Charterers are already beginning to use the GHG Emissions Rating data to inform the vessels they use, and their demand for more efficient ships will shape the future market. If you are an owner or operator, search your vessels now to see the efficiency of your fleet.
Owners and operators are able to apply fuel efficiency retrofit technologies that can, when bundled, save 15-20% on fuel bills. This improved efficiency extends the vessels’ lifespan, increases the number of hire days and, in some cases, garners a price premium from charterers. The demand among charterers for more efficient vessels is demonstrated in Cargill, Huntsman, Unipec and Mosaic’s announcements not to charter inefficient vessels, i.e. those ranked F and G on the GHG Emissions Rating. In fact, one in five charterers, representing 1.95 billion tonnes of CO2, have adopted policies not to charter the most inefficient vessels. More efficient vessels are also valued by financiers, many of whom consider fuel efficiency in their lending decisions. Both on and off balance sheet funding is available to enable fuel efficiency retrofits on vessels. You can get in touch with our team to discuss these options.