Major shipping companies are reducing greenhouse gas emissions per unit of transport work but struggling to lower their overall output, according to a Platts report published by Hellenic Shipping News. The world’s 10 largest maritime companies by market capitalisation reported higher total emissions in 2025 despite longer-term improvements in intensity. All have net-zero ambitions for 2050 or earlier.
Geopolitical conflicts have diverted vessels onto longer routes, increasing fuel consumption even as operators invest in efficiency. DNV decarbonisation director Tore Longva told Platts that further energy-efficiency improvements of 25% remained possible by 2050, although low-greenhouse-gas fuels would ultimately be essential to reaching net zero.
Fuel costs remain a major barrier. According to the Platts Global Bunker Cost Calculator, Singapore’s average delivered price for 0.5%-sulphur fuel oil in July was $18.66 per gigajoule, against $20.05 for LNG, $22.72 for B24 bioblend and $48.69 for fully sustainable methanol. Limited availability keeps greener marine energy substantially more expensive than conventional oil-based bunkers.
The EU extended emissions trading to shipping in 2024 and introduced FuelEU Maritime in 2025 to limit bunker fuel greenhouse gas intensity. Globally, however, implementation of the International Maritime Organization’s Net-Zero Framework faces delays following strong US opposition and discussions among member states over revisions. The framework was designed to price shipping emissions from 2028. Hapag-Lloyd and the World Shipping Council argued that internationally aligned rules were needed to support investment and expand sustainable fuel use.
Voluntary customer demand is also weakening. Maersk reported that its biofuel and green methanol consumption fell to 1,524 GWh in 2025 from 3,034 GWh in 2024, partly because of lower voluntary demand. A Boston Consulting Group survey of 125 logistics executives found cargo owners’ average willingness to pay extra for green-fuel shipping dropped to 3% from 4.5%, the lowest level since 2022.
Japanese operators NYK and MOL said efficiency improvements and available alternative fuels could still deliver substantial interim reductions. NYK highlighted fleet modernisation, retrofits and operational improvements, while MOL is prioritising LNG as it works towards future zero-emission fuels such as ammonia. S&P Global Energy Horizons analyst Fotios Katsoulas told Platts that continued regulatory difficulties would probably slow the transition rather than lead companies to abandon their decarbonisation targets.