Amid a backdrop of the world’s political and economic landscape becoming increasingly unpredictable, the maritime sector must continue to contend with  the complexities of climate regulation, sanctions regimes, and energy market volatility.

Following the recent session of the IMO’s MEPC 83 session in April 2025, member states reached a historic agreement on the first-ever global pricing mechanism for greenhouse gas emissions from international shipping.

At Stena Bulk, we see MEPC 83 as a potential turning point for the industry, but it’s true impact will depend not just on ambition, but on global alignment.

The IMO’s upcoming decarbonisation framework is the most comprehensive climate regulation the maritime industry has ever witnessed. If adopted at MEPC 83 in October, it will establish market-based measures that directly influence fuel economics and vessel operations. These include mechanisms to internalise the cost of carbon, reward lower carbon intensity, and generate revenues to support the transition to zero and near-zero ZNZ fuels.

This was no mean feat. Reaching multilateral consensus across 175 member states is a major accomplishment, and a clear signal that the industry is moving toward a new regulatory era.

At Stena Bulk, we’ve been preparing for this shift. From investing in vessel efficiency to trialling alternative fuels, our strategy has been built with a low-carbon future in mind. The proposed IMO framework strengthens the business case for these initiatives. But the full value of such investments needs more clarity.

Although the framework’s direction is promising, many operational details remain unresolved, such as how emissions will be calculated across different fuel types and feedstocks, and whether the same rules will apply consistently across all fleets or if geopolitical fragmentation will create regulatory loopholes. Until these questions are answered, signals to the investment market remain unclear. Like many in the industry, we await the final outcome of MEPC 83 to determine how we can accelerate our decarbonisation strategy.

This uncertainty is further intensified by evolving geopolitical dynamics, particularly the potential for diverging policy approaches among major global actors. For instance, if significant differences emerge in how sanctions or regulations are implemented across regions, the maritime economy could become increasingly fragmented, with fleets navigating vastly different compliance requirements and market access conditions.

Such disparities challenge the foundational principles of the IMO’s global regulatory framework. When some industry participants operate under less stringent environmental or geopolitical rules, they may gain short-term commercial advantages, while others bear the burden of full compliance and sustainability commitments.

In this context, MEPC 83 has become more than just a technical forum, it’s a test of the global maritime industry’s ability to collaborate and stand together.

One thing is certain, under the new IMO framework, fuel costs will rise, whether fossil-based or renewable. That makes energy efficiency not just a regulatory necessity, but a strategic imperative.

At Stena Bulk, we’ve always believed that the cleanest fuel is the one that is not consumed. That’s why we continue to optimise our vessels, explore design innovations, and push the boundaries to ensure operational excellence. As the regulatory environment evolves, these investments will only grow in importance.

The success of MEPC 83 will hinge on two key factors; clarity and consistency. Clarity is needed in the form of final, decisive agreement on emissions methodologies, compliance mechanisms, and how revenues from market-based measures will be allocated to support the energy transition. Equally important is consistency, regulatory fragmentation, whether driven by sanctions, regional policies, or enforcement gaps, threatens to undermine the framework’s effectiveness.

The IMO’s new framework can and should serve as a foundation for the maritime industry’s shift toward sustainability, but it’s true impact will depend on whether it is implemented as a truly global solution in both spirit and execution.

By Erik Hånell, President & CEO of Stena Bulk
May 2025