A Systematic Literature Review of ESG in the Maritime Industry: Insights, Challenges, and Opportunities

Environmental, Social, and Governance (ESG) has emerged as a critical paradigm for corporate sustainable development. In the maritime industry, a sector central to global trade, ESG is gaining prominence, driven by regulatory pressures and investor demands. This study conducts a systematic literature review to map the research landscape of ESG in the shipping industry from 2020 to 2024. Employing the PRISMA methodology, we analyze 20 core academic papers from the Web of Science and Scopus databases. Our findings reveal a rapidly growing research interest, with a clear thematic evolution from a singular focus on environmental issues to a more holistic, three-pillar (E, S, and G) framework. Key research hotspots identified include the relationship between ESG performance and financial performance, ESG disclosure, and risk management. While a positive correlation between good ESG practices and corporate financial performance is a recurring theme, significant challenges persist, notably inconsistent disclosure standards, fragmented global research efforts, and a lack of industry-specific evaluation frameworks. This review synthesizes the current state of knowledge, identifies critical research gaps, and proposes a forward-looking agenda focusing on developing industry-specific frameworks, analyzing external institutional impacts, and enhancing data credibility. Our findings provide a foundational reference for academics, policymakers, and industry practitioners to advance the sustainable transformation of the shipping industry.