A new analysis by reports, published on 30 September 2026, finds that the shipping sector has made measurable gains in lowering emissions intensity but is struggling to cut greenhouse gas output in absolute terms as the shift to low-carbon marine fuels remains slow.
The report examines the latest annual reports of the world's ten largest maritime companies by market capitalisation and concludes that, while many firms have introduced net-zero targets for 2050 or earlier, those commitments have not yet translated into falling total emissions across operations.
Progress on emissions intensity is clear. Several leading groups have reduced the volume of greenhouse gases emitted per unit of transport work, reflecting efficiency measures, operational changes and fleet renewal reported in their annual filings.
However, intensity gains are not the same as absolute reductions. The analysis emphasises that overall emissions have not declined in step with intensity improvements, leaving total sectoral greenhouse gas output relatively unchanged.
Annual reporting and corporate pledges
reports notes that all ten companies surveyed carry some form of a net-zero aim set for 2050 or an earlier horizon. These targets appear in the firms' most recent annual reports and signal a sector-wide intention to align with long-term climate goals.
The presence of targets has not, as yet, been matched by proportionate reductions in absolute emissions. The report highlights a gap between public commitments and the year-on-year emissions reported within company accounts.
The bunker fuel transition lag
A central obstacle identified in the report is the slow pace of transition to low-carbon bunker fuels. Despite commitments, the uptake of alternative fuels and the required changes in supply chains and vessel compatibility remain limited, according to the published findings.
This slow transition to alternative marine fuels constrains the ability of companies to convert emissions-intensity gains into sustained decreases in total greenhouse gas output.
The analysis underlines that replacing conventional marine fuels at scale is essential if corporate net-zero targets are to produce meaningful falls in absolute emissions. Until that replacement progresses more rapidly, intensity improvements alone will be insufficient to meet the sector's long-term climate aims.
The report serves as a timely reminder that corporate pledges require matched investment, infrastructure and fuel availability. reports's review of annual reports suggests that, for the moment, these elements remain uneven across the industry.
In sum, the industry has taken steps to improve how much work is done per unit of greenhouse gas emitted, but the transition to low-carbon bunkers must accelerate if companies are to deliver real reductions in total emissions and meet their stated net-zero ambitions.
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