Global Shipping Digest 2026

Welcome to the Conyers Global Shipping Digest, which provides an overview of significant M&A, capital markets and financing mandates in the global shipping industry over the past twelve months.

In 2025, the global shipping industry demonstrated continued resilience against the backdrop of ongoing geopolitical uncertainty and uneven macroeconomic conditions. The year was characterised by active financing markets, continued consolidation and a steady pipeline of equity and M&A transactions.

Private placements and follow-on offerings were a preferred mechanism, allowing issuers to raise capital efficiently without the uncertainty of full public offerings. M&A activity remained steady, with a significant proportion of transactions driven by consolidation, take-private activity and sponsor-led investment.

The transactions featured in this digest illustrate how leading shipping companies continue to utilise the benefits of Bermuda, the British Virgin Islands (BVI) and the Cayman Islands as jurisdictions from which to access global capital markets and execute complex financing structures across the maritime sector. Bermuda remains a leading domicile for listed shipping groups and large-scale financings, while the BVI and Cayman Islands continue to play a key role in holding structures, joint ventures and acquisition vehicles, offering flexibility and efficiency in multi-jurisdictional transactions.

Large-scale strategic combinations underscored the industry’s focus on scale and diversification. Transactions such as the merger of CMB.Tech NV and Golden Ocean indicate a clear shift toward creating larger, more integrated shipping platforms with improved access to capital and broader fleet exposure. This merger created one of the largest diversified listed maritime groups globally, with a fleet exceeding 250 vessels and a significant combined market platform.

A notable recent development is Carnival Corporation’s redomiciliation to Bermuda and the unification of its dual-listed company structure. Completed in May 2026, the transaction consolidated Carnival’s equity into a single listed entity and streamlined its governance framework, while enhancing liquidity and positioning the company for greater inclusion in major indices. This transaction underscores a wider trend of jurisdictional and structural optimisation among global shipping and cruise companies.

For further context on Bermuda’s growing prominence in the cruise sector, see Victor Richards recent article: The Rise of Bermuda as a Hub for Cruise Ship Corporations.

Looking ahead, shipping capital markets are expected to remain active. Complex transactions will continue to combine elements of debt and equity capital, M&A and jurisdictional structuring. As these transactions grow in scale and sophistication, the need for integrated, multi-jurisdictional advice will become increasingly important. Conyers is well positioned to support this activity, advising clients on capital markets transactions, strategic M&A and corporate structuring.

Conyers advised on a number of high-profile transactions throughout 2025 and we are gratified to have received three Marine Money “Deal of the Year” awards for this work. This recognition underscores our strong track record in ship finance and reinforces our position as trusted advisers in the global ship finance sector.