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opening excerpt
Special reports:
Macroeconomic Outlook, 6
From Fuel to Power, 14
Commercial Gap, 27
Biodiversity Protection, 35
Shipping analysis:
Shipping Markets at a Glance, 44
Shipbuilding, 50
Container, 54
Dry Bulk, 57
Crude Tanker, 61
Product Tanker, 64
LPG Carrier, 67
LNG Carrier, 70
Table
of
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ontents
Danish Ship Finance
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Financing the transition
4
Danish Ship Finance
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Financing the transition
Executive Summary
Macroeconomic outlook tilted to the downside
The global economy remains resilient in the short term, but is built on temporary factors such as front-loading of trade
and investment. Growth is expected to ease from 3.3% in 2024 to 3.1% in 2026. Fiscal fragility, demographic ageing
and geopolitical fragmentation are weighing on potential growth. While higher defence spending provides some support,
it is unlikely to offset these broader headwinds. The balance of risks remains tilted to the downside.
Structural erosion of tonne-mile demand
The largest shipping segments – Dry Bulk, Crude, Product, Container, LPG and LNG – are facing structural downside
risks from shorter travel distances. The energy transition from fuel to power is accelerating, reducing the long-term