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Daily Update — March 12, 2026

Steel Decarbonization; Emerging Private Equity Managers; and Marine Insurers Seek Solutions

Today is Thursday, March 12, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Energy Transition & Sustainability

Listen: José Fonrouge, Ternium, on Decarbonizing Steel in a Two-billion-ton Industry

 

The steel sector accounts for 9% of global greenhouse gas emissions, making it one of the most challenging to decarbonize. José Fonrouge, global environmental director at Ternium, joined the “CERAWeek Podcast with Atul Arya” to discuss the realities of reducing emissions in this industry, which produces about 2 billion metric tons of steel annually. The conversation examined structural constraints — from coal dependence and infrastructure gaps to global market dynamics — and outlined pragmatic pathways grounded in recycling, energy efficiency and hydrogen innovation.

 

As energy, technology and geopolitics increasingly converge, these questions will be central to the dialogue at CERAWeek 2026. Join us March 23–27 in Houston.

Private Markets

Private Equity: Emerging managers to watch in 2026

 

After a protracted period of slower fundraising and heightened selectivity across the private equity landscape, opportunities remain for first-time managers, particularly those with deep sector specialization, differentiated strategies and strong operational track records. While overall fundraising challenges persist and capital has disproportionately flowed to established firms, emerging managers continue to attract commitments. More than 30 first-time funds across buyout, growth and secondaries reached final close in 2025, collectively raising nearly $20 billion.

 

With Intelligence, a part of S&P Global Market Intelligence, tracked 134 new private equity firm launches in 2025 and expects that credible first-time funds will continue to attract capital in 2026. The 2026 emerging managers watch list reflects the areas where conviction remains strongest. This year’s cohort spans healthcare, aerospace and defense, financial technology, business-to-business services, business and industrial services, and secondaries.

Global Trade

Marine insurers seek solutions as Gulf shipping threats evolve

 

Marine insurers are exploring new ways to revive seaborne trade in the Gulf, even as the US offers to backstop war risk insurance. More than 10 ships have been targeted in the Strait of Hormuz and surrounding waters since the Middle East war began Feb. 28, leading to crew casualties and ship damage. International shipping organizations have called on shipping companies to avoid conflict zones if possible.

 

"This situation is unprecedented. There is perhaps a tendency in some quarters to view this as a rerun of 1980s tanker wars, but that scenario was fundamentally different," Munro Anderson, director of strategy and operations at marine war risk insurance specialist Vessel Protect, part of Pen Underwriting, told Platts, part of S&P Global Energy. “That said, there is no less of an obligation or a willingness on the part of specialist marine war insurers to be able to find mechanisms to support commercial trade.”

In case you missed it

  • The Middle East conflict is raising critical questions for Australia, a major alumina and bauxite supplier, according to the Australian Aluminium Council.
  • As data center development fuels an unprecedented wave of large-load customer contracts, US electric utilities are emphasizing long-term spending and growth visibility over quarterly financial benchmarks.
  • European urea ammonium nitrate prices increased in early March as war in the Middle East has driven up natural gas and ammonia costs, exacerbating supply constraints from Russian sanctions and freight disruptions. This has resulted in a bullish market for nitrogen fertilizers across Eastern and Western Europe.

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