After member states voted a one‑year pause on the Net‑Zero Framework, shipowners and suppliers say decarbonisation has shifted from ambition to pragmatism. The latest installment from Maritime CEO’s guide to shipping in the Year of the Horse. October 18 last year saw International Maritime Organization (IMO) member states vote for a one-year delay in the Net-Zero Framework (NZF), throwing shipping’s path towards decarbonisation into considerable doubt. The campaign to down the NZF was led by the US and Saudi Arabia with the past year seeing president Donald Trump reverse many other environmental goals. Since the October vote, IMO secretary-general Arsenio Dominguez has been running a delicate campaign to soften and straighten the NZF’s language, meeting with member states to work out a way to get the legislation through somehow in October this year. The IMO will focus on “getting things done” in 2026, Dominguez said in his New Year message. Dominguez vowed 2026 would be a “year of implementation; moving from plans to concrete actions and measurable progress”. To get the NZF over the line would be a remarkable diplomatic feat for the Panamanian IMO head. The noise out of the White House surrounding all things green has clouded environmental priorities for many in shipping. The word ‘pragmatism’ features prominently in Maritime CEO interviews with leading names in the industry on the environment this year. Lost relevance? Emanuele Grimaldi, chairman of the International Chamber of Shipping, says the delayed decision about the NZF has “amplified risks for some players, while providing greater strategic possibilities for others”. Mark O’Neil, who heads up Columbia Group, reveals to Maritime CEO that he never believed that the NZF was realistic in what he describes as “the Trumpian geopolitical landscape and the global economic outlook post-covid”. “I believe the decarbonisation drive will only weaken further as global economies seek energy security and to re-adjust to the new Realpolitik,” O’Neil predicts. Captain Kuba Szymanski, secretary-general at InterManager, the body for shipmanagers, reckons 2025 was was a year of slowing green investment, largely because other economic priorities demanded support. Delays and uncertainty might be making things messier “That does not mean sustainability has lost relevance—rather, the pace and sequencing of investment are being reassessed,” he explains. “Over the past year, policy developments and the postponement of key regulatory milestones have reinforced the need for pragmatism, particularly outside Europe,” says Mikael Skov, who heads up Hafnia, the world’s largest product tanker owner. Skov stresses Hafnia will not speculate on technologies or fuels before there is clear customer demand, regulatory clarity, and supporting infrastructure. Quite so, concurs Roger Holm, president, Wärtsilä Marine, one of the world’s largest producers of ship engines, “The key barriers are no longer technologies themselves but fuel availability, infrastructure readiness, cost, and regulatory clarity – all of which differ significantly by trade,” Holm says, adding: “That reality is shaping more cautious, step-by-step investment strategies.” Holm, like others polled for this report, believes that over the past year, green investment has become “more pragmatic and more disciplined”. “The industry has moved beyond the idea of a single, universal solution and towards investments that deliver measurable value today while k