Increased MR sailings from Northeast Asia boost tonne-mile demand and help sustain intra-Asia freight rates. Chart: Vortexa $STNG $INSW

MPCC has been spot on about regional trade growth outpacing global trade. Looking forward to more on this at tomorrow's talk with the company CEO. $MPCC.OL

Mongolian coal to China and South African coal to India boost Panamax and Supramax tonne-miles, lifting Asia-Pacific/Indian ocean demand. China's domestic coal push helps cabotage but won't offset lower Indonesian exports. $GNK $DSX $GOGL

Venezuela's June oil exports rose 8% to 844,000 bpd (27 tankers) + 233,000 MT of byproducts as lost US/EU buyers were offset by higher China flows (~90% of total).

$BORR adds 4 new jack-up rig contracts totalling ~1,300 days and over $129M, boosting fleet coverage to 84% for 2025 at $144,000/day and 45% for 2026 at $141,000/day. 23 of 24 rigs now contracted.

DNB Carnegie: Okeanis has a strong track record. P/E based on 2025 estimate is at 6,4.This is your premium exposure to the VLCC market. Buy with PT $33,5. $ECO

DNB Carnegie maintains a Buy-recommendation on Hafnia, but lowers PT from 74 to 69 NOK. $HAFN

Eldorado Drilling, with several of the DVD-owners onboard, has sold the two 7th gen drillships Draco and Dorado at a price of $245 million per rig to Turkish petroleum. $DVD.OL $VAL $RIG $SDRL

The average equal weighted buy and hold return of Marhelm picks from Jan 1 is ~18%, with the top returning name delivering a return of 129% YTD $SPY return is 7% and YTD $BOAT ETF return is ~2%

Stainless Tankers - announced the divestment of 2008-built J19 Gwen for $16.16 million. $STST.OL

Energy Holdings secured a 5-year drilling contract with PTTEP for its tender assist drilling rig, Edrill-2. Total value including a 3-year option is $250 million. $ENH.OL

Suezmax & Aframax tankers stand to gain as South Sudanese crude exports rebound via the Red Sea, now ~14% of all shipments. Pipeline repairs key to Dar & Nile blend flows. $TNK $INSW $FRO

"Our exposure to current volatility is zero in 2025 and very limited 18-24 months ahead. Our vessels have been fixed at very healthy rates" MPCC's growth strategy appeared more convincing after our recent talk. $MPCC.OL

We were ahead of the recent move in coal thanks to our talk with Matt Warder. Alpha Metallurgical jumped 13 percent, but met coal doesn't look like the best buy and hold at the moment. Full content on the platform $AMR $ARLP $BTU $NRP

A members only voice discussion of the current market landscape to be held tomorrow at 7PM CST in the Marhelm Discord

Brokers are reporting that congestion in European container ports is back at covid era highs.

Iran suspends cooperation with IAEA following US and Israeli airstrikes, while Russia demonstrates capability to use the Northern Sea Route for LNG deliveries.

Brokers reporting LNG charter rates have softened, with time charter market activity slowing to a crawl.

The Houthis sunk another bulk carrier in the Red Sea - Magic Seas was hit by unmanned suicide and projectile firing sea drones. The onboard security team attempted to fight back but was unable to save the ship.

Trade tensions rise as Trump's July 9 tariff deadline nears. Tariffs could hit 10%-70% for many countries. Vietnam wins 20% tariff, Japan faces 30%-35%.