Shell says the study sets out a roadmap of approaches to help the industry fulfill the commitment of the International Maritime Organization to reduce carbon emissions.

In this research project Deloitte interviewed 82 senior shipping executives from 22 countries in Europe , Asia and North America.

As one of the key barriers to decarbonization, the report identifies lack of a global regulatory framework and limited customer demand to pay for lower emission solutions.

The report prioritizes five out of twelve solutions which could accelerate progress over the next two to three years.

These include building scale in consumer demand for zero-emission shipping through the commitments of charterers, while also leveling the playing field by aligning decarbonisation goals between the IMO and major local regulatory authorities.

Solutions may include promoting cross-sector research and development to produce a zero or low-emission fuel through joint shipping research and development.

Furthermore, operating efficiency is defined as the basis for the transformation phase, which enables reduced emissions from the current fleet.

This includes quality of fuel and lubricant, digitisation, and the use of data and smart navigation strategies.

The report says electric vessels may be an option for inland and short sea routes, but deep sea shipping is a problem that accounts for 85% of emissions.

“The prevailing view among interviewees is that LNG will have a role to play as a transition fuel in the next decade,” the report said.

The report points out that there is growing adoption of LNG, and some shipowners are in the process of taking on LNG-powered ships to cut emissions.

On the other hand, some of the interviewees have been more reserved about LNG's role, pointing out that meeting the 2050 ambition will be insufficient.

Maritime Business World