🎤 Tomorrow, Stephen Fletcher will join the Chartering Spotlight panel discussion at Splash Singapore! 🤖 The session will explore how AI, digital platforms and data transparency are changing the way ships are fixed, including whether AI-assisted chartering levels the playing field for smaller owners or strengthens the advantage of larger players. ⛽ The discussion will also look at how emissions, fuel efficiency and environmental performance are increasingly shaping vessel selection, and ask whether technology is replacing intuition or redefining it. 💬 If you're attending Splash Singapore, don't miss the conversation!

⚓ Next week, Stephen Fletcher, Philip Ralli MICS EMBA, Sam Goh will be heading to Splash Singapore 2026. 🌏 Taking place on 24 September at the Raffles City Convention Centre in Singapore, the event brings together shipowners, shipmanagers and charterers for discussions on the pressing issues facing the industry. 💬 With sessions covering The Big Issues, Tankers, Chartering Spotlight and Dry Bulk, Splash Singapore 2026 will bring together leading voices from across the global shipping industry. 🤝 Will you be joining us in Singapore? Get in touch with our team and let’s connect at Splash Singapore. 📍 24 September | Stamford Ballroom, Raffles City Convention Centre, Singapore

📊 What if the data is telling you something the market hasn’t fully recognised yet? 🤝 At CT Asia 2026, Philip Ralli will take part in a data-led briefing exploring how integrated datasets and AI-enabled analysis can be used alongside commercial judgement to test what the market appears to be signalling. 🔍 The discussion will look at how combining trade, freight and market data can help test assumptions, identify emerging trends earlier and bring AI-enabled analysis into the practical decision-making process. 💡 Because AI doesn’t replace commercial judgement - it can help put it to the test.

📊 Vintage tonnage is capturing a growing freight premium. Secondhand VLCC and Suezmax values have risen sharply across the age curve, with appreciation reaching 90% and 78% respectively for 20-year-old vessels. ⚓ The Strait of Hormuz remains at severe risk. Military escalation, attacks on commercial vessels, sanctions exposure and restrictions on navigation continue to affect passage through the Strait. 📈East-of-Suez earnings retain a wide premium. VLCC time-charter-equivalent earnings on MEG–Singapore are running near $702,000/day, while East-of-Suez Suezmax earnings also remain significantly above their western equivalents. 🚢 The supply picture is evolving. Freight conditions are supporting strong secondhand activity and heavy contracting for future delivery, while elevated vintage-tonnage values are limiting recycling. 🔎Read the latest Weekly Market Monitor for the full analysis at public.axsmarine.com/blog/we…

📊 The dry bulk market strengthened in Week 35, with the larger vessel sizes leading the gains. 🌾 Our latest Weekly Dry Market Monitor highlights a sharp decline in Russian wheat loadings from the four principal deep-sea Black Sea terminals, down around 60% year-on-year over the five weeks to 28 August, as interest in alternative Baltic routes increased. 📈 The BDI rose to 3,186, with Capesize and Panamax recording the strongest gains, while Supramax and Handysize remained broadly steady. ⚓ Across the segments, supply and demand indicators continued to show contrasting dynamics, with Capesize remaining above the 1.00 demand-to-supply balance point, while Panamax, Supramax and Handysize remained below it. 🔎 Explore the latest freight rates, vessel positioning and supply-demand analysis at public.axsmarine.com/blog/we…

🌍 How can the maritime industry build stronger collaboration across the value chain? 🤝 At Xinde Marine Forum London 2026, our Steve Fletcher will join a panel discussion exploring how cargo interests, shipowners, operators, insurers, data providers and industry associations can work together to strengthen collaboration across the maritime value chain. 📊 The discussion will look at changing trade flows, policy shifts and geopolitical uncertainty, as well as the need to build greater resilience across global shipping supply chains. 💬 We look forward to the conversation and the perspectives on how closer collaboration can help the industry navigate an increasingly complex maritime landscape. #XindeMarineForumLondon

🌊 El Niño is here. What could it mean for global agriculture? In Episode 2 of the Current Intelligence Podcast, Maria Bertzeletou and Luke Nickels examine how a strengthening El Niño could reshape rainfall patterns and affect agricultural production across different regions. The consequences are rarely uniform. Some areas face heavier and longer periods of rainfall, while others experience drought. From wheat, rice, corn and soybeans to palm oil, sugar and cacao, the effects can reach across a wide range of agricultural commodities. Watch the clip, then listen to the full conversation on your preferred platform: 🎧 Apple Podcasts: podcasts.apple.com/us/podcas… 🎧 Spotify: open.spotify.com/show/0340PU… ▶️ YouTube: youtu.be/w_YKlxEFacU #CurrentIntelligencePodcast #ElNino #SignalOceanAXS

📢 Resilient traffic, contrasting returns for Europe’s ferry operators! 🗓️ A selection of Europe’s leading ferry operators entered 2026 with sharply contrasting financial results behind them. Traffic remained broadly resilient during 2025, but capacity management, pricing power, route performance, and operators’ ability to pass on rising environmental and operating costs produced a wide spread in margins. Drawing on full year 2025 figures and the interim results available for 2026, AXSRoRo examines what lay behind these contrasting performances and whether they are beginning to converge. 📊 During 2025, passenger and freight demand largely followed a more familiar pattern after the disruption of the pandemic years. Economic growth nevertheless remained weak in several Northern European markets, while lower consumer confidence continued to affect leisure travel. ⚖️ The stronger and weaker results did not consistently follow changes in traffic volumes: rates, operating costs, and capacity utilisation often had a greater influence on margins. The economic outlook remained uncertain at the beginning of 2026, with growth expected to slow and geopolitical developments continuing to affect business and consumer confidence. 🚢 The performance of individual routes and networks also played an important role. Established services with a balanced mix of passenger and freight traffic generally provided greater stability, while start-up costs, capacity imbalances, and rate pressure affected earnings in parts of the market. 🌱Environmental costs increased as the EU ETS requirement rose from 40% of covered emissions for 2024 to 70% for 2025 and 100% for 2026, while FuelEU Maritime took effect in 2025. The outbreak of war in the Middle East pushed energy prices higher during 2026, adding to fuel costs and inflation. ⚠️ This threatened to further weaken consumer confidence while making it more difficult for operators to recover higher costs through passenger fares and freight rates. 📰Check out the rest of the article, as well as other latest news for short-sea, deep-sea ro-ro freighters and ro-paxes in the latest issue of our monthly AXSRoRo newsletter and join our growing community at cdanalytics.axsmarine.com/cn….

🌏 CT Asia 2026 brings together the producers, traders, utilities, financiers and freight leaders shaping Asia’s coal markets, with a programme focused on the issues currently driving decisions across the region. 🤝 Philip Ralli, Sam Goh, Dinh PHAN and Esther Chua will be on the spot connecting with industry leaders and exchanging perspectives on the market dynamics shaping the region. 📊 With discussions covering Indonesia’s supply discipline, China’s demand, buy-side dynamics across India, Korea and Southeast Asia, freight volatility and contracting under policy intervention, CT Asia offers a space to discuss the questions currently shaping the market. 📍 See you in Bali, 27–30 September!

📢 Bauxite flows are rising, but July shipment levels may be masking growing uncertainty ahead. 📈 Global seaborne bauxite flows reached 20 Mt in July, up more than 3% year-on-year, supported by a 5% increase in volumes destined for China. 🌍 The major driver was Guinea, where exports surged by more than 12% as buyers appeared to front-load purchases ahead of potential tighter export restrictions. 🔀 That dynamic leaves the market at a crossroads. ⚠️ China continues to provide a strong demand floor, but its aluminium supply chain remains particularly dependent on Guinean bauxite. If Conakry moves ahead with stricter export limits, July’s surge could quickly turn into tighter supply and greater volatility. ⛔ Meanwhile, flows to the UAE remain heavily disrupted, while India recorded only its second year-on-year decline of 2026. 🔎 In our latest Commodity Radar, we examine what July’s bauxite flows tell us about the outlook for August and September, and why Guinea’s export policy is now the key variable to watch. 🗞️ Read the full article at public.axsmarine.com/blog/ba…

📢 Iran’s crude bottleneck is Hormuz; not the buyer! 🛢️ The Iranian crude that reaches Asia is being taken. The much larger constraint is getting those barrels through the Strait. 🛰️ Our latest AIS-derived data shows 76.9 million barrels of Iranian crude positioned across the Gulf region: 🔹 37.1 million barrels west of Hormuz 🔹 39.8 million barrels east of the Strait in the Gulf of Oman 🔹 Spread across 47 vessels, around seven in ten of them VLCCs 🌏 Meanwhile, Iranian-linked crude in Asian waters climbed from 22.8 million barrels in February to 46.0 million in July, before easing to 40.9 million in the latest August data. 🛳️ The vessel mix also reveals that parcel sizes become progressively smaller from the Middle East Gulf towards Chinese discharge points. This pattern is consistent with ship-to-ship redistribution rather than simple storage in bulk. 🗺️ Our latest analysis follows the barrels from the Gulf to Asia and answers where the real constraint in Iranian crude flows now sits. 📰 Check it out at public.axsmarine.com/blog/ir…

📢 Syria’s tanker trade has changed dramatically in 2026! 📈 Our data shows seaborne wet cargo imports into Banias, Tartous and Latakia reached 17.03 million barrels between January and July, up 354% year-on-year. 🚀 But the bigger shift is on the export side. Just 0.23 million barrels were recorded in the first seven months of 2025. This year, that figure has reached 15.42 million barrels, with crude and fuel oil accounting for the vast majority of outbound volumes. 🛳️ The change is also visible in vessel activity: total wet cargo records across the three ports rose from 26 to 93, while Banias alone handled 96% of recorded wet imports. 🕵️‍♂️ Our latest analysis takes a closer look at: ▫️ How Syria’s import and export balance has shifted ▫️ The different roles of Banias, Tartous and Latakia ▫️ Which commodities are driving the growth ▫️ Where Syria’s imported oil is coming from 📝 Read the full blog at public.axsmarine.com/blog/sy…

📢 A modest rise in global coal trade is masking a much sharper shift beneath the surface. 📈 Global seaborne coal flows increased by just 1% year-on-year to 116.5 mt in July, but the two main coal markets moved in very different directions: ▫️ Thermal (steam) coal flows fell 2.3% to 87.3 mt ▫️ Metallurgical (coking) coal flows jumped 11.8% to 27.2 mt 🌐 While weaker demand in Europe and the U.S. weighed on thermal coal, Asian imports remained resilient. Meanwhile, stronger met coal demand from China and Japan helped offset weaker Indian volumes. 🔮 Looking ahead, summer power demand across Asia and Q3 steel procurement are expected to keep seaborne coal trade well supported, with coal-carrying tonne-miles likely to remain above 2025 levels, providing a constructive backdrop for Panamax and Capesize demand. 📝 Explore the latest trends shaping coal trade and dry bulk shipping in our latest blog at public.axsmarine.com/blog/co…

☀️ From coastal cruises to marathon finish lines, our Athens, Sofia, and London teams have been staying connected and stepping out of the everyday over the past few months! ⛳ Athens immersed themselves in Greek olive oil tasting discovering its surprising complexity and tasting different varieties, tried their hand at golf in Glyfada at Golf Privé Glyfada with pro instructors, and wrapped up July with a stunning sunset sailing trip, complete with refreshing dips in the sea, delicious food, and great conversations. 🏃 Sofia brought incredible energy across the board, cheering on colleagues who took on a full marathon, pushing through fatigue and crossing the finish line together as a team, creating a festive Children's Day celebration for office families, filled with games and activities for all to enjoy and in July an escape to a lakeside resort for our summer team-building weekend, and taking remote work to new heights at a mountain hut on Vitosha. 🎡 London soaked up sunny city views from the London Eye, tested their aim over drinks at Flight Club, and enjoyed dinner and open-air Shakespeare at The Globe, we also took on the 26.6-mile South Coast Mighty Hike marathon along the coast to raise funds for Macmillan Cancer Support! 🤝 Whether we’re giving back, trying new sports, or taking in new sights, we’re proud of what our teams accomplish when we come together.

📢 China’s coal-fired power demand remains resilient, but will it translate into stronger seaborne imports? ⚡ China entered the second half of 2026 with a smaller requirement for imported thermal coal, even as electricity demand continued to support coal generation. 👩‍🏫 Our latest China Thermal Coal Supply and Demand analysis finds that: ▫️ Settled seaborne thermal coal arrivals fell 13.5% YoY to 109 Mt in January–May ▫️ Coal still supplied 49.7% of China’s electricity in H1 2026 ▫️ Domestic production remains the foundation of supply ▫️ Our central outlook puts H2 imports at around 21–23 Mt per month 📅 June and July have shown a stronger import picture, with preliminary arrivals of 27.6 Mt and 26.3 Mt respectively, narrowing the seven-month YoY decline to 4.8%. 🛳️ For dry bulk shipping, the implications extend beyond headline import volumes. Panamax vessels carried 65.7% of China’s seaborne thermal coal in 2025, while sourcing patterns can have a substantial impact on vessel demand. Indonesian cargoes dominate by volume, but longer-haul Australian supply contributes disproportionately to tonne-miles. 📰 Read the full analysis for the outlook scenarios, shipping implications and key risks shaping China’s thermal coal market through the second half of 2026 at public.axsmarine.com/blog/ch…

📢 Chinese buying is building the next US soybean export programme, but physical shipments are yet to catch up. 🌱 China has stepped up purchases of new-crop US soybeans since late June, building forward commitments ahead of the upcoming US export season. 👨‍💻 Yet our data shows that physical US–China soybean departures remained subdued at the end of July, with the 7-day moving average at around 11,000 tonnes/day. 🕵️ The gap between forward buying and actual loadings now creates an important market signal to watch: when will those contracted volumes begin translating into physical cargo flows? ℹ️ In our latest blog piece, we also examine: • Capesize strength as the BCI climbed to 5,105 • A broad Panamax rate recovery • Diverging Supramax regional trends • Softer Handysize conditions and rising ballaster supply 📰 Read Maria Bertzeletou's full analysis for the latest freight, vessel positioning and demand/supply insights at public.axsmarine.com/blog/ch…

📢 Iron ore demand is softening, yet the implications for dry bulk shipping are nuanced. 📊 Global seaborne iron ore flows reached 145m MT in July, down 1% year-on-year and more than 5% from June. China bucked the wider trend, with flows rising 2% y/y to 108.2m MT, even as Chinese port inventories continued to build. 🌍 At the same time, Simandou is beginning to alter the geography of the iron ore trade. While Guinean exports eased to 1.8m MT in July, the project’s higher-grade ore and longer voyage distances could increasingly support tonne-mile demand as it ramps up. 👨‍🏫 In our latest Commodity Radar | Iron Ore, we look at: ▫️ Rising Chinese port inventories and softer steel demand ▫️ The pressure facing Australian and Brazilian exports ▫️ Simandou’s growing role in Chinese iron ore supply ▫️ Why changing trade patterns could still prove supportive for the Capesize market 📰 Read the full analysis to see how weaker cargo demand and stronger tonne-miles could increasingly pull the iron ore market in different directions: public.axsmarine.com/blog/ch…

📢 Dark tanker transits have become the prevailing operating pattern through the Strait of Hormuz. 🚫 Since the renewed blockade took effect on 14 July, 102 tanker crossings have been recorded and 62% took place with AIS switched off. ⚠️ The contrast is even sharper in crude: ▫️ 79% of crude tanker transits were dark, compared with 50% of clean/product tanker crossings ▫️ 56% of all transits involved non-transparent interests, including sanctioned, opaque and ghost-fleet vessels ▫️ Only 4 crossings were confirmed along the Omani lane, versus 45 on the Iranian side, while another 53 could not be reliably traced because of unavailable AIS data ⏱️ The proposed Iran–Oman shipping corridor has meanwhile yet to provide a clear pathway towards normalization, with its routing arrangements still unconfirmed and significant legal and commercial questions unresolved. 🔎 Other trends from the latest Weekly Tanker Market Monitor: ▫️ Arabian Gulf export routes continue to command a substantial freight premium ▫️ VLCC utilisation reached 48.4% in July, well above seasonal and year-ago levels ▫️ The East-of-Suez VLCC ballast-to-laden ratio has risen sharply from around 1.0 to 1.5 since the blockade 📰 Read the full analysis for the latest on Hormuz tanker movements, freight markets, VLCC utilisation, asset values and fleet positioning at public.axsmarine.com/blog/da…

📢 Dry bulk traffic through the Strait of Hormuz has been cut roughly in half following the renewed blockade. 📉 Comparing equal 24-day periods before and after 13 July, average daily crossings fell by 48% eastbound and 50% westbound. The decline reversed much of the partial recovery seen after the June ceasefire and has made further disruption to Gulf shipping the dry bulk market’s principal geopolitical risk. 🔎 Other highlights of our latest Dry Market Monitor: ▫️ Capesize extended its rally, with the BCI reaching 4,564 and average C5TC earnings rising to approximately $37,892/day, supported by Pacific iron ore activity. ▫️ Panamax remained firmer, although the recent decline in tonne-mile demand raises questions over the durability of freight gains. ▫️ Supramax and Handysize weakened, with forward vessel supply continuing to exceed expected demand across several benchmark routes. ▫️ The BDI closed at 2,732, broadly flat week on week as Capesize strength offset softer performance in the geared segments. 📰 Read the full Week 31 report for the latest freight rates, forward supply-demand balances, vessel positioning and tonne-mile trends at public.axsmarine.com/blog/re…