Decarbonization is moving back to the centre of shipping strategy as focus shifts from the IMO net zero ambition to how it will be implemented in practice.
The starting point was the IMO revised greenhouse gas strategy in 2023, setting a course toward net zero around 2050 with 2030 and 2040 checkpoints, followed by work on a Net Zero Framework built around a Global Fuel Standard and an economic mechanism designed to place a cost on non compliant ships and support transition funding.
Momentum appeared strongest at MEPC 83 in April 2025, when the framework was approved in principle and draft MARPOL Annex VI amendments were agreed, but that direction weakened in October 2025 as opposition led by the United States and several fossil fuel producing countries pushed back on the framework’s scope and design.
The result is a return to negotiations on what the Global Fuel Standard and pricing mechanism should look like, including the balance between ambition, enforcement and cost, and how funds are collected and redistributed across the sector.
Dry Bulk Analysis – Week 22 2026
Capesize average earnings were $49,900/day with the BCI at 5,503 up 11% w-o-w. Panamax average earnings were $21,100/day with the BPI at 2,343 up 5% w-o-w. Supramax average earnings were $20,200/day with the BSI at 1,604 up 8% w-o-w. Handysize average earnings were $15,400/day with the BHSI at 834 up 6% w-o-w.
Dry Atlantic Analysis – Week 22 2026
Capesize improved on South Brazil and West Africa to China with C3 at $37.723/ton up 4% w-o-w and a 180,000 dwt fixed Tubarao to Qingdao at $37.50/ton.
Panamax stayed under pressure as the tonnage list grew, with an 82,000 dwt fixed delivery Kandla for a trip via ECSA to the Far East at $23,000/day.
Supramax remained mixed as enquiry thinned, with a 63,000 dwt fixed UK to the East Mediterranean on scrap at $20,750/day.
Handysize stayed quiet in the Continent and Mediterranean, with a 37,000 dwt fixed delivery Canakkale via Constanta to Tekirdag at $11,250/day.
Dry Pacific Analysis – Week 22 2026
Capesize held firmer on steady miner participation with C5 at $16.410/ton up 5% w-o-w and a 175,000 dwt fixed Port Hedland to Qingdao at $16.40/ton.
Panamax firmed on stronger Australian and Indonesian demand, with an 82,000 dwt fixed delivery Yeosu for a trip via Port Latta to Singapore Japan at $19,500/day.
Supramax stayed pressured on limited enquiry and a long tonnage list, with a 53,000 dwt fixed South China on an Indonesia round at $7,200/day.
Handysize remained weak with limited improvement in demand, with a 28,000 dwt fixed delivery Singapore via Southeast Asia to Yantai at $9,000/day.
Wet Atlantic Analysis – Week 22 2026
VLCC was mixed with TD15 West Africa to China at $89,700/day down 6% w-o-w and TD22 US Gulf to China at $103,000/day down 1% w-o-w, while average earnings were $198,200/day up 0.4% w-o-w.
Suezmax corrected lower with TD20 West Africa to UK Continent at $58,600/day down 17% w-o-w and TD27 Guyana to UK Continent at $64,400/day down 14% w-o-w, with average earnings at $88,200/day down 11% w-o-w.
Aframax weakened on the US Gulf with TD25 at $32,100/day down 31% w-o-w and TD26 at $38,700/day down 29% w-o-w, while average earnings were $45,200/day down 15% w-o-w.
LR2 TC20 ME Gulf to UK Continent was assessed at $136,200/day down 1% w-o-w.
MR was mixed with TC21 US Gulf to Caribs at $34,000/day and TC2 Continent to US Atlantic Coast at $6,700/day down 32% w-o-w.
Wet Pacific Analysis – Week 22 2026
VLCC TD3C ME Gulf to China edged higher to $401,000/day up 2% w-o-w, while TD34 Gulf of Oman to China was assessed at WS 127 down 2% w-o-w and $23.77/ton down 2% w-o-w.
Suezmax East of Suez remained weak with limited enquiry from Yanbu and Fujairah and continued ballasting pressure.
Aframax cross-Med TD19 rose to $40,900/day up 21% w-o-w.
LR2 TC1 ME Gulf to Japan fell to $140,000/day down 2% w-o-w and LR1 TC5 ME Gulf to Japan fell to $104,700/day down 3% w-o-w.
MR TC7 Singapore to East Coast Australia eased to $31,400/day down 4% w-o-w.
Over the past twelve months, Greece led secondhand selling with 327 vessels across sectors, versus 173 for China, with Greek sales led by 161 dry bulk and 124 tankers and Chinese sales led by 116 dry bulk and 35 tankers alongside container and gas transactions. On the buying side, Greece recorded 240 purchases and China recorded 215, with Greek buying concentrated in tankers and containers while China’s buying was dominated by dry bulk.