Global political instability may now be the number one concern for shipowners, operators and C-suite personnel, according to the fourth and most recent edition of the International Chamber of Shipping’s (ICS’) Maritime Barometer Report. The 2024-2025 edition of the report indicates that this instability remains the biggest concern for respondents for the third consecutive year since the 2022-2023 edition.
In his introduction to the report, ICS chairman Emanuele Grimaldi comments: “Geopolitical instability is no longer a background factor; it is actively reshaping our operating conditions, redrawing trade routes and influencing commercial decisions across the globe.” Other significant identified threats include: malicious physical attacks; administrative burden; regulatory uncertainty (especially when it comes to decarbonisation, alternative fuels and emissions control); and cyber-attacks.
Grimaldi continues: “Geopolitics also underpins some of the growing threat we face on the cybersecurity front, with state-sponsored or linked attacks on the rise. It is vital that we continue to assess where our weaknesses lie and create robust response and recovery strategies that are well-communicated and understood across all strata of employees.” With regard to alt-fuels, the report hints that owner and operator respondents are currently more “bullish” on proven, conventional fuels, adding: “Methanol and ammonia remain key future fuel choices, but, as the realities hampering alternative fuel availability and infrastructure become clearer, leaders appear to be more comfortable planning operations around fuels with established infrastructure, known bunkering and safety procedures and clearer cost profiles.” It warns: “Shipping risks missing its decarbonisation targets without strong economic and regulatory signals plus increased public funding.”
Other, and newer, areas of concern include extreme weather events, financial instability and availability of crew and personnel, the latest report reveals.
The report was published shortly before the Shaping the Future of Shipping summit in Athens, hosted by ICS, the Greek Ministry of Maritime Affairs and the Union of Greek Shipowners. Grimaldi states: “Whether addressing the green transition and decarbonisation, cyber-threats or trade barriers, closer collaboration between industry and governments is essential. The solutions are within reach, but unity is critical.”
