DONALD Trump announced reciprocal tariffs against US trading partners on Thursday, calling it “the big one”. It is definitely a big incentive for US businesses to immediately front-load their imports, senior reporter Greg Miller wrote.

“Whatever countries charge the United States of America, we will charge them,” said the US president.

The reciprocal tariff timetable gives US importers at least some chance to pull forward cargoes, unlike the recent 10% incremental tariff on Chinese goods, which went into effect almost immediately.

Reciprocal tariffs would be worldwide, impacting cargo in the transpacific, transatlantic and north-south trades.

The continuing trauma of the livestock carrier fleet as casualties persist

On April 16, 2024, Tanzania-flagged livestock carrier Deala (IMO: 7405091) ran aground off the eastern coast of the Istrian peninsula, Croatia.

As of today, February 14, 2025, it is still there, wrote markets editor Rob Willmington and reporter Joshua Minchin.

Ten months later the elderly ship, built in 1976, is still exposed to the wind and waves, and residents fear that one big storm could fatally damage the vessel, and potentially pollute an environmentally protected area and popular tourist beach.

According to Lloyd’s List Intelligence data, the livestock carrier fleet numbers 117 active vessels. Just 24 of them were built since 2000 with 80% of the operational fleet being aged 25 years or more. The oldest ship in service was built in 1964.

Most livestock carriers are operated by small, family-owned, companies. Some have a poor safety record and have been highlighted for poor treatment of crews.

Live animal exports continue to come under pressure from animal rights groups and non-governmental organisations.

Animal Welfare Institute staff attorney and senior policy associate Adrienne Craig said her organisation still sees reports of “horrific incidents of capsized vessels, or animals languishing and dying while waiting for weeks on vessels”.

Russia-Ukraine peace prospects put pressure on product tanker sentiment

The fate of the product tanker market is effectively the same as in many shipping segments: It’s a roll of the dice, courtesy of today’s extreme geopolitical uncertainty, reported Greg Miller.

“We are very constructive on the product market itself, however, we are also cognisant of our inability to either control, predict or even understand geopolitical events, various announcements, changes in emotion, or different tweets or policies,” said Scorpio Tankers president Robert Bugbee during his company’s quarterly call on Thursday.

“It’s not just that we do not know the answers. It is that in many cases, I don’t think we even know the questions.”

The strategy of Scorpio and many other listed owners in the face of geopolitical uncertainty: keep debt low to reduce break-evens in case things go bad, and hold fire on key investments but be prepared to move quickly if things go well.

No sign of capesize recovery post-Lunar New Year

Capesize rates remain sluggish after Chinese Lunar New Year, as the hangover from a poor fourth quarter in 2024 continues to subdue the sector, wrote Joshua Minchin.

This was despite bauxite loadings almost doubling in the first two months of the year (following a healthy finish to 2024) and iron ore loadings growing at the start of 2025 too.

The first quarter is usually a weak period for the dry bulk sector, as trade winds down in the run up to Chinese Lunar New Year.

But as the panamax and supramax segments show signs of a recovery after a period of poor performance for some months now, capesize rates remain flat.