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COS Weekly News - Friday, 27 February 2026

COS Weekly News - Friday, 27 February 2026

‍‍COS Weekly News - Friday, 27 February 2026


2025 BC Ports Handbook - Now Available

We’re excited to announce that the Chamber of Shipping’s 2025 BC Ports Handbook is now available in both hard copy and digital formats, your essential guide to British Columbia’s port landscape, operations, and key industry insights. Whether you prefer the convenience of a digital copy or the tactile reference of a printed edition on your desk, this Handbook is designed to support professionals, stakeholders, and anyone with an interest in BC’s vibrant marine gateway. Please visit this link to order your copy and stay informed with the latest data, analysis, and expert perspectives shaping our ports.

‍In the news...

2025 BC Ports Handbook - Now Available
China suspends key tariffs on Canadian farm exports
Port of Vancouver launches review for dredging project at Second Narrows
Port Alberni Port Authority – Board Director Nominations Open
Port of Vancouver set for record 2026 cruise season
Report calls for federal push to expand shore power at Canadian ports
Arctic Gateway and Fednav study year-round shipping at Churchill
Australia sends LNG cargo to East Canada amid weak Asian demand
Port of Halifax posts steady 2025 performance with strong Asia trade growth
BC fast-tracks three critical mineral projects
Saskatchewan joins India trade mission amid tariff concerns
Nova Scotia proposes levy on first offshore wind projects
US approves 12% expansion at Corpus Christi LNG
LA and Long Beach volumes dip as tariff uncertainty clouds outlook
USCG rescues two Canadians stranded on Lake St. Clair
Low recycling may pressure tanker markets despite near-term strength
IMO debate intensifies over fatigue and safe manning standards
Russian oil tanker diverts from Cuba amid tightening US pressure
HK shipowners welcome maritime incentives in 2026–27 budget
Iran ramps up oil exports amid rising US tensions
27 February - Viking Energy

‍Local News

China suspends key tariffs on Canadian farm exports

China will suspend 100% tariffs on Canadian canola meal and peas, and 25% duties on lobster and crab, from March 1 through the end of 2026 following a January visit by Prime Minister Mark Carney. However, Beijing’s announcement did not address steep tariffs on canola seed or pork, leaving uncertainty ahead of a March 9 probe conclusion. The move eases pressure on Canadian farmers, as China was Canada’s second-largest canola market in 2024. The partial tariff relief comes amid broader geopolitical shifts, with Canada seeking to diversify trade ties beyond the United States.

Port of Vancouver launches review for dredging project at Second Narrows

The Vancouver Fraser Port Authority has begun an environmental review for a proposed dredging project at Second Narrows that would allow tankers serving the Trans Mountain Westridge Marine Terminal to load closer to full capacity, potentially increasing export efficiency. The relatively small-scale dredging would remove about 25,000 cubic metres of seabed material, with assessments expected to continue through 2026 before any work proceeds. While the federal government supports the initiative as part of broader trade diversification efforts, the project faces opposition from the Tsleil-Waututh First Nation over environmental and territorial concerns, particularly related to seabed disturbance and marine ecosystem impacts.

Port Alberni Port Authority – Board Director Nominations Open

The Port Alberni Port Authority has announced three vacancies in the User Group category on its Board of Directors. In accordance with the Canada Marine Act and the Authority’s Letters Patent, a Nominating Committee has been established to oversee an open, transparent, and merit-based selection process. Interested individuals are encouraged to review the eligibility requirements set out in Section 16 of the Canada Marine Act. Nominations, including a completed nomination form, resume, and cover letter, must be submitted no later than 4:00 PM on April 10, 2026. Further details and nomination materials are available on the Port Alberni Port Authority website.

Port of Vancouver set for record 2026 cruise season

Vancouver is preparing for a record 2026 cruise season, with approximately 360 ships expected to call at the port and more than 1.4 million passengers projected, including new and expanded deployments from Virgin Voyages, Ritz-Carlton Yacht Collection, and Disney Cruise Line. The Vancouver Fraser Port Authority says the sector injects roughly $1 billion annually into the local economy, with cruise lines spending about $660 million on goods and services and passengers averaging $450 each during their stay. With tourism also boosted by events like the FIFA World Cup, officials expect a strong year, highlighting Vancouver’s natural beauty, environmental reputation, and transportation infrastructure as key draws. Cruise activity in Vancouver supports more than 17,000 jobs nationally.

Report calls for federal push to expand shore power at Canadian ports

A new report prepared for Oceans North urges stronger federal leadership to accelerate shore power adoption at Canada’s largest ports, highlighting the health and climate impacts of ships running diesel engines while at berth. The study finds that more than 95% of vessels continue burning fuel in port, contributing to air pollution and greenhouse gas emissions, and estimates that expanded shore power could cut emissions by nearly 170,000 tonnes annually. It recommends mandatory shore power capability at all Canadian Port Authority berths by 2035, requirements for large vessels to connect, and the creation of a federal port electrification investment strategy to support infrastructure, grid planning, and regulatory certainty. While some ports have integrated shore power into expansion plans, high infrastructure costs and limited federal coordination remain key barriers to broader deployment.

Arctic Gateway and Fednav study year-round shipping at Churchill

Arctic Gateway Group has partnered with Fednav to assess the operational requirements for potential year-round shipping from the Port of Churchill, with findings expected this summer. The review will analyze ice conditions, navigation constraints, extended seasons, and infrastructure needs to inform long-term business planning, without pre-empting regulatory or Indigenous consultation processes. Fednav will draw on its Arctic shipping expertise to evaluate safe operating capabilities in Hudson Bay. Any future move toward year-round service would require extensive environmental reviews and engagement with Indigenous communities and governments, and the study will complement broader research and conservation initiatives underway in the region.

Australia sends LNG cargo to East Canada amid weak Asian demand

Australia is exporting LNG to more distant markets, including East Canada, as demand from its traditional Asian buyers softens. A cargo aboard the Maran Gas Hector is set to become the first Australian LNG shipment to reach East Canada, marking a roughly 16,000-mile voyage. The shift comes as LNG imports into China fell 11% in 2025 and spot demand in Japan, South Korea and Taiwan remained subdued, prompting Australian exporters to redirect uncontracted volumes to markets such as Europe, Turkey, Chile and now Canada, where stronger winter demand has supported higher imports.

Port of Halifax posts steady 2025 performance with strong Asia trade growth

The Port of Halifax handled 502,000 TEUs in 2025, with exports remaining stable despite a modest 1.4% dip in fourth-quarter volumes linked to fewer diversion calls. Trade with key markets such as China, India, Turkey, Indonesia and Japan saw notable growth, reinforcing Halifax’s role as a strategic international gateway. Asia accounted for 44% of containerized trade, followed by Europe at 34%. The port also moved 8.6 million metric tonnes of total cargo and hosted 106 ultra-large vessel calls over 12,000 TEU, highlighting its deep-water capacity and strong rail connectivity to Central Canada and the US Midwest.

‍Government News

BC fast-tracks three critical mineral projects

The British Columbia government has selected three mining projects, Northisle Copper and Gold’s North Island, Surge Copper’s Berg, and Defence Metals’ Wicheeda, for early coordination through its Critical Minerals Office to help streamline environmental assessment and permitting processes. Launched in 2024, the office aims to accelerate key projects by coordinating engagement with First Nations and regulators and aligning approval pathways. The announcement boosted share prices of all three companies, whose projects collectively represent multi-billion-dollar development potential in copper, gold and rare earth elements. The move forms part of BC’s broader strategy to expand its critical minerals sector and support faster project advancement.

Saskatchewan joins India trade mission amid tariff concerns

Saskatchewan Premier Scott Moe will travel to India alongside Prime Minister Mark Carney to support renewed trade discussions, including efforts to lower agricultural tariffs on Canadian pulses and lentils. The visit coincides with the Raisina Dialogue and broader talks aimed at advancing a stalled Canada-India trade agreement, as Ottawa and the provinces seek to diversify exports amid ongoing US tariff pressures. Moe acknowledged limited expectations for immediate tariff relief but emphasized the importance of sustained engagement, noting Saskatchewan exported $1.4 billion to India in 2025. He also signalled the province will table a deficit budget next month, citing global trade uncertainty and existing agricultural tariffs as revenue pressures.

Nova Scotia proposes levy on first offshore wind projects

Nova Scotia has introduced the Offshore Renewable Energy Act, which would require offshore wind developers to pay an annual levy of CAD 7,000 per MW for the first 10 years of operation, potentially generating about CAD 35 million annually if the province’s initial 5 GW target is reached. After that period, the province could maintain the fixed levy or shift to a revenue-based model, with officials considering a 4% gross revenue charge that could yield roughly CAD 100 million per year. All electricity from the first projects is expected to be exported, a move Premier Tim Houston says balances attracting developers with ensuring public benefit, though critics argue the focus should be on meeting Nova Scotia’s domestic energy needs.

‍US News

US approves 12% expansion at Corpus Christi LNG

The US Department of Energy has authorized a 12% increase in exports from Cheniere Energy’s Corpus Christi LNG terminal, allowing an additional 0.47 Bcf/d from its Stage 3 Trains 8 and 9 to non-free trade agreement countries. The approval raises the terminal’s total export capacity to 4.45 Bcf/d, making it the second-largest LNG export facility in the United States. US LNG exports have surged from 0.5 Bcf/d in 2016 to 15 Bcf/d in 2025, with volumes projected to exceed 18 Bcf/d by 2027. The decision underscores continued federal support for expanding US LNG capacity amid growing global demand.

LA and Long Beach volumes dip as tariff uncertainty clouds outlook

The ports of Los Angeles and Long Beach reported double-digit year-over-year declines in January container volumes, reflecting comparisons with record highs driven by earlier tariff frontloading rather than underlying weakness. Executives say inventories remain elevated and consumer demand steady, though exports have softened and empty container moves have fallen. The Supreme Court’s ruling striking down certain tariffs, followed by the announcement of new levies, has added fresh uncertainty to trans-Pacific trade, complicating planning for carriers and shippers. Industry analysts warn policy volatility could trigger short-term cargo surges and congestion, even as port leaders express confidence in their ability to manage fluctuations.

USCG rescues two Canadians stranded on Lake St. Clair

Two Canadian men stranded on thinning ice on Lake St. Clair were rescued Tuesday by a US Coast Guard helicopter crew after local authorities requested assistance. The Dolphin helicopter team hoisted both men, aged 61 and 65, to safety and transported them to Windsor airport for medical checks, where they were found to be uninjured. Officials noted that air assets are often the primary rescue option during late winter when marine vessels are out of service due to ice conditions. The Coast Guard emphasized the cross-border cooperation between Canadian and US rescue services and confirmed there is no cost to those rescued.

‍International News

Low recycling may pressure tanker markets despite near-term strength

BIMCO expects crude tanker markets to remain firm through 2026 and into 2027, supported by oil inventory builds and geopolitical risks, while product tanker earnings are forecast to weaken as fleet growth accelerates. Although global oil supply is projected to outpace demand, lower prices could sustain storage-driven demand in the short term. However, a rising order book and limited ship recycling could undermine market balance in the coming years, particularly as vessels over 20 years old account for a significant share of fleet capacity. Recycling efforts may also be constrained by sanctions affecting older tankers, potentially complicating efforts to curb oversupply.

IMO debate intensifies over fatigue and safe manning standards

Captain Pradeep Chalwa has called for stronger action at the IMO to address seafarer fatigue, warning that increased regulatory and documentation demands, combined with reduced crew numbers, are pushing crews beyond safe limits. As fatigue provisions under STCW and ISM come under review at the upcoming HTW meeting, he argues that inconsistent enforcement and competitive pressures among flag states have undermined effective safe manning standards. Chalwa proposes practical measures including minimum global manning baselines, stricter requirements in high-intensity trading areas, active flag-state monitoring using vessel tracking data, and tighter control of exemptions.

Russian oil tanker diverts from Cuba amid tightening US pressure

A tanker believed to be carrying 200,000 barrels of Russian gas oil to Cuba has diverted course and is now drifting in the North Atlantic, potentially worsening the island’s severe fuel shortages. Cuba is facing widespread blackouts and declining power availability as US enforcement measures, including vessel seizures and a naval blockade, deter oil shipments. The diversion follows similar rerouting by other tankers amid sanctions pressure, while Mexico has halted supplies and the US has signaled limited flexibility for private-sector fuel imports. The move underscores growing constraints on Cuba’s access to imported energy.

HK shipowners welcome maritime incentives in 2026–27 budget

The Hong Kong Shipowners Association has welcomed several maritime-focused measures in the 2026–27 budget, including tax concessions for commodity traders, incentives for green-fuel vessels, a dual ship registration system, and support for smart logistics and digital transformation. The initiatives aim to strengthen Hong Kong’s position as an international shipping and finance hub amid geopolitical and decarbonization pressures. The association also called for expanded support for maritime talent development, urging the government to broaden the Maritime and Aviation Training Fund to attract more young professionals to the sector.

Iran ramps up oil exports amid rising US tensions

Iran sharply increased oil loadings from Kharg Island between Feb. 15 and 20, exporting about 20 million barrels, nearly triple January levels, as US military presence in the region intensifies. Satellite and shipping data show a surge in tanker activity and declining onshore storage levels, suggesting Tehran is rushing to move crude before any potential disruption. Analysts say exports this month could average up to 1.6 million barrels per day, with tankers likely to disperse if tensions escalate further. The move mirrors past patterns when Iran accelerated shipments ahead of anticipated US air strikes.

‍Upcoming Events

‍Mar 3:   Pacific Region Canadian Marine Advisory Council Meeting 

Mar 4:   COS Operations Committee Meeting @ 10:00

Mar 4:   Plimsoll Club Winter Social - Hideout Golf @ 17:00
Mar 5:   WMCC Board of Directors Meeting @ 13:00
Mar 9:   AVTM User Committee Meeting @ 10:30
Mar 11: COS Board of Directors Meeting @ 12:00
Mar 12: WMCC Workforce Recruitment & Retention Meeting @ 11:00
Mar 12: ICS Supply Chain and Maritime Career Networking Event @ 16:30
Mar 19: OPP Dialogue Forum on Anchorages @ 10:30
Mar 24: COS Annual General Meeting  @ 15:00

Mar 24: COS Members Appreciation Reception @ 16:00

Mar 24-26: US National Harbour Safety Meeting, Seattle WA (Wait list)
Mar 25: Intertanko North American Panel Meeting
Apr 3:   Good Friday - Statutory Holiday - Office Closed
Apr 6:   Easter Monday - Office Closed

‍Ship of the Week

27 February - Viking Energy


The 95-metre offshore vessel Viking Energy will undergo a retrofit this spring, with completion targeted for autumn 2026, to enable operation on ammonia fuel, a first for an offshore vessel in regular service. The project includes installation of a Wärtsilä ammonia dual-fuel engine, new fuel tanks and safety systems, and significant structural modifications, with potential greenhouse gas reductions of 70% or more. Supported by Equinor and forming part of the EU-backed Apollo project, the conversion aims to advance technical, operational and regulatory readiness for ammonia as a maritime fuel.


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