The Maritime Barometer Report from the International Chamber of Shipping reveals a sharp decline in executive optimism. Only 12% of shipping leaders now expect ammonia to become a viable fuel within a decade, down from 31% last year. Similarly, confidence in hydrogen’s viability has dropped to 10%, while belief in the necessity of traditional fuel oil has surged to 50%. Despite pressure from regulators and climate activists, the economic reality of the energy transition is forcing a pivot back to basics.

Practical constraints, including infrastructure limits and persistent project delays, have stalled the green hydrogen market. According to the International Energy Agency, many planned initiatives have faced cancellations or downward revisions, with only 7% of projects announced over the past three years meeting their original schedules. For shipowners, the "green premium" is no longer viewed as a temporary hurdle but as a permanent, unaffordable cost. Consequently, the industry is shifting its focus toward energy efficiency and dual-fuel vessels—a pragmatic hedge that keeps options open without committing to currently unviable technologies. As one executive noted, while the intent to decarbonize remains, the willingness to absorb the associated costs has evaporated.