ICS: Shipping leaders lose confidence in their ability to manage global trade instability

The ICS Maritime Barometer Report 2024-2025, launched today by the International Chamber of Shipping (ICS), reveals a steady decline in confidence among global maritime leaders to manage the risks posed by increasing political instability, alongside a growing array of interconnected threats.

The release of the report sets the context for discussions at the Shaping the Future of Shipping Summit which opened today in Athens hosted by ICS, the Greek Ministry of Maritime Affairs and Insular Policy, and the Union of Greek Shipowners. Senior industry leaders and key policymakers will convene at a critical juncture, with global trade instability at record highs.

Now in its fourth year, the ICS Maritime Barometer draws on comprehensive survey data to identify the key risk areas shaping the strategic priorities of C-suite level leaders, shipowners and operators worldwide.

This year’s results highlight an increasingly volatile geopolitical environment, with political instability emerging as the most significant concern across the industry for the third consecutive year since the 2022- 2023 report.

“Geopolitical instability is no longer a background factor, it is actively reshaping our operating conditions, redrawing trade routes, and influencing commercial decisions across the globe,” said Emanuele Grimaldi, Chairman of the International Chamber of Shipping. “The Barometer report continues to provide a clear picture of the risks we are facing and provides community understanding, which will help industry and governments to work find workable solutions.”

“Whether addressing the green transition and decarbonisation, cyber threats, or trade barriers, closer collaboration between industry and governments is essential,” said Grimaldi. “Today’s Summit is a vital forum to forge that cooperation. The solutions are within reach, but unity is critical.”

In addition to geopolitical and trade instability and uncertainty, respondents to the survey also flagged the compounding effects of malicious cyber-attacks, physical security threats, and regulatory uncertainty, risks that are not only intensifying, but also further complicate strategic decision-making.

Regulations tops the list of the greatest impact factors relating to decarbonization, fuels, and emissions. While the shipping industry is at the forefront of the green transition, says ICS, the regulatory landscape continues to evolve at pace, with a crucial meeting of the Marine Environment Protection Committee at the UN Maritime Regulators the International Maritime Organization (IMO) in October this year.

The report points to a broader trend: over four years of data, there has been a consistent decline in shipping leaders’ confidence to manage geopolitical and regulatory challenges. This unease is compounded by uncertainty around future fuels and infrastructure, with many respondents expressing a desire for clearer pathways to support decarbonization goals.

Cybersecurity has also grown in prominence, now firmly established as a top-tier risk. Industry leaders report increasing concern over vulnerabilities posed by digital integration and emerging technologies, especially in the context of heightened geopolitical tension.

As the shipping sector navigates this complexity, the ICS Maritime Barometer Report 2024–2025 offers valuable insight into how maritime leaders are perceiving and preparing for risk. It serves not only as a diagnostic tool but as a call to action for more coordinated responses across the global maritime value chain, says ICS.

• The ICS Barometer 2024-2025 is available HERE.