- Stakeholder collaboration and risk-sharing are crucial for achieving compliant and sustainable shipping operations.
- Data-driven tools and energy-saving devices (ESDs) can support compliance with minimal investment.
- Yard availability and skilled workforce shortages are significant barriers to retrofitting efforts.
The shipping industry faces mounting challenges as it transitions to meet emissions reduction targets. With regulations like FuelEU and the IMO’s impending fuel standards, stakeholders must collaborate to manage risks and share investment responsibilities. Data-driven tools, energy-saving devices, and strategic retrofitting are becoming vital for compliance and commercial viability in an uncertain environment, reports LR.
Collaboration and Risk-Sharing
Achieving net zero emissions requires shared responsibility among energy producers, shipowners, insurers, and regulators.
At an LR event in Athens, experts emphasized that investments in new technologies and compliance measures must be distributed across stakeholders.
Leveraging Energy-Saving Devices (ESDs)
ESDs like wind-assisted propulsion systems (WAPS) and smart operational tools provide cost-effective ways to enhance vessel efficiency.
These solutions, while inexpensive, can help fleets align with regulatory standards like the EU ETS and IMO’s Carbon Intensity Indicator.
The Role of Data in Decision-Making
Data-driven insights are essential for validating savings, assessing ROI, and informing investments.
Scenario planning helps stakeholders understand financial risks, optimize operations, and align investments with compliance requirements.
Challenges in Yard Capacity
The limited number of repair yards with retrofitting expertise and skilled labor shortages hinder the widespread adoption of ESDs and engine upgrades.
Only 300 engine retrofits are possible annually, highlighting the need for more infrastructure and skilled workers.
Addressing Auxiliary Emissions
Dr. Chris Craddock revealed that 15% of ship emissions come from auxiliary systems like fuel pumps and lighting.
Cost-effective upgrades to these systems offer high returns with low risks, making them an attractive solution for operators.
Strategic Investments for Compliance
Investing in smarter vessel operations and data-led decisions is critical.
LR experts noted that these investments don’t need to be extensive but must be shared across stakeholders to achieve emissions-free shipping.
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Source: LR
