Global changes in shipping fuel rules will have real implications for the Caribbean, said Proman’s director of marketing and logistics Hana Sukhu-Maharaj.
Speaking on a panel on the second day of the Energy Conference 2026, she warned that fuel choices are no longer driven solely by vessel technology, but by whether regulatory systems, safety standards and long-term demand signals are sufficiently defined to support billion-dollar investments.
“Fuel decisions are now depending upon not just ships, but infrastructure readiness, regulatory clarity, safety standards and long-term signals in terms of demand. Maritime activity is growing, the region is starting to position itself within this fuel transition, and of course this creates both opportunity and competition,” she said.
Sukhu-Maharaj said T&T was uniquely placed to benefit from the transition, given its established energy expertise, strategic location and mature maritime sector, but cautioned that no single country or company could move forward alone.
She said the industry has spent years discussing decarbonisation but still lacks the certainty investors need to commit fully.
“It feels like the fourth or fifth year running that we’re talking about this, but we can’t get tired. We have to stay the course. Policy drives investment and there is no truer statement than that.”
Sukhu-Maharaj noted that Proman operates across multiple parts of the maritime value chain, as a petrochemical producer, vessel owner and charterer, and has already invested in alternative fuels. In 2022, the company launched its first methanol dual-fuel vessel.
“Four years later, I still don’t think we have absolute clarity as an industry. And it’s important to understand the maritime sector is not just facing a carbon issue; it’s nitrogen oxides, sulphur oxides, particulates. Methanol addresses all of these.”
She added that while ammonia offers zero-carbon potential, regulatory uncertainty, particularly around toxicity, remains a major obstacle.
“We are not absolutely clear from regulatory bodies what their view is on toxicity and the use of ammonia as an alternative fuel,” she said, adding that ammonia also plays a critical role in global food security as a fertiliser feedstock.
Highlighting the financial aspect, she said, “A methanol dual-fuel vessel can cost upwards of US$52 million. Fuel alone represents at least 25% of operating costs. This is a 20 to 30-year investment decision.”
Shipowners
proceeding cautiously
From the shipping side, Michael McNamara, vice president of Carnival Corporation’s global fuel supply, said regulatory ambiguity has produced a divided industry with a small group of “first movers” investing ahead of rules, while most shipowners proceed cautiously.
“There’s a small set that’s been investing in cleaner fuels for ten to 15 years, largely driven by their business model and customer expectations. But for most shipowners, they’re futureproofing, building dual-fuel capability, without actually using those fuels yet.”
He warned that shipowners are reluctant to commit to expensive fuel choices without knowing whether today’s investments will meet tomorrow’s standards.
“You’re building a vessel for a 30-year lifespan. The question is: what regulation are you adhering to over that 30 years?”
McNamara also highlighted the inefficiencies created by uncertainty, saying: “We’re giving up massive amounts of real estate onboard ships just to carry tanks for fuels we may never use. That’s extremely expensive.”
As for policy, Dr Dale Ramlakhan, country manager for HDF, explained that the IMO’s greenhouse gas strategy unanimously adopted in 2023 is built on three pillars: decarbonisation from 2013 to 2050, a level playing field, and a just and equitable transition.
“What I gathered from in that space is there are two groups: the guys who are purely on ‘We need zero emission fuels’ and then those who say ‘We need fuels that are worth two zero emissions.’ So those are the two groups, and that’s the battle. It’s a battle there, and it’s why all options are always going to be open,” he said.
He added that while the region adopts and creates policies to remain competitive and adhere to international requirements, Ramlakhan warned, “We’re going to be impacted, because if the EU has regulations, and a ship has to leave the EU and come to us, and ship is going to meet certain criteria at this port. If they have to go across to, say, Asia, and there is a difference compared to the Caribbean, then you have confusion.”
He added that this could mean the ship operator noticing they have to pay taxes on one side compared to no taxes on the other, which could lead to route adjustments. “So instead of stopping off to your area, it might say, ‘I am going to seek my best route…to optimise my cost.’”
He stressed that in the Caribbean, 80% of trade comes through shipping.
