Goldilocks, the Wizard of Oz and maritime decarbonisation

Speaking at Nanyang Technical University in Singapore during the 2nd NTU Singapore-Europe Dialogue on 12 January 2026, Maritime and Port Authority, deputy chief executive, Chin Yi Zhuan, explained the core tension that exists between the three areas of maritime decarbonisation: carbon; cost; and competitiveness – the three Cs.

“In a perfect world, we want all three. But in reality, most companies can only optimise for up to two,” he observed.

“If you want to cut carbon and keep freight rates competitive, you will have to absorb the cost and that usually hits margins.

“If you cut carbon and protect margins, you will have to pass the costs on. Freight rates rise and customers look elsewhere.

“And if you focus on cost and competitiveness, decarbonisation gets pushed to ‘later’. And we all know pushing to later has a habit of becoming never,” he said.

This is why shipowners are using different decarbonisation strategies, moving at different speeds, and taking different views on what ‘net zero’ means.

But Mr Chin said there is a way forward that is “not too hot, not too cold.” He described this ‘Goldilocks Zone’ as a pace of change that “cannot be so fast it breaks the industry, nor so slow we miss our net-zero target.”

For the maritime industry to reach this Goldilocks Zone, Mr Chin explained, it needs to embrace the qualities sought by Dorothy’s three companions, Tin Man (heart), Scarecrow (brains) and the Lion (courage) in The Wizard of Oz.

“We all know pushing to later has a habit of becoming never”

While many portray shipping as heartless, he sees just the opposite. Shipowners are making costly investments in alternative-fuelled ships and technologies, like wind-assisted propulsion, to cut CO2 and GHG emissions. “These decisions are not cheap. They involve real financial risk. And they deserve recognition,” observed Mr Chin.

Singapore is supporting maritime decarbonisation efforts through its Green Ship Programme and Green Port Programme, offering rebates on port dues, registration fees, and other incentives for greener ships and cleaner port operations.

When it comes to brains, he cited the work and collaboration of classification societies, researchers, engineers, and academia like the NTU in developing and derisking technologies, underpinning the safety of alternative fuels, energy-saving technologies and digitalisation.

Singapore is providing critical funding, too. “Under RIE2030, we are investing S$37Bn, about 1% of GDP, into research, innovation, and enterprise over the next five years. Maritime technology and sustainability will be part of that effort,” he said.

But having a heart and a brain is not enough. You need the courage to act. “Leadership takes courage. Especially when the choices are hard, and consensus is slow,” he said.

Government policy, regulations and international support all have a role to play in “setting the direction and rules of the game.”

He called IMO’s Net-Zero Framework “a brave effort to lock down the ‘Carbon’ corner of the trilemma, creating a level playing field,” noting regional rules “only add further confusion to industry.”

While he called the delay to the IMO Net-Zero Framework “disappointing”, Mr Chin

said, “Singapore will continue to work with others to build consensus.”