Shipping Market Review
- Details
- Category: Mercados - Fletes- Cotizaciones
- Published on Tuesday, 24 February 2026 03:44
- Written by Administrator2
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Shipping Market Review - November 2025
Special reports:
Macroeconomic Outlook, 6
From Fuel to Power, 14
Commercial Gap, 27
Biodiversity Protection, 35
Shipping analysis: Shipping Markets at a Glance, 44
Shipbuilding, 50
Container, 54
Dry Bulk, 57
Crude Tanker, 61
Product Tanker, 64
LPG Carrier, 67 LNG
Carrier, 70
Executive Summary
Macroeconomic outlook tilted to the downside
The global economy remains resilient in the short term, but is built on temporary factors such as front-loading of trade and investment. Growth is expected to ease from 3.3% in 2024 to 3.1% in 2026. Fiscal fragility, demographic ageing and geopolitical fragmentation are weighing on potential growth. While higher defence spending provides some support, it is unlikely to offset these broader headwinds. The balance of risks remains tilted to the downside.
Structural erosion of tonne-mile demand
The largest shipping segments – Dry Bulk, Crude, Product, Container, LPG and LNG – are facing structural downside risks from shorter travel distances. The energy transition from fuel to power is accelerating, reducing the long-term demand for coal, oil and LNG. As fossil fuels lose their central role in the energy system, seaborne volumes are expected to contract stepwise. This is likely to depress long-term freight rates and secondhand values, particularly for older tonnage.
Regulatory tightening offers limited upside
IMO’s existing regulations – particularly EEDI and CII – are expected to gradually restrict sailing speeds, especially for older and less efficient vessels. This will effectively tighten supply and could provide one of the few structural sources of rate support in the coming years. However, the upside is likely to be moderate and uneven across segments.
Standardised finance at scale
Regulatory timing for the IMO Net Zero Framework has slipped (earliest entry into force is 2029), but the direction is unchanged. This report proposes a commercial solution that does not require a global carbon tax. It proposes putting capex and fuel savings on the same side of the table. Verify, baseline, and settle performance so that fuel-not-used and carbon-not-emitted convert into booked cash flows. Use standard measurement and settlement to create comparability across vessels and routes, enabling portfolio aggregation, securitisation and amortisation linked to measured savings rather than spot markets.
From compliance cost to cash flow
The mechanism works today under EU ETS and FuelEU Maritime, and can reference a global price if and when the IMO framework begins. The result is that avoided fuel becomes a financeable asset; upgrades scale; investors and lenders gain predictable repayment; programme costs fall; fleet efficiency improves.
Danish Ship Finance – Financing the transition
https://skibskredit.dk/wp-content/uploads/
2025/11/Shipping-Market-Review-
November-2025-Updated-version-2.pdf