ICS survey respondents ranked LNG and biofuels as the most viable fuels for the next decade. File Image / Pixabay

Geopolitical instability remains the biggest risk facing the global shipping industry, according to the International Chamber of Shipping's (ICS) Maritime Barometer 2025-2026 report.

Political uncertainty continues to influence a wide range of operational challenges, including cybersecurity risks, regulatory fragmentation, administrative burdens and trade disruptions, ICS said in an emailed report on Tuesday.

Based on a record number of responses from shipping leaders worldwide, the survey ranked political instability as the sector's most significant concern for the fourth consecutive year.

Cyber-attacks, increasing administrative burdens and trade barriers were also among the highest-ranked risks.

The report found that regulation, public funding and market-based measures are viewed as the factors with the greatest impact on business operations and the industry's energy transition.

On marine fuels, respondents identified LNG and biofuels as the most viable options over the next decade, followed by heavy fuel oil combined with emissions-abatement technologies, reflecting a preference for solutions backed by established infrastructure and supply chains.

"Global shipping is entering a period where uncertainty is no longer an interruption to business, it is the backdrop against which decisions are made, Thomas Kazakos, Secretary General at ICS, said.

“The findings of this year's Barometer are clear: geopolitical instability has become a defining risk multiplier, influencing everything from market conditions and operational planning to investment decisions and the pace of the energy transition.”