Wind orders in 2025: reset, not retreat

Global wind turbine ordering activity slowed in 2025, but the headline numbers hide a more nuanced story. Firm orders, or confirmed supply deals and framework agreements, fell about 20% year over year to approximately 140 gigawatts, according to S&P Global Energy Horizons. Nonfirm contracting activity — typically nonbinding commitments, such as conditional agreements and memorandums of understanding — reached 60 GW, bringing total recorded orders to over 200 GW.

"Despite the contraction in firm orders, this slowdown looks less like weakening fundamentals and more like the global market recalibrating after a highly concentrated surge in additions," said Indra Mukherjee, head of wind technology and supply chain research at S&P Global Energy Horizons.

Middle East conflict keeps Asian agricultural markets on edge

Escalating conflict in the Middle East is keeping Asian traders on alert as concerns grow over potential increases in freight costs and logistical pressures on key agricultural commodities such as grains, chicken and beef, market participants said. Asian grains traders are closely monitoring the situation.

"Freight is not helping for any trades," a Singapore-based trader said. A Japan-based trader added, "It is too early to tell, but the only change is the bunker price for now."

"Ocean freight was already up $2/metric ton [Feb. 27] even before the US-Iran escalation, likely more this week as war risk surcharges and premiums are added into the equation,” a Singapore-based grains purchaser said. “We need to closely monitor biofuels [sugar, corn, soyoil and palm] as well as fertilizer prices as US farmers enter a new planting season."