The shipping industry's transition to alternative fuels is stalling, with orders for alternatively-fuelled vessels growing slowly amid rising frustration from shipowners over regulatory inadequacies.
European shipowners hold 44 per cent of all orders for such vessels; however, only 10 per cent of global fuel production projects are based in Europe. Initiatives like SeaThrive aim to boost investment in alternative fuels, but significant disparities remain, particularly concerning fuel availability.
As geopolitical tensions and economic pressures mount, shipowners are increasingly disillusioned with the pace of regulatory developments, emphasising the need for practical, actionable plans rather than aspirational targets. Discussions at Posidonia highlighted these tensions, with calls for governments to prioritise investments in sustainable fuels sourced from the EU’s carbon tax revenues to facilitate the transition towards decarbonising shipping by 2050.