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 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. Energy-related cargoes from both the wind turbine sector, as well as the oil & 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 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.