Multipurpose Vessel Outlook Breakbulk & Project Cargo
Netherlands-based Friday & Co . and developer of the MSI , said in the first-quarter report .
Archard added that MPV carrier sentiment in the Americas had “ sharply dipped ” since the last edition in November .
Tariffs just part of problem
While trade tariffs have captured the headlines , Archard said there are more issues underpinning market concerns .
“ Fear of inflation , increased government borrowing to fund tax cuts and the slowing pace of interest rate cuts are undermining US confidence , which is trickling down globally ,” he said .
While politically driven cuts to offshore wind development in the US will hit project cargo demand , Archard said that Trump ’ s “ drill baby , drill ” stance “ will unlock a substantial number of new oil and gas developments which have always been positive demand drivers of the MPV industry .”
One MPV operator reporting into the MSI said it was “ hard to recall a more difficult time to predict market direction in the wake of what is going on globally .” Another noted that the gap between geographical regions is “ probably close to an all-time high .”
“ Deliveries are likely to be muted over the next two years .”
Sentiment among Americas respondents to the MSI is “ volatile ,” while sentiment in Asia is softer but steady , Archard reported . He added that Middle East sentiment is strong , whereas Europe and Africa are “ not doing well .”
Toepfer attributed the decrease in its TMI to lower market activity in the Far East due to the Lunar New Year celebrations in combination with uncertainty caused by the new Trump administration .
But Toepfer said it expects the primary demand indicators to remain positive , supported by “ strong and stable ” prices in the second-hand and newbuild MPV markets .
Toepfer ’ s TMI is based on expected average rates for six- to 12-month time charters for 12,500-deadweight-ton “ F-Type ” vessels with safe working loads of 240-360 metric tons , as reported to Toepfer by owners and operators . Toepfer addresses the short-sea market , as well as other markets , in separate reports .
The MSI averages the responses from an anonymous group of 20 to 30 MPV owners and operators to a set of breakbulk shipping-related questions . A reading of 50 is neutral , indicating a static market . Scores below 50 show pessimism or wariness , while a score above 50 indicates optimism .
email : carly . fields @ spglobal . com
COMMENTARY
‘ Not realistic ’
By Susan Oatway
The lofty ambitions of the proposed SHIPS for America Act could have ramifications for the global multipurpose and heavy-lift vessel ( MPV / HL ) fleet , but only if it manages to achieve the tall order of injecting new life into the stagnating US shipbuilding industry .
The bipartisan act seeks to rebuild the US shipbuilding industry and make US-flag vessels commercially competitive . At the same time , it aims to reduce the dominance of China on the US maritime fleet .
That last goal might be the most difficult to achieve , however . In 2024 , China delivered 34 % of global newbuildings , compared with 11 % from Japan , 7 % from South Korea and just 2 % from the US , according to S & P Global , parent company of the Journal of Commerce . A year earlier , China was the top shipbuilder in the world , accounting for 50.7 % of global shipbuilding in gross tons , whereas the US was ranked 15th with a market share of just 0.1 %, according to the UNCTAD Review of Maritime Transport 2024 .
Title IV of the SHIPS Act establishes the Strategic Commercial Fleet Program , with the goal of creating a fleet of 250 privately owned , US-built , US-flag , US-crewed vessels that operate in international trade .
One MPV owner told the Journal of Commerce that the capacity to build general cargo vessels and the timelines set out in the proposed bill are “ not realistic .” The cost to build
Just 1 % of global MPV / HL fleet under US flag
Multipurpose and heavy-lift vessels ( MPV / HLs ) by flag state and ship type
Panama
Antigua & Barbuda Netherlands
Liberia Antigua & Barbuda Portugal
China
Hong Kong , China USA ROW
0 200 400 L
600
MPV max lift < 239t MPV max lift > 750t MPV max lift 240-749t
Open-hatch MPV Notes : Data as of January 2025
Source : Journal of Commerce , S & P Global
Specialised Heavy Load Carrier
798
© 2025 S & P Global
L
16 Journal of Commerce | March 2025 www . joc . com