Annual Review & Outlook 2026 Maritime
Power moves
US energy policy overhaul, data center investments signal project cargo shift
Data center development is quickly becoming an important source of project cargo. AAL Shipping
By Autumn Cafiero Giusti
The big picture: Key sources of maritime project cargo are in a state of flux, with US markets pulling back from renewable energy projects like wind and solar and forging ahead with oil and gas. Meanwhile, the rapid rise of AI is driving the construction of data centers and semiconductor facilities, plus infrastructure to support their massive power and water demands, but these changes have been somewhat overshadowed by tariffs on imported steel, copper and other necessary components for these projects.
A look back: After declaring a national energy emergency upon taking office in January, US President Donald Trump unleashed rapid-fire executive orders shifting policies and funding to prioritize fossil fuels over renewable energy sources and bolster domestic mining and production. Infrastructure investments by US energy utilities, including traditional and renewable sources, were projected to reach $ 214.7 billion in 2025, a 24 % increase from the previous year, according to a September report from S & P Global Energy. The Trump administration took dramatic steps to direct that momentum toward fossil fuels, cutting nearly $ 8 billion in funding for clean energy projects, issuing directives aimed at deregulation and expanded leasing access, and permanently reinstating a 100 % tax-write off for qualifying oil and gas assets. As a result, the development pipeline for US offshore wind contracted by more than half in 2025, falling from a planned 56 GW to 25.4 GW,
US utilities to boost infrastructure investments through 2027
US energy utility capital expenditures, with forecast
Capex( USD billions)
265 250
200
100 150
100
50
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0 L 2022 2023 2024 2025 2026 2027 2028 2029
Notes: As of Sept. 15, 2025; Shaded areas indicate forecasts
Capex
Trendline
Source: Regulatory Research Associates, a group within S & P Global Commodity Insights © 2026 S & P Global
L according to a November report from the Energy Industries Council. To accelerate domestic mining, the administration fast-tracked the permitting process for more than two dozen mineral projects. And with nuclear power staging a comeback, Trump called for the construction of 10 large reactors to begin by 2030 and a quadrupling of domestic nuclear capacity to 400 GW by 2050.
A look ahead: Global investments in the construction of data centers and related infrastructure to support AI technology— already on track to exceed $ 1.5 trillion by 2030, according to a projection from consultant McKinsey— are expected to ramp up this year. The US leads in data center capacity, accounting for over 40 % of the global total, and is expected to increase its already sizable share over the next few years, according to S & P Global 451 Research. Data centers will rely heavily on semiconductor chip production, which stands to benefit from legislation expanding the US federal tax credit for chip plant development to 35 % from the 25 % available under the 2022 US CHIPS and Science Act. With data centers requiring massive amounts of power, LNG and nuclear facilities are emerging as potential solutions. A multi-billion-dollar wave of LNG terminal construction in North America will continue apace, with Venture Global’ s $ 28 billion CP2 LNG export project on the Gulf Coast of southwest Louisiana scheduled for completion by 2027.
The next inflection: Tariffs on steel, aluminum and copper could present challenges for energy and data center construction projects. In the oil and gas industry, US tariffs on these materials— along with components such as drilling rigs, valves, compressors and specialized steel worth nearly $ 10 billion in 2024— could increase material and service costs by 4 % to 40 %, according to a November report by Deloitte. For the US data center sector,“ tariffs will raise the cost of key environmental control and power transformation equipment, which will further drive inflation for US-built equipment,” S & P Global Market Intelligence said in a 2026 supply chain outlook.
email: autumn @ autumngiusti. com
January 5, 2026 | Journal of Commerce 27