News Breakbulk & Project Cargo
“ The uncertain regulatory environment in the US and the application of reciprocal tariffs will further impact renewable projects,” Peh added.“ These challenges are expected to raise project costs, cause delays, and drive a strategic shift away from the US toward markets with more favorable conditions.”
The US was the third-largest global market last year for new wind turbine installations, adding around 4 gigawatts( GW) of new capacity, according to the Global Wind Energy Council’ s 2025 market report published on April 23. But the number of onshore installations dropped to the lowest level since 2013, the GWEC report said.
Floating anxiety
Market‘ unease’ catches up with MPVs amid economic, tariff uncertainty
By Carly Fields and Keith Wallis
“ The uncertain regulatory environment and the application of reciprocal tariffs will further impact renewable projects.”
GWEC pointed out the rising stars for wind energy development include Southeast Asia, Central Asia, South Africa and the Middle East, and it forecast that, globally, a record 139 GW of new capacity will be added this year, with 981 GW of new capacity likely to be added by 2030 under current policies.
Ulrich Ulrichs, CEO of BBC Chartering, said Europe is expected“ to maintain a significant market share” of renewable energy projects that are anticipated to be developed in the coming years. Norwegian ship classification society DNV forecast a six-fold increase in offshore wind capacity, to 214 GW, in Europe’ s North Sea by 2050, according to its North Sea report published on April 9.
Japan and Taiwan are also expanding their offshore wind capacity, creating opportunities for carriers.
Mitsui O. S. K. Lines announced it had teamed up with Taisei Corporation and Kanadevia Corporation at the end of March to collaborate on the commercialization of floating offshore wind power generation. That followed approval of Japan’ s seventh strategic energy plan in February that aims for renewable energy to account for 40 % to 50 % of the country’ s electricity mix by 2040 with offshore wind power the key element.
In Taiwan, Copenhagen Infrastructure Partners( CIP) said in March it had reached financial close on its 495 MW Fengmiao 1 offshore wind project after securing $ 3 billion in project financing. CIP said Vestas will supply 33 15-MW wind turbines to Fengmiao 1 with construction due to be completed by the end of 2027.
Netherlands-headquartered MPV and heavy-lift operator Jumbo Offshore has previously been active in the Taiwanese market, completing its Yunlin offshore wind farm contract last September for client Yunneng Wind Power.
email: keithwallis @ hotmail. com
A sense of unease has settled over the project cargo sector as softening multipurpose freight rates and a climate of near-term market uncertainty prevail, stakeholders say.
The benchmark indicator for the multipurpose vessel( MPV) sector, the One World Shipbrokers’ Market Sentiment Index( MSI), published May 6, reflected the headwinds facing the industry, dropping to a reading of 53.3 from 54.3 in the previous edition.
Still, the figure remains above the crucial 50-point mark, which delineates generally positive versus negative sentiment.
Friday & Co shipbroker Justin Archard, creator of the One World Shipbrokers’ MSI, noted that at the time of polling for the latest index, the announcement of a highly punitive US tariff regime had just been made, followed quickly by a moratorium on many of those tariffs after significant convulsions in equity and bond markets.
“ Nothing stops investment and growth like uncertainty.”
“ Nothing stops investment and growth like uncertainty, and much of the business world is now sitting on its hands waiting for the situation to play out,” Archard said.
Operators are observing that shipping committed cargo remains a priority, while shipments that can be delayed are being postponed.
Michael Morland, project cargo director for the Atlantic at G2 Ocean, told the Journal of Commerce that new projects are facing difficulties in obtaining final investment decisions due to the shifting economic climate, particularly for industrial projects and commodities. Morland added that doubts about future project cargo volumes are“ increasing risk and making importers hesitant.”
Felix Schoeller, director at AAL Shipping, said he expects the current situation to calm in the coming months, providing a clearer picture of policies and tariffs, which will allow for a better assessment of market development.
“ Many stakeholders are adopting a wait-and-see approach to current investment decisions,” Schoeller told the Journal of Commerce.“ Any shift in trade patterns will take time to materialize— if at all.”
20 Journal of Commerce | June 2025 www. joc. com