On 17 October 2025, at a special session of the Marine Environment Protection Committee (MEPC) of the International Maritime Organization (IMO), members voted to postpone the vote on the global shipping net‑zero‑emissions framework by one year. The original effective date of March 2027 has also been deferred, prompting the global shipping industry to reassess its compliance pathways. As a draft amendment to Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL), the framework is designed to achieve net‑zero emissions for international shipping by 2050, with two core mechanisms: the Fuel Greenhouse‑gas Intensity (GFI) standard and carbon‑pricing provisions.

Under the draft framework, ocean‑going vessels of 5,000 gross tonnage and above — responsible for over 85 % of global shipping emissions — will be subject to two tiers of progressively‑tightening GFI targets: a direct‑compliance target and a baseline target. Vessels failing to meet the baseline target will incur a dual compliance deficit. For a Tier‑1 deficit, operators must purchase Tier‑1 remediation units from the IMO Net‑Zero Fund at USD 100 per tonne of CO₂‑equivalent. For a Tier‑2 deficit, Tier‑2 remediation units shall be acquired at USD 380 per tonne of CO₂‑equivalent, or Surplus Units (SUs) may be used for offsetting. Vessels powered by zero‑emission fuels will qualify for additional financial incentives. The postponement stems from a tug‑of‑war between aggressive decarbonisation demands put forward by developed economies and disputes over cost‑sharing among developing nations. The United States blocked the vote by invoking the “express acceptance” procedure, while developing countries advocated the principle of “common but differentiated responsibilities”.

Industry analyses indicate that although the delay grants ship‑owners a grace period, the long‑term trend toward carbon pricing and low‑carbon‑fuel transition remains irreversible. Within the second‑hand ship market, eco‑retrofitted vessels that satisfy the GFI baseline targets will see their value further enhanced. Unretrofitted aged vessels over 15 years old may face accelerated phase‑out. It is projected that the transaction premium for green second‑hand ships will exceed 50 % in 2026. The China Shipbuilding Industry Association recommends that domestic ship‑owners advance planning for retrofits such as LNG dual‑fuel and methanol‑power conversions, so as to avoid hefty future compliance costs.