What keeps shipowners up at night?

 

 

What keeps shipowners up at night? The latest ICS Barometer Report published by the International Chamber of Shipping would suggest geopolitical instability and cyber attacks are acute worry points for shipping (see chart below). 

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. 

Despite the choppy markets shipping has faced in the 2020s with pandemics and wars, the barometer has tracked steadily rising confidence among maritime leaders in their ability to cope with today’s unpredictable, tough operating conditions.

Areas of concern for respondents in the latest instalment of the survey include the recent increase in geopolitical instability which is seen as a risk multiplier as it impacts other factors, malicious physical attacks and cyber-attacks by state and non-state actors, as well as updates to global and/or regional regulatory environments and availability of fuels and infrastructure driving decarbonisation.

Emanuele Grimaldi, chairman of the ICS, commented: “We are in a period of profound transformation marked by decarbonisation, 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.”

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 favouring 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. The report also draws attention to the alternative fuels market, where methanol and nuclear power have seen a significant rise in interest from industry respondents. The emergence of extreme weather risks is identified as a one-to-watch area for the industry.