AS YOU KNOW WE PUT A 50% TARIFF ON INDIA. THEY ARE VERY CLOSE TO CHINA IN TERMS OF THE PURCHASE OF OIL FROM RUSSIA. WHY ARE SINGLING INDIA OUT.IT HAS ONLY BEEN EIGHT HOURS. LET'S SEE WHAT HAPPENS OVER THE NEXT -- YOU WILL SEE A LOT MORE. YOU'RE GOING TO SEE A LOT MORE. YOU ARE GOING TO SEE SO MUCH SECONDARY SANCTIONS.HASLINDA: PRESIDENT TRUMP DOUBLES HIS TARIFFS IN INDIA OVER ITS RUSSIAN CRUDE OIL IMPORTS AND PUTS CHINA I NOTICED. LIVE FROM SINGAPORE, THIS IS INSIGHT WITH HASLINDA ALMIN. WE WILL BE PUTTING ...

Financial Data and Key Metrics Changes - The company reported adjusted EPS of $6.36 per share or $117 million for Q2 2025, a decrease from $6.78 per share or $132.3 million in Q2 2024, reflecting a $15.3 million decline in adjusted net income primarily due to increased operating costs and lower dividend income [10][11][14] - Total operating costs increased by $24.7 million, driven by a higher average number of vessels in the fleet, while net finance costs rose by $3.6 million [10][11] - Adjusted EBITDA decreased by 0.5% to $176 million compared to $176.8 million in Q2 2024 [12] Business Line Data and Key Metrics Changes - The company added approximately $113 million to its contracted revenue backlog, bringing the total to $3.6 billion with a 3.8-year average charter duration [8][13] - Contracted charter coverage stands at 99% for 2025 and 88% for 2026, indicating strong revenue visibility [8][13] - The drybulk segment experienced seasonal firming, but broader weakness persists due to deflationary conditions in China [9] Market Data and Key Metrics Changes - The U.S. economy remains stable, with consumer demand for foreign goods continuing, which is expected to improve trade flows as inventories normalize [6][7] - Geopolitical tensions, particularly in Ukraine and Gaza, have not led to new disruptions in global shipping routes [7] Company Strategy and Development Direction - The company is maintaining a disciplined approach to capital allocation, avoiding speculative orders in the feeder segment where pricing is disconnected from long-term fundamentals [7] - The focus remains on operational excellence and value creation for shareholders, with a strong balance sheet and cash generation capacity to support strategic priorities [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that uncertainties around global trade are subsiding, with clarity on tariffs improving [5][6] - The company is cautious about capital deployment, particularly in light of potential stock market corrections that could impact shipping companies [22][23] Other Important Information - As of June 30, 2025, net debt stood at $224 million, with a net debt to adjusted EBITDA ratio of 0.3 times [14] - The company declared a dividend of $0.85 per share and has $94.3 million remaining under its share repurchase program [14] Q&A Session Summary Question: Charter market and demand outlook - The market is stable with demand for ships, but the pace of forward fixing has slowed [18][20] Question: Capital allocation and buyback strategy - The buyback has been paused due to stock appreciation, which could lead to short-term trading rather than long-term shareholder value [21][22] Question: Operating costs and future rate expectations - Current operating costs may normalize as the year progresses, following a spike due to bulk orders [24] Question: Expectations for feeder ships and order book - A shortage of ships could provide a tailwind, but long-term contracts for feeders are challenging due to market dynamics [29][30] Question: Newbuild addition and delivery management - The recent newbuild was secured through a strong relationship with the yard, allowing for prompt delivery [31][32]

President Donald Trump said that US tariffs on semiconductor and pharmaceutical imports would be announced “within the next week or so,” as the administration prepares to target key economic sectors in its effort to remake global trade https://t.co/KHW7fwzEUH ...

Trade Policy Shift - The report suggests President Trump is using tariffs as a tool of foreign policy, not just economic policy [2] - The analysis indicates President Trump views tariffs as a way to reshape the global trading system and align countries with US priorities [1] - The report implies these trade strategies are likely to continue beyond specific deadlines, becoming an ongoing aspect of President Trump's diplomacy [4] Geopolitical Leverage - The report highlights that successful trade deals, such as with Japan, create leverage over other countries like South Korea and Southeast Asian nations [3] - The analysis suggests securing agreements with major economies like Germany can influence other nations, such as France, to follow suit [4] Specific Trade Actions - The report mentions a potential 25% tariff on India for buying Russian oil [1] - The report references intervention in the Cambodia-Thailand conflict, linking trade consequences to a ceasefire [1]

Corporate America’s profit engine has been remarkably robust over the past few years. Faced with Donald Trump’s assault on global trade, however, it is starting to sputter https://t.co/Ms1dB1zJgh ...

We knew that August 1st was the deadline for some tariffs to go into effect. That deadline for many of those tariffs is now August 7th, but in some cases they are higher than the market had been anticipating. President Trump unveiling a new slate of new tariffs in his effort to reshape global trade.The baseline rates for many trading partners will remain unchanged at 10% from the duties that Trump imposed in April. But Canada will face a 35% tariff. Switzerland 39%.The moves mark a sharp increase in levies, ...

Exclusions reflect conflicting goals: to rip up the rules of global trade while cushioning US consumers. But the process isn’t transparent, and not everybody wins. Read the Big Take here: https://t.co/uODBA9RQJ3 https://t.co/3GVQphXyGh ...

Financial Data and Key Metrics Changes - Consolidated revenues for Q2 2025 were down 14% year-over-year at $4.7 billion, with adjusted EBIT down 55% to $224 million and EPS at 17% [12][13] - Adjusted net income decreased by about half, with adjusted diluted earnings per share down from $0.35 to $0.17 [16][17] - Second quarter gross margin was 21.8%, down from 24.4% in Q2 2024, affected by lower production volumes and unfavorable geographic mix [18] Business Line Data and Key Metrics Changes - Agriculture segment sales were down 17% to $3.2 billion, with North America down 36%, representing over 90% of the total decline in ag sales [12][17] - Construction segment net sales were $773 million, down 13% year-over-year, with gross margin at 15.7%, down from 16.5% in Q2 2024 [21] - Financial Services reported net income of $87 million, with a year-over-year decrease mainly driven by higher risk costs in Brazil [22] Market Data and Key Metrics Changes - Industrial production hours were down 12% year-over-year, with agriculture down 12% and construction down 15% [7] - North American industry retail demand was down 37% for high horsepower tractors and down 23% for combines [13] - The global industry forecast for agriculture is expected to be down around 10% from 2024, with 2025 representing a trough level of global market demand [31] Company Strategy and Development Direction - The company is focused on reducing channel inventories while defending market share, with a target to align production with retail demand by the end of 2025 [5][8] - Five key strategic pillars were outlined: expanding product leadership, advancing Iron and Tech integration, driving commercial excellence, operational excellence, and quality as a mindset [13] - A new collaboration with Starlink was announced to provide connectivity for farmers, enhancing productivity [10][14] Management's Comments on Operating Environment and Future Outlook - Management noted that market conditions remained soft, with ongoing complexity and uncertainty in the macroeconomic environment [5][6] - The company expects to produce in line with retail demand in the second half of 2025 and into 2026, while maintaining a disciplined approach to capital allocation [12][35] - Management expressed confidence in achieving targeted dealer inventory levels and emphasized the importance of operational excellence and cost-saving initiatives [8][38] Other Important Information - The company reaffirmed its capital allocation priorities, including reinvesting in the business while maintaining a healthy balance sheet [22][23] - The foreign exchange impact on net sales is now forecasted to be minus 1%, an improvement from the previous assumption of minus 3% [24] - Tariff impacts are expected to grow through the second half of the year, with a significant negative effect on EBIT anticipated [105] Q&A Session Summary Question: Inventory levels in Agriculture - Management confirmed a reduction of $200 million in excess inventory, with ongoing efforts to align inventory levels with retail demand [40][41] Question: 2026 order trends - Management indicated that 2025 is expected to be a trough year, with uncertainty around tariffs impacting future demand [46][48] Question: Pricing strategies - Management stated that pricing will be positive for the full year, driven by higher value functionality and cost discipline [58][60] Question: North American market challenges - Management acknowledged the price differential between new and used equipment and emphasized efforts to align inventory levels [96][100] Question: Tariff impacts timing - Management expects most tariff impacts to be felt in Q4 2025, with ongoing efforts to mitigate these costs [104][106]

Global trade is entering a new era, where economic leverage supersedes WTO rules that have governed international commerce for three decades https://t.co/Oxet9joJFT ...

Trump is shaking up global trade, announcing a 10% global minimum tariff and a 35% hit on Canadian goods. Is the US abandoning open trade for good? And what comes next for global markets? Join Bloomberg reporters for a Live Q&A at 11:30a.m. HKT to find out more https://t.co/0u1zm4gv6O ...