The 2025–2026 ICS Maritime Barometer features insights from a record number of industry leaders, offering a comprehensive overview of how this resilient sector is evolving to maintain world trade in an increasingly complex and uncertain environment. A clear theme runs throughout the findings: geopolitical instability continues to act as an underlying force shaping both the risks faced by the industry and the conditions under which it is transitioning. Rather than a standalone concern, political instability is increasingly seen as a risk multiplier, influencing a broad range of challenges across a time of extreme market turbulence and volatility. Its impacts are reflected not only in elevated concerns around cybersecurity (the second highest risk) and the growing prominence of unilateral and regional regulation and the related administrative burden (third highest risk), but also in rising barriers to trade and shifting patterns of global commerce. Together, these dynamics point to a more fragmented and less predictable operating environment for shipping. This Barometer outlines pain points that can be addressed to ensure that the most effective means of global trade can secure the practical, political and financial support it needs to meet future expectations. The Barometer also highlights how external pressures are shaping the industry’s green transition. Regulation, public funding, and market-based measures emerge as the most influential factors, underscoring the extent to which progress is dependent on the interaction between policy frameworks, financial support, and economic incentives. At the same time, constraints around funding availability and regulatory divergence continue to present challenges, reinforcing the complexity of delivering change at scale. This uncertain environment is clearly reflected in sentiment around future fuels. Liquified natural gas (LNG) and biofuels are jointly identified as the most viable options, followed closely by heavy fuel oil