Turning Challenge into Opportunity 2025

27 UMAS & The Bartlett Energy Institute. (2025). IMO’s new Net Zero Framework: Assessing the potential options and costs of compliance, p.11. https://www.u-mas.co.uk/wp-content/uploads/2025/05/UMAS-Assessing-the-IMOs-Net-Zero- Framework-1.pdf. 28 VLSFO is very low sulphur fuel oil, a type of marine fuel that must contain no more than 0.5% sulphur by mass, in compliance with the International Maritime Organization’s 2020 regulations. 29 Vazquez, F. & Strittmatter, D-A. (2025). Why e-methanol is a game changer for decarbonizing shipping and industry. World Economic Forum. https://www.weforum.org/stories/2025/02/emethanol-a-game-changer-for-decarbonizing- shipping/. 30 Time-stacked offtake structures are offtake tranches layered over different time horizons (early, mid, long term) to align with project ramp-up and financing. Early tranches use stronger take-or-pay provisions and higher floors to secure bankability; later tranches rebalance volumes and prices towards market terms. This spreads counterparty and price risk, supports phased capacity growth and aligns cashflows with debt service, while preserving future optionality. 31 Cyprus Shipping News. (2025). New report targets trillion-plus finance gap that risks stalling shipping’s energy transition. https://cyprusshippingnews.com/2025/09/10/new-report-targets-trillion-plus-finance-gap-that-risks-stalling-shippings- energy-transition/. 32 Vazquez, F. & Strittmatter, D-A. (2025). Why e-methanol is a game changer for decarbonizing shipping and industry. World Economic Forum. https://www.weforum.org/stories/2025/02/emethanol-a-game-changer-for-decarbonizing- shipping/. 33 RMI. (2024). Advancing Zero-Emission Fuels in Washington’s Shipping Sector: Roadmap to 2050. https://rmi.org/wp- content/uploads/dlm_uploads/2024/07/advancing_zero_emission_fuels_in_washingtons_shipping_sector.pdf. 34 Northern Gas and Power. (2024). UK Extends CfD Contracts to Boost Green Energy Growth. https://ngpltd.co.uk/uk- extends-cfd-contracts-to-boost-green-energy-growth/. 35 International Maritime Organization (IMO). (2025). IMO approves net-zero regulations for global shipping. https://www. imo.org/en/mediacentre/pressbriefings/pages/imo-approves-netzero-regulations.aspx. 36 Volume tranching is the practice of splitting the total CfD-supported procurement into discrete volume blocks (tranches) with potentially different sizes, timing and terms, enabling participation from both smaller and larger suppliers. By allocating multiple tranches instead of a single large award, the programme reduces supplier concentration risk, supports market entry and scaling, and allows phased adjustments to price and eligibility as market conditions evolve. 37 Global Maritime Forum. (2025). Green corridors. https://globalmaritimeforum.org/green-corridors/. 38 International Maritime Organization (IMO). (2025). IMO approves net-zero regulations for global shipping. https://www. imo.org/en/mediacentre/pressbriefings/pages/imo-approves-netzero-regulations.aspx. 39 Global Centre for Maritime Decarbonisation (GCMD). (2025). Maritime decarbonisation ambitions remain strong amid global uncertainties. https://www.gcformd.org/maritime-decarbonisation-ambitions-remain-strong-amid-global- uncertainties/. 40 Zero Emission Maritime Buyers Alliance (ZEMBA). (2024). Frequently Asked Questions. https://www.shipzemba.org/ frequently-asked-questions/. 41 Global Centre for Maritime Decarbonisation (GCMD). (2025). GCMD trials show promise of tracers in combating marine biofuel fraud. https://www.gcformd.org/gcmd-trials-show-promise-of-tracers-in-combating-marine-biofuel-fraud/. 42 Global Maritime Forum. (2025). What impact will FuelEU Maritime have on voluntary book-and-claim systems? https:// globalmaritimeforum.org/insight/what-impact-will-fueleu-maritime-have-on-voluntary-book-and-claim-systems/ . 43 World Economic Forum. (2024). Net-Zero Industry Tracker 2024: Trucking. https://www.weforum.org/publications/net- zero-industry-tracker-2024/trucking-net-zero-tracker-2024/. 44 Medium-duty trucks weigh 3.5-15 tonnes gross vehicle weight (GVW); heavy-duty trucks weigh over 15 tonnes GVW. 45 International Energy Agency (IEA). (2025). Global EV Outlook 2025: Trends in heavy-duty electric vehicles. https://www. iea.org/reports/global-ev-outlook-2025/trends-in-heavy-duty-electric-vehicles. 46 International Council on Clean Transportation (ICCT). (2025). Race to Zero: European Heavy-Duty Vehicle Market Development Quarterly (January–December 2024). https://theicct.org/publication/r2z-eu-hdv-market-development- quarterly-jan-dec-2024-feb25/. 47 International Energy Agency (IEA). (2025). Global EV Outlook 2025: Trends in heavy-duty electric vehicles. https://www. iea.org/reports/global-ev-outlook-2025/trends-in-heavy-duty-electric-vehicles. 48 Grand View Research. (2025). Heavy-duty Electric Trucks Market (2024-2030). https://www.gr andviewresearch.com/ industry-analysis/heavy-duty-electric-trucks-market-report. 49 Volvo Trucks. (2025). 600 km range and superfast charging – meet Volvo’s new electric truck. https://www.volvotrucks. com/en-en/news-stories/press-releases/2025/may/600-km-range- and-superfast-charging-meet-volvo-s-new-electric1. html. 50 Powell, B. et al. (2024). Electric Medium- and Heavy-Duty Vehicle Charging Infrastructure Attributes and Development, p.10 (17). National Renewable Energy Laboratory (NREL). https://docs.nrel.gov/docs/fy25osti/91571.pdf. 51 Kuehne+Nagel. (2025). Electric vehicles in road logistics. [LinkedIn post]. https://www.linkedin.com/posts/kuehne-nagel_ evehicles-roadlogistics-electrictruck-activity-7378739657452318720-fdu3. 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