INTERCEM Shipping Americas 2026

Dry bulk markets entered 2026 with vessel supply and demand pulling in different directions. Fleet growth, including new capacity from China, was balanced against an ageing fleet, vessel surveys and disruption that continued to restrict effective shipping capacity.

Demand remained uneven across commodities, with iron ore, bauxite, grain and minor bulks supporting activity. The outlook was stronger for the first half of the year, while additional vessel deliveries, macroeconomic uncertainty and dependence on Chinese demand created greater risk later in 2026.

Global cement demand remained under pressure across mature markets as high interest rates, construction costs and a delayed housing recovery continued to affect activity. Emerging markets offered stronger growth prospects, although economic and energy pressures were also influencing their outlook.

Energy prices remained an important variable for cement markets, feeding through to inflation, financing conditions and construction demand. Market forecasts had been revised downwards, with further downside risk identified for late 2026 and 2027 depending on energy prices and geopolitical developments.

US cement imports continued to serve regional supply gaps, with infrastructure investment and major projects supporting demand beyond the residential construction market. Importers were also facing greater competition as domestic producers invested in additional capacity and SCM strategies.

Geopolitical disruption, tariffs and higher bunker and freight costs were changing the economics of imported cementitious materials. Cement imports stood at approximately 25Mt, concentrated particularly around Gulf and coastal markets, while higher transport costs increased the exposure of lower-value cargoes such as cement and slag.

Growing import volumes placed greater attention on the capacity and efficiency of the infrastructure used to move cement through US ports and into domestic markets. Houston was a particular focus, with terminal operations and handling capacity becoming increasingly important as volumes increased.

Investment in unloading systems, storage and terminal optimisation was discussed alongside domestic cement supply and distribution requirements. Efficient port operations were becoming an increasingly important part of maintaining reliable cement supply, alongside the availability of the material itself.

Shipping markets faced a combination of geopolitical disruption, changing trade policy and higher operating costs during 2026. Uncertainty around the Suez Canal and Red Sea routes increased the potential for rerouting and longer voyages, while US tariff policy added another variable to sourcing and import decisions.

Higher bunker and freight costs were particularly significant for cement and other lower-value bulk commodities. Changes to tariffs did not necessarily translate into lower landed costs, with freight and energy increases capable of offsetting reductions elsewhere in the import cost structure.

An ageing cement carrier and dry bulk fleet increased the focus on replacement requirements, vessel efficiency and future operating standards. Newbuild activity continued despite uncertainty around demand, reflecting expectations that ageing vessels and tighter efficiency requirements would affect available capacity over the longer term.

Digitalisation was also moving shipping operations towards real-time route and fuel optimisation, with practical applications aimed at reducing fuel consumption, downtime and operational risk. Fuel efficiency, discharge performance and better use of operational data were becoming increasingly relevant to vessel competitiveness.