This week, the global shipping market managed a rare trick—combining optimism, confusion, and theatre in equal measure. Container rates staged a dramatic rebound, Washington and Beijing agreed to a tariff truce, and Greek owners reminded everyone that when uncertainty reigns, they simply order more ships.
Between October 26 and November 1, 2025, the maritime industry offered a curious mix of good headlines and familiar headaches: rates rose, diplomacy thawed, but overcapacity and indecision over decarbonisation still loomed large. Even by the sector’s famously volatile standards, this was an unusually contradictory few days. Positive signals collided with long-term doubts, leaving analysts unsure whether to cheer or cringe. The global shipping market seemed less like a traditional cycle and more like a weekly drama—where every act brings a new twist, but the ending never changes.
Diplomacy and tariffs: A truce, of sorts
In a move that surprised some and was cynically expected by others, President Trump and President Xi Jinping shook hands on a 12-month pause in their tit-for-tat port fees. Announced on October 30, this temporary truce is projected to save Chinese carriers a rather tidy $3.2 billion annually. One must applaud the sheer theatre of it all.
After months of posturing about rebuilding American maritime logistics, a simple meeting in South Korea puts it all on hold. This suspension of Section 301 penalties offers a welcome reprieve for carriers like COSCO and Matson, but let us not mistake a ceasefire for a peace treaty. The underlying tensions that fuel this trade war have not evaporated; they have merely been put on ice. It is a convenient pause, not a structural solution.
Container rates: The dead cat bounce?
After a prolonged and painful slide, container rates decided to stage a dramatic, double-digit comeback. The sudden surge was attributed to carriers finally wielding the only weapon they have against overcapacity: blank sailings, which they increased by a staggering 60%. The market responded with what can only be described as a gasp of relief.
Freightos Baltic Index (as of 29 October 2025)
| Trade Lane | Rate per FEU (USD) | Weekly Increase |
|---|---|---|
| Asia → U.S. West Coast | $2,027 | +20% |
| Asia → U.S. East Coast | $3,500 | +15% |
| Asia → North Europe | $2,267 | +15% |
📊 Source: Freightos Baltic Exchange (FBA)
While these numbers look impressive, it is crucial to view them with a healthy dose of British scepticism. This is not a demand-led recovery; it is a supply-side squeeze. It proves that if you park enough of your fleet, you can indeed charge more.
Groundbreaking. The question is how long carriers can maintain this discipline before one of them breaks rank for market share. The fundamental problem of too many ships remains a dominant feature of the global shipping market.
Newbuilding appetite: Still voracious
Speaking of too many ships, COSCO announced on October 31 a shipbuilding programme of quite breathtaking scale. The state-owned giant is splashing out $1.75 billion on 29 new vessels.
- 23 Kamsarmax bulkers (87,000 dwt)
- 6 VLCCs (307,000 dwt) with methanol and LNG fuel capability
This move, aimed at fleet modernisation, demonstrates that for the big players, the long-term calculus transcends short-term market jitters. It also underscores China’s unwavering dominance in shipbuilding, a fact the paused U.S. tariffs were ironically meant to challenge.
Decarbonisation: The can kicked, again
While carriers order new ships, the industry’s green agenda remains mired in indecision. A Reuters analysis on October 27 highlighted the fallout from the IMO’s recent decision to delay its Net-Zero Framework. The move, it is now feared, could jeopardise around 100 planned clean fuel projects, including ammonia and methanol production facilities.
The delay, reportedly influenced by a U.S.–Saudi alignment against a binding carbon levy, sends a rather poor signal to investors in green technology. The industry wants green credentials, it seems, but is less keen on paying for them. A classic.
Hellenic shipping: The usual suspects
One can always count on Greek shipowners to make their presence felt, and this week was no exception. While others analyse market trends, they simply create them. The sheer volume of capital committed to new steel in a single week is a testament to their enduring, and perhaps slightly terrifying, confidence.
The ordering spree continues
It was a veritable festival of newbuilding contracts for Greek firms, with a clear preference for Chinese yards.
- Efnav: On October 27, Filippos Efstathiou’s firm ordered six 82,000 dwt Kamsarmax bulkers from the increasingly popular Hengli Shipbuilding.
- JHI Steamship: A day later, on October 28, John Inglessis placed a notable order for up to three Aframax crude carriers at South Korea’s K Shipbuilding, a rare move away from his usual Japanese yards.
- Laskaridis Shipping: Also on October 28, the firm added a third MR tanker to its orderbook and simultaneously took delivery of a new Kamsarmax, the Pafsanias.
- Capital Maritime: Not to be outdone, Evangelos Marinakis ordered two 180,000 dwt Capesize bulkers on October 30, also at Hengli.
This flurry of activity shows that the core of the Greek business model—timely fleet expansion and renewal—remains firmly intact. Their collective bet on the dry bulk and tanker segments is a powerful statement on where they see future earnings.
Asset play: A timeless classic
Beyond new orders, the art of the asset play was on full display. On October 31, Costas Delaportas’s DryDel Shipping sold its third Ultramax in four months.
The 2019-built Dionisis was divested for a reported $31.2 million, freeing up capital for a wave of newbuildings that is expected to drop the fleet’s average age below two years. It is a simple, elegant, and brutally effective strategy.
A foray into the digital realm
In perhaps the most intriguing move of the week, OceanPal announced on October 29 a $120 million investment to launch SovereignAI, a subsidiary focused on blockchain-native AI infrastructure.
While continuing to operate its fleet of bulkers and tankers, the company is making a significant push into the tech space, partnering with the NEAR Foundation and using NVIDIA technology. It is a bold diversification that will be watched with great interest, and no small amount of curiosity, by the more traditional elements of the Piraeus shipping fraternity.
A final word
This week in the global shipping market was a study in contradictions. A diplomatic pause and a short-lived rate rally offered a glimmer of hope, but the deeper structural flaws—chronic overcapacity and a hesitant green transition—remain firmly in place.
Meanwhile, Greek shipowners continued to do what they do best: make bold bets when others hesitate. Their buying spree underscored an old truth of maritime trade—that cycles are not to be feared but exploited.
In the end, optimism in shipping is never pure; it’s always transactional. The market may wobble, politicians may posture, but the deals keep coming. And as long as steel is being ordered and sold, the music, however strange, never really stops.