MID-SHIP Petcoke Report – June 18, 2025
June 18, 2025
Market overview:
The past week was positive, albeit trading within a narrow range for all sizes except Cape size, which continues to outperform — the Cape size Time Charter average moved from $24,900 to about $30,950 per day. The Cape size market has been up substantially over the past two weeks. The fortunes of the two Panamax trading basins have reversed their springtime trend, with the Atlantic round now priced higher at $12,755, and in the Pacific, a round voyage for a Baltic type is assessed at $11,450. The Supramax market was mixed last week, trading along a narrow range. In the Handy market, the trip from the U.S. Gulf to Europe has improved to about $15,000, up from $13,929 a week ago and $12,743 two weeks ago.
Last week, the U.S. Trade Representative announced proposals and called for public comment, which included an intention to reduce U.S. port fees for foreign-built car carriers and change the regulatory framework impacting LNG carriers. Stakeholders have until July 7, 2025, to submit comments.
At the start of the week, China and the U.S. agreed to maintain (read ‘reestablish’) bilateral tariffs at the levels set in their initial/prior mid-May meeting.
The past week ended, and the new week began with a significant development in the Middle East with Israel’s initial attack and ongoing operations against Iran’s military defenses, nuclear infrastructure, and installations, and Iran’s retaliation. Oil prices surged after the initial attack and have since receded. The stock market on June 16 didn’t seem to mind. War risk premiums are up, and vessel owners refuse to trade in the area/Persian Gulf.
Reports indicate China’s coal and iron ore imports again declined month over month in May, while Chinese soybean imports hit a new record high.
This is just a reminder of EU ETS, the European Union’s cap-and-trade system designed to reduce greenhouse gas emissions by setting a limit on total emissions and allowing the trading of emission allowances. Companies operating within the European Union Emissions Trading System (EU ETS) must surrender, by September 30, 2025, the required EU Allowances (EUAs) to cover their verified emissions from the previous year. For Maritime Transport, this means the 2024 emissions. This deadline allows EUAs to be surrendered in installments between March 31 and September 30, provided the required amount is met by the final date. Failure to comply with this deadline can result in penalties and restrictions on future EUA transactions.
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