Over 45 per cent of the respondents cited regulatory uncertainty as being the greatest risk, showing growing concern over the pace of climate measures due to be imposed on the shipping sector.

When asked in 2020, the Outlook Poll was 34 per cent for respondents citing sanctions and regulatory risk as being their greatest concern, while 33 per cent cited vessel oversupply.

This year saw 30 per cent of respondents list oversupply as their main risk, while the Covid crisis was at 13 per cent, and access to finance trailed at 11.5 per cent.

Although the majority of respondents believed that a carbon levy would be imposed on shipping by either 2025 or 2030, over 22 per cent did not expect to see a levy until after 2035 and over 10 per cent said it would not happen at all.

Fifty-six per cent of respondents suggested that the crisis would not end before 2023 and 38 per cent cited supply chain disruption as being the most significant macro factor over the next two years.

"Retrofitting is going to be by far the most important capital expenditure up until 2050," said Citi chairman of shipping and logistics business Michael Parker.

"There's no choice now. If you're not a first-mover, or very close to being a first-mover, you could get left behind and indeed left out the future of this industry," he said.