The US White House issued a statement saying that President Trump had signed an order to raise tariffs on imported steel, aluminum, and their derivative products from 25% to 50%, effective from 00:01 a.m. on the 4th, Eastern Time. The statement indicated that tariffs on steel and aluminum imported from the UK would remain at 25%.

[Baltic Dry Index Ends Four-Day Losing Streak] The Baltic Dry Index (BDI) rose on Monday, ending a four-day losing streak, driven by gains in the Capesize and Supramax vessel markets. The BDI increased by 5 points, or 0.38%, to close at 1,304 points, the highest since May 8. The Capesize Index rose by 22 points, or 1.29%, to 1,731 points. The daily average earnings for Capesize vessels increased by $185 to $14,354. The Panamax Index fell by 11 points, or 0.81%, to 1,342 points, the lowest since April 23. The daily average earnings for Panamax vessels decreased by $98 to $12,075. The Supramax Index rose by 1 point to 970 points. The Handysize Index remained unchanged at 554 points.

SHANGHAI, May 16 (SMM) - In April 2023, ocean freight was largely stable. The Baltic Dry Index (BDI) stood at 1,576 points at the end of April, up 164 points from the beginning of the month, but still at a historically low level.