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ther 20%, supported by stronger LNG tanker ordering. In contrast, contracting at Japanese yards fell 83% y/y to just 1% of new orders, the lowest share since at least 1996, reflecting limited capacity, long lead times, and reduced competitiveness.%u201cIn the medium term, the already swelling order books across several large shipping sectors could contribute to a slowdown in newbuilding contracting. Long lead times at shipyards and high newbuilding prices, combined with high market uncertainty concerning the Red Sea and the Strait of Hormuz sailings and alternative fuel availability, could also negatively affect contracting%u201d, stated Gouveia.EU expands maritime sanctions in 20th package against Russia%u039fn 23 April, the European Council adopted a far-reaching 20th package of restrictive measures comprising 120 further individual listings %u2014 the biggest package of listings in two years %u2014 alongside stern, multi-layered economic sanctions, targeting key sectors that fuel Russia%u2019s war of aggression against Ukraine.The package includes the basis for a future maritime services ban on Russian crude oil and petroleum products. It will be implemented in full coordination and consultation with the G7 and the Price Cap Coalition, which includes G7 members and other participating countries.The 20th package introduces a comprehensive set of 36 designations encompassing both the upstream and downstream segments of the Russian energy sector, including the exploration, extraction, refining, and transportation of oil. This package strategically targets emerging players which have recently increased their export market share. Revenues from Russian oil exports are further curbed through listings focusing on the shadow fleet ecosystem, including entities operating in third countries, as well as a significant maritime insurer.An additional 46 vessels are now subject to a port access ban and a ban on the provision of a broad range of services related to maritime transport, bringing the total number of designated vessels On the seafrontto 632. These measures target non-EU tankers that are part of the shadow fleet, which circumvent the oil price cap mechanism, support Russia%u2019s energy sector, and transport military equipment for Russia or stolen Ukrainian grain. The 20th package also introduces mandatory due diligence checks for the sale of tankers, thereby making it more difficult for Russia to expand its shadow fleet, and bans the provision of maintenance and other services for Russian liquefied natural gas (LNG) tankers and ice breakers. Furthermore, as of January 2027, it will be illegal to provide LNG terminal services to Russian entities or entities owned or controlled by Russian nationals or operators. Lastly, the package bans transactions with two Russian ports, Murmansk and Tuapse, as well as with the oil terminal at the port of Karimun in Indonesia, which are used to circumvent the oil price cap.India%u2019s accelerating industrialisation drives demand for bulk carriersIndia continues to demonstrate strong economic resilience despite a softer global outlook and rising macroeconomic uncertainties. According to OECD estimates, GDP growth is expected to moderate from 7.6% in fiscal year 2025%u201326 to 6.1% in fiscal year 2026%u201327, mainly due to inflationary pressures, energy disruptions, and currency depreciation. Nevertheless, India is set to remain the fastest-growing G20 economy, supported by robust domestic demand, rapid urbanisation, and sustained public infrastructure investment.A recent analysis by Intermodal highlights that government policy remains a key growth driver, with the Union Budget 2026%u201327 allocating approximately $147bn to infrastructure development across railways, highways, urban projects, and technology networks. This has reinforced industrial momentum, with manufacturing and infrastructure output continuing to expand.Steel demand is a central pillar of this growth story. Industrial production has shown steady improvement, while steel output has reached record levels, supDuring the first quarter of 2026, newbuildingcontracting rose by 40% y/y to 17.6 million CGT, driven by a tripling of new tankerorders and a rebound in LNG tanker contracting.106 NX