January/February 2026 digital edition

Back into the fray

Welcome back! Those hoping that 2026 would return with a degree of relative calm have been disappointed.

Suez Canal transits and Red Sea routings are back on the agenda as operators shape their 2026 planning cycles. After a year of widespread diversions around the Cape of Good Hope, Western container carriers are cautiously testing the waters. Multipurpose and project carriers, meanwhile, are watching the liner groups closely before making any material changes of their own.

Naturally, the situation is of interest to those supporting the Middle East’s burgeoning capital project sector. Ambiguity and supply chain disruption may have increased transport risks, insurance costs and scheduling challenges for project cargo movements but activity remains robust, particularly in the UAE and Saudi Arabia. Our full report on the region can be found on pp76-83.

There is also wary optimism around Ukraine-Russia peace talks, with those in December reported to be the most substantive diplomatic engagement in some time. Outcomes remain uncertain, but even the prospect of de-escalation would be a welcome boost for confidence in the region.

Elsewhere, US military action in Venezuela and the arrest of president Nicolás Maduro has raised fresh questions for the region. While Washington talks up renewal in the country’s oil sector – with it asserting control over Venezuelan exports and directing sales through US-approved channels – whether this translates into meaningful project logistics activity remains an open question.

The sector’s infrastructure is in a ruinous state and, given the scale of degradation and the billions of dollars required to bring assets back up to standard – plus the lingering memories from 2007 when Venezuela expropriated the assets of ExxonMobil and ConocoPhillips – US energy companies may be cautious about re-entering the market at pace.

Moreover, the US administration’s posturing over taking control of NATO-aligned territory Greenland adds another layer of geopolitical uncertainty to the mix. Factor in a constant upheaval around the USA’s offshore wind energy business, plus ambiguity around the legality of Donald Trump’s tariffs, and the uncertainty continues to build.

Against this backdrop, the industry continues to move – and so do we. Following the acquisition of DVV Media International’s aviation, transport and HR portfolio by ProMedia Group – including HLPFI – we look forward to building on the strength of the brand with our new owners, readers and partners.

David Kershaw,

Editor