ABS's 2026 Sustainability Outlook, titled 'Decision Point: Practical Pathways to 2035', argues that shipping industry winners over the next decade will be those best able to improve efficiency and execute investments at scale rather than those making the boldest fuel bets. ^[1] Thyssenkrupp Steel, ArcelorMittal Europe and Voestalpine issued a joint appeal in June urging reform of the European Union Emissions Trading System (EU ETS). ^[2] Trade publication WNP reported that Thyssenkrupp plans a multi-week overhaul and modernization of the Schweigern 2 blast furnace at its Duisburg plant. ^[3] ABS argues that the business case for dual-fuel capability is considerably stronger on predictable liner trades than for spot-trading bulkers and tankers, where future fuel availability along constantly changing routes remains far less certain. ^[4] ABS calculates that the carbon-cost component for a conventional-fuel 14,000 teu containership trading substantially in Europe could approach $20m per vessel annually by 2035 under its base price assumptions. ^[5] ABS expects shipowners to operate under five to seven overlapping regimes covering the IMO, EU, UK, China, individual US states, and emerging bilateral green corridors, rather than a single global framework. ^[6] The Schweigern 2 blast furnace in Duisburg, commissioned in 1993, is 110 meters tall, has a hearth diameter of 14.9 meters, and produces about 12,000 tonnes of pig iron per day. ^[7] They also said the EU should expect a 30-40% decline in steel production and a threat to 5 million jobs in the value chain. ^[8]