8/14/2023 0 Comments Freespace 2 ships scale![]() ![]() This will leave fossil fuel ship owners with the choice of paying to offset their emissions, retrofitting their vessels, or retiring vessels potentially ahead of schedule.Īs decarbonization technologies are being developed at a more rapid pace than ever before, retrofitting presents an opportunity for existing and future vessels to be equipped with the latest technologies as they evolve. For example, as market-based measures to promote zero-emission shipping are introduced, the operating costs of fossil fuel powered vessels will increase significantly. The transition to zero-emission fuels will see key milestones reached within the next decade and, given that most deep-sea vessels are built for lifespans of 25 years plus, the shipping industry must prepare for this transition as soon as possible or otherwise risk being left with stranded assets. This insight brief goes a bit beyond the scope of the webinar to encompass fuel optionality and will be followed by further insight briefs which will dive deeper into the different approaches and pathways available to ship owners in order to manage their transition risks. The webinar addressed the topic of retrofitting as an opportunity for existing vessels to meet the latest standards and regulations, improve GHG emission performance by burning the next generation of zero carbon fuels, and still remain attractive as a business asset. ![]() By some estimates, if shipping is to fully decarbonize by 2050, half of the vessels on the water by mid-century will have been retrofitted to run on scalable zero emission fuels. Synopsis: The latest technology is not just available for newbuild ships. ![]()
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