Everllence has highlighted that newbuildings alone will not suffice for shipping to meet the IMO 2023 GHG Strategy and achieve net-zero emissions by 2050. Despite all new ships being zero or near-zero emission capable by 2030, the existing fleet will require retrofitting of around 50GW of two-stroke engine power, equivalent to approximately 2,000 large container ships, bulk carriers, and tankers. Among vessels over 5,000 GT, about 30,000 two-stroke engines exist, with 5,300 potentially convertible to zero or near-zero emission fuels. Regulatory uncertainty is delaying investments, risking future capacity bottlenecks. The retrofit market presents significant opportunities for shipyards, engine makers, and other stakeholders. In China, COSCO SHIPPING Lines has completed methanol dual-fuel retrofits on four large container ships, while Yangzijiang Shipbuilding has re-entered the repair sector with a new facility. Decarbonisation will require extensive retrofits alongside newbuilds.