The year 2023 marked a turning point in the decarbonization of the maritime industry with the strengthening of regulatory frameworks (IMO, EU) and increased awareness among the various stakeholders.
To what extent does this awareness translate into commitments? How is the position of shipping company customers evolving? Are they ready to pay a premium for low-carbon maritime transport? This is what BCG analyzes in the third edition of its annual report “The Real Cost of Decarbonizing the Shipping Industry ”, based on consultation with 125 shipping company clients, in charge of the supply chain and logistics in their business. Here are the main lessons:
The momentum towards decarbonization is strong but still appears too timid
- 82% of maritime transport customers are ready to pay a premium for low-carbon maritime transport (stable figure vs. 2022, +11 pts vs. 2021).
- The average premium that these customers are willing to pay is 4% (+33% vs. 2022, doubling vs. 2021).
- A premium of 10-15% would be needed to achieve complete decarbonization of the sector by 2050. Currently, less than 8% of corporate customers are willing to pay a premium above 10%, a considerable gap compared to real needs.
Several obstacles remain
- An offer that’s still too discreet? Only 35% of those surveyed say they have been exposed to low-carbon transport solutions
- Insufficient production of alternative fuels: more than 95% of alternative production projects are still in the pre-final investment decision phase;
- Regulatory requirements that remain to be clarified, particularly with regard to fuel standards as well as the scale and timing of a possible tax on carbon emissions;
- An ambition constrained by financing: while more than 60% of decision-makers surveyed have committed to a scope 3 emissions reduction program, less than half have an adequate budget to achieve these objectives.
Accelerate the move to action by relying on a few pioneers
The authors of the report invite shipping companies to collaborate with customers ready to invest in the transition. Several segments stand out:
- From a geographic perspective: European customers are willing to pay a higher premium (5.1%) than their North American (3.3%) or South American (1%) counterparts
- From a sectoral point of view: the automotive sector (6.1%) and the health sector (6%) are the most willing to pay more for greener transport
- Some specific targets seem particularly cutting edge. Thus, European agri-food customers with a scope 3 emissions reduction objective are ready to pay a price up to 11.3% higher.
