ship operator Torvald Klaveness has announced that its investment team, launched in 2022 under the leadership of CEO Ernst Meyer, has more than doubled its capital in just three years, driven by strategic early investments in John Fredriksen-backed Frontline and Golden Ocean Group (GOGL), along with diversified allocations in property and private equity that significantly boosted overall returns. The investment unit was formed with the intention of “putting skin in the game” by actively targeting new asset classes and market segments beyond its core shipping operations. Founded in 1946 and headquartered in Oslo, Torvald Klaveness is a family-owned maritime group known for its innovation in dry bulk shipping, logistics, and digital freight services, with a strong commitment to sustainable and data-driven solutions. In addition to its investment arm, the group operates Klaveness Combination Carriers (KCC), which manages a modern fleet of combination carriers designed for efficient cargo switching between dry and liquid cargoes. Klaveness Ship Management A/S is responsible for the operational, technical, and crewing aspects of this specialized fleet, ensuring compliance with the highest standards of safety, performance, and environmental responsibility. This dual focus on traditional maritime excellence and forward-looking investment strategy reflects Torvald Klaveness’s evolution into a diversified maritime and asset management group positioned for long-term growth.
22-May-2025
Microsoft has joined forces with Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S to reduce its maritime Scope 3 carbon emissions by utilizing the company’s biofuel-powered ships through a book and claim system already adopted by Mark Zuckerberg’s Meta. The pilot project, conducted with the Jan Rindbo-led shipowner and operator Dampskibsselskabet DS Norden A/S, aims to cut nearly 10,000 tonnes of CO2 emissions over a three-year period, with Microsoft receiving credited emissions reductions from biofuel-powered voyages without requiring physical cargo transportation on those specific ships. Dampskibsselskabet DS Norden A/S, founded in 1871 and headquartered in Copenhagen, is one of Denmark’s oldest and most respected shipping companies, operating a large fleet of dry cargo and product tanker ships worldwide. Dampskibsselskabet DS Norden A/S is publicly listed on the Nasdaq Copenhagen and is recognized for its commitment to digital innovation and environmental sustainability in maritime transport. With a strong focus on decarbonisation, Dampskibsselskabet DS Norden A/S has integrated biofuel usage and carbon accounting systems such as book and claim into its commercial strategy to provide climate-conscious transport solutions for major global clients like Microsoft and Meta.
22-May-2025
German shipowner and operator Oldendorff Carriers sold the newcastlemax bulk carrier to South Korean shipowner and operator Hyundai Merchant Marine (HMM). Lubeck-based shipowner and operator Oldendorff Carriers sold the 2015-built newcastlemax bulk carrier MV Luise Oldendorff to Hyundai Merchant Marine (HMM) for around $51m. Lubeck-based shipowner and operator Oldendorff Carriers, under the leadership of Henning Oldendorff, ordered the Hyundai Heavy-built scrubber-fitted newcastlemax bulk carrier 207K DWT in November 2013 for a reported $52m and this marks the third newcastlemax bulk carrier sold to Hyundai Merchant Marine (HMM) since July 2023, following the transactions involving the 2016-built newcastlemax bulk carrier MV Global Pioneer (ex MV Henriette Oldendorff) and the 2016-built newcastlemax bulk carrier MV Global Adventure (ex MV Hermann Oldendorff). Last September, South Korean shipowner and operator Hyundai Merchant Marine (HMM) unveiled expansion plans through to the end of the decade, allocating $17.5 billion to nearly double its container fleet while tripling its tanker and dry bulk fleets by 2030; this budget has been designated to expand Hyundai Merchant Marine’s (HMM’s) dry bulk and tanker business from 36 ships to 110. In January, Hyundai Merchant Marine (HMM) acquired the 2010 Namura-built capesize bulk carrier MV Global Enterprise for a reported $29m. Hyundai Merchant Marine (HMM) had also been associated with the purchase of the 2014-built newcastlemax bulk carrier MV Oriental Dragon from shipowner Hebei Ocean Shipping Co (Hosco) for about $49m in March 2025. Oldendorff Carriers, founded in 1921 and headquartered in Lubeck, Germany, is one of the world’s leading privately held shipowners and operators in the dry bulk segment, managing a diverse and modern fleet of owned and chartered ships, ranging from handysize to capesize and newcastlemax bulk carriers. The company is active in all major dry bulk trades globally and is renowned for its extensive transshipment operations, innovative logistics solutions, and commitment to environmentally responsible shipping. With a fleet of over 700 ships operated annually and a strong presence across key maritime markets, Oldendorff Carriers plays a significant role in global commodities transportation.
22-May-2025
Iron ore futures climbed on Wednesday, driven by a weaker U.S. dollar and steady demand for the steelmaking raw material, though gains were restricted by ongoing challenges in China’s property sector. The most-traded September 2025 iron ore contract on the Dalian Commodity Exchange (DCE) closed the daytime session 0.76% higher at $101.10 per metric ton, while the benchmark June 2025 iron ore contract on the Singapore Exchange rose 0.45% to $99.85 per ton. Demand continues to outperform expectations as steel mills maintain elevated production levels, with 60% of blast-furnace operations reporting profitability last week. A declining U.S. dollar, which extended its drop for a second day against major currencies, also provided support by making commodities priced in dollars more attractive to international buyers. Despite these positive drivers, market sentiment remained under pressure due to disappointing industrial output and retail sales figures from China, along with flat home prices. While a full recovery in China’s property market appears unlikely in the short to medium term, the pace of contraction has slowed, offering some optimism for steel demand as the spring construction season peaks ahead of the June 2025 rainy period. On the supply side, iron ore shipments from Australia and Brazil surged 11.7% from the previous week, reaching 27.1 million tons. In contrast, other steelmaking materials on the Dalian Commodity Exchange (DCE) retreated, with coking coal down 0.36% and coke slipping 0.14%. Most steel futures on the Shanghai Futures Exchange saw gains, with hot-rolled coil and wire rod rising 0.2%, stainless steel inching up 0.08%, and rebar dipping 0.07%.
22-May-2025
The Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) spin-off United Maritime Corporation has increased its stake in an offshore project, utilizing a loan from its parent company and proceeds from a capesize bulk carrier sale to fund a new investment in an Energy Construction Vessel (ECV) newbuilding. United Maritime Corporation, a US-listed asset-focused company operating eight large bulk carriers, is led by CEO Stamatis Tsantanis and has expanded its position in the offshore segment while awaiting improvements in the bulk carrier market. On Thursday, United Maritime Corporation announced it has invested approximately $1.5m to raise its ownership to 30% in a Norwegian-based joint venture that is responsible for the design and construction of the Energy Construction Vessel (ECV). United Maritime Corporation, established in 2022 as a spin-off from Seanergy Maritime (SHIP), focuses on opportunistic investments across the maritime sector, including dry bulk, tanker, and infrastructure-related assets. United Maritime Corporation is headquartered in Athens and trades on the Nasdaq Capital Market under the ticker “USEA.” With a strategy aimed at asset appreciation and active fleet management, United Maritime Corporation seeks to enhance shareholder value by diversifying its portfolio and engaging in high-potential projects beyond traditional shipping markets.
22-May-2025
The US government has allocated $33m for a project to widen and deepen the Houston Ship Channel in order to accommodate larger ships, with the funding included in the US Army Corps of Engineers’ 2025 fiscal year work plan as part of a broader $131m budget designated for Houston. Ric Campo, chairman of the Port Commission of the Port of Houston Authority, confirmed the funding during a meeting of the commission, highlighting the strategic importance of the channel’s expansion to support increased maritime traffic and larger ship operations.
21-May-2025
Hafnia, the BW Group-affiliated tanker operator, and agricultural commodities leader Cargill, through its maritime division Cargill Ocean Transportation, have officially launched their 50/50 joint bunker fuel venture, Seascale Energy, which began trading this week after being established in February 2025, with Hafnia CEO Mikael Skov confirming the start of operations following the receipt of final regulatory approvals; Seascale Energy is positioned to supply marine fuels globally, combining Hafnia’s expertise in tanker operations with Cargill Ocean Transportation’s scale and influence as one of the world’s largest charterers, operating a fleet of over 600 ships annually, while Hafnia, headquartered in Singapore, is one of the world’s leading operators of product and chemical tankers with a fleet of over 200 vessels, and both partners aim to leverage this new platform to enhance sustainability, fuel quality, and supply chain reliability across the maritime sector.
21-May-2025
In a time of heightened uncertainty, bulk carrier shipowners are refraining from making significant decisions, according to the latest data from Clarksons Research, a subsidiary of Clarksons—the world’s largest shipbroker headquartered in London— with recent months showing a sharp decline in newbuilding orders and minimal demolition activity despite an ageing fleet and limited incentives for renewal, and although a substantial rise in scrapping is widely anticipated in the coming years, there is no clear evidence of imminent acceleration, resulting in restrained fleet growth as limited scrapping and moderate newbuilding deliveries coincide with a steadily ageing global fleet whose average age has climbed from under 9 years in 2016 to over 12 years today, with significant increases across all major bulk carrier size groups; the handysize bulk carrier group saw average age rise by 34% from 10.1 to 13.5 years, the handymax handysize bulk carrier group including supramax and ultramax bulk carriers rose by 54% from 8.0 to 12.3 years, panamax bulk carriers increased by 48% from 8.3 to 12.3 years, and capesize bulk carriers including newcastlemax bulk carriers and very large ore carriers rose by 58% from 7.2 to 11.4 years, with this aging trend partly driven by improved build quality and ship maintenance as well as market conditions where changes in freight rates, secondhand prices, and sentiment have failed to provoke traditional levels of newbuilding or scrapping responses due to overriding uncertainties around environmental regulations and the future of alternative fuels, further compounded by concerns over long-term demand for major dry bulk trades such as coal; Clarksons Research data confirms that the average bulk carrier age has risen every year since 2016 when it was at 8.6 years to 12.6 years currently, a 47% increase, with minimal scrapping over the period contributing significantly as annual recycling sales plunged from 26.0m DWT (3.8% of fleet) in 2011–2016 to just 7.6m DWT (0.9% of fleet) from 2017–2024, and as little as 0.5m DWT annually during 2021–2024, despite low market performance which previously drove higher demolition; in this new context, scrapping decisions have become increasingly complex and less influenced by scrap prices, with factors such as freight markets, secondhand values, and uncertainty around carbon-reduction regulations playing greater roles, and while 20+ year-old bulk carriers now make up 9.5% of the global fleet—approximately 98m DWT or 1,854 ships in Q4 2024—the actual demolition volumes remain suppressed, although breakdowns by size group show varying potential: capesize and newcastlemax bulk carriers hold about 17m DWT over 20 years, panamax bulk carriers 35m DWT, handysize bulk carriers 18m DWT, and the handymax group including supramax and ultramax bulk carriers totals 28.0m DWT with 36.1% of the pre-supramax handymax fleet aged 20+ years and 35.7% in the traditional panamax group, while sub-sectors like ultramax, kamsarmax, and very large ore carriers show younger profiles and limited immediate recycling potential; although fleet age profiles suggest increased scrapping is likely, the precise timing remains uncertain and will be influenced by vessel-specific conditions, compulsory class surveys, repair costs, and profitability concerns, particularly for ships beyond 20 or 25 years old which face rising expenses and diminishing returns, and while bulker deliveries may increase in 2025 and 2026 with estimates pointing to 38m DWT in 2025 and potentially more in 2026, annual scrapping levels of 10–20m DWT could help slow fleet ageing, though early-year indicators suggest no meaningful shift yet; expectations of higher demolition volumes persist despite past projections falling short, as a growing pool of older ships makes future increases almost inevitable, and while freight market weakness and slowing demand in 2025 might revive scrapping, elevated secondhand prices and falling scrap prices continue to deter owners, especially in the face of unresolved questions about fuel transition and emissions compliance, which has resulted in only 2% of the end-2020 fleet being scrapped over the past four years as shipowners await greater clarity before committing to new investments or retiring older bulk carriers, although tighter regulations in the years ahead are expected to drive a wave of recycling as older bulk carriers become economically unfeasible, leaving scrapping as the only viable option.
21-May-2025
Coal imports from China’s largest supplier Indonesia dropped 20% to 14.286 million tons in April 2025, as Chinese buyers pushed back against Jakarta’s move to adopt its government-set benchmark price for international sales, aimed at increasing royalty revenue; Indonesia began applying the new Harga Batubara Acuan (HBA) benchmark—previously used solely for royalty calculations—on 1 March 2025, in an effort to strengthen control over domestic and export coal pricing, but coal traders criticized the index as being non-transparent and more costly; the decline in Indonesian coal imports was also influenced by falling domestic coal prices in China, which reached a four-year low and reduced the profitability of imports, contributing to a 16% year-on-year drop in China’s total coal imports in April 2025; coal shipments from other major suppliers to China also decreased, with Russian exports falling 13% year-on-year to 7.397 million metric tons, although Russia is preparing to bolster its coal industry—affected by Western sanctions—through rail freight discounts, guaranteed exports, and supportive regional policies that may enhance future deliveries to China; imports from Mongolia, primarily consisting of coking coal, declined 3% to 7.014 million tons, while Australian coal imports also dropped 3% to 6.97 million tons in April 2025.
21-May-2025
China’s soybean imports have recently declined to a 12-year low, and trade projections indicate that the overall pace may remain subdued through mid-2025, even as top supplier Brazil has harvested a record crop and logged record-high export volumes to China; notable discrepancies have emerged between Chinese customs import data and export data from suppliers, prompting the U.S. Department of Agriculture (USDA) to discontinue its reliance on China’s customs figures for estimating soybean imports in 2024, and interestingly, Chinese buyers may have absorbed a few additional U.S. soybean cargoes earlier in the U.S. shipping season; Chinese customs reported March-April 2025 soybean imports at just 9.6 million metric tons, down 32% year-on-year and the lowest for that timeframe since 2013, holding total imports through the first seven months of the 2024–25 marketing year at a six-year low, a slowdown partly attributed to prolonged customs clearance times and delayed shipments from Brazil due to harvest and logistical challenges, despite Brazil’s record output; Brazil’s exports to China between February and April 2025 still reached a new high, up 13% compared to the previous year’s record, though from September 2024 through January 2025, both U.S. and Brazilian shipments to China were significantly lower—U.S. exports were at a 12-year low excluding trade war periods, and Brazilian exports fell nearly 40%—potentially explaining the constrained domestic soymeal supply and sluggish import figures; analysts suggest Chinese buyers may have underestimated Brazil’s shipping delays and relied too heavily on expected volumes, missing opportunities to fill gaps with U.S. beans; with inconsistencies in reported trade data, market participants are closely watching upcoming Chinese customs releases to confirm if recent record Brazilian shipments are accurately reflected; May and June 2025 soybean imports into China are forecast to reach around 11 million tons each, up 3% versus 2024 and potentially setting a new record for the period, though total imports would still lag at six-year lows with only three months left in the marketing year, a surprising scenario given that China absorbs over 70% of Brazil’s soybean exports, which are expected to hit historic highs this year; elevated Brazilian volumes could exceed current forecasts if exports continue strong through mid-year due to the delayed start and potential shipping bottlenecks in May; China this week raised its 2024–25 soybean import projection to 98.6 million tons, a figure that would imply a 9% year-on-year decline in July–September imports if May and June estimates are met, a forecast that appears inconsistent with Brazil’s high export momentum; the U.S. Department of Agriculture (USDA) currently estimates China’s 2024–25 soybean imports at 108 million tons and has consistently projected higher volumes than China’s official figures, citing exporter data that suggests underreporting; this upward revision by China may still be conservative, considering that past seasons saw final import figures increase further from similar points in the year, including a 9% rise in the 2023–24 estimate; Brazil’s late shipping schedule may extend elevated export volumes into September or October, overlapping with the start of the U.S. marketing season, which has historically reduced U.S. export opportunities and could benefit China’s strategy to lessen its dependence on U.S. soybeans.
21-May-2025
Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, is strengthening its dry bulk fleet with a new ultramax bulk carrier order placed at Nantong COSCO KHI Ship Engineering (NACKS), securing a 64K DWT ultramax bulk carrier newbuilding for around $35 million, with delivery expected in Q2 2028 from Nantong Cosco KHI Ship Engineering (NACKS), which operates under COSCO Shipping Heavy Industry; Kumiai Navigation Pte Ltd currently manages a fleet consisting of 9 Very Large Gas Carriers (VLGCs), 2 small LPG carriers, and 9 bulk carriers, and its newbuilding program now comprises 4 vessels, including three VLGCs under construction at Kawasaki Heavy Industries with scheduled deliveries spanning from 2025 to Q4 2026; Kumiai Navigation Pte Ltd, headquartered in Singapore, serves as the international arm of Kumiai Senpaku Co Ltd, focusing on commercial ship management and investment in both gas and dry bulk segments, and has developed a strong presence in Asia-Pacific shipping markets through long-term charters and strategic partnerships with global energy and trading companies; its parent, Kumiai Senpaku Co Ltd, founded in Japan in 1929, is a privately held shipowning firm based in Tokyo, with decades of experience in owning and operating LPG carriers, bulk carriers, and other merchant ships, and is known for maintaining a stable, diversified fleet focused on quality ship management, safety, and long-term charter relationships with major Japanese and international charterers.
21-May-2025
Ship operator Norvic Shipping, led by AJ Rahman, has announced plans to expand its fleet through a long-term charter agreement with a well-established Japanese tonnage provider for a 42K DWT handymax bulk carrier newbuild, which will be constructed at Oshima Shipyard and delivered in Q3 2027 under the name MV Norvic Athens, marking another step in Norvic Shipping’s commitment to acquiring high-quality, fuel-efficient tonnage and advancing its long-term strategic growth objectives; originally founded in 2006 in Toronto as a tanker operator, Norvic Shipping entered the dry bulk sector in 2012 and made a notable return to its tanker roots in 2023 with the $37 million acquisition of the 2008-built LR2 MT Norvic Monica, which was later sold for approximately $42 million in 2024; headquartered in Toronto, Norvic Shipping operates a global network with offices in New York, Houston, Copenhagen, Dubai, Mumbai, Singapore, and other key maritime hubs, and maintains a core mission of delivering efficient and dependable dry bulk shipping solutions across the globe; Norvic Shipping manages a diverse fleet across supramax, ultramax, panamax, and handymax segments and is known for its active involvement in the spot and time charter markets, serving clients across commodities, energy, and industrial sectors, while pursuing a disciplined and flexible chartering strategy focused on value creation, operational integrity, and sustainable fleet development.
21-May-2025
Iron ore futures prices saw a modest increase on Tuesday, supported by steady near-term demand for the steelmaking raw material, although gains were restrained by weaker economic indicators from China, the world’s top consumer, with the most-traded September 2025 iron ore contract on the Dalian Commodity Exchange (DCE) closing 0.28% higher at $100.39 per metric ton and the benchmark June 2025 contract on the Singapore Exchange rising 0.15% to $99.6 per ton; Chinese iron ore mining operations continued to ramp up last week, pushing average daily output of iron ore concentrate up by 2% week-on-week to 498,800 tons, while hot metal output—a key measure of iron ore demand—eased slightly by 0.35% month-on-month to 2.45 million tons, though output levels remain relatively elevated amid growing steel demand from the manufacturing sector; on the supply front, iron ore shipments from major exporters Australia and Brazil increased by 9.53% month-on-month to 33.48 million tons; however, sentiment was dampened by slowing growth in China’s industrial production and retail sales, coupled with ongoing stagnation in new home prices, while China’s crude steel output in April 2025 dropped 7% from March 2025, although production levels stayed comparatively high; equities in China and Hong Kong advanced broadly on Tuesday following a rate cut by Chinese authorities—the first since October 2024—aimed at supporting the economy; meanwhile, other steelmaking inputs on the Dalian Commodity Exchange (DCE) declined, with coking coal down 1.47% and coke falling 1.71%, and steel benchmarks on the Shanghai Futures Exchange weakened, as rebar slid nearly 0.6%, hot-rolled coil eased 0.37%, wire rod dipped 0.51%, and stainless steel lost 1%.
21-May-2025
Nasdaq-listed shipowner and operator Safe Bulkers Inc. (SB) announced its unaudited financial results for the three-month period ended March 31, 2025, with the Board of Directors, chaired by CEO Polys Hajioannou, declaring a cash dividend of $0.05 per share of common stock; Dr. Loukas Barmparis, President of Safe Bulkers Inc. (SB), noted that while the first quarter of 2025 was impacted by seasonal softness and geopolitical tensions affecting charter markets, the company preserved a solid financial position and successfully added its twelfth newbuild to the fleet, emphasizing that in a volatile environment, Safe Bulkers Inc. (SB) remains committed to fleet renewal, enhancing operational efficiency, improving environmental compliance with IMO standards, and delivering long-term shareholder value; in February 2025, the company completed a previously authorized share repurchase program, acquiring and retiring 3,000,000 shares—approximately 2.8% of total shares outstanding and 5.4% of the public float—through open market transactions funded by internal cash resources and conducted in accordance with Regulation 10b-18 under the Securities Exchange Act of 1934; in April 2025, Safe Bulkers Inc. (SB) entered into a new credit facility of up to $84.3 million with a financial institution, expected to close in the third quarter of 2025, to finance the acquisition of four ships under exercised purchase options previously financed through sale and leaseback arrangements, and to refinance an existing facility backed by three ships, with the new facility secured by all seven vessels and set to mature in 2030, including financial covenants consistent with the company’s existing credit agreements; the fleet renewal strategy remains focused on compliance with IMO GHG Phase 3 and NOx Tier III emission standards, with 18 contracted newbuilds as of May 9, 2025—two of which are methanol dual-fueled kamsarmax bulk carriers—of which 12 vessels have already been delivered, representing $486.2 million of the $662.1 million total capital commitment already paid; the company is also progressing with its environmental upgrade program, targeting energy efficiency and lower fuel consumption across its fleet, with 25 vessels upgraded to date, where low-friction hull coating costs are treated as operating expenses and energy-saving equipment expenditures are capitalized; Safe Bulkers Inc. (SB) anticipates a total of 96 days of scheduled dry-docking in Q2 2025 and 21 days in Q3 2025; as of May 9, 2025, its fleet included 47 ships—comprising 8 panamax bulk carriers, 14 kamsarmax bulk carriers, 17 post-panamax bulk carriers, and 8 capesize bulk carriers—with a total carrying capacity of 4.7 million DWT and an average fleet age of 10.1 years, including 12 IMO GHG Phase 3 – NOx Tier III compliant ships built since 2022, 11 eco-design bulk carriers built since 2014, and 21 scrubber-equipped vessels, including all capesize bulk carriers, that earn additional charter compensation linked to bunker consumption; the current orderbook includes six IMO-compliant kamsarmax bulk carriers—two methanol dual-fueled—with expected delivery of four vessels in 2026 and two in 2027, representing $252.4 million in capital expenditure of which $76.5 million has been paid and $175.9 million remains; in April 2025, Safe Bulkers Inc. (SB) took delivery of the Japanese-built kamsarmax bulk carrier MV Efrossini, its twelfth IMO GHG Phase 3 – NOx Tier III newbuild; the company transports coal, grain, and iron ore globally through a mix of spot and period time charters managed internally without commissions, with the strategy of using long-term charters to ensure steady cash flow while maintaining flexibility with spot exposure to capture market upside; during Q1 2025, the company operated an average of 46.00 bulk carriers with a TCE of $14,655, compared to 47.08 vessels at a TCE of $18,158 in Q1 2024, and as of May 9, 2025, it had 8 bulk carriers operating in the spot market and 40 under period charters, 12 of which have durations exceeding two years, with an average remaining fleet charter period of 0.5 years and contracted revenues totaling approximately $178.7 million, excluding scrubber-related earnings; all eight capesize bulk carriers are on period charters, six of which extend beyond one year, with an average remaining duration of two years and average daily hire of $23,317, generating contracted revenue of $137.2 million, excluding additional scrubber compensation; in response to ongoing global tensions, including the Russia-Ukraine conflict and corresponding international sanctions, Safe Bulkers Inc. (SB) has reported no Russian or Ukrainian crew members, limited activity in Russian markets, and no operations in the Black Sea, while continuing to monitor the geopolitical environment for any implications to its business; amid security risks in the southern Red Sea, the company has redirected its fleet away from the affected region since the onset of attacks on merchant shipping and remains vigilant about possible consequences to global trade from escalating tensions in the Middle East; Q1 2025 saw a weaker freight market compared to Q1 2024, with lower revenues driven by reduced charter rates, a decline in earnings from scrubber-equipped ships, and increased operating expenses, resulting in net income of $7.2 million versus $25.3 million in the prior-year quarter, as net revenue dropped 21% to $64.3 million due to softer charter activity, and ship operating expenses rose by 2% to $23.9 million primarily due to multiple contributing factors.
21-May-2025
John Fredriksen-backed, New York-listed tonnage provider SFL Corporation Ltd (SFL) continues to accelerate the disposal of its bulk carrier fleet, having sold its tenth bulk carrier in 2025, with the latest transaction involving the 2011-built supramax bulk carrier MV SFL Sara, a 57K DWT ship constructed at Xiamen Shipyard, which was sold to a Chinese shipowner for approximately $11 million; this deal follows the recent sale of sister vessel MV SFL Yukon to Fujian Highton Development—one of China’s most aggressive bulk carrier buyers—for around $10 million, a slightly lower price attributed to MV SFL Yukon’s upcoming drydocking, while MV SFL Sara’s next scheduled drydock is not until 2026; both sales form part of Bermuda-registered, New York-listed SFL Corporation Ltd’s broader fleet renewal strategy, with the well-capitalised tonnage provider actively repositioning its portfolio by divesting older assets and preparing to acquire modern, more efficient ships; in Q1 2025, SFL Corporation Ltd (SFL) also sold a 1,700 TEU feeder containership and exited the capesize bulk carrier segment after Golden Ocean Group (GOGL) exercised purchase options on eight capesize bulk carriers worth a combined $112 million at the end of their 10-year charter-in terms; following the sale of MV SFL Sara, SFL Corporation Ltd’s dry bulk fleet now consists of just two panamax bulk carriers and two supramax bulk carriers, reflecting its strategic move toward fleet optimization and asset rotation across sectors; originally established in 2003 as Ship Finance International, SFL Corporation Ltd (SFL) is one of the most versatile maritime leasing companies globally, with a portfolio spanning crude oil tankers, product tankers, container ships, car carriers, offshore drilling rigs, and dry bulk carriers, and as part of the Fredriksen Group, the company is known for securing long-term fixed-rate charters with leading operators and maintaining stable dividend payouts, while consistently recycling capital to maximize shareholder value and strengthen its balance sheet across market cycles.
21-May-2025
Singapore-based dry bulk operator SeaTrek has introduced a new leadership team featuring several prominent industry professionals, as the Asifur Chowdhury-founded company moves into its next phase of growth, appointing Rob Aarvold, a seasoned executive with a background at Swire Bulk Pte. Ltd., SSY, and Western Bulk Chartering (WBC), as its new global CEO; expressing his enthusiasm, Rob Aarvold remarked that he is proud to take the helm at SeaTrek at such a transformative time and, with its strong legacy and talented team, is committed to shaping SeaTrek into a forward-thinking and resilient dry bulk operator that prioritizes delivering value and service to its customers; joining Aarvold in the new leadership structure are Anthony Diamante as director of business development and derivatives, and Bryan Swindoll as director of commercial, with Diamante bringing deep experience from leadership positions at ExxonMobil, Swire Bulk, and the Australian Wheat Board, as well as being a co-founder of Quadra Commodities and an early advocate of freight derivatives, while Swindoll adds broad commercial expertise gained from positions across operators, grain trading companies, and shipowners; established in 1999, SeaTrek is headquartered in Singapore with regional offices in the UAE and the United States, and continues to strengthen its reputation as a nimble and customer-driven dry bulk operator.
20-May-2025
According to the latest data from Clarksons Research, a subsidiary of Clarksons—the world’s largest shipbroker headquartered in London—shipowners’ interest in ordering newbuilds has significantly declined following three consecutive years of strong activity, with newbuild contracting down 57% year-on-year, resulting in the first signs of price easing. Clarksons Research reports that newbuild prices have decreased by 1.2% since the beginning of 2025, although they remain at historically elevated levels. The most pronounced reduction has occurred in the tanker segment, where prices have fallen by 5% compared to Q1 2025, while bulk carrier and containership prices have also softened, registering declines of 2.2% and 1.4%, respectively. Newbuilding ship prices are expected to trend downward in the near term, as the number of shipyards securing new contracts may shrink amid reduced demand for new ships and a general weakening in freight rates. Global uncertainties are likely to persist, creating renewed pressure on freight markets and further postponing investment decisions. The anticipated new phase of shipbuilding activity will contribute to downward momentum in pricing, with forecasts suggesting that newbuild prices could decline by more than 10% during 2025 depending on ship type and size, despite ongoing resistance driven by the still-strong orderbooks.
20-May-2025
Hong Kong-based and Bermuda-registered shipowner and operator Jinhui Shipping and Transportation Limited has announced its second supramax bulk carrier sale of 2025. The Oslo- and Hong Kong-listed shipowner and operator Jinhui Shipping and Transportation Limited disclosed in a regulatory filing that it has agreed to sell the 2008-built 57K DWT supramax bulk carrier MV Jin Tong to Marshall Islands-incorporated Famous Shine Development for approximately $10.5 million. Since 2024, Hong Kong-based and Bermuda-registered shipowner and operator Jinhui Shipping and Transportation Limited has concentrated on modernizing its fleet through secondhand purchases and newbuilding ship orders, having divested several older supramax bulk carriers in 2023. In March 2025, Jinhui Shipping and Transportation Limited completed its first sale in over a year by offloading the 2007-built supramax bulk carrier MV Jin Shun to Hong Kong-incorporated Yuhe Shipping for about $8.3 million. The current fleet of Jinhui Shipping and Transportation Limited consists of 32 bulk carriers, with 25 of them owned. Jinhui Shipping and Transportation Limited, established in 1987, specializes in the ownership and operation of modern dry bulk ships, focusing primarily on the supramax segment, and is known for its flexible and responsive chartering services across Asia-Pacific and global markets. The shipowner and operator Jinhui Shipping and Transportation Limited is actively involved in the spot and time charter markets and emphasizes efficient fleet management and commercial performance. With offices in Hong Kong and close ties to the regional shipping community, Jinhui Shipping and Transportation Limited maintains a conservative financial approach and long-term asset strategy that positions it to capitalize on market cycles while supporting gradual fleet renewal and expansion.
20-May-2025
Copenhagen-based shipowner and operator Lauritzen Bulkers A/S has named Martin Sato as its incoming CEO. Martin Sato, who dedicated 18 years to the dry bulk division of Danish shipowner J. Lauritzen, is set to join Lauritzen Bulkers A/S by December 2025, transitioning from BaltNav, a fellow handysize bulker company where he has held the position of CEO since 2024. Kristian Morch, chairman of Danish shipowner and operator Lauritzen Bulkers A/S, remarked that Martin Sato is returning with extensive expertise across the dry bulk shipping sector and that Martin Sato consistently demonstrates the values, culture, and integrity that define Lauritzen Bulkers A/S in Martin Sato’s business conduct. Martin Sato will succeed Martin Egvang, who stepped down from the role in March 2025. In response to the appointment, Martin Sato expressed that beginning a career in dry bulk shipping at Lauritzen Bulkers A/S and now being entrusted with the CEO position is a significant privilege, and that Martin Sato looks forward to rejoining the team and contributing to the ongoing achievements of Lauritzen Bulkers A/S. Additionally, Copenhagen-based shipowner and operator Lauritzen Bulkers A/S is appointing a new CFO, with Kristian Wærness, the former head of CIP Management Group, scheduled to assume the role by August 2025. Kristian Wærness will replace Jacob Winthereik, who is transitioning to J. Lauritzen as CFO and had also served as interim CEO of Danish shipowner and operator Lauritzen Bulkers A/S following Martin Egvang’s departure. Lauritzen Bulkers A/S is a global operator specializing in the handysize dry bulk segment, with a fleet of around 80 ships under commercial management. The shipowner and operator Lauritzen Bulkers A/S focuses on transporting agricultural products, fertilizers, cement, steel, and forest products across major global trade lanes. With a legacy tracing back to the J. Lauritzen group, Lauritzen Bulkers A/S operates out of its headquarters in Copenhagen and maintains a strong international presence through its offices and partnerships worldwide, offering tailor-made shipping solutions with a focus on long-term customer relationships and operational excellence.
20-May-2025
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has signed its inaugural port logistics agreement in Australia with Kimberley Metals Group, a developer and operator of iron ore mining projects. As part of the project, Dampskibsselskabet DS Norden A/S will contribute additional assets to support the transhipment operation that involves loading iron ore from the port of Wyndham in Western Australia onto barges and ocean-going ships. The agreement includes a fixed-term charter with the possibility of extension, and the launch of the first barge is scheduled for July 2025. This development enables Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S to further strengthen its position in the Australian market by expanding its integrated logistics and freight service offerings to both existing and prospective clients. The new contract enhances the partnership between Dampskibsselskabet DS Norden A/S and Kimberley Metals Group by merging the shipping company’s freight expertise with its logistics capabilities to optimize the entire port-to-port supply chain for Kimberley Metals Group. Established in 1871, Dampskibsselskabet DS Norden A/S is one of Denmark’s oldest and most prominent shipping companies, with a global presence and a diversified fleet that includes both dry cargo and tanker ships. Dampskibsselskabet DS Norden A/S operates more than 500 ships annually and offers a combination of asset trading, freight services, and integrated logistics solutions across major trade routes worldwide. The shipowner and operator Dampskibsselskabet DS Norden A/S is headquartered in Copenhagen, with offices in key maritime hubs including Singapore, Shanghai, Annapolis, Mumbai, and Santiago, and is recognized for its strong focus on digitalization, decarbonization, and long-term value creation for customers in the shipping industry.
20-May-2025
Iron ore futures declined on Monday, weighed down by weaker-than-expected economic data from China—the world’s top consumer—and uncertain short-term demand for the steelmaking raw material, with the most-traded September 2025 iron ore contract on the Dalian Commodity Exchange closing daytime trade 0.89% lower at $100.15 per metric ton, while the benchmark June 2025 iron ore contract on the Singapore Exchange dropped 0.71% to $99.35 per ton; broadly, official data released Monday showed a slowdown in China’s industrial output and retail sales growth for April 2025, amid escalating trade tensions that risk undermining economic momentum, and property investment also fell by 10.3% year-on-year for the first four months of 2025, following a 9.9% decline in Q1 2025; China’s crude steel production in April 2025 dropped 7% from March 2025, though overall output remained relatively high, and hot metal production—a key indicator of iron ore demand—decreased by 8,700 tons to 2.45 million tons due to ongoing blast furnace maintenance; meanwhile, total iron ore inventories at Chinese ports increased by 0.26% week-on-week to 137 million tons as of 16 May 2025, yet the proportion of profitable blast-furnace steel mills in China continued to rise on a weekly basis as of 15 May 2025, supported by improving finished steel prices; elsewhere, other steelmaking inputs on the Dalian Commodity Exchange also declined, with coking coal and coke down 2.2% and 1.79% respectively, while steel benchmarks on the Shanghai Futures Exchange fell as rebar and hot-rolled coil each lost around 1%, wire rod declined nearly 2.7%, and stainless steel eased 0.42%.
20-May-2025
Yemen’s Houthis announced yesterday their intention to target the Israeli port of Haifa in retaliation for Israel’s intensification of the Gaza conflict, with military spokesman Yehya Saree stating that they are preparing to implement a naval blockade on the port of Haifa and cautioning that all companies with ships currently in or heading to the port should be aware that it has now been officially designated as a target; earlier this month, American president Donald Trump claimed that the Red Sea shipping crisis, which has persisted for more than 17 months, is approaching resolution, though many shipping lines responding during recent Q results expressed skepticism, stating that it is still premature to consider resuming transits through the Red Sea, and Maersk CEO Vincent Clerc emphasized two weeks ago that proceeding with Red Sea operations without a reliable ceasefire in place would be reckless, highlighting that the situation remains highly unstable and not yet safe for shipping activity.
15-May-2025
Japanese shipowner Doun Kisen KK (also known as Doun Kisen Co. Ltd), a privately held and highly diversified shipping company headquartered in Imabari and owned by the Okochi family, has further expanded its extensive bulk carrier order book at Nantong Xiangyu Shipbuilding & Offshore Engineering by placing an order for three newcastlemax bulk carrier new buildings. This latest move sees Doun Kisen KK returning to Nantong Xiangyu Shipbuilding & Offshore Engineering for three 210K DWT newcastlemax bulk carrier new buildings, each valued at approximately $75 million, reinforcing the company’s strategy of fleet expansion through newbuilding investments. Doun Kisen KK, established in 1937 and active across a range of shipping segments including bulk carriers, car carriers, tankers, and containerships, currently operates a modern fleet of nearly 150 ships with an average age of just six years. The company is known for maintaining strong relationships with shipyards in both Japan and China, and for securing long-term charter contracts with major global shipping operators. In addition to the newcastlemax bulk carrier order, Doun Kisen KK has kamsarmax and ultramax bulk carrier new buildings already under construction at Nantong Xiangyu Shipbuilding & Offshore Engineering, with scheduled deliveries from Q4 2025 through Q1 2027. The newly placed newcastlemax bulk carrier order is notable as it marks Nantong Xiangyu Shipbuilding & Offshore Engineering’s debut in constructing this size class of ship, with delivery of the new units expected in Q2 2028. Nantong Xiangyu Shipbuilding & Offshore Engineering, located along the Yangtze River, is renowned for its strong shipbuilding capabilities, especially in the ultramax bulk carrier segment, and the partnership with Doun Kisen KK signals a broadening of its construction portfolio into larger bulk carrier types.
15-May-2025
The world’s largest shipping association, BIMCO (Baltic and International Maritime Council), has appointed Montreal-based shipowner and operator Fednav CEO Paul Pathy as its new president. Paul Pathy, who leads Canada’s largest dry bulk shipping company, Fednav, is succeeding Nikolaus Schües, the CEO of German shipowner F. Laeisz, who has completed his two-year term. Montreal-based shipowner and operator Fednav CEO Paul Pathy expressed his gratitude for being named president of BIMCO (Baltic and International Maritime Council), noting that the shipping industry is currently navigating significant challenges and affirming his commitment to advocating for the crucial role played by the shipping sector and seafarers. “We are at a critical juncture where free trade is under threat and geopolitical tensions are escalating. It is crucial that we support our industry, ensure the safety of our seafarers and facilitate a global marketplace,” stated Canadian shipowner and operator Fednav CEO Paul Pathy. Serving as CEO of Fednav since 2017, Paul Pathy steps into the BIMCO (Baltic and International Maritime Council) presidency after having served two years as president designate. Nikolaus Schües will continue to contribute to the association by remaining on the board for another two-year term, and Ioanna Procopiou of Greece’s Prominence Maritime has been selected as the incoming president designate.
15-May-2025
Brazil is steadily reinforcing its position as China’s top soybean supplier, a dominance supported by record harvest levels, competitive pricing, and the continued absence of tariffs that still affect soybean exports from the United States, with recent developments including China lifting suspensions on five Brazilian soybean exporters and expanding its infrastructure investments in South America, such as upgrades to Brazil’s Santos Port and the development of a deep-water port in Peru, aimed at enhancing the efficiency of agricultural imports. Although a 90-day tariff truce between the United States and China has been enacted and China has reduced soybean import tariffs from 145% to 10% effective 14 May 2025, American soybean exports are still facing challenges, as many U.S. farmers remain unconvinced that these changes will lead to significantly increased Chinese purchases unless supply from South America is disrupted, with analysts already forecasting a 20% drop in U.S. soybean exports. This strategic realignment by China was further underlined during a recent summit in China, where President Xi Jinping announced a $9 billion investment credit line and additional incentives to deepen regional cooperation, while Brazil reaffirmed the strength of its relationship with China and emphasized the gains it has made from the ongoing U.S.-China trade rift, particularly in the soybean trade. Shipment data for Q1 2025 confirms these dynamics, with U.S. soybean exports to China rising sharply in a familiar seasonal pattern, starting from about 1 million tonnes in January 2025 and climbing through February 2025 and March 2025 to exceed 11 million tonnes in April 2025, while May 2025 is maintaining strong levels, with preliminary figures for the first half of the month already reaching half of April 2025’s total, indicating continued high demand. Brazilian soybean shipments to China have also been consistently strong in early 2025, outpacing previous records, and although this surge in trade activity has not yet translated into higher Baltic freight rates on the Santos (Brazil)–Qingdao (China) route, the relatively smooth operations at Santos Port—marked by low congestion—are likely keeping rates stable despite increased cargo flow. However, if export volumes remain elevated through the summer months and unforeseen disruptions such as adverse weather or logistical delays emerge, market conditions may shift, potentially leading to longer bulk carrier queues and renewed upward pressure on freight rates, with the coming weeks set to be a decisive period for observing how dry bulk shipping trends respond to these evolving supply chain dynamics.
15-May-2025
Athens-based and Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK), one of the world’s largest listed dry bulk shipping companies with a diversified fleet spanning multiple vessel segments, has confirmed the sale of five older supramax bulk carriers as part of its continued efforts to modernize and optimize its fleet. CEO Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK), which operates a fleet of more than 150 bulk carriers ranging from supramax to capesize, disclosed in its Q1 2025 earnings report that it had sold the 2005-built supramax bulk carrier MV Fu Chang (ex MV Star Omicron) and the 2006-built supramax bulk carrier MV Ocean Melody (ex MV Strange Attractor). The company, known for its active asset management strategy and focus on operational efficiency, further announced agreements to sell the 2011-built supramax bulk carrier MV Puffin Bulker, the 2009-built supramax bulk carrier MV Star Canary, and the 2011-built supramax bulk carrier MV Star Petrel, with supramax bulk carriers MV Puffin Bulker and MV Star Canary expected to change hands in Q2 2025, and the MV Star Petrel scheduled to exit the fleet in July 2025. In addition, Athens-based and Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) had already completed the sale of the 2009-built supramax bulk carrier MV NSG Glory (ex MV Bittern), a transaction agreed in February 2025 and finalized in May 2025. Established through a merger with Oceanbulk Carriers in 2014 and known for leveraging economies of scale through its large modern fleet, Athens-based and New York-listed shipowner and operator Star Bulk Carriers (SBLK) continues to divest older and smaller bulk carriers that do not align with its long-term commercial strategy. Following the completion of these sales, Star Bulk Carriers (SBLK) retains control of a fleet of more than 150 bulk carriers, continuing to focus on maintaining a younger, fuel-efficient, and commercially competitive fleet profile.
13-May-2025
Indonesia’s thermal coal exports have slumped to their lowest level in three years during the early part of 2025, impacted heavily by diminished demand from China and India, the two dominant global consumers of coal. The country, which holds the position as the leading global supplier of thermal coal for electricity generation, exported 150 million tons between January and April 2025, reflecting a sharp drop of 12%—equivalent to nearly 20 million tons—compared with the same period in 2024, marking the steepest annual decrease in recent history. Given that Indonesia accounts for around 50% of global thermal coal shipments, this downturn has dragged worldwide exports lower as well, with total volumes falling by 7%, or 23 million tons, relative to the same four-month span in the previous year. Should this sluggish performance persist, 2025 could become the first year since 2020 in which Indonesia registers an annual decline in coal exports. The reduction has primarily been driven by softer import requirements from China and India. China, the world’s largest coal producer, consumer, and importer, slashed its purchases from Indonesia by 14 million tons—or 20%—during the January to April window, compared with the same period in 2024, largely due to its strategic emphasis on boosting domestic mining activity and enforcing stricter environmental measures aimed at curbing pollution. India, the second-largest coal-consuming nation, similarly decreased its imports from Indonesia by 15%, amounting to 6 million tons, as it continues to prioritize growth in its internal coal production. Beyond these two giants, other prominent buyers have also reduced their intake of Indonesian coal in 2025. Japan and South Korea, collectively major importers, acquired 13 million tons from January through April, down from 17 million tons during the equivalent period in 2024. Additional reductions were noted in Taiwan, Thailand, the Philippines, Malaysia, and Pakistan, reflecting a broader regional shift. This weakening in demand is linked not only to policy shifts away from coal-fired power but also to increased reliance on alternative energy sources, which has helped dampen coal usage across Asia. Coal-based electricity generation across the continent dropped 3% in Q1 2025 compared with Q1 2024. The stagnation in China’s industrial sector—especially construction and heavy manufacturing—has also had a spillover effect, reducing energy consumption throughout its interconnected supply chain partners in the region. However, the pattern has not been uniform, as countries such as Vietnam and Bangladesh significantly ramped up their Indonesian coal imports to record-breaking levels between January and April 2025, a trend expected to continue in support of their rapidly growing energy demands. In addition, some advanced economies have upped coal usage, in part due to a sharp rise in natural gas prices in 2025, prompting higher coal imports and output in nations including Spain, Italy, Romania, and New Zealand. The United States, despite being a coal exporter itself, has increased coal-fired power production by over 20% year-on-year. Nevertheless, these isolated increases do little to counterbalance the broader contraction, and with China and India unlikely to significantly scale up imports in the near future, Indonesia’s coal export levels are expected to remain subdued, pointing to a rare annual decline that could mark a turning point for global coal trade volumes.
13-May-2025
China has projected a decline in soybean imports in 2026, attributing the expected drop to measures aimed at reducing soymeal usage in the livestock sector, as outlined in its first forecast for the 2025–2026 crop year released on Monday. The reduction in soymeal content in animal feed is anticipated to lower consumption in the livestock industry and result in decreased import volumes for 2026. Imports are forecast to fall to 95.8 million tons in 2026, down 2.8% from the 98.6 million tons projected for 2025. Although soybean imports in 2025 are being supported by a strong harvest of new soybeans from South America, the volume remains below the levels seen in 2024.
13-May-2025
Iron ore futures rose on 12 May 2025 following an agreement between the United States and China to cut reciprocal tariffs and implement a 90-day suspension on new measures, which boosted market sentiment. The United States and China jointly announced that they had reached a deal to reduce reciprocal tariffs as both nations seek to resolve a trade war that has disrupted the global economy and caused volatility in financial markets. Under the agreement, the two countries will pause new measures for 90 days and lower tariffs by more than 100 percentage points to 10%. The most actively traded September iron ore contract on the Dalian Commodity Exchange (DCE) closed the daytime session up 3.16% at $99.63 per metric ton, the highest level since 7 May 2025. On the Singapore Exchange, the benchmark June 2025 iron ore contract rose 2.9% to $99.75 per metric ton. The scale of the tariff reduction slightly exceeded market expectations and improved investor sentiment. Iron ore prices also gained support from relatively stable demand, with steel mills maintaining operations due to favorable profit margins. As of 8 May 2025, average daily hot metal output, a key indicator of iron ore demand, edged up 0.1% to 2.46 million tons. Market prices have been volatile due to concerns over potential US tariff increases and uncertainty surrounding China’s crude steel output reduction plans, which could affect iron ore consumption. Seaborne iron ore prices have declined by 11% from the year’s peak of $107 per ton recorded in February 2025. Other steelmaking materials on the Dalian Commodity Exchange also rebounded, with coking coal up 0.68% and coke up 0.75%, while steel benchmarks on the Shanghai Futures Exchange advanced as rebar gained 1.52%, hot-rolled coil increased 1.51%, wire rod rose 1.39%, and stainless steel climbed 1.34%.
13-May-2025
Russia is accelerating the development and renewal of its fleet with a plan to construct more than 1,600 domestically built ships by 2036. Russian Prime Minister Mikhail Mishustin announced that over $6.2 billion in federal funding will be allocated over the next six years to support shipbuilders, component producers, and shipowners. Russian Prime Minister Mikhail Mishustin highlighted that, amid foreign sanctions and restrictions, the renewal and expansion of the Russian fleet is strategically vital for establishing logistics routes to friendly countries, facilitating cargo transportation along the Northern Sea Route, and promoting river tourism. According to the Russian government, priority will be given to ships intended for the Northern Sea Route and the North-South transport corridor, with particular emphasis on enhancing capabilities for large-capacity projects such as crude oil tankers, gas carriers, shuttle tankers, and bulk carriers. The newbuilding programme will also encompass icebreakers, support vessels, and maintenance ships, as well as modernising the passenger and fishing fleets. The base scenario anticipates the construction of 1,637 ships in Russia by 2036, with 713 of them expected to be completed within the next five years. More than 120 ships are planned for regular sea transport, and an additional 51 are allocated for the Northern Sea Route. Russia’s long-term fleet strategy extending through 2050 projects the addition of over 2,600 more ships from 2037 onward, including more than 200 sea transport ships and close to 90 ships dedicated to the Northern Sea Route. Russian First Deputy Prime Minister Denis Manturov stated that the initiative will involve large-scale modernisation and measures to overcome the deficit in shipbuilding capacity, including the establishment of new shipyards, substitution of foreign shipboard equipment with domestic alternatives, and the development of ship repair facilities. To implement the strategy, the Russian government stated that the shipbuilding workforce must grow by at least 15% to approximately 190,000 people by 2036, and that attracting skilled personnel to design and development centres, as well as expanding automation and digitalisation in shipyards to raise labour productivit
12-May-2025
China’s coal imports decreased in Q1 2025, weighing heavily on the global seaborne coal trade, as total global seaborne coal loadings dropped by 6.7% year-on-year to 307.0 million tonnes, reversing the 3.3% year-on-year growth recorded in Q1 2024; Indonesia’s exports fell by 10.7% year-on-year to 114.5 million tonnes, Australia’s declined by 9.4% year-on-year to 76.6 million tonnes, Russia’s slipped by 3.2% year-on-year to 36.8 million tonnes, and U.S. exports dropped by 4.9% year-on-year to 20.8 million tonnes, while South Africa’s rose by 10.3% year-on-year to 16.4 million tonnes, Colombia’s declined by 18.9% year-on-year to 12.5 million tonnes, Canada’s increased by 0.8% year-on-year to 11.6 million tonnes, and Mozambique’s grew by 4.6% year-on-year to 4.5 million tonnes; China’s seaborne coal imports fell by 7.3% year-on-year to 87.4 million tonnes, while India’s dropped by 10.1% year-on-year to 53.9 million tonnes, Japan’s rose by 0.9% year-on-year to 39.4 million tonnes, South Korea’s declined by 20.0% year-on-year to 23.8 million tonnes, EU imports increased by 5.5% year-on-year to 16.1 million tonnes, and Vietnam’s surged by 24.9% year-on-year to 16.6 million tonnes; in 2024, China remained the top seaborne coal importer, accounting for 31.2% of global volumes, followed by India at 17.3% and Japan at 11.5%, with China’s annual seaborne coal imports reaching an all-time high of 427.1 million tonnes; in Q1 2025, Chinese imports declined to 87.4 million tonnes, down 7.3% year-on-year; coal shipments to China in 2024 were primarily transported on panamax bulk carriers (52.3%), followed by supramax/ultramax (23.4%), capesize (14.4%), and post-panamax (6.9%) bulk carriers; the leading Chinese coal discharge ports in 2024 included Machong (24.4 million tonnes), Fangcheng (23.4 million tonnes), Qinzhou (20.1 million tonnes), Gaolan (18.2 million tonnes), Meizhou (17.7 million tonnes), Caofeidian (16.0 million tonnes), Shanghai (15.3 million tonnes), Nanjing (11.1 million tonnes), Ningbo (11.1 million tonnes), Guangzhou (11.1 million tonnes), Tangshan (10.1 million tonnes), and Dongwu (10.1 million tonnes); Indonesia remained China’s largest coal supplier, representing 55.5% of Q1 2025 imports, although volumes dropped by 11.3% year-on-year to 48.5 million tonnes from 54.7 million tonnes in Q1 2024; Australia ranked second with a 17.8% share, supplying 15.6 million tonnes, down 10.0% year-on-year from 17.3 million tonnes, while Russia, China’s third-largest supplier, accounted for 13.8% of imports, with volumes slipping by 2.4% year-on-year to 12.1 million tonnes—below the 18.2 million tonnes in Q1 2023 but well above the 7.4 million tonnes in Q1 2022—with the majority coming from Far Eastern ports such as Vanino (3.1 million tonnes), Vostochny (2.2 million tonnes), and Nakhodka (2.1 million tonnes); meanwhile, Canadian coal exports to China surged by 68.7% year-on-year to 3.5 million tonnes, and U.S. exports unexpectedly rose by 10.0% year-on-year to 2.6 million tonnes.
12-May-2025
The Chinese state-owned shipping titan Cosco Shipping Bulk, the dry bulk division of COSCO, is expanding its order book with two newcastlemax bulk carrier newbuilds at CSSC Qingdao Beihai Shipbuilding, having booked two 209K DWT newcastlemax bulk carrier newbuilds with no disclosed price and delivery scheduled for Q4 2027; the Shanghai-based shipowner and operator Cosco Shipping Bulk initiated a large-scale newbuilding programme in the dry bulk segment in 2024, commissioning 42 newbuilds across its affiliated COSCO Shipping Heavy Industry and CSSC Chengxi Shipyard, followed by up to eight methanol- and ammonia-ready newcastlemax bulk carrier newbuilds also to be operated by Cosco Shipping Bulk, with deliveries spanning from Q2 2027 through Q4 2028; the latest two newcastlemax bulk carrier newbuilds ordered at CSSC Qingdao Beihai Shipbuilding include options for 10 additional newbuilds, and the Chinese state-owned shipping giant Cosco Shipping Bulk is reportedly considering further newcastlemax bulk carrier orders at a minimum of two other domestic shipyards; Cosco Shipping Bulk is one of the world’s largest dry bulk shipping operators, managing a fleet of over 400 bulk carriers, including capesize, panamax, ultramax, and handysize ships, with a total carrying capacity exceeding 40 million DWT, and plays a critical role in transporting major dry bulk commodities such as iron ore, coal, grain, and bauxite; Cosco Shipping Bulk operates globally with a strategic emphasis on integrating smart shipping technologies and enhancing its environmental sustainability profile through fuel-efficient designs, dual-fuel capabilities, and compliance with IMO decarbonisation targets; Cosco Shipping Bulk is also recognized for its long-term charter agreements with major mining and trading houses and for maintaining a dominant presence in key global trade routes connecting Asia, Australia, Brazil, and West Africa.
12-May-2025
John Coustas-led Nasdaq-listed shipowner and operator Danaos Corporation (DAC) has increased its stake in Athens-based and Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK), as disclosed in a recent filing to the US Securities and Exchange Commission (SEC), which shows that the container ship tonnage provider and capesize bulk carrier player Danaos Corporation (DAC) acquired approximately 2.03 million shares in Star Bulk Carriers (SBLK), raising its total holding to around 6.13 million shares or 5.23% of the company; Danaos Corporation (DAC) remained a shareholder in Star Bulk Carriers (SBLK) through its legacy ownership in Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) after the April 2024 merger that formed the largest US-listed dry bulk shipowner with a fleet of over 150 bulk carriers; meanwhile, in March 2025, shipping tycoon John Fredriksen acquired a 10.7% stake in Athens-based and New York-listed shipowner and operator Star Bulk Carriers (SBLK) following his departure from Golden Ocean Group (GOGL), a prominent Bermuda-registered and Norway-based dry bulk shipping company listed on Nasdaq and Oslo Stock Exchange, with his ownership in Star Bulk Carriers (SBLK) subsequently rising to 11.4%; founded in 1972 and headquartered in Piraeus, Greece, Danaos Corporation (DAC) is one of the world’s largest independent owners of modern, large-size containerships, operating a fleet of over 65 container ships with a total capacity of more than 400,000 TEUs, and is known for its long-term chartering strategy with leading liner companies such as MSC, Hapag-Lloyd, and CMA CGM, as well as its conservative financial profile and strong focus on operational efficiency and shareholder returns.
12-May-2025
China’s soybean imports dropped to their lowest level in a decade in April 2025, falling to 6.08 million metric tons—down 29.1% year-on-year—due to persistent customs clearance delays and the late arrival of Brazilian shipments caused by harvest disruptions and logistical challenges, with cargoes now taking 20–25 days to move from ports to crushing plants instead of the usual 7–10 days, leading several crushing facilities in northern and northeastern China to cut output or suspend operations by early May 2025 amid mounting backlogs, while some feed mills exhausted their inventories and were forced to turn to expensive spot cargoes; despite no official confirmation of these delays, they come amid continued U.S.-China trade tensions, with the United States remaining China’s second-largest soybean supplier; although soymeal futures on the Dalian Commodity Exchange (DCE) briefly surged in late April 2025, they have since declined on expectations of incoming Brazilian cargoes, while market participants remain alert to potential port congestion if disruptions persist; soybean arrivals from January to April 2025 totaled 23.19 million tons, marking a 14.6% decline from the 27.15 million tons imported during the same period in 2024; imports are projected to rebound in May and June 2025, with some Chinese traders and analysts forecasting monthly volumes near 11 million tons, though Brazil’s grain exporters association has cautioned that total soybean exports may fall to 12.6 million tons in May 2025, possibly restricting supply to China; meanwhile, U.S. soybean exports to China continue to weaken, with USDA data showing net sales for the 2024–2025 marketing year at zero as of the week ending 1 May 2025, and attention is now focused on the upcoming U.S.-China meeting in Switzerland, where U.S. President Donald Trump aims to make progress on trade discussions and explore the potential easing of tariffs on Chinese goods.
12-May-2025
In a major step toward easing the trade war between the world’s two largest economies, the USA and China have agreed to substantially reduce tariffs over the next 90 days, following an agreement reached in Geneva over the weekend, with U.S. Treasury Secretary Scott Bessent confirming that both countries will lower reciprocal tariffs by 115%, resulting in U.S. tariffs on Chinese goods dropping to 30% and China reducing duties on U.S. imports to 10%, with the changes expected to take effect by 14 May 2025; the announcement triggered a rally in global financial markets, with S&P 500 futures climbing around 3% and the U.S. dollar reaching a one-month high; the trade conflict, which intensified in early April 2025 after U.S. President Donald Trump raised tariffs on Chinese products and China responded in kind, appears to be easing with this initial deal, which, although preliminary, reflects a broader intent to reduce economic tensions; in a joint statement, both countries said they had agreed to establish a trade consultation mechanism to avoid further tariff escalation, and President Trump, citing the U.S.’s $1.2 trillion trade deficit, stated that the national emergency declaration and tariff measures were necessary, expressing confidence that the agreement with China will contribute meaningfully to addressing the trade imbalance.
12-May-2025
John Coustas-led Nasdaq-listed shipowner and operator Danaos Corporation (DAC) has expanded its stake in Athens-based and Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK), according to a recent filing with the US Securities and Exchange Commission (SEC), which revealed that the container ship tonnage provider and capesize bulk carrier operator Danaos Corporation (DAC) acquired approximately 2.03 million shares in Star Bulk Carriers (SBLK), bringing its total holding to around 6.13 million shares, equivalent to 5.23% of the company; Danaos Corporation (DAC) maintained its shareholder position in Star Bulk Carriers (SBLK) through its legacy stake in Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) following their merger in April 2024 that created the largest US-listed dry bulk shipowner with a fleet of over 150 bulk carriers; Star Bulk Carriers (SBLK), led by CEO Petros Pappas, is a leading global shipping company specializing in the transportation of dry bulk commodities including iron ore, coal, and grain, operating a modern and fuel-efficient fleet predominantly consisting of capesize, post-panamax, kamsarmax, and ultramax ships with a total deadweight capacity exceeding 16 million dwt; the company is headquartered in Athens, maintains an international commercial presence, and is known for its active role in consolidation within the dry bulk sector, strategic fleet expansion, and commitment to reducing its environmental footprint through investments in scrubbers and energy-saving devices; separately, in March 2025, shipping magnate John Fredriksen acquired a 10.7% interest in Athens-based and New York-listed shipowner and operator Star Bulk Carriers (SBLK) after exiting Golden Ocean Group (GOGL), a major Bermuda-registered and Norway-based dry bulk shipping firm listed on both Nasdaq and the Oslo Stock Exchange, with his stake in Star Bulk Carriers (SBLK) later increasing to 11.4%.
9-May-2025
India’s state-run Steel Authority of India Ltd (SAIL) is planning to import a trial cargo of coking coal from Mongolia in May 2025 and may opt to transport the sample by air to accelerate testing, as part of Steel Authority of India Ltd’s (SAIL’s) strategy to reduce reliance on Australia, which remains a key supplier despite frequent disruptions. The trial cargo will consist of 1 metric ton of coking coal sourced from landlocked Mongolia. Depending on logistical feasibility, Steel Authority of India Ltd (SAIL) is also considering the option of routing the shipment through China, according to sources who requested anonymity as the matter is not yet public. Based on the test results of the sample, India’s state-run Steel Authority of India Ltd (SAIL) is preparing for a potential follow-up shipment of 75K metric tons from Mongolia. India, the world’s second-largest crude steel producer, currently imports approximately 85% of its coking coal requirements, with more than half of these imports originating from Australia. In an effort to diversify, India is evaluating alternate sources of high-grade coking coal, and Mongolia, with its significant reserves and cost-competitive pricing, has emerged as a prospective partner. Nevertheless, Mongolia’s geographical constraints and limited infrastructure present major logistical hurdles to transporting bulk cargo. India’s imports of coking coal are expected to rise amid tightening availability of this vital steelmaking raw material, driven by expanding domestic steel production capacity. Indian steel producers are increasingly broadening their sourcing strategies to include other regions such as Mozambique, Russia, the United States, Canada, and Indonesia. JSW Steel, the country’s largest steelmaker by capacity, has faced obstacles in procuring Mongolian coking coal due to difficulties in supplier responsiveness and logistical bottlenecks.
9-May-2025
New York Stock Exchange-listed shipowner and operator Costamare Inc. (CMRE) spin-off Costamare Bulkers Holdings Limited (Costamare Bulkers) is continuing its bulk carrier divestment strategy with the scheduled departure of another handysize bulk carrier from its fleet, as Athens-based shipowner and operator Costamare Bulkers Holdings Limited (Costamare Bulkers) prepares to deliver the 2010-built handysize bulk carrier 31K DWT MV Resource to an undisclosed shipowner in Q 2025. New York Stock Exchange-listed shipowner and operator Costamare Inc. (CMRE) had acquired the 2010-built handysize bulk carrier 31K DWT MV Resource in July 2021 for approximately $12.5 million and stated it expects to receive net proceeds of $3.3 million from the sale after repaying outstanding debt. Under the leadership of Konstantinos Konstantakopoulos, shipowner and operator Costamare Inc. (CMRE) has been actively selling handysize bulk carriers and supramax bulk carriers since Q1 2023, and has now also concluded the previously announced sale of the 2008-built panamax bulk carrier MV Rose, with net proceeds totaling around $4 million. Earlier this week, shipowner and operator Costamare Inc. (CMRE) completed the spin-off of its dry bulk division into the newly listed shipowner Costamare Bulkers Holdings Limited (Costamare Bulkers), which now operates a fleet of 37 bulk carriers and a trading platform known as CBI that includes nearly 50 newcastlemax bulk carriers, capesize bulk carriers, and kamsarmax bulk carriers. Since the Q4 2024 financial results were released, the dry bulk segment of shipowner and operator Costamare Inc. (CMRE) has secured over 25 new chartering contracts. Following the spin-off, New York Stock Exchange-listed shipowner and operator Costamare Inc. (CMRE) continues to focus on its core container ship operations, maintaining a fleet of 68 container ships.
9-May-2025
Shanghai-listed shipowner and operator Fujian Highton Development Co. Ltd has completed a sale and leaseback transaction involving four recently acquired bulk carriers, as the rapidly expanding Chinese shipowner and operator Fujian Highton Development Co. Ltd has agreed to sell two kamsarmax bulk carriers and two panamax bulk carriers to fellow Chinese lessor Xiamen Xiangyu Financial Leasing for a total of approximately $59.5 million. The bulk carriers involved in the deal are the 2013-built kamsarmax bulk carrier 81K DWT MV AM Krakow, the 2013-built kamsarmax bulk carrier 81K DWT MV AM Buchanan, the 2013-built panamax bulk carrier 76K DWT MV AM Annaba, and the 2014-built panamax bulk carrier 76K DWT MV AM Zenica, all of which were purchased from ArcelorMittal Shipping in March 2025 for around $60 million. Shanghai-listed shipowner and operator Fujian Highton Development Co. Ltd announced in a stock exchange filing that the ships will be leased back through its subsidiaries under floating index-linked contracts with a total lease value not exceeding $72 million. Chinese shipowner and operator Fujian Highton Development Co. Ltd, established in 2009 with an initial focus on supramax bulk carriers, has since diversified its owned fleet through acquisitions in larger bulk carrier categories, including capesize bulk carriers. As of Q4 2024, Fujian Highton Development Co. Ltd reported operating a fleet exceeding 60 bulk carriers, of which 46 are owned, in addition to three tankers. In its most recent transaction, Shanghai-listed shipowner and operator Fujian Highton Development Co. Ltd acquired the 2011-built supramax bulk carrier 57K DWT MV Xin Hai Tong 61 (formerly MV SFL Yukon) from John Fredriksen-backed New York-listed shipowner SFL Corporation for approximately $10.5 million.
9-May-2025
Iron ore prices fell on Thursday as iron ore traders assessed the likelihood of weakening demand amid renewed expectations of crude steel production cuts in China, the world’s largest consumer. The most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) ended daytime trading down 2.73% at $95.82 per metric ton, marking its lowest level since 11 April 2025. The benchmark June 2025 iron ore contract on the Singapore Exchange declined by 1.95% to $96.4 per ton. The renewed anticipation of steel production curbs is primarily driving market sentiment, with the decline in prices of steelmaking raw materials proving sharper than the fall in finished steel prices. In March 2025, China announced its intention to restructure the steel industry through production cuts, although it did not disclose specific details regarding timing or scale. This expectation has been reinforced by a recent statement from the steel association, and hot metal output is also projected to reach a near-term peak. Hot metal output, a product of blast furnaces, is widely used as an indicator of iron ore demand. Other steelmaking inputs on the Dalian Commodity Exchange (DCE) also dropped, with coking coal and coke falling by 2.13% and 2.25% respectively. Steel futures on the Shanghai Futures Exchange were similarly weaker, with rebar down 1.74%, hot-rolled coil down 1.18%, wire rod down 0.43%, and stainless steel down 0.31%. This overall softness in the ferrous market came despite China announcing a package of monetary stimulus measures on Wednesday, aimed at cushioning the economic impact of the trade conflict with the United States. The scale and nature of the stimulus suggest a readiness for a worst-case scenario in the ongoing USA-China trade talks, casting uncertainty over the prospects for resolution.
9-May-2025
China’s steel exports are expected to decline sharply in Q2 2025, potentially worsening the domestic supply glut, according to analysts and traders, as the ongoing US-China trade war and the rising tide of global protectionism constrain access to export markets. Shipments from the world’s largest steel producer and exporter in Q2 2025 are projected to decrease by as much as 20% compared to Q1 2025, with further deterioration anticipated later in 2025, placing Q2 2025 export levels below those of Q2 2024. Steel exports have suffered from a dual impact, as tariffs imposed by United States President Donald Trump have disrupted the transshipment trade—where Chinese steel is rerouted through third countries to the United States—and key markets such as South Korea and Vietnam have implemented their own duties to prevent steel from being redirected and dumped into their domestic markets. Although Chinese steel producers may explore alternative destinations such as the Middle East, Africa, and South America, no individual market has the capacity to absorb the large volumes of Chinese steel. The increase in steel exports had previously helped offset weak demand from China’s struggling property sector, and any decline will push excess steel back into the domestic market, exerting downward pressure on prices, reducing steelmaker margins, and weakening their demand for inputs such as iron ore. Steel exports in Q1 2025 had reached the highest level since 2016, driven by mills rushing to export before the anticipated imposition of tariffs. While the steel industry had expected that near-record export volumes would eventually provoke a policy backlash, the scale of protectionist measures resulting from the US-China trade conflict has taken many by surprise. China’s steel exports are under intense pressure, and increased domestic retention of steel would further aggravate oversupply. One major Chinese steel exporter reported a 20% to 30% drop in overseas orders in April 2025 compared to March 2025. There are also growing concerns that the US-China trade war could expand into steel-intensive sectors such as electric vehicles and household appliances, undermining another critical demand source beyond the property sector. The impact of such a slowdown typically takes time to filter through to the upstream steel supply chain and is expected to become evident in Q2 2025 data, coinciding with a seasonal weakening in domestic demand and amplifying the existing oversupply challenge.
9-May-2025
Qingdao-based and Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd has arranged financing for seven modern mini bulk carriers it acquired from Baltic Shipping in Q1 2025. According to a filing, Chinese shipowner and operator Seacon Shipping Group Ltd has entered into an agreement to sell the seven ships to a subsidiary of Shenzhen Financial Leasing for approximately $65 million and will bareboat charter them back for a term of five years, including purchase options and a mandatory purchase commitment at the end of the charter period. Qingdao-based shipowner and operator Seacon Shipping Group Ltd originally purchased the MV Baltic Fin, MV Baltic Grain, MV Baltic Moon, MV Baltic Wind, MV Baltic Steel, MV Baltic Sun, and the MV Baltic Split in January 2025 for about $66.5 million. These vessels, each around 4K DWT and coaster-size bulk carriers, were built between 2022 and 2024 and are expected to be delivered by June 2025. Seacon Shipping Group Ltd has consistently utilized similar lease-back structures to finance most of its ship acquisitions, including newbuilding projects. Seacon Shipping Group Ltd stated that these finance lease transactions will further strengthen its cash flow and improve the efficiency of its internal capital usage, thereby supporting the continued growth of its core business segments, which include shipping services and ship management. Fleet operations for Seacon Shipping Group Ltd are managed by Seacon Ship Management Company, a key subsidiary that plays a vital role in the company’s maritime asset management. Seacon Ship Management Company is responsible for technical management, crew management, and compliance with safety regulations, all of which are essential to ensuring the operational stability and reliability of the fleet. These services are also integral to supporting Seacon Shipping Group Ltd’s long-term growth and profitability strategy. Known for its operational excellence, Seacon Ship Management Company leverages cutting-edge technologies and management strategies to improve fuel efficiency, reduce emissions, and uphold high environmental standards.
9-May-2025
Parrish & Heimbecker, a Canadian family-owned agri-business, has completed the acquisition of a deepwater bulk marine export terminal in Quebec City from Societe En Commandite Terminal Grains, which had been operated by Sollio Agriculture since 2021. John Heimbecker, Chief Executive Officer of Parrish & Heimbecker, commented that the addition of the Quebec City terminal aligns well with the company’s long-term growth strategy, enhancing the reliability and efficiency of services offered to customers while strengthening logistics and supply chain capabilities nationwide. Parrish & Heimbecker conducts operations across grain handling and merchandising, flour milling, crop inputs, and feed mills, managing more than 70 locations across Canada
8-May-2025
Hong Kong-based and Bermuda-registered shipowner and operator Jinhui Shipping and Transportation Limited has reportedly disposed of another older supramax bulk carrier, marking the second such sale by Jinhui Shipping and Transportation Limited in 2025, with S&P (Sale and Purchase) shipbrokers indicating that the Oslo- and Hong Kong-listed shipowner and operator Jinhui Shipping and Transportation Limited has sold the 2008-built supramax bulk carrier 57K DWT MV Jin Tong to a Chinese shipowner for approximately $10.5 million. Since 2024, Jinhui Shipping and Transportation Limited has shifted its focus primarily to fleet renewal through acquisitions of secondhand bulk carriers and placement of newbuilding orders, following a series of older supramax bulk carrier disposals in 2023. In March 2025, Chinese shipowner and operator Jinhui Shipping and Transportation Limited sold the 2007-built supramax bulk carrier MV Jin Shun to Yuhe Shipping, a Hong Kong-incorporated subsidiary of Qingdao-based Sea Ray Shipping Co Ltd, for around $8.5 million. Excluding the most recent reported transaction, Hong Kong-based and Bermuda-registered shipowner and operator Jinhui Shipping and Transportation Limited currently maintains a fleet of 34 bulk carriers, 26 of which are owned.
8-May-2025
Athens-based shipowner and operator Meadway Bulkers Ltd has expanded its shipbuilding programme in Japan by ordering an additional ultramax bulk carrier, as George Dellaportas-led Meadway Bulkers Ltd, founded by the son of Greek shipping tycoon Dionysios Dellaportas, confirmed a new 64K DWT ultramax bulk carrier new building at Imabari Shipbuilding with delivery planned for Q3 2027. Prior to this latest development, the Greek shipowner and operator Meadway Bulkers Ltd, which currently has 15 bulk carriers ships in its fleet, had already secured three ultramax bulk carrier new buildings scheduled for construction at Tsuneishi Zhoushan shipyard in China with delivery timelines through 2026. Athens-based shipowner and operator Meadway Bulkers Ltd was formed in 2021 by George Dellaportas, following the division from his brother Costas Dellaportas, who remained with the original company Meadway Shipping & Trading (MST), now operating under the name DryDel Shipping. With this new order, Meadway Bulkers Ltd will have a total of six new buildings entering its fleet by 2027, including two handysize bulk carriers from Namura Shipbuilding set for delivery in Q1 2026.
8-May-2025
The Houthis from Yemen seem to have disregarded this week’s statement from the White House indicating that the Red Sea shipping crisis is coming to an end, as American president Donald Trump announced on Tuesday that following more than 17 months of conflict, the Houthis have agreed to stop attacking shipping and, in exchange, the USA would cease its strikes on the Iran-backed rebels, with the agreement reportedly facilitated mainly by Oman. However, the Houthis have reiterated their intention to continue targeting Israeli-linked tonnage, and last night, their official military spokesperson publicly detailed an alleged attack on the US aircraft carrier USS Harry S Truman and its accompanying support ships. Insurers and major shipping associations are continuing to advise commercial ships to avoid the area despite the optimistic message from the White House. Considering the rapidly shifting developments, there is little expectation of an immediate return to normal shipping activity in the Red Sea due to ongoing risks. The container shipping segment is the most significantly impacted and vulnerable to shifts in market conditions should Red Sea transits normalize, with diversions having tightened capacity by 11-12%, representing the margin between a stable market and one where ocean carriers have limited pricing leverage. Other segments are less affected, with tankers experiencing a 2% supply tightening benefit, dry bulk 1%, LPG 2%, and LNG 3%. In Q 2025, Red Sea shipping volumes remain significantly depressed, currently approximately 50% lower than figures recorded in 2023.
8-May-2025
The US President Donald Trump has stated that the Red Sea shipping crisis is nearing its end after more than 17 months, announcing during a briefing at the White House yesterday that Yemen’s Houthis have agreed to stop their attacks on shipping and, in return, Washington will cease its strikes on the Iran-backed rebels, with this outcome reportedly achieved through mediation by Oman’s foreign minister. Donald Trump told reporters, “The Houthis have announced that they don’t want to fight anymore. They just don’t want to fight. And we will honor that, and we will stop the bombings, and they have capitulated,” while stressing that President Donald Trump had promised to restore freedom of navigation in the Red Sea and had delivered on that promise through decisive American power. Omani foreign minister Badr al-Busaidi confirmed that the United States is ending its airstrikes and that discussions involving the United States, Oman, and representatives from Yemen have led to a ceasefire agreement between the parties. According to the agreement, neither side will engage the other, including American ships, in the Red Sea and the Bab al-Mandab Strait, securing freedom of navigation and the steady flow of international commercial shipping. As of now, shipping volumes in the Red Sea remain around 50% below 2023 levels, but the anticipated ceasefire and improved security conditions are expected to support a recovery in commercial shipping, with the car carrier and container segments forecasted to experience the most notable rebalancing.
7-May-2025
Genoa-based shipowner and operator Premuda Spa has finalized a management buyout led by CEO Marco Fiori and CFO Enrico Barbieri, acquiring full ownership of the company for an undisclosed sum, with ongoing support from Milan-based pan-European investor Pillarstone, which remains a co-shareholder after having become the sole owner and delisting the company from the Milan Stock Exchange in 2017. Since assuming leadership in 2019, Fiori and his team have guided the transformation of Premuda Spa, reshaping its business model and modernizing its fleet, positioning the company to navigate a complex shipping landscape marked by geopolitical uncertainty, evolving regulations, and increasing sustainability demands. Premuda Spa now operates 13 vessels, including 4 bulk carriers and 9 product tankers, with two additional eco-friendly tankers set to join the fleet by year-end, reinforcing its presence as one of the most established and respected names in international shipping. Headquartered in Genoa with active subsidiaries in Italy and Malta, Premuda Spa delivers a wide range of dry cargo and tanker services through a modern fleet and maintains strong ties with global players in shipping and finance. The company emphasizes the value of its people, promoting a culture of meritocracy, diversity, and inclusion while encouraging collaboration and innovation to push industry standards forward. With the combined strength of its experienced team and dedicated investors, Premuda Spa is well-equipped to capitalize on financial and commercial opportunities within the global maritime sector.
6-May-2025
Greek shipping tycoon Kriton Lendoudis-led shipowner and operator Evalend Shipping Co SA has expanded its $3 billion newbuilding orderbook with the latest move into the suezmax sector. Greek shipowner and operator Evalend Shipping Co SA is set to double its suezmax tanker fleet from two to four ships, highlighting its commitment to growth in the crude oil transportation market. Athens-based shipowner and operator Evalend Shipping Co SA has now joined a limited circle of shipowners placing significant suezmax tanker orders, further underlining its long-term fleet expansion strategy. Evalend Shipping Co SA has been confirmed as the buyer behind the two 157K DWT suezmax tankers recently announced by HD Korea Shipbuilding & Offshore Engineering (HD KSOE). Founded in 1977 by Greek shipping tycoon Kriton Lendoudis, Evalend Shipping Co SA has built a diversified fleet consisting of crude oil tankers, product tankers, bulk carriers, LPG carriers, and LNG bunker vessels. Headquartered in Athens, Evalend Shipping Co SA has cultivated a reputation for investing in high-quality, modern, and fuel-efficient ships, often sourced from leading South Korean and Japanese shipyards. Evalend Shipping Co SA maintains close business ties with major oil companies, global energy traders, and charterers, adopting a strategic mix of time-charter employment and spot market exposure to balance risk and earnings. In recent years, Evalend Shipping Co SA has diversified into gas shipping and LNG bunkering, aligning with global energy transition demands and stricter environmental regulations. With its rapidly expanding $3 billion orderbook and fresh suezmax tanker orders, Evalend Shipping Co SA continues to position itself among the most dynamic and growth-oriented privately held Greek shipping enterprises.
6-May-2025
Chicago Board of Trade (CBOT) soybean futures declined on Monday as traders awaited potential updates on U.S.-China trade negotiations and faced growing competition from Brazil, while wheat and corn prices also moved lower amid expectations of favorable U.S. crop condition and planting progress reports due later in the day; the most-active CBOT soybean contract fell 0.7% to $10.50-1/4 per bushel, CBOT wheat dropped 0.5% to $5.40-1/4 per bushel, and corn was down 0.6% to $4.66 per bushel. China is currently reviewing a proposal from Washington to engage in talks over U.S. tariffs, leaving markets cautious as they await confirmation of any actual negotiations, especially with uncertainty still lingering over the future of trade relations. Soybeans came under additional pressure from weaker soy oil prices, which tracked losses in crude oil, and from proposed federal budget cuts by U.S. President Donald Trump targeting renewable energy programs, including the Environmental Protection Agency (EPA), potentially reducing future demand for biofuels made with vegetable oils. Corn traded lower as favorable weather in the U.S. Midwest boosted optimism for planting, increasing the likelihood of a positive planting progress report from the U.S. Department of Agriculture (USDA), while wheat prices fell on limited weather-related threats to both U.S. and Black Sea crops, with some estimates for Black Sea wheat output being raised due to the absence of significant frost damage during winter and traders also reacting to bearish news of rising Russian wheat exports, which could intensify competition for U.S. wheat in the global market.
6-May-2025
Chicago Board of Trade (CBOT) wheat futures hit contract lows last week, highlighting speculators’ persistent bearish sentiment toward the grain, which earlier this year stood in stark contrast to their highly bullish position in Chicago Board of Trade (CBOT) corn—though optimism in corn has eased considerably amid global trade uncertainty. That divergence has reappeared in a different form, as traders, during the week ending 29 April 2025, increased their net short position in Chicago Board of Trade (CBOT) wheat futures and options to a two-year high of 121,415 contracts, up from about 90,000 the prior week, marking the largest weekly wheat selloff since 2017, primarily driven by new short positions. Over the same period, funds also staged a sizable selloff in Chicago Board of Trade (CBOT) corn futures and options, reducing their net long to 71,329 contracts from 112,805 a week earlier, well below the peak of 364,217 contracts in early February, although they have maintained a generally bullish stance for the past six months. Historically, since 2006, a deeply bearish view on wheat has always been accompanied by at least some degree of bearishness in corn, and when corn sentiment is moderately bullish, wheat pessimism has never been as extreme as it is now—suggesting that funds may currently be either overly negative on wheat or overly positive on corn. Last week, the most-active Chicago Board of Trade (CBOT) July wheat contract traded at an average premium of $0.58 per bushel over July corn, far below the decade average of around $1.30, though both contracts briefly reached parity in 2021 and 2023. The bearish sentiment toward wheat also extended to Kansas City contracts, as traders in the same week established a record net short of 67,269 contracts in Kansas City wheat futures and options, continuing a trend of negativity that began in August 2023. Chicago Board of Trade (CBOT) wheat also gained a slight premium over Kansas City wheat for the first time in five months, reversing the typical pattern where Kansas City wheat trades higher, as timely rains for the U.S. hard red winter crop have weighed on Kansas City prices, and the overall wheat complex is under pressure due to improved global supply expectations. As of 29 April 2025, traders also held near-record bearish positions in Chicago Board of Trade (CBOT) soybean meal futures and options, while extending their moderately bullish stance on soybean oil for a fifth consecutive week and increasing their net long in soybean futures and options to 38,202 contracts. Looking ahead, traders are expected to monitor political and trade developments while preparing for the U.S. Department of Agriculture’s monthly report on May 12, which will provide the first projections for the 2025–2026 marketing year along with updates to 2024–2025 estimates, where analysts will be watching closely for any potential increase in U.S. corn export forecasts.
6-May-2025
Ukraine’s grain crops are relatively modest on the global scale—U.S. state Iowa alone produces more than twice as much corn annually—but the country has become a key global grain supplier by exporting the majority of what it grows, with corn production tripling during the 2010s contributing significantly to this success; however, production has declined sharply since the record 2021–2022 harvest that preceded Russia’s 2022 invasion, and early forecasts for 2025–2026 indicate this downward trend may continue, potentially reducing Ukraine’s share in global grain exports and benefiting competitors like the United States. A weak wheat harvest in Ukraine and only average expectations for Russia could add pressure to global wheat supplies into 2026, although oilseeds continue to offer a bright spot for Ukrainian agriculture. Grain farming has been largely unprofitable in Ukraine since 2022 due to war-related logistical disruptions and broader economic challenges, with major grain output—corn, barley, and wheat—in 2024–2025 falling 34% from the 2021–2022 benchmark, making it one of the smallest harvests in over a decade. The U.S. Department of Agriculture (USDA) recently estimated Ukraine’s 2025–2026 harvested wheat area at a 22-year low due to dry planting conditions, which could reduce wheat production by 23% year-over-year, though other projections suggest only a 1% decline from 2024, still placing output near decade lows. Improved profitability is expected to support larger corn plantings, but even with gains, a potential harvest around 29 million metric tons remains well below the record 42 million. To recover lost ground in global markets, Ukraine’s grain production will need to meet or exceed expectations in 2025–2026, as USDA forecasts show Ukraine’s share of global corn exports at 11.7% in 2024–2025—a 14-year low and a steep drop from 15.2% in 2024—while wheat exports are expected to account for just 7.7%, the second time in a decade falling below 8%. Although production has declined, Ukraine has managed to export a larger share of its harvest than usual due to reduced domestic feed demand amid struggles in the livestock sector, with more than 80% of corn and around 75% of wheat being exported in recent years, compared to just 16% and 45% respectively for the United States. Oilseeds such as sunflower, soybeans, and rapeseed have proven more profitable than grains since 2022, with their combined harvested area reaching record levels in both 2023–2024 and 2024–2025, increasing over 30% in the past decade supported by strong domestic processing and solid international demand; rapeseed area may decline in 2025–2026 due to harsh planting conditions, and outlooks for soybeans and sunflower are mixed, but total oilseed area is expected to remain strong. Before 2022, grain crops significantly outpaced oilseeds in acreage, but by 2025–2026, the two may be nearly equal, reflecting farmers’ growing preference for oilseeds, especially as Ukraine primarily exports value-added oilseed products like oils and meals rather than raw seeds, which is advantageous amid a tight global vegetable oil market. Ukraine has maintained high levels of oilseed and oilseed product exports since the war began, and if upcoming harvests are successful, the country may avoid further losses in its export market share.
6-May-2025
China has stated its intention to reduce dependence on foreign soybeans by limiting imports and enhancing national food security, claiming significant reductions in the use of soybean meal in livestock feed; however, soybean imports reached record levels in 2024, casting doubt on the extent of these feed reformulation efforts. Despite aiming to cut soybean meal’s share in animal feed to 10% by 2030—down from 13% in 2023 and 18% in 2017—China continues to import more than 100 million metric tons of soybeans annually, nearly all of which are processed into protein-rich feed primarily for its vast hog herd, the largest in the world. This situation is particularly concerning for Brazil, whose soybean industry has grown in response to strong Chinese demand, while U.S. producers may be less surprised given China’s recent pattern of rejecting American supplies. Although China’s soybean import growth has slowed compared to projections from a decade ago and the hog herd has stagnated due to weak profitability, foreign soybeans remain essential, and record imports are anticipated between April and June 2025 as Brazil’s large crop arrives. China has been signaling intentions to reduce soymeal usage in feed since at least 2018, when hog diets typically included around 20% soymeal and 70–75% corn; a 2022 government report noted that soymeal’s share had declined to 15.3% in 2021 from 17.8% in 2017, saving about 11 million metric tons of soymeal, or roughly 14 million tons of soybeans. In April 2023, Beijing proposed a sub-13% target for 2025, with analysts suggesting this could reduce soybean imports to 82 million tons—well below the current 2024–2025 estimate of 94.6 million tons. The U.S. Department of Agriculture (USDA), however, pegs China’s soybean imports for 2024–2025 much higher at 109 million tons, indicating China may be underreporting soymeal usage. Due to discrepancies between reported Chinese customs data and export shipment figures, the USDA began using global exporters’ data in 2024 to better estimate China’s true import demand; the 109-million-ton projection is a significant increase from 94.1 million tons in 2017–2018 and raises the possibility that China is stockpiling soybeans, potentially favoring U.S. supplies due to their superior storage properties compared to higher-moisture Brazilian beans. While China’s hog herd is expected to remain unchanged from 2017 levels in 2025, signaling no major increase in soybean demand, there is also little evidence of a sustained decline; pork production fell over 20% between 2019 and 2021 due to disease outbreaks and the COVID-19 pandemic, temporarily suppressing soybean imports, but since then, output has only modestly risen, constrained by weak sector profitability and a gradual shift in consumer preference toward alternative proteins. With pork consumption potentially peaking, both Chinese hog producers and Brazilian soybean exporters could face pressure, as excess supply and soft demand weigh on prices despite recent increases in production. The broader risk to global soybean trade may come not just from reduced soymeal use, but from China’s slowing economic growth, which is expected to continue in the coming years and could have a deeper and more lasting impact on global market dynamics.
6-May-2025
Copper prices moved higher on Tuesday, supported by renewed hopes for progress in U.S.-China trade talks, with benchmark copper on the London Metal Exchange (LME) rising 0.8% to $9,441 per metric ton after China’s Commerce Ministry said it was considering a U.S. proposal to hold discussions regarding President Donald Trump’s 145% tariffs; the ministry noted that the U.S. initiated contact and that China remained open to dialogue, raising the possibility of easing trade tensions. Despite this, uncertainty surrounds the negotiation process, and investors remain cautious about potential negative effects on global economic growth and the resulting impact on metals demand. The U.S. economy contracted in the first quarter of 2025 for the first time in three years, largely due to a surge in imports ahead of the tariff hike, and the International Monetary Fund (IMF) has projected only 1.8% GDP growth for the U.S. this year. Other base metals also advanced on the LME, with aluminum up 0.3% to $2,438 a ton, zinc gaining 1.8% to $2,654, lead climbing 0.3% to $1,939, tin rising 3.4% to $31,750, and nickel increasing 1.2% to $15,665 a ton, while the most-traded copper contract on the Shanghai Futures Exchange (SHFE) edged up 0.1% to $10,759.84 per ton.
6-May-2025
Athens-based Nasdaq-listed shipowner and operator Pyxis Tankers has outlined plans to potentially grow its fleet by up to two ships following the signing of a commitment letter for a bank loan of up to $45 million, with CEO Valentios Eddie Valentis-led shipowner and operator Pyxis Tankers indicating interest in acquiring modern product tankers between 45K DWT and 115K DWT or bulk carriers ranging from 60K DWT to 85K DWT. The loan transaction is anticipated to close in June 2025, with the facility available for drawdown over a period of up to 18 months to finance as much as 62.5% of the ship purchase price, while the remaining balance would be covered by internal cash reserves. The loan would have a five-year maturity and be secured by the acquired ships, bearing an average interest rate of SOFR (Secured Overnight Financing Rate) plus 1.9%, according to Greek shipowner and operator Pyxis Tankers, which currently owns and operates 3 product tankers and 3 bulk carriers.
5-May-2025
Shanghai-listed shipowner and operator Fujian Highton Development Co. Ltd has entered into a sale and leaseback agreement involving four recently acquired bulk carriers. The rapidly expanding Chinese shipowner and operator Fujian Highton Development Co. Ltd is selling two kamsarmax bulk carriers and two panamax bulk carriers to fellow Chinese lessor Xiamen Xiangyu Financial Leasing for approximately $60 million. The bulk carriers included in the transaction are the 2013-built kamsarmax bulk carrier 81K DWT MV AM Krakow, the 2013-built kamsarmax bulk carrier 81K DWT MV AM Buchanan, the 2013-built panamax bulk carrier 76K DWT MV AM Annaba, and the 2014-built panamax bulk carrier 76K DWT MV AM Zenica, which were all acquired from ArcelorMittal Shipping in March 2025 for around $60 million. Shanghai-listed shipowner and operator Fujian Highton Development Co. Ltd announced in a stock exchange filing that the ships will be taken back by its subsidiaries on floating index-linked lease contracts with a combined value not exceeding $72 million. Chinese shipowner and operator Fujian Highton Development Co. Ltd, which began operations in 2009 as a supramax bulk carrier-focused company, has gradually expanded its fleet through acquisitions in larger bulk carrier categories, including capesize bulk carriers. Fujian Highton Development Co. Ltd reported a current fleet comprising over 60 bulk carriers, 46 of which are owned, in addition to 3 tankers.
5-May-2025
Time is running out for the U.S. to secure essential trade agreements with multiple countries—most notably China—to prevent what former Treasury Secretary Scott Bessent, under President Donald Trump, has called an unsustainable tariff war, but for the American agricultural sector, the damage has already taken hold and the economic crisis is underway. U.S. farm exporters report severe consequences from global retaliation against Trump-era tariffs, particularly from China, which has led to widespread order cancellations and job losses, with the scale of disruptions clearly indicating a crisis, not just an approaching one. USDA data released Thursday showed China recently canceled 12,000 tons of pork—its largest such move since 2020—while exporters of goods like wood pulp, paperboard, and grass seed face major setbacks, including product being stranded in warehouses, held in demurrage, or already en route to China with no guarantee of acceptance. The Port of Oakland, a critical hub that handles nearly equal volumes of imports and exports and serves as the nation’s leading gateway for refrigerated agricultural shipments, is directly threatened by tariff retaliation, which could shrink California’s market share in Asia for high-value perishables like almonds, beef, pork, and dairy. Thousands of local union jobs—dockworkers, truck drivers, warehouse staff—depend on Oakland’s shipping activity, which is now at risk as Chinese demand evaporates without any replacement market of similar scale. Prices on some goods have dropped 20%, inventories are swelling, and future investment planning is uncertain. A forage exporter reported 68 blank sailings after the April 2025 tariff announcement, severely limiting shipping options, with remaining space priced too high for low-margin items like hay. Ship traffic from China to the U.S. has sharply declined—down over 22% week-over-week and 44% year-over-year as of April 14—and this fall, the SHIPS Act will add more pressure by imposing over $1.5 million in port fees on Chinese-made ships, excluding bulk but not containerized agriculture exports. Since containerized goods account for roughly 25% of U.S. agricultural exports by volume and over 55% by value—including beef, poultry, dairy, fruits, vegetables, nuts, and processed foods—industry leaders are urgently pushing for exemptions to avoid further damage.
5-May-2025
Imabari-based shipowner Kasuga Kaiun KK has placed an order with Chinese shipyard New Dayang for two additional 64K DWT ultramax bulk carrier new buildings. The cost of these two ultramax bulk carrier new buildings has not been disclosed, bringing the total number of bulk carriers ordered by Japanese shipowner Kasuga Kaiun KK at New Dayang, the shipbuilding unit of state-owned machinery producer Sumec Group, to five. Japanese shipowner Kasuga Kaiun KK currently has a fleet of 17 owned ships, mainly consisting of bulk carriers. In Q1 2024, Kasuga Kaiun KK ordered three new buildings at an estimated price of $34 million each, with delivery expected in 2026. Imabari-based shipowner Kasuga Kaiun KK is the first Japanese client to order ultramax bulk carriers from New Dayang and is scheduled to receive the newly ordered two ultramax bulk carrier new buildings in Q3 2028.
3-May-2025
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has completed another sale of a bulk carrier after exercising a purchase option on a vessel that had been chartered in. The shipowner and operator Dampskibsselskabet DS Norden A/S, led by Jan Rindbo, has divested a previously leased handysize bulk carrier for an undisclosed amount, marking the latest in a series of recent asset transactions. In April 2025, Danish shipowner and operator Dampskibsselskabet DS Norden A/S announced the sale of an ultramax bulk carrier and a handysize bulk carrier, both of which were acquired through exercised purchase options. This most recent transaction brings the total number of ship disposals by Dampskibsselskabet DS Norden A/S in 2025 to 12, with six of those carried out via purchase options, in line with Dampskibsselskabet DS Norden A/S’s strategy to unlock asset value. Prior to this sale, the Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S had a fleet of 20 owned bulk carriers and 79 under long-term lease agreements, with close to 40 purchase options available throughout 2025.
1-May-2025
Iron ore futures slipped, marking a third consecutive monthly decline as expectations of steel output cuts in top consumer China and reduced demand ahead of the Labour Day holiday weighed on the market; the most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) ended daytime trading down 0.78% at $96.81 per metric ton, falling 3.96% over April 2025, while the benchmark May contract on the Singapore Exchange dropped 0.67% to $97.80 per ton, down 3.16% for the month. Despite no formal mandate, senior Chinese industry officials suggested steel production cuts are likely, putting pressure on prices of steelmaking raw materials, and last week, China called for coordinated efforts to reduce output due to mounting pressure on its steel sector amid continued economic weakness and rising trade tensions. A nationwide steel production cut is expected in the third and fourth quarters of 2025. Iron ore extended its losses as sentiment softened ahead of the holiday, with Chinese steel mills scaling back restocking activities; financial markets in China will be closed from May 1 to 5 for Labour Day, with trading set to resume on May 6, 2025. In broader economic signals, a factory survey released Wednesday showed China’s manufacturing sector contracted in April at its fastest pace in 16 months, following the impact of U.S. President Donald Trump’s Liberation Day tariff package, which ended a brief recovery period. Other steelmaking inputs on the Dalian Commodity Exchange also declined, with coking coal down 0.59% and coke dropping 0.97%, while steel benchmarks on the Shanghai Futures Exchange struggled, with rebar and hot-rolled coil both down around 0.4%, wire rod easing nearly 0.2%, and stainless steel slipping 0.24%.