Most global shippers still misaligned with climate transition pathways, report finds

The assessment covers firms representing about 70% of sector revenue. 

A majority of global shipping companies assessed remain misaligned with long-term climate transition pathways, with 23 out of 27 companies failing to demonstrate credible alignment, according to a Sustainability Insights report published by S&P Global Ratings. The sample represents about 70% of global maritime shipping revenue, the agency said.

The report said the 23 companies received a Current Shade of Orange under S&P’s Climate Transition Assessment framework, indicating continued reliance on fossil fuels and limited progress towards lower-carbon operations. The remaining companies were assessed as Red, reflecting even weaker alignment with transition pathways.

S&P said long vessel lifecycles constrain progress, noting that ships typically operate for 25 to 30 years, which slows fleet renewal and delays adoption of lower-emission technologies. It added that uncertainty over the availability and cost of commercially viable zero-carbon fuels complicates investment and technology decisions.

The assessment said most companies rely on incremental measures such as operational efficiency improvements and fuel optimisation. S&P said these actions can reduce emissions intensity in the near term but do not support alignment with deeper transition pathways on their own.

Policy and infrastructure gaps further limit progress, the report said, citing uneven regulatory support and the lack of global alternative-fuel supply networks. These constraints increase execution risk and restrict the pace of sector-wide decarbonisation, according to the analysis.