A new report from Wärtsilä has found that shipping companies are entering a more capital-intensive phase of the energy transition. But a lack of clarity over fuel pathways, technology choices and regulatory frameworks is complicating how capital is deployed.
The study, based on a survey of 225 senior maritime executives, found that more than 90 per cent of respondents remain confident in their ability to navigate the transition, but nearly 70 per cent reported that uncertainty is hindering investment prioritisation. A further 42 per cent identified balancing decarbonisation spending with acceptable returns as a core challenge.
Wärtsilä argues, however, that inaction is no longer practical: ‘The report makes clear that delaying action is not a viable strategy.’ Instead, the report urges companies to build flexibility into their investment plans, which will enable them to adapt as technologies mature and regulatory pressures evolve.
The need for optionality is especially acute given the range of uncertainties facing the sector. Fuel availability remains uneven across regions, while competing pathways, including low-carbon fuels and onboard carbon capture, continue to develop at different speeds. At the same time, geopolitical volatility and fluctuating freight markets are adding further complexity to long-term planning.
For many operators, the report finds, this is resulting in a more integrated approach to decision-making. It is increasingly necessary to assess compliance, operational efficiency and return on investment together, rather than in isolation. Wärtsilä suggests that companies that can align these factors will be better positioned to preserve asset value and maintain competitiveness over the long term.
The report states that closer partnerships between shipowners and original equipment manufacturers is one way to reduce risk through improved access to operational data and lifecycle insights. These relationships can support predictive maintenance and more data-driven asset management, helping operators to optimise performance while navigating evolving regulatory requirements.
Roger Holm, President of Wärtsilä Marine and Executive Vice President at Wärtsilä Corporation, said: ‘Maritime leaders remain confident in their ability to adapt to the energy transition, but the decisions they face are becoming more complex. With tighter regulation and evolving fuel choices reshaping investment decisions, ship owners and operators cannot wait. They need to take proactive steps now – prioritising data, collaboration and future proof solutions to protect competitiveness over the long-term. Ultimately, the most resilient operators are those preparing for multiple pathways – creating flexibility today so they can respond quickly as the regulatory and fuel landscape develops.’
The report finds that for many shipowners and operators this is necessitating a more integrated approach to decision-making. It is increasingly integral to assess compliance, operational efficiency and return on investment together, rather than in isolation. Wärtsilä suggests that companies that can align these factors will be better positioned to preserve asset value and maintain competitiveness over the long term.
The report states that closer partnerships between shipowners and original equipment manufacturers is one way to reduce risk through improved access to operational data and lifecycle insights. These relationships can support predictive maintenance and more data-driven asset management, helping operators to optimise performance while navigating evolving regulatory requirements.
