Executive Commentary |
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BBC Chartering
Ulrich Ulrichs
CEO www. bbc-chartering. com
Our general outlook for the breakbulk and project cargo sector in 2026 is positive. Supply and demand in our sector appear to be reasonably balanced and the number of newbuildings for the multipurpose vessel sector remains sparse. New, more
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efficient tonnage is entering the market. At the same time, older tonnage is being phased out, but no overcapacity is being created by the orderbook. Energyrelated cargoes from both the wind turbine sector, as well as the oil and gas and mining sectors, continue to be dominant drivers on the demand side.
The sector that most concerns us in 2026 is the offshore wind sector, the success— or otherwise— of which is entirely due to political decision- making. More generally, the US market overall has become increasingly unpredictable due to shifting policy landscapes. Tariffs on commodity imports, restrictions targeting specific countries and
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“ A single, global and transparent set of rules would reduce administrative overhead, level the playing field and encourage broader compliance.”
Ulrich Ulrichs
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sanctions on vessels built in China have introduced a layer of uncertainty, although these appear to have been suspended until November 2026. Additionally, the current project cargo and breakbulk landscape is burdened by complex and region-specific regulations, notably the EU Emissions Trading System and FuelEU Maritime. While these initiatives aim to reduce environmental impact, their implementation has introduced significant operational and financial challenges— especially for carriers operating across multiple jurisdictions. A single, global and transparent set of rules would reduce administrative overhead, level the playing field and encourage broader compliance. |
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AAL Shipping
Kyriacos Panayides
Managing Director www. aalshipping. com
AAL enters this new cycle with clear, demand-driven momentum as the global energy transition reshapes cargo flows and project logistics, and we see lasting opportunities for carriers with flexible tonnage and technical expertise.
Shipping demand linked to power generation will strengthen as countries accelerate the shift away from coal and other traditional sources. At the same time, the rapid expansion of artificial intelligence infrastructure is increasing global electricity consumption.
Wind energy is the standout driver: the industry is set to add approximately 982 GW( both onshore and offshore) over five years, growing at about 8.8 % annually. These projects will continue to drive shipments of turbines, transformers and heavy components translating into higher breakbulk shipping volumes.
Renewables-led project work will be a primary growth engine
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across Oceania, intraAsia and Europe, while the US market remains constrained for 2026 and beyond. Sustained investment in oil, gas and construction will underpin demand in the Persian Gulf, and parts of North America show promise from growth in oil, gas and power.
The Middle East and Persian Gulf remain pivotal growth corridors despite geopolitical tension, with renewed infrastructure and energy construction generating heavylift and breakbulk demand across ports and charter markets.
Indonesia’ s shift from resource export to onshore value-added manufacturing is creating a steady pipeline of inbound components, heavy equipment and specialized logistics. India’ s push for infrastructure and energy investment, combined with stronger domestic manufacturing and higher foreign industrial investment, is increasing demand for transformers, modules and industrial equipment and boosting project cargo imports. As these dynamics unfold, collaboration across the shipping, energy and infrastructure sectors will be critical to ensuring our industry keeps pace with technological change and environmental ambition.
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“ Shipping demand linked to power generation will strengthen as countries accelerate the shift away from coal and other traditional sources.”
Kyriacos Panayides
“ Slower growth calls for greater discipline and innovation, not reduced ambition.”
James Houghtalin
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Cosco Shipping Lines North America
James Houghtalin
Executive Vice President www. cosco-usa. com
A slowdown in US shipping growth marks a pivotal moment for the maritime industry to reinforce its fundamentals. Rather than focusing on capacity expansion, carriers and logistics providers must prioritize efficiency, innovation and customer value. This environment presents an opportunity to optimize network performance, leverage digital tools and strengthen supply chain collaboration. Through advanced data analytics and real-time visibility platforms, the industry can better align capacity with demand, minimize bottlenecks and enhance decision-making across ocean and inland operations.
Service differentiation remains critical. Today’ s shippers demand reliability, sustainability and transparency. Investing in green logistics— from loweremission vessel technologies to optimized intermodal connections— supports these expectations while contributing to global decarbonization goals.
Resilience in a moderate-growth era depends on partnership. Closer collaboration among carriers, ports, rail operators and beneficial cargo owners can reduce systemic inefficiencies and
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