Data from the International Chamber of Shipping’s Barometer Report 2023-2024 indicates that improved clarity from governmental bodies such as the IMO has had a positive impact on the industry.

Following a formal agreement at the IMO’s MEPC 80 to reach net zero GHG emissions by or around 2050, confidence is on the up. Almost 50% of C-suite maritime stakeholders responding to the ICS Barometer in 2023-2024 indicated improved willingness to invest in low and zero-carbon solutions following IMO agreement, with only 23% of respondents remaining undecided, and a further 17% feeling this agreement has no impact on their decision-making.

The survey of over 100 global maritime industry leaders over a three-year period analyses year-on-year shifts in sentiment on pivotal issues influencing operations. It has tracked steadily rising confidence in their ability to cope with challenging operating conditions.

Areas of concern for respondents include the recent increase in geopolitical instability, malicious physical attacks and cyber-attacks, updates to global and/or regional regulatory environments and availability of fuels and infrastructure driving decarbonization.

Protectionism was also seen as a growing risk, driven by geopolitical instability, national energy security concerns, global and regional economic crises and government-led manufacturing incentives favoring local production.

Findings from the 2023-2024 report indicate the continued significance and high impact of global and regional regulations on business operations. The availability of trained crew and personnel for certain roles remains an ongoing concern, with the potential to further impact operations as increased geopolitical instability affects recruitment and retention efforts over the coming years.

In the alternative fuels market, opinions are evolving with significant increase in interest in methanol, nuclear power, and wind power, although LNG, biofuel, and HFO with abatement technology continued to lead industry forecasts for the coming decade. The availability of infrastructure to deliver fuel in ports, availability of these fuels as determined by competition in existing markets, and the creation and implementation of global and regional regulation determining safe standards of operations remained key factors.

The emergence of extreme weather risks is identified as a – one to watch – area for the industry. The ongoing impact of climate change on maritime activities is visible with confidence decreasing year on year and risk increasing year on year. However, respondents continue to have an overall high level of confidence, perhaps due to minimal disruption of the supply chain as a result of demonstrated maritime operational agility.

This confidence remains in place despite the fact that 2023 was the warmest year on record, with temperatures close to 1.5°C above pre-industrial level and marine heatwaves around the globe, including in parts of the Mediterranean, Gulf of Mexico and the Caribbean, Indian Ocean and North Pacific, and much of the North Atlantic.

Emanuele Grimaldi, Chairman of the International Chamber of Shipping, said: “We are in a period of profound transformation—marked by decarbonization, heightened security risks, and evolving regulations. What this invaluable data driven perspective shows is that policy and clarity are key. This report tracks our industry’s progress through recent gains in confidence, while also noting key pressure points — such as the availability of public funding for green initiatives and the impact of market-based measures — which continue to require greater collaborative effort across industry leaders, government bodies and international partners to address.”

https://www.marinelink.com/news/industry-confidence-rising-despite-516922