- OVERVIEW
Canada Steps Up the Ante: Its Growing Influence on Global Shipping
Why Is Canada Stepping Up?
Canada is seeking to reduce its dependence on the U.S. market and expand trade with Asia and Europe. Ottawa aims to double exports to non-U.S. markets by 2035, supported by investments in ports and transport corridors. On the Pacific coast, the Port of Vancouver Gateway Strategy, Canada’s Trans-Mountain Expansion Project, and Roberts Bank Terminal 2 are intended to significantly increase container-handling capacity.
Energy is another important piece. The development of Canada’s Pacific LNG export capacity provides Asian buyers with an alternative source of supply that avoids the Panama Canal and U.S. Gulf. Meanwhile, investment in Arctic infrastructure could gradually improve Canada’s access to northern resources and maritime corridors.
What Does This Mean for Global Shipping?
Canada’s advantage lies in its geography: access to the Pacific, Atlantic and Arctic Oceans. Greater trade diversification could therefore reshape the direction of Canadian cargo flows.
For shipping, stronger westbound exports to Asia could support LNG, dry bulk and potentially tanker movements across the Pacific. Greater trade with Europe could similarly strengthen Atlantic cargo flows. Canada’s growing infrastructure ambitions also add another dimension to the longer-term development of Arctic shipping.
Canada’s Trans-Mountain Expansion Project (TMX)
This project came online in May 2024, following construction that began in 2019. By connecting landlocked Alberta oil to ports in British Columbia, this pipeline enhances Western Canada’s oil maritime export capacity, allowing access to new markets in the Indo-Pacific. It marks a first step towards much-needed diversification of Canada’s oil exports beyond the United States.
In selling crude to China, Canada benefits from how global oil prices are set. Oil exports to Asia Pacific markets, including China, are priced against the Brent ICE benchmark, which, on average, is higher than the Western Canada Select (WCS) used to sell to the U.S (WTI).
Europe Welcomes a New Relationship With Canada
The European Union has opened the door to an idea that Canada becoming the bloc’s first “associate member.” This involves “Alliance for the Future,” spanning technology, advanced manufacturing, defence, critical minerals, and energy. The Arctic would also become a major area of cooperation, reflecting both Canada’s geography and Europe’s growing strategic interest in the High North.
What Does This Mean for Freight?
For freight markets, the key issue is not simply whether Canadian exports increase, but where they go and how far vessels must travel. A shift from predominantly U.S.-bound trade toward more distant Asian and European destinations can increase tonne-mile demand.
More cargo travelling longer distances means greater vessel utilisation and, where supply is tight, potentially firmer freight rates. Pacific energy exports are particularly relevant because sustained Canadian-to-Asia flows could establish more regular long-haul employment.
What Should Shipping Watch?
Canada’s ambitions should not be mistaken for immediate dominance. Port capacity, rail connectivity, project execution, environmental approvals and Arctic operating conditions remain important constraints.
Nevertheless, Canada is increasingly worth watching. Its combination of resources, three-ocean access and trade diversification could gradually alter global cargo patterns. For shipping, Canada may be moving from being primarily a North American supply story to becoming a more influential part of the global freight equation.
- MR MARKET OUTLOOK AND PLATTS TREND
| WORLD SCALE | 15-Sep-26 | 16-Sep-26 | 17-Sep-26 | 7-DAYS AVERAGE | 1-DAY CHANGE | 7-DAYS CHANGE | 7-DAYS-CHANGE |
|---|---|---|---|---|---|---|---|
| SPORE/JPN (30 KT) | 405.5 | 405.5 | 418 | 392.63 | 12.5 | 48 | 12.97% |
| SPORE/OZ (35 KT) | 432.5 | 432.5 | 445 | 420.63 | 12.5 | 45 | 11.25% |
| KOREA /OZ (35 KT) | 442.5 | 442.5 | 447.5 | 434.38 | 5 | 32.5 | 7.83% |
| INDIA/JAPAN (35 KT) | 350 | 365 | 400 | 336.56 | 35 | 105 | 35.59% |
| $1 = $1K | 15-Sep-26 | 16-Sep-26 | 17-Sep-26 | 7-DAYS AVERAGE | 1-DAY CHANGE | 7-DAYS CHANGE | 7-DAYS-CHANGE |
|---|---|---|---|---|---|---|---|
| SPORE/HK | 1075 | 1080 | 1100 | 1,042.50 | 20 | 115 | 11.68% |
| KOREA/SPORE | 1600 | 1600 | 1625 | 1,561.25 | 25 | 125 | 8.33% |
| KOREA/JAPAN | 1200 | 1200 | 1225 | 1,180.63 | 25 | 75 | 6.52% |
| KOREA/H.K. | 1410 | 1400 | 1425 | 1,381.88 | 25 | 75 | 5.56% |
| KOREA/USWC | 3,275 | 3,275 | 3,300 | 3,162.50 | 25 | 300 | 10.00% |
| WORLD SCALE | 15-Sep-26 | 16-Sep-26 | 17-Sep-26 | 7-DAYS AVERAGE | 1-DAY CHANGE | 7-DAYS CHANGE | 7-DAYS-CHANGE |
|---|---|---|---|---|---|---|---|
| AG/JAPAN (55 KT) | 685 | 725 | 755 | 673.13 | 30 | 125 | 19.84% |
| AG/JAPAN (75 KT) | 685 | 725 | 755 | 673.13 | 30 | 125 | 19.84% |
| OMAN G. /JAPAN (55 KT) | 280 | 327.5 | 355 | 287.19 | 27.5 | 70 | 24.56% |
| OMAN G. /JAPAN (75 KT) | 310 | 350 | 380 | 295.00 | 30 | 120 | 46.15% |
- SMALL TANKERS MARKET UPDATE
The regional market remains relatively balanced in Southeast Asia while the Far East continues to hold firm. Intra-SEA and Northbound conditions have improved slightly as palm, COA and regular chemical employment absorb some available tonnage, although vessel supply remains sufficient to keep freight broadly stable. In contrast, Intra-FEAST remains tight, with limited September availability and owners increasingly looking toward October employment, maintaining strong freight expectations. Southbound continues to be one of the firmest trades, supported by steady chemical demand, scarce workable tonnage and owners’ reluctance to reposition south without attractive returns. Overall, Southeast Asia freight remains stable, while Far East rates retain a firm to upward bias.
- REPORTED FIXTURES
| VESSEL | SIZE | GRADE | L/C | LOAD | DISCHARGE | FREIGHT | CHTRS |
|---|---|---|---|---|---|---|---|
| VNR | 12 | CHEMS | 25-30 SEP | KOREA | WCI | $92 PMT BSS 1/1 | CNR |
| MARLIN AMMOLITE | 35 | UMS+GO | 30 SEP | SPORE | COLOMBO | $1.462M | TRISTAR |
| STENA IMAGE | 35 | CPP | 02 OCT | KAWASAKI | PHILLIPPINES | $1.475M | ATC |
| AMAZON VIRTUE | 55 | NAP | 03 OCT | DUQM | JAPAN | WS375 | OQ |
| HUA LIN WAN | 75 | NAP | ELY OCT | STS SOHAR | JAPAN | WS330 | ADMIC |
- GLOBAL BUNKER PRICE REPORT
(US$/MT)
| 15-Sept | 16-Sept | 17-Sept | 3-DAYS AVERAGE | 1-DAY CHANGE | 3-DAYS CHANGE | |
|---|---|---|---|---|---|---|
| VLSFO 0.5 | ||||||
| SINGAPORE | 908.0 | 916.5 | 913.5 | 912.7 | -3.0 | +5.5 |
| FUJAIRAH | 1005.0 | 1028.0 | 1022.0 | 1018.3 | -6.0 | +17.0 |
| ROTTERDAM | 731.0 | 731.5 | 716.5 | 726.3 | -15.0 | -14.5 |
| HOUSTON | 804.0 | 808.0 | 795.0 | 802.3 | -13.0 | -9.0 |
| MGO | ||||||
| SINGAPORE | 1448.0 | 1464.0 | 1448.0 | 1453.3 | -16.0 | – |
| FUJAIRAH | 1702.5 | 1740.0 | 1727.0 | 1723.2 | -13.0 | +24.5 |
| ROTTERDAM | 1508.5 | 1530.5 | 1512.5 | 1517.2 | -18.0 | +4.0 |
| HOUSTON | 1490.5 | 1530.5 | 1497.5 | 1506.2 | -33.0 | +7.0 |
| GLOBAL MARKET | 1577.5 | 1613.0 | 1598.0 | 1596.2 | -15.0 | +20.5 |
| IFO 380 (HSFO) |
||||||
| SINGAPORE | 770.0 | 764.0 | 736.0 | 756.7 | -28.0 | -34.0 |
| FUJAIRAH | 763.5 | 783.5 | 755.5 | 767.5 | -28.0 | -8.0 |
| ROTTERDAM | 627.0 | 630.5 | 616.5 | 624.7 | -14.0 | -10.5 |
| HOUSTON | 555.5 | 533.0 | 514.5 | 534.3 | -18.5 | -41.0 |
| GLOBAL MARKET | 737.5 | 738.0 | 727.5 | 734.3 | -10.5 | -10.0 |
VLSFO
VLSFO prices showed mixed movements over the three-day period, with Fujairah and Singapore recording increases while Rotterdam and Houston declined. The mixed movement came as crude oil prices started to ease after Saudi Arabia indicated efforts to restore part of its damaged East-West pipeline and increase crude supplies through ship-to-ship transfers near Oman. However, continued disruption to the Strait of Hormuz remained a source of supply risk and helped keep some regional bunker prices supported.
MGO
MGO prices remained firm over the three-day period, with Fujairah, Rotterdam and Houston recording increases while Singapore was broadly unchanged. Unlike crude oil, the diesel market remains under strong pressure because refinery capacity has been reduced by damage in the Middle East and Russia, while global inventories remain low. Asian diesel refining margins also reached a record high of more than USD 87/barrel, supporting the strength of MGO prices despite recent weakness in crude oil.
HSFO
HSFO prices moved lower across all major bunkering hubs during the three-day period, with the largest declines seen in Houston and Singapore. The correction followed the recent easing in crude oil prices as concerns over Saudi supply disruptions became less severe and additional Saudi crude was offered to Asian buyers. Continued disruption around the Strait of Hormuz, however, remains a key risk and could still limit further downside in bunker prices.
- SHIPPING STOCKS MARKET WATCH
Hafnia reported a net profit of $277.8 million for Q2 2026, marking the strongest quarterly results since Q3 2022, bolstered by vessel sales and market disruptions. New York- and Oslo-listed Hafnia is now the largest shareholder in Torm with an 18.2% stake.
- SOURCES
- Government of Canada / One Canadian Economy (2026) – Canada to Diversify Trade and Double Exports through the Port of Vancouver Gateway Strategy – July 2026; accessed September 2026.
- Government of Canada / Major Projects Office (2026) – Port of Vancouver Gateway Strategy – covering Roberts Bank Terminal 2, bulk-terminal development, rail infrastructure and Canada’s strategy to expand exports beyond the U.S.; accessed September 2026.
- Transport Canada (2026) – Government of Canada Launches Calls for Proposals for the C$5 Billion Trade Diversification Corridors Fund and C$1 Billion Arctic Infrastructure Fund – March 2026; accessed September 2026.
- Transport Canada (2026) – Canada’s Trade and Transportation Corridors – outlining investment in ports, railways and Arctic/sealift infrastructure to improve access to global markets; accessed September 2026.
- Global Affairs Canada (2026) – Diversifying Canada’s Trade – covering Canada’s investments in trade-enabling infrastructure, strategic export development and diversification beyond traditional markets; accessed September 2026.
- Global Affairs Canada (2026) – 2026–27 Departmental Plan: Expanding Natural Resources Ties with the Indo-Pacific Region – covering Canada’s strategy to increase energy and natural-resource trade with markets including Japan and South Korea; accessed September 2026.
- Bank of Canada (2026) – Canada’s Shifting Position in Global Maritime Trade – May 2026; analysis of Canadian port connectivity, vessel capacity and Canada’s changing position within global maritime networks; accessed September 2026.
- ClearSeas (2026) – Canadian Ports and Facilities that Handle Most Oil Tankers, accessed September 2026
- Asia Pacific Foundation of Canada. Trade Data Online, accessed September 2026.
- Maps of World. How many Oceans touch Canada?, accessed September 2026.
- Government of Canada. Trans Mountain Expansion Project, accessed September 2026.
- European Business Magazine. Europe Opens the Door to a New Relationship with Canada, accessed September 2026.
- S&P Global Commodity Insights (Platts). Clean tanker freight assessments and tanker market intelligence, accessed September 2026.
- Saxo Investor, accessed September 2026.
- Firstlink Research Team. (2026). Internal Market Analysis . Firstlink Global Pte. Ltd., Singapore.
5 Comments
I think this is a positive move by Canada and an interesting development for the global shipping industry. It could create new trade opportunities and further enhance Canada’s role in global shipping.
Never knew Canada is this big of a deal for global trade. Interesting read!
I think Canada definitely has foresight of its geographic advantage in the energy sector. Hope they can push through and create mutually beneficial alliances so as to bring greater opportunities in the energy market.
Canada’s trade diversification is a big win for the freight markets—shifting from short U.S. hops to long-haul Asian and European routes is exactly the kind of tonne-mile boost the industry loves to see.
Interesting development. The real shipping opportunity is not just higher Canadian exports, but longer trade routes into Asia and Europe, which could create meaningful tonne-mile demand over time.