Maritime Shipping Faces a Decarbonization Trap: Its Cargo and Fuel Are One and the Same

Nearly 40% of global maritime freight—4.5 billion tons annually—consists of coal, oil, gas, and petrochemicals. Shipping burns these same fuels to transport them, creating dual dependencies that make decarbonization structurally harder than other transport modes. Oil products account for over 99% of the sector's energy demand. Vessels ordered today with 25-year lifespans will operate well beyond 2050, making fleet turnover insufficient alone to meet net-zero targets.