Lloyd’s Register’s Maritime ESG Benchmarking Report reveals uneven progress and highlights the need to turn ESG ambition into operational performance.

A new report has found that while Environmental, Social and Governance (ESG) frameworks are now widely established across shipping, they are not consistently translating into operational performance.

The ‘Measuring ESG maturity in maritime’ report, published by Lloyd’s Register’s (LR) ESG Advisory service, provides a first-of-its-kind benchmark to help shipping companies translate ESG ambition into tangible operational improvements.

It presents findings from LR Advisory’s Maritime ESG Maturity Index (MEMI), the first transparent, comparable framework for measuring ESG maturity in the industry. Drawing on a statistically validated assessment of 48 global shipping companies across multiple sub-sectors, MEMI evaluates performance across governance, environmental management, social responsibility, disclosure and supply chain practices, highlighting where companies are delivering value and where gaps remain.

The report’s findings show that while ESG frameworks are now widely in place, the industry is yet to translate ambition into consistent operational outcomes.

Shipping currently scores an average of 56 out of 100, placing it in the lower ‘Advanced’ category, with most companies having established governance structures but falling short in areas such as environmental execution, supply chain transparency and assured performance data.

The analysis identifies a structural imbalance across the industry, with 27 of 48 companies scoring significantly higher on governance than on environmental performance, highlighting a gap between ESG strategy and operational delivery.

A widening performance gap across the sector was also revealed with only a quarter of companies assessed reaching ‘Leader’ status, with the rest clustered across varying levels of maturity.

The report, which includes five case studies on major shipowner projects, shows ESG maturity is not advancing uniformly. Container shipping leads with a mean score of 74.7. Dry bulk attained the lowest score, with a 49.5 average, reflecting fragmented ownership and lower commercial ESG incentive.

Data also reveals that regulatory environments and investment pathways differ significantly across geographies. Americas-headquartered companies achieve the highest regional mean at 62.7, driven by the concentration of NYSE and NASDAQ-listed operators in that group. Europe scored 55.3 and Asia Pacific, 55.7, placing them close to the industry mean of 56. Listed status is the strongest predictor of good performance, with regional means higher where listed companies are concentrated, irrespective of geographic location.

These disparities reflect a broader shift as seen in LR’s updated Global Maritime Trends Energy Transition Barometer, which highlights that that while progress in the maritime energy transition continues, it is increasingly uneven, fragmented, and well short of what is needed.

The Energy and Maritime Trade pillars have both deteriorated, with energy remaining ‘critically off track’ and trade recording the steepest decline, driven by persistent fossil fuel dependency, geopolitical fragmentation, and weakening global cooperation. Although vessels, ports, and people show marginal improvements, these gains remain insufficient, leaving them misaligned with net-zero ambitions and highlighting a widening gap between ambition and execution.

Ambrish Bansal, Senior VP – Business Advisory & Consultancy, LR Advisory, said: “This landmark report provides organisations with an objective view of industry progress, helping them assess their position, identify opportunities, and make more informed strategic decisions.

“It also offers important insights into the maritime industry’s journey towards efficient and sustainable operations, and the social and governance foundations needed to deliver lasting progress. Stronger leadership, accountability and disclosure, combined with a greater focus on people and workforce resilience leads to more responsible business practices.”

The report shows that companies with stronger ESG capabilities are better positioned to secure financing on favourable terms, meet charterer requirements, and reduce long term operating costs through improved efficiency, the report reveals. Tightening regulations in Europe alongside the integration of ESG criteria into lending through the Poseidon Principles and sustainability-linked finance, convert environmental performance into quantifiable financial exposure.

At the same time, the report points to a clear set of untapped opportunities. Maritime-specific environmental issues, including biodiversity impacts and underwater noise, remain largely unaddressed across the sector, even among top-performing companies, signalling an emerging area of focus as regulatory expectations evolve.

Building on these insights, LR’s new ESG Advisory service is designed to help clients move beyond compliance and turn ESG into a driver of business performance. The service combines industry-specific benchmarking with practical implementation support, enabling clients to identify gaps, prioritise action and embed ESG across operations in a way that delivers measurable outcomes. This includes improving energy efficiency, strengthening governance frameworks, enhancing data quality and unlocking opportunities linked to sustainable finance.

Download a copy of ‘Measuring ESG maturity in maritime’ report at: https://www.lr.org/en/knowledge/research-reports/2026/maritime-esg-maturity-index-industry-benchmark-report/