Shipping is entering a decisive decade for climate action. The IMO’s 2050 net-zero target is reshaping investment, fuel choices, and operations across the global fleet. According to DNV’s Maritime Forecast to 2050 (2025 edition), more than half of shipping’s energy must come from carbon-neutral fuels by mid-century, a dramatic leap from today’s single-digit share. The report stresses that the 2020s will be pivotal, as choices made now will determine whether the industry can meet its long-term climate goals.
Against this backdrop, the Singapore–Norway Innovation Conference (SNIC) 2025 will spotlight how innovation and collaboration can accelerate maritime decarbonization. One of the highlights of the program is Session 3, Net Zero by 2050: Future Fuels and Emerging Technologies, featuring Dr. Shahrin Osman, Business Development Director, Maritime Advisory, DNV.
In this conversation, Dr. Shahrin shares his views on the signals, solutions, and synergies shaping the journey toward net zero.
Q&A with Dr. Shahrin Osman
REGULATORY AND MARKET SIGNALS
Q. The IMO’s 2050 net-zero target is reshaping global shipping. From your perspective, what are the most important regulatory and market signals driving change today?
A: The IMO Net-Zero Framework, approved in April 2025, is a watershed moment, introducing the world’s first global GHG pricing mechanism with remedial unit prices of $100 and $380 per tonne CO2 equivalent. This sends a clear economic signal that the cost of inaction will be substantial.
Market signals are equally compelling. The voluntary biofuel market grew nearly 30% in major hubs like Singapore and Rotterdam in 2024. Cargo owners are increasingly willing to pay premiums for reduced scope 3 emissions, and buyer alliances like ZEMBA are enabling shipowners to invest in low- and zero-emission fuel capabilities with confidence.
The old “chicken and egg” dilemma of ships versus fuels is resolving. According to DNV’s latest Maritime Forecast to 2050 report, vessels with alternative fuel capabilities are set to nearly double by 2028, creating a fleet capable of consuming around 50 million tonnes equivalent of low-carbon fuels annually by 2030.
FUTURE FUEL PATHWAYS
Q. Looking to the next decade, which fuel pathways or technologies do you see as most viable, and how could innovation help accelerate their adoption?
A: We need to embrace a “portfolio approach” to decarbonization. There’s no silver bullet, and the pathways that make sense vary significantly across ship segments and trade routes.
In the near term, biofuels offer the most immediate impact because of their drop-in capability with existing vessels. Today, over 1,500 vessels can run on bio- or e-LNG, while hydrogen-based fuels like ammonia remain early-stage, with only 38 vessels on order globally.
Innovation can reduce barriers to adoption. For instance, flexible Chain of Custody models let bio-methane use existing pipelines, lowering infrastructure costs. Wind-assisted propulsion shows breakthrough potential, with several verification projects in 2025, which could gain rapid uptake under the Net-Zero Framework.
Competence development is the most critical, with nearly 33,000 seafarers needing alternative fuel training in the next three to four years. This presents an urgent challenge that calls for innovative training solutions.
COLLABORATION & CAPITAL
Q. Collaboration across the value chain is often cited as essential. What are the most effective ways for shipowners, regulators, technology providers, and financiers to work together to speed up progress?
A: Maritime decarbonization requires coordinated action across ships, fuel supply, and port infrastructure. The announcement of 80 green shipping corridors globally exemplify this, bringing together cargo owners, ports, fuel suppliers, and shipowners around trade routes.
Finance plays a growing role through the Poseidon Principles and sustainability-linked funding, aligning capital with decarbonization. Fuel supply needs robust certification schemes, such as the IMO’s Sustainable Fuels Certification, to ensure trust and market scale.
Regulatory coherence is also vital. Aligning the IMO Net-Zero Framework with EU ETS and FuelEU Maritime reduces compliance costs and fragmentation. At DNV, we support collaboration through classification standards and the Alternative Fuels Insight database, providing transparency across the industry, and platforms like Veracity Open Data Platform enable collaboration between start-ups and maritime corporations in emissions management.
NORWAY–SINGAPORE SYNERGIES
Q. Singapore and Norway are both at the forefront of maritime innovation. Where do you see the strongest opportunities for synergy between the two ecosystems in supporting the energy transition?
A: Singapore and Norway have complementary strengths that, when combined, create powerful synergies for maritime transformation.
Norway offers world-leading energy and maritime technology expertise, with projects like Northern Lights, Europe’s first cross-border CO2 transport and storage facility. Singapore provides connectivity as the world’s largest bunkering hub and regional market access, demonstrated by ongoing multi-fuel bunkering trials.
The synergy lies in combining Norway’s production and technology with Singapore’s distribution and market reach, through initiatives like SNIC and Norway-Singapore Science Week. Onboard carbon capture is one such promising area, with retrofits feasible on large vessels and CO2 offloading infrastructure at 20 major ports. Norway’s CO2 storage expertise, combined with Singapore’s port innovation, could accelerate this pathway. Both countries also face the same challenge of building alternative fuel competencies, which joint Singapore–Norway training and research programs could help address.
TOWARD 2050
Q. As we gather at SNIC 2025, what message would you like to leave participants about the industry’s collective journey toward net zero by 2050?
A: We are at a pivotal moment in maritime history. Decarbonization will demand a portfolio approach, combining fuels, efficiency, carbon capture, and digital optimization.
Despite the challenges, I remain optimistic about the progress that is underway. Alternative fuel-capable vessels are increasing, wind-assisted propulsion is entering commercial operation, and onboard carbon capture is becoming a reality (e.g. Clipper Eris vessel).
Success relies on coordinated action across ships, fuels, and ports, backed by clear regulation and collaboration. Platforms like SNIC sustain momentum and foster partnerships. The future of shipping is being written today, and together, we can ensure it’s sustainable.
Looking Ahead
Dr. Shahrin’s reflections highlight both the urgency and the opportunity before the maritime sector. From policy and market signals to collaborative innovation and cross-border synergies, the path to 2050 will demand bold choices and coordinated action. His message sets the stage for SNIC 2025, where stakeholders from Singapore, Norway, and beyond will come together on 6 November to chart the next steps toward a sustainable maritime future.