The 2026 Business of Shipping Conference brought together a diverse cross-section of Canada’s marine community for a candid and practical look at the system that underpins our country’s trade and economic competitiveness.

From vessel traffic coordination and port integration to terminal operations, workforce realities, market outlooks, and policy considerations, the discussions reflected how shipping actually works, the operational challenges, the commercial pressures, and the opportunities ahead. The level of engagement in the room, the thoughtful questions, and the quality of exchange throughout the day were truly encouraging.

Thank you to all of our attendees who took the time to participate and contribute. To our speakers, we are grateful for the insight, experience, and practical perspectives you shared so openly. And to our sponsors, your strong partnerships and continued support make this flagship industry gathering possible.

The energy in the room confirmed the value of bringing industry, regulators, operators, and service providers together in one place. We are deeply encouraged and look forward to building on this momentum with continued collaboration and future Business of Shipping events.

Vancouver-based Seaspan Shipyards has awarded a $1.5 million contract to Alberta’s Confined Space Robotics to develop semiautonomous robotic systems for blast and paint operations across its ship and submarine programs. The systems will use specialized tools such as laser ablation units, grit blasters, and spray-coating equipment to operate in confined and hazardous spaces, reducing worker exposure to fumes, particulates, and repetitive strain injuries. Seaspan says the move supports safety, productivity, and material efficiency while aligning with Canada’s National Shipbuilding Strategy. The initiative reflects a broader global trend toward automation in shipbuilding as yards face labour shortages and stricter safety and environmental requirements.

Nutrien reported mixed fourth-quarter 2025 results, with earnings and revenue slightly below expectations due to weaker fall fertilizer application, but full-year net earnings surged 228% to US$2.03 billion on record sales volumes. The company expects robust global potash demand in 2026, forecasting market demand of 74–77 million tonnes and higher prices amid low inventories. Nutrien plans to boost production and maintain low costs while expanding export capacity, including a proposed US$1-billion terminal in Washington state. However, executives cautioned that supply chains could face strain if demand reaches the upper end of projections. Competition is also set to intensify as BHP advances its major new potash mine in Saskatchewan.

Cenovus Energy reported record 2025 production averaging 834,000 barrels per day, up 4% year over year, despite lower commodity prices. The company is integrating MEG Energy’s assets following its $8.6-billion acquisition, targeting at least $400 million in annual synergies by 2028 and advancing redevelopment at Christina Lake to boost output. Fourth-quarter production rose to nearly 918,000 barrels per day, while profit climbed to $934 million from $146 million a year earlier. Cenovus is also nearing first oil from its West White Rose offshore expansion in Newfoundland and Labrador, though weather challenges may tighten timelines.

Trans Mountain Corporation has appointed Don Lindsay as Chair of its Board of Directors, effective February 24, 2026, succeeding Interim Chair Patricia Koval. Lindsay, former CEO of Teck Resources and current Chair of Manulife, brings more than four decades of experience in resource development, global finance and corporate governance. His appointment comes as the expanded Trans Mountain pipeline system plays a key role in boosting Canada’s export capacity and trade diversification. Company leadership said Lindsay’s expertise in international commodity markets and Indigenous relations will support strong governance and long-term value creation.

The federal government has launched Canada’s first Defence Industrial Strategy, committing over $500 billion in defence and related investments over the next decade to strengthen sovereignty and economic resilience. The plan aims to double defence spending, meet NATO’s 2% target ahead of schedule, and prioritize domestic production under a “build, partner, buy” framework. A new Defence Investment Agency will streamline procurement, while research funding will rise 85% to support innovation in AI, quantum, robotics and advanced systems. The strategy targets 125,000 new jobs, a 220% increase in sector revenues and a 50% boost in defence exports, positioning Canada to expand its domestic capabilities and reduce reliance on foreign suppliers.

Defence Minister David McGuinty promoted Ottawa’s new defence industrial strategy during a visit to Seaspan Shipyards in North Vancouver, where HMCS Protecteur - Canada’s largest domestically built naval vessel- is nearing completion. The federal plan aims to supply 70% of military equipment domestically and boost defence exports by 50%, strengthening Canada’s home-grown manufacturing capacity. McGuinty highlighted ongoing shipbuilding projects, including joint support ships and a heavy polar icebreaker, as examples of the strategy in action. BC officials welcomed the initiative, citing billions in potential economic benefits and positioning the province to secure a larger share of future defence contracts.

Eight men have been sentenced to a combined 95 years in prison for their roles in a transnational drug smuggling operation that concealed liquid methamphetamine in 17-litre canola oil containers. Between December 2022 and June 2023, authorities intercepted more than 2.5 tonnes of meth at BC ports, along with an additional 204 kilograms of crystal meth in a separate shipment. The joint investigation by the RCMP, CBSA and Australian Federal Police led to arrests in Australia, where the drugs were destined for a Melbourne lab. Officials described the case as a major blow to organized crime networks operating across borders.

The US Supreme Court ruled that President Donald Trump overstepped his authority by using the International Emergency Economic Powers Act (IEEPA) to impose broad tariffs on Canada, Mexico and other countries. The majority held that IEEPA does not authorize the president to levy tariffs, reaffirming that taxation powers rest with Congress. While the decision invalidates the fentanyl- and trade deficit-related tariffs, industry-specific duties under Section 232, including on steel, aluminium, and autos, remain in place. Canadian officials welcomed the ruling but cautioned that trade tensions persist ahead of the upcoming CUSMA review. Business groups warned that alternative US trade measures could still emerge, leaving uncertainty for cross-border industries.

The White House’s February 13 Maritime Action Plan outlines proposals to rebuild US shipbuilding and reduce reliance on foreign-built vessels, with potential implications for international carriers. Measures under consideration include a universal fee on foreign-built ships calling at US ports, tighter cargo preference rules favouring US-flagged vessels, and a land port maintenance tax to prevent diversion through Canada or Mexico. The plan also proposes creating a subsidized Strategic Commercial Fleet of US-built and flagged ships and signals possible future trade measures linked to China under Section 301. While none of the measures are currently in force, legislative action is expected following the FY2027 budget process. Global carriers are being advised to monitor developments closely due to the potential impact on costs, routing decisions, and market access.

Global spending on EV battery raw materials exceeded $2 billion in December for the first time since August 2023, signalling a recovery in lithium and nickel markets ahead of 2026. Battery capacity deployment is expected to surpass 1 terawatt-hour in 2025, nearly quadrupling since 2021 as EV sales and capacity growth continue to expand. Total spending on key battery metals, including lithium, nickel, cobalt, graphite, and manganese, reached $15.8 billion in 2025, up nearly 13% year over year. Lithium and nickel are driving the rebound, while cobalt prices also strengthened despite increased adoption of LFP battery chemistries. Analysts expect lithium and nickel to remain the dominant contributors to battery material demand growth in 2026.

Hapag-Lloyd’s $4.2 billion acquisition of Zim Integrated Shipping Services is set to strengthen its position across major global trade lanes and solidify its ranking as the world’s fifth-largest container carrier. The deal would raise Hapag-Lloyd’s market share to 27% on the trans-Atlantic and 12% on the trans-Pacific, while also expanding its presence in Asia–Latin America and intra-Europe trades. Executives highlighted the strategic value of improved scale on core corridors, particularly the Atlantic and Pacific routes. The transaction, pending shareholder and regulatory approvals, comes amid a downturn in container shipping profitability. Combined revenues are projected at $28 billion for 2025, with earnings expected to decline sharply from 2024 levels.

Russian authorities have outlined an ambitious plan to expand the Northern Sea Route (NSR), including the construction of 10 additional icebreakers and 46 rescue vessels by 2035. The strategy also calls for new rescue bases, infrastructure upgrades, and development of cargo capacity to support year-round Arctic navigation. Rosatom, which oversees the NSR, currently operates eight nuclear icebreakers, with more under construction under the Project 22220 series. Officials say Arctic traffic levels have remained strong, with record container growth and increased transit voyages in 2025. The broader plan includes 155 development initiatives aimed at strengthening the NSR as a trans-Arctic transport corridor.

The latest session of the International Maritime Organization’s Pollution Prevention and Response Sub-Committee (PPR 13) signalled a shift toward measuring environmental performance based on real-world vessel operations and lifecycle impacts. Discussions covered biofouling management, Arctic black carbon emissions, scrubber discharge water, low-load engine certification, and ship recycling standards. Regulators are increasingly focusing on operational behaviour, including hull condition, engine performance at partial loads, and long-term environmental accountability. The direction suggests future compliance will rely more on measurable performance data than on single technology solutions. For shipowners and engineers, the evolving framework may require greater emphasis on maintenance discipline, fuel strategy, and lifecycle planning.

Workers at ZIM Integrated Shipping Services have launched a full strike following the announcement of the company’s $4.2 billion sale to Hapag-Lloyd. Around 800 unionised employees walked off the job, halting operations at ZIM’s Haifa headquarters and disrupting port activity in Haifa and Ashdod. Union leaders say they fear significant job losses under the proposed restructuring, which would carve out Israeli operations into a new entity with a reduced workforce. Ships have reportedly been left idle as loading and unloading activities were suspended. The strike escalated after workers said management and incoming owners failed to engage in negotiations during an initial warning action.

Arctic ship traffic reached a record 1,812 unique vessels in 2025, a 40% increase from 2013, according to data from the Arctic Council’s PAME working group. Total sailing distance nearly doubled over the same period, reflecting more frequent voyages linked to oil, gas, mining, and fishing activities. Traffic remains highly seasonal, peaking between August and October as sea ice retreats. Crude oil tanker movements have quadrupled in the past decade, while LNG shipping has expanded significantly to support projects such as Yamal LNG. Although activity along Russia’s Northern Sea Route has recently plateaued due to sanctions, overall Arctic maritime activity continues to grow.

Norway’s VARD has delivered the converted seismic source vessel Sanco Sailor to Sanco Shipping following extensive upgrades at Vard Langsten. Originally built in 2010 as a seismic research vessel, the ship underwent major structural modifications, seismic equipment upgrades, and the installation of a DP2 system to enhance operational capability. The vessel was acquired in July 2025 and entered the yard in August for conversion. Delivery was completed after successful sea trials. VARD highlighted the project as a result of close collaboration and technical expertise throughout the conversion process.