The shipping industry’s significant environmental impact, ranking it as the sixth-largest polluter globally, is being directly addressed by a substantial $123.7 million retrofitting project spearheaded by Atal Solutions, in collaboration with Damen Shipyards Group, Blue Astra Maritime Shipping, and a consortium of other partners, reports AJOT.
Green Retrofitting
Atal Solutions is currently undertaking a significant green retrofitting project in Istanbul, where four vessels are undergoing modifications. Initial results from these modifications indicate promising fuel savings of at least 25%. The dry docking phase for each vessel is projected to take approximately four weeks. As the retrofitting work progresses, further data from ongoing trials is expected to validate and potentially enhance these initial findings.
Istanbul was strategically chosen as the location for these dry docking operations due to the advantages offered by the Besiktas Group. Their deep understanding of Atal’s specific requirements, coupled with their operational flexibility and high-performing teams, were key factors in making Istanbul the optimal choice for this crucial phase of the project.
This ambitious project integrates ten advanced technologies, each specifically aimed at reducing emissions and improving the overall performance of the vessels. These technologies include:
- CO₂ capturing systems: Designed to significantly reduce greenhouse gas emissions.
- Air lubrication systems: Implemented to enhance hull efficiency and reduce drag.
- Closed-loop scrubbers: Utilized to capture emissions generated from the use of traditional fuels.
- LED lighting and monitoring systems: Installed to lower overall energy consumption on board.
Atal Solutions has also developed an innovative financing model to ensure that these sustainable upgrades are more accessible to shipowners, requiring minimal upfront investment. Through a supplier credit that covers $105.2 million of the project’s total cost, shipowners are only required to contribute 15% equity. This financing structure was recently recognized as one of GTR’s Best Deals of 2024, acknowledged for its success in overcoming financial barriers to green retrofits – an area where securing more than 50% financing is often challenging for second-hand vessels. This model aims to facilitate the rapid adoption of green technologies within the maritime industry and offers a scalable solution for broader implementation.
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Source: AJOT
