Dry Bulk Market: Capesizes Building Momentum

 

The Capesize market closed the week on a distinctly firmer footing, with gains building across both basins. The BCI 5TC advanced steadily, rising from just over $26,000 at the start of the week to $28,504 by close of play. The Pacific regained strength after a soft start, supported by consistent miner activity and a notable pickup in coal demand, with C5 rates gradually firming into the $10.90–$11.00 range as the week progressed. In the Atlantic, the picture was more nuanced. From South Brazil and West Africa to China, the market retained a clear contango structure, with early October weighed down by supply, while demand later in the month prompted vessels to position for forward laycans. As the prompt window cleared, sentiment improved, with C3 fixtures reported closer to $25. The North Atlantic also showed resilience, with healthy fronthaul demand and transatlantic activity driving notable gains on the back of tightening tonnage availability.

Panamax
Another softer week for the Panamax market as owners continued to feel the recent pressure, particularly in the Atlantic basin where owners’ resistance was hard to find with early tonnage and ballaster tonnage continuing to discount. The P1A route saw a dramatic correction as demand fell away, losing circa $4,000 week-on-week. Activity ex EC South America was minimal for index arrival dates, with earlier date arrivals heavily discounted this despite a sizeable number of deals concluded by grain houses. Asia returned good demand overall, rates appeared to have found a floor mid-week with owner’s resistance appearing more substantiated. Rates of low $14,500’s were seen on index duration trips on index types, whilst much of the Indonesia demand continued to be absorbed by smaller/older tonnage rates hovered around the low-mid $13,000’s mark all week. Period activity was minimal, although reports emerged of an 81,000-dwt delivery Thailand fixed for 2 years, index linked at 112% to the BPI82 index.

Ultramax/Supramax
Mixed fortunes for the owing side this week depending upon where vessels were open. Overall, the Atlantic maintained a healthy volume of demand both from the North and South Atlantic, although as the week came to a close sentiment was a little low from South America. From the US Gulf a 63,000-dwt was heard for 2 to 3 laden legs redelivery Singapore-Japan at $26,000. Further south, a 63,000-dwt was heard fixed basis delivery EC South America for a trip China at $16,500 plus $650,000 ballast bonus. Elsewhere a 52,000-dwt was fixed basis delivery West Africa for a trip via Kamsar redelivery Ireland at $18,750. A different story from the Asian arena despite demand being seen from the north for backhaul business sentiment was rather negative. A 56,000-dwt was fixed basis delivery Surabaya for a trip via Indonesia redelivery WC India at $17,000. Whilst north, a 64,000-dwt was fixed from North China to West Africa at $18,000 but this included steels.

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Van Oord wins IADC Safety Award for redesigned gasket reducing injury risk

 

Van Oord announced that it has received the IADC Safety Award 2025 during the Annual General Meeting of the International Association of Dredging Companies (IADC) in Stockholm, Sweden.

The award was given for a redesigned gasket that reduces the risk of finger injuries when connecting the flanges of steel reclamation pipes. Traditional gaskets require workers to hold them in place during sealing, exposing hands to potential injuries.

Van Oord’s new gasket includes “ears,” which allow personnel to keep fingers further away from the flanges during assembly.

Each 12-metre section of reclamation pipe requires a gasket, and with kilometres of such pipes connected annually worldwide, the redesign can significantly reduce risks for workers.

According to René Kolman, Secretary General of IADC, “This solution may sound simple at first, but the impact is significant. With up to kilometres of pipes requiring assembly every day on projects across the globe, elegant solutions like the Van Oord gasket design can really make a difference. With this design, Van Oord hope that they and other companies can avoid cases of serious injury and at the same time cut down on lost work time.”

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Panama Canal Drives a Decade of Transformation to Ensure Sustainability

The Panama Canal has unveiled an ambitious ten-year roadmap designed to reinforce its strategic role in global trade, safeguard long-term sustainability, and deliver tangible benefits to the nation.

The canal’s vision rests on two main pillars. First, water security, achieved through increased storage capacity for human consumption and canal operations which ensure resilience over the long term. Second, sustained growth, by diversifying business activities and expanding transport capacity without increasing water usage. With these measures, the canal seeks to capture maximum value from its route and to remain the preferred option for global customers.

With this vision, the Panama Canal will evolve beyond an interoceanic passage and become a logistics hub, strengthening Panama’s competitive edge in world commerce.

The strategy was presented at a media event chaired by the Minister for Canal Affairs, Jose Ramón Icaza; the Canal Administrator, Ricaurte Vásquez Morales; and the Deputy Administrator and Sustainability Officer, Ilya Espino de Marotta

Strategic Projects

The Panama Canal will invest more than B/. 8 million in strategic projects that will not only create jobs for Panamanians but will also drive national economic growth. The increase in revenue derived from these initiatives will enable the canal to transfer larger annual contributions to the National Government, which will be invested in social development projects for the benefit of the population.

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Shipping’s outdated paper chase

In an age defined by ultra-fast digital transformation, the global trade landscape remains anchored in a bygone era of paper. Despite the acknowledged benefits of going digital, international trade continues to depend heavily on paper-based documents and processes.

A new OECD policy paper advocates that it’s time to abandon the archaic “paper chase” and embrace a future where digital solutions are not just an option, but an enabler of more efficient, resilient, and sustainable trade.

The rationale for this shift extends beyond simple convenience.

Going paperless promises to significantly reduce trade costs, which, in turn, can boost competitiveness and foster more trade.

The OECD report quantifies these benefits with data, calculating that a 10% improvement in bilateral performance in automating border procedures, coupled with streamlined documentation and increased co-operation among border agencies, could lead to a 18% surge in global goods exports. A further reduction of 0.1 points in the Digital Services Trade Restrictiveness Index (DSTRI) for electronic transaction frameworks, e-payments, and connectivity—an indicator of important domestic regulatory reforms—is associated with a 37% increase in global exports.

Beyond the direct economic gains, the report argues that digitalisation is a crucial tool for achieving broader policy objectives. It can support greater supply chain visibility and resilience, a need underscored by recent global shocks such as the Covid-19 pandemic and geopolitical tensions. By transitioning from analogue to digitised information, businesses can track goods in real time, making it easier to mitigate risks and respond with agility to disruptions.

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DNV and HD KSOE to collaborate on next-gen operator training solution

DNV and HD KSOE have announced a strategic collaboration to deploy a next-generation digital twin-based Operator Training Solution (HiDTS-OTS), successfully demonstrated at Gastech. The solution is designed to enhance the safety and efficiency of maritime operations.

The HiDTS-OTS (Hyundai Intelligent Digital Twin Ship – Operator Training Solution) connects via application programming interface (API) to the simulations of specialized system models running in the DNV Simulation Trust Center (STC), a scalable and secure cloud-based environment for running system simulations. This architecture enables realistic, scenario-based training tailored to specific vessel configurations.

By leveraging the web-based DNV STC platform, HiDTS-OTS provides global accessibility, allowing easy and scalable deployment across training centres and fleets worldwide. Each training module features high-fidelity simulation, built around a dedicated system model and target control system, ensuring vessel-specific accuracy and operational relevance.

The system models are verified by DNV in accordance with the DNV Recommended Practice for the Assurance of Simulation Models (DNV-RP-0513), ensuring reliability and credibility for dedicated scenarios such as failure modes and normal operation of the control system. HiDTS-OTS also supports training for complex and potentially hazardous operations, such as ammonia fuel handling, contributing to the safer adoption of alternative fuels.

Hongryeul Ryu, Chief Technology Officer, HD HHI, said: “Next-generation eco-friendly vessel solutions can maximize their performance through appropriate operating environments and systematic management, and this requires strong support from crew training. Therefore, the OTS serves as a core component in realizing these solutions, playing a critical role in delivering greater value to shipowners while supporting safer and more efficient vessel operations.

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RightShip Welcomes Permira as Minority Shareholder to Accelerate Technology and AI-Led Growth

RightShip (the “Company”), a leading maritime digital platform for safety, sustainability, and supply chain due diligence, today announced a new minority investor to accelerate the Company’s technology-led growth and mission of zero harm. Funds advised by Permira, the global investment firm, have agreed to acquire a strategic minority stake in the Company. The new investment will continue to see founding shareholders BHP, Cargill and Rio Tinto each retaining their equal stakes.

Steen Lund, Chief Executive Officer of RightShip, said: “This investment is a strong endorsement of our strategy and impact. With Permira’s global scale and expertise in technology and M&A and the continued support of our founding shareholders, we will accelerate investment in our products, data, AI, and people to grow RightShip’s relevance and reach – enhancing our mission of zero harm to people and the planet.”

Daniel Tan, Partner at Permira, commented: “RightShip plays a critical role in improving safety and transparency in the maritime industry. The Company’s services and data offerings come together on its AI-powered platform to bring deeper insights, better decision making, and workflow automation to key stakeholders. Innovation thrives at RightShip – as product-first growth investors, we are delighted to partner with management and existing shareholders on this exciting journey.”

Representatives of BHP, Cargill and Rio Tinto said in a joint statement: “As founding shareholders, we are pleased to welcome Permira and reaffirm our long-term commitment to RightShip. The combination of fresh capital and complementary capabilities, with Permira as part of the shareholder group, positions RightShip to deliver even greater safety, sustainability, and efficiency solutions for the maritime ecosystem.”

Rothschild & Co acted on behalf of RightShip and its shareholders as financial advisor. The transaction is subject to customary regulatory approvals to be obtained in coming months.

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Russia’s natural gas and coal exports have been decreasing and shifting toward Asia

Since Russia’s full-scale invasion of Ukraine in February 2022, both Russia’s natural gas and coal exports have declined when compared with 2021. Russian exports to Europe have decreased most notably due to a mix of European sanctions and other policies aimed at reducing reliance on Russian energy. Russia has partially offset the decrease in natural gas and coal exports to European markets by increasing exports to Asia. However, pipeline and rail infrastructure to deliver natural gas and coal into Asia is less than the infrastructure capacity available for delivery into Europe, limiting the natural gas and coal exports that can be redirected without significant new infrastructure investments. For comparison, Russia has redirected crude oil and condensate exports from Europe to Asia with little new infrastructure.

Natural gas exports

Although the EU has not directly sanctioned imports of Russia’s natural gas to its member states, other policies and economic factors reduced EU imports by more than two-thirds, from 14.7 billion cubic feet per day (Bcf/d) in 2020 to 4.4 Bcf/d in 2024.

Russia has been pursuing policies to increase infrastructure in the east for more than a decade. Construction of the Power of Siberia 1 pipeline began in 2014, and it is currently Russia’s primary route to supply natural gas to China. Since the Chinese segment of the pipeline was completed in December 2024, it has been running near its design capacity of 3.7 Bcf/d. The Power of Siberia 2 pipeline, if built, would source natural gas from western Siberia and connect natural gas fields that previously only served western Russia and Europe to consumers in eastern China. However, the project requires the construction of more than 2,000 miles of new pipelines, and China and Russia have so far not agreed on terms for the project despite years of discussions.

From 2020 to 2024, Russia’s coal exports to Europe decreased by more than half. In 2020, Europe received 32% of Russia’s coal exports; Germany, Türkiye, and the Netherlands received the largest shares. By 2024, Europe accounted for only 13% of Russia’s coal exports, almost all of which went to Türkiye, which is not an EU member. The shift away from European markets corresponds with EU sanctions that went into full effect in August 2022 and increased coal exports from the United States to Europe.

Russia offset the decreased coal exports to European markets by increasing coal exports to Asia, mainly to China, India, and South Korea. China has been Russia’s primary recipient of coal exports since 2020, and slightly more than half of Russia’s total coal exports in 2024 went to China. Russia’s exports to India have also increased in recent years, from about 9.1 million short tons (MMst) in 2020 to about 24.8 MMst in 2024. India has been increasing its total coal imports since 2021, largely to meet growing electric power demand.

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How CEOs are responding to geopolitical uncertainty

When the rules of global trade could change any day, how do you make decisions? McKinsey experts report from the business frontlines of geopolitical turmoil.

The recent wave of tariffs, trade negotiations, and geopolitical tensions ground the world’s businesses to a halt—but only for a while. Business leaders cannot give in to paralysis; they need to analyze, plan, and, in some cases, act urgently. We invited seven McKinsey leaders whose profiles span diverse geographies and industries to share the tactical or strategic moves their clients are making, what they’re most worried about—and what they may not be worried about enough.

Questions keeping CEOs up at night

Shubham Singhal: Uncertainty about trade policy is obviously high on the list. More fundamentally, CEOs are feeling uncomfortable. These individuals are generally driven to push ahead and make decisions, so they’re asking, “How do I lead during this time?” One CEO used a sports analogy: If you’re a track athlete, you have fixed points and firm ground. If you’re a surfer, there are no fixed points or firm ground. He wondered if there were any fixed points in the current uncertainty toward which he could navigate. However, this is more of a surfing scenario: Business leaders have to learn how to ride the waves.

Sven Smit: CEOs need to absorb and make sense of large amounts of change—what is noise, what is signal, what you should act on now, what you should wait to act on. Will new governments reverse course in a few years, or are we facing something structural and fundamental? Then, of course, they need to analyze each geography, each supply chain, each product category. We haven’t seen these types of developments for 35 years, so CEOs don’t have the experience through which to filter this reality. And the signals are not clear: Experts disagree about fundamental things, such as whether large trade deficits are good or bad.

Cindy Levy: The first question I get when I speak to CEOs is, “How do I get my own intellectual handle on what’s going on?” Whereas once they engaged on these topics at a steady but low level, they now realize they need a strong grasp on all the developments and a “house view” on which eventualities they need to plan around, at least on a contingency basis.

Shivanshu Gupta: Asian companies worry about the concentration and vulnerability of their supply chains. For example, rare earth materials supply chains are becoming constrained due to geopolitical tension between the United States and China, affecting industries such as automotive and electrical equipment. Some automakers in Japan, Korea, and India are already so severely affected that they are considering scaling down production. Business leaders are additionally concerned that the many disputes in the region could flare up.

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