The maritime industry and regulatory bodies are working tirelessly to reduce shipping’s environmental impact. Maritime companies are exploring a range of clean fuel alterna- tives. What are the major problems maritime companies face during this trial and error period?”
Recently, stringent environmental regulations have been imposed by the International Maritime Organization on global maritime shipping operations in an effort to reduce the latter’s environ- mental footprint. As you correctly point out, one of the topics associated with the above-mentioned challenging task is substituting heavy fuel oils used for maritime transportation with relatively cleaner fuels.
As a result of growing energy security, environmental and economic concerns, policymakers and industry stakeholders have begun shifting their attention away from fossil fuels and are exploring a series of options available when it comes to alternative fuels for the shipping industry. Advancements in hydrogen-energy technology, LNG and ammonia, methanol and even nuclear fuel and other novel fuel technologies are likely to strengthen in the forthcoming years. Whilst it is perhaps premature to tell which technology will prevail given the advantages and drawbacks of each new fuel technology,
it currently appears that a variety of new technologies will exist, depending on the vessel type and trading pattern, driving shipping operations in the future. It is therefore clear that further research must be conducted in order to identify sustainable alternative fuels.
Whilst it is important for the shipping industry to embrace new fuel technologies, it is similarly import- ant for the shipping industry to take as well-informed decisions as possible when deciding on fuel technology on new ships so as to safeguard sustainable company objectives. To this end, it is crucial that the industry maintains a level playing field, and that the legal and regulatory framework is clear. Appropriate timing for the transition to new fuel technology is also of vital importance insofar as a rushed decision could be as problematic as a late decision given the high demand which will surface. In addition, issues relating to, infrastructure, the supply & demand chain and storage & handling are major points of concern when it comes to the effective use of new types of fuel.
* HELMEPA Chairperson Chief Executive Officer at Diana Shipping Inc
The answer was provided for NAFS magazine issue 143 in its special report “WOMEN in SHEPPING”