Hapag-Lloyd’s nine-month net profit fell by half to EUR 846 million, prompting it cut its full-year EBIT forecast by EUR 150 million. Growth of 9% in volume helped, but low rates and sheltering costs have weighed heavily, though we find the early cost benefit from Gemini cooperation with Maersk here.
COSCO Shipping founded ship supply e-platform and commenced US$1.75 billion newbuilding spree for 29 vessels in November 2025
The European and international authorities escalated sanctions pressure against Russia’s shadow fleet operations in late November 2025. The EU General Court dismissed cases against challenges to sanctions listings while coordinated efforts between OLAF and Europol targeted networks involved in circumvention attempts. Ukraine sanctioned 56 vessels involved in illegal port calls. Canada tripled its shadow fleet designations to 100 vessels.
November 17-24, 2025: A sanctions trial against the Dutch shipbuilder Damen Shipyards. The plans for international partnerships investing in U.S. yards, and expanding operations, to revive and upgrade the American shipbuilding capability were also progressing.
Following the conclusion of trade discussions between President Trump and President Xi, the United States for one year as of November 10 suspended Section 301 vessel fees on China-linked vessels. In other developments, the UK published extensive guidance regarding how Russia seeks to evade sanctions in maritime sectors focusing on common methods of circumventing sanctions.
Europe's shipping emissions in 2024 climbed 13% year-on-year to a new record high since mandatory reporting began in 2018, driven primarily by container ships taking longer routes via the Red Sea and moving cargo more frequently through disruption zones. At the IMOs 2024 Spring meeting in London, the US government successfully convinced those present to delay a vote on their landmark Net-Zero Framework Framework until October 2026, raising the risk of a derailment in the maritime decarbonization efforts.
On November 15th 2025 in Panama City Florida, the US Navy commemorated the commissioning of USS Pierre (LCS 38) - the last of the Independence-class littoral combat ships: marking the end of a class perhaps best exemplified by unexpected hiccups or hiccoughs (we still don’t know the correct spelling!) that delayed some ships and contributed to an overall rocky start to a class that eventually served with distinction. As the rest of the Navy prepared to commission Ship #1 in this new class, tensions in the maritime regions simmered as Chinese naval modernization, Russian exercises in Southeast Asia, and Venezuelan mobilization in response to US Carriers in the Caribbean showed how emboldened global powers were willing to be.
Classification societies have markedly increased the level of regulatory and technical updates between November and December 2025, focussing on emission reporting deadlines, lifting appliance requirements and new technology approvals. Among these, the U.S. Coast Guard have published updates to their Alternate Compliance Program, and there are also revisions to SOLAS, among other guidance around lifting equipment.
In November 2025, critical moments in shipping decarbonization included the IMO's delay of its Net-Zero Framework vote, fresh partnerships between major operators, and growing fears of regulatory fragmentation. Other players are still developing alternative fuel technologies while manoeuvring through the crowded maze of compliance.
Iran seized a Marshall Islands-flagged tanker in the Strait of Hormuz, and U.S. Navy seized several Russian-flagged ships delivering diluent to Venezuela - signs of increased maritime tensions in mid-November 2025.
LNG charter rates crossed $100,000/day for the first time since early 2024 in mid-November on the back of increased supply, greater need for floating storage capacity and seasonal winter demand. Container ship charter rates continued to fall across most sizes of vessel at this time.