DATA from the International Chamber of Shipping (ICS) has found confidence among the maritime industry’s leaders is on the rise despite the presence of global challenges.
The ICS Barometer Report 2023-2024 analyses year-on-year shifts in sentiment through a survey of over 100 global maritime industry leaders over a three-year period.
The new report tracked steadily rising confidence among maritime leaders in their ability to cope with challenging operating conditions, despite the presence of challenges.
Key challenges identified as areas of concern for the respondents include the recent increase in geopolitical instability, physical attacks and cyber-attacks, as well as availability of fuels and infrastructure driving decarbonisation.
Emanuele Grimaldi, chairman of the ICS, said the invaluable data driven perspective shows that policy and clarity are key.
“We are in a period of profound transformation—marked by decarbonisation, heightened security risks, and evolving regulations,” he said.
“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.”
Protectionism was identified as a growing risk in the report, driven by geopolitical instability, national energy security concerns, global and regional economic crises, and government-led manufacturing incentives favouring local production.
This year’s ICS Barometer Report included a focus on reshoring, nearshoring, friendshoring and offshoring, assessing the perceived impact on shipping’s current operations, as well as the factors likely to influence decision makers to shift their own operations.
The findings in the latest report indicated the continued significance and high impact of global and regional regulations on business operations.
The availability of trained crew and personnel for certain roles also 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 ICS says.
The alternative fuels market also features in the report, as methanol and nuclear power have seen a significant rise in interest from industry respondents.
Rhett Hatcher, chief executive of the UK Chamber of Shipping said understanding the key factors impacting maritime business operations is crucial for the industry’s resilience and growth.
“The ICS Barometer offers year-on-year insights identifying emerging trends, allowing us to effectively track industry sentiment as we tackle challenges and respond proactively,” he said.
“The insights from this report will also provide useful data and intelligence for the UK government as they develop their own investment and regulatory plans for the sector and we look forward to discussing these with them.”
The highest number of respondents in the ICS survey came from the United Kingdom for the second year in a row.
