The maritime industry will go through a period of rapid energy and technology transition that will have a more significant impact on costs, asset values, and earning capacity than many earlier transitions. Shipowners are already experiencing increasing pressure to reduce the greenhouse gas footprint of maritime transport. This report provides an updated outlook on the regulatory and commercial drivers for decarbonization of shipping. Further, this report provides an outlook on ship technologies and fuels that could help shipping respond to the decarbonization drive, introducing an updated timeline for the technical availability of selected alternative fuel technologies. With the outlook on regulations, drivers, and technologies in mind, this report further presents an updated carbon risk-management framework.