Uncertainty over green fuel availability and infrastructure puts at risk ambitions to meet decarbonisation targets, the International Chamber of Shipping (ICS) warned as it released a new annual survey of risk and confidence among maritime leaders.
The inaugural ICS Maritime Barometer Report involving more than 130 C-suite decision makers, half of them shipowners and about 35% ship managers, highlighted a maturing of the shipping industry’s understanding of the complex implications of the energy transition, the ICS said.
The practical implications of new greenhouse gas reduction (GHG) regulations have been respondents’ biggest concern for the last two years, but opinions are evolving on the fuel landscape with a shift in attitudes towards wind and nuclear power as potential viable energy sources.
Delays in government decision-making will have far reaching consequences for shipping, the report showed, reinforcing the need for a clear plan of action to mitigate risks, the ICS said.
ICS chairman Emanuele Grimaldi said: “The need for clear direction from our regulators and political leaders shines through in the data gathered from maritime leaders around the world.”
Key choices by governments regarding supply chain resilience and GHG reduction measures will determine how the industry evolves over the next decade, he added, including carbon pricing, alternative fuel availability and the provision of new onshore bunkering infrastructure.
“It is imperative that we remain active participants in national and international discussions. Although our individual interests may vary, mutual understanding and collective action to leverage capabilities are the keys to a better future not just for our sector, but other sectors and indeed, the world as a whole,” Grimaldi said.
Political instability, financial instability and cyber-attacks were also among top risks identified in the barometer report.
“As financial and political risk has risen, particularly due to the ongoing conflict in Ukraine, so too have concerns about companies’ capabilities in managing these issues,” Grimaldi added.
Maritime leaders have high confidence in the industry’s abilities to manage these situations, the ICS said, but the report makes clear political instability is a risk multiplier, threatening increased economic volatility and reducing growth as longstanding policies, trade arrangements and relationships are eroded.
