Cyprus’ shipping industry remains firmly committed to the green transition, even after the International Maritime Organisation (IMO) decided to postpone by one year discussions on the Net Zero Framework (NZF), the mechanism that will outline measures for the gradual decarbonisation of global shipping.

Two weeks ago, following an intense week of deliberations, the majority of IMO member states voted in favour of postponing discussions on the NZF for one year.

The framework will define the measures that will guide shipping towards the IMO’s 2050 zero-emissions targets, providing clarity for shipowners and low-carbon fuel producers to move forward with key investments.

The next extraordinary MEPC session to be held in twelve months will give member states the opportunity to build broader consensus on the framework’s content and structure.

According to Cyprus Shipping Chamber (CSC), “the decision to postpone, while delaying final decisions, also provides valuable time, which has proven necessary, for the international shipping community to conduct further analysis, foster collaboration and develop practical solutions that will ensure an effective, balanced and realistic decarbonisation transition of the shipping industry.”

The CSC explained that it has long supported the adoption of the NZF as a decisive step towards establishing a global decarbonisation mechanism.

It added that “this additional time should be used constructively. Through well-founded positions, consistency and active engagement in international discussions, the Chamber emphasises the importance of a unified and collaborative approach under the IMO, which will provide clarity and stability for the entire shipping industry.”

The Chamber noted that the Cyprus shipping industry has long played a significant role in the country’s economic and social development. To continue growing sustainably and maintain its competitiveness, it requires a clear and global regulatory framework, which can only be provided through a coordinated, IMO-led mechanism.

It also said that “the absence of such a framework increases the risk of fragmentation through regional or unilateral measures, potentially leading to higher costs, reduced competitiveness and regulatory uncertainty. Equally, a common, balanced and internationally accepted approach sends a clear message of unity and determination from the global shipping industry to move forward collectively towards the shared goal.”

Recent data show that most international shipping companies are already preparing to meet the IMO’s net-zero targets, though many still face challenges in financing and implementing new technologies. In parallel, the European Union continues to support a global regime that prevents regional distortions and ensures a level playing field.

Meanwhile, ICS Secretary General Thomas Kazakos expressed disappointment over the delay, calling for renewed momentum toward a clear decarbonisation pathway. Greece and Cyprus were among the countries advocating compromise ahead of the IMO meeting to safeguard competitiveness while promoting innovation.

The delay has already led to a slowdown in new green vessel orders, as investors await further clarity from the IMO before committing to major projects.

In its conclusion, the Chamber reaffirmed that “it remains steadfastly committed to this direction and reiterates its dedication to continue working with consistency, responsibility and a collaborative spirit, as it has done for over 36 years, towards a sustainable, competitive and internationally harmonised shipping sector, which represents the common objective of all stakeholders.”