Freight News, Logistics, People, Sea

MPV, Heavy-lift Shipping on Firmer Footing, MSI

[ February 11, 2026   //   Gary Burrows ]

The multipurpose and heavy-lift shipping market entered 2026 on a firmer footing, according to the 20th edition of Market Sentiment Index (MSI) from One World Shipbrokers, which recorded its third consecutive quarterly rise to 53.4 in the first quarter.

The index points to modest improvements in short-term cargo volumes and sustained optimism over the medium term. European trades are increasingly operating on a spot basis, while Asian carriers report forward bookings several weeks in advance, reflecting tighter vessel availability after prolonged diversions around the Cape of Good Hope.

However, the gradual reopening of Red Sea and Suez Canal routes is expected to shorten voyage times and ease capacity constraints. Although canal transits remain about 50 percent below late-2023 levels, volumes rose 13 percent during 2025. Maersk’s decision in January to resume its MECL service via Suez is seen as a potential catalyst for broader market re-entry. Despite this, most MPP carriers remain cautious, with half of respondents saying they are unwilling to transit the region.

Time charter rates remain supportive for owners but insufficient to trigger speculative ordering. Newbuilding activity is rising modestly, though large-scale orders from China’s COSCO have raised concerns about future oversupply. Analysts suggest the impact may be limited if the vessels primarily serve Chinese export trades.

Geopolitical uncertainty continues to weigh on sentiment, particularly following renewed tariff threats and tensions involving Venezuela. In the U.S., legal reversals of offshore wind project suspensions have provided some relief, while Europe has benefited from a strong UK renewable energy auction round.

Regionally, European carriers remain relatively resilient, Asian operators are cautious despite strong exports, and confidence in the Americas has softened. The report highlights a widening gap between short-term and long-term expectations, with the outlook remaining notably stronger.

Looking ahead, the MSI forecasts a further modest increase later in 2026, underpinned by infrastructure, energy, and mining projects, balanced against political risk and potential capacity growth.

Tags: Cosco, Maersk, Market Sentiment Index, One World Shipbrokers