News Breakbulk & Project Cargo

Rising demand from power generation and mining projects could offset a decline in offshore wind. Shutterstock. com

Rising sentiment belies heightened uncertainty in MPV sector

By Felicity Landon

The recent postponement of the International Maritime Organization’ s( IMO) net-zero emissions framework has compounded ongoing market uncertainty amid unpredictable US trade and tariff policies, operators in the project cargo and multipurpose vessel( MPV) sector say.

Although the One World Shipbrokers’ Market Sentiment Index( MSI) rose marginally from 53 to 53.3 in the third quarter, its first increase of 2025, the 27 MPV carriers surveyed for the benchmark indicator reported increasing uncertainty amid a strong outlook for freight demand, said Justin Archard, managing partner at One World Shipbrokers.

“ The combination of regulations changing frequently in the US, together with increasingly arbitrary power in policy making, means carriers are wedged between a short-term market which is sitting on its hands and hoping a fullblown trade war does not erupt, and a longer-term market that is offering increasing project cargoes,” Archard told the Journal of Commerce.

And with the IMO delaying a full vote on the net-zero framework for at least a year, due in large part to US opposition, shipowners and fuel suppliers lack the certainty they need to fund the transition to net-zero fuels, he added.

www. joc. com

“ Rather than moving toward greater clarity, companies are finding it harder to anticipate the rules and frameworks that affect their operations,” an MPV carrier said in comments for the MSI report.“ The absence of consistency and transparency continues to delay projects and decision-making, as organizations hesitate amid ongoing ambiguity.”

While some carriers reported a positive outlook for freight stemming from power generation and mining projects, others noted that demand for offshore wind has been dented by regulatory upheaval.

“ The Trump administration has pulled funding for wind projects on federal land, casting a pall over European wind project developers,” Archard said.

Denmark and Germany also suspended offshore wind auctions over the summer when no bids came forward.

email: felicity @ felicitylandon. com

Long-term demand forecasts sustain MPV optimistism

One World Multipurpose Sentiment Index( MSI); an index reading of 50 is neutral, above 50 indicates optimism and below 50 indicates pessimism

Index

60 59

45 55

50

Source: S & P Global

Market Sentiment Index

© 2025 S & P Global

December 2025 | Journal of Commerce 21

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