Fitch cuts outlook for North America, EMEA ports to deteriorating

Fitch Ratings has revised its mid-2025 outlook for the port sectors in North America and Europe, the Middle East and Africa (EMEA) region to ‘deteriorating’, citing ongoing trade war and tariff uncertainties.

In contrast, the Asia-Pacific (APAC) and Latin American port sectors retain a ‘neutral’ outlook, bolstered by diversified trade partners and structural resilience.

In North America, the combination of inflationary pressures and slowing economic momentum is intensifying credit risks across ports. Although long-term contracts with shipping lines and tenants offer some revenue stability, rising tariffs have curtailed consumer demand and muted industry growth potential, Fitch Ratings said in a release.

EMEA ports are similarly under pressure as geopolitical tensions and trade barriers could reduce cargo volumes and weaken consumer goods demand. The situation is partially offset by temporary relief through bilateral agreements, such as the US–UK trade deal.