So what does this mean for carriers? It has been suggested that such regional measures could lead to a greater fragmentation of the Dry Bulk market with modern & alternatively fuelled vessels focusing on the EU, Turkey plus certain African states as penalties for those non-compliant increase1


.


However, some of the immediate reaction from participants in the marine fuel industry saw this delay as a temporary measure & cited that NZF was not dropped…just delayed! Maria Skipper Schwenn, Director of Public Affairs at the global marine fuels group Bunker Holdings said ‘Looking at the positive side though, NZF wasn’t rejected and the work on guidelines for its implementation continues when the WG (Working Group) convenes already this Monday’3


.


Some saw the momentum & demand for biofuel bunker for marine vessels still growing in Europe and the delay was just a short-term ‘blip’. Bastien Declercq, CEO of Marex division CSC Commodities stated ‘Shippers had stated planning their biofuel procurement strategies, and producers were counting on an increased demand – they will need to reassess their plans. But despite the deal falling through for now. Shippers are unlikely to abandon their exposure to biofuels. The EU’s FuelEU Maritime is still operational, and EU member states have long-term biofuel blending mandates in place. This favourable European regulation means the market will remain resilient’4


. For guidance, Rotterdam -


Europe’s largest bunkering location had 198,515 MT of biofuel bunker sales in Q3 2025, up 44.7% on the same period in 2024…but total sales for 2025 have been at 467,772 MT, down 26.2%...though this has been seen as due to limited supply for biomethane & increased prices 4


.


‘…A BROAD-BASED APPREHENSION ABOUT THE PRACTICALITY AND FEASIBILITY OF THE PROPOSED FRAMEWORK…’


21 | ADMISI - The Ghost In The Machine | Q4 Edition 2025


However, all these responses may have been an immediate reaction following the result of the surprise vote, as a more recent survey by marine fuel brokerage firm Nautical Supply International (‘NSI’) of its clients found that of the 156 responses received, 76.9% voted to reject the NZF with 21.8% voting to adopt it & 1.3% expressing no preference 5


. A further


breakdown of the results saw some 80% of NSI’s tanker clients & 84% of dry bulk clients voting against, whilst there was stronger support for the NZF from container & passenger shipping segments. An NSI spokesperson said that ‘This indicates a broad-based apprehension about the practicality and feasibility of the proposed framework across the entire industry’.


Watch this space, as the can is now well & truly kicked down the road… but whether it will be there, ready to implement or ready to be kicked again, is still an open question.


Eddie Tofpik E: eddie.tofpik@admisi.com T: +44(0) 20 7716 8201


1. Braemar 360 Degrees (20th October 2025)


2. U.S. Department of State - Taking Action to Defend America from the UN’s First Global Carbon Tax – the International Maritime Organisation’s (IMO) ‘’Net-Zero Framework’’ (NZF) (10th October 2025)


3. Ship & Bunker News Team (20th October 2025) 4. Ship & Bunker News Team (21st October 2025) 5. Ship & Bunker News Team (7th November 2025)


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