In the recent unveiling of the Low Carbon Outlook by ABS, the transportation of critical elements such as carbon, ammonia, and hydrogen, coupled with advancements in clean energy, digitalization, and applied research, are fostering enhanced sustainability and significantly improved operational efficiencies, according to an article published in Seatrade Maritime.
Panos Koutsourakis, Vice President of Global Sustainability at ABS, elucidates the maritime industry’s pivotal role in bridging the global energy landscape’s gaps between production, storage, and consumption.
As the maritime industry looks ahead, delving into the complexities of the three value chains— production, storage, and consumption— it becomes evident that shipping is more than a mere observer in the global green energy revolution. It serves as a critical facilitator and enabler.
However, investing in cuttingedge technology capable of substantially reducing the industry’s carbon footprint is imperative. This entails the adoption of alternative fuels, EETs (Energy Efficiency Technologies), and innovative solutions like onboard carbon capture systems.
The shift toward greener technologies necessitates significant investments and will incur initial expenses that alter the dynamics of shipping’s commercial relationships. Nevertheless, over the long term, shipping operations stand to benefit from reduced emissions, decreased fuel consumption, and simplified regulatory compliance.
The energy transition
The global energy market stands at a crossroads, facing the challenge of meeting rising energy demand while concurrently reducing carbon footprints. Consequently, there is a definitive pivot toward renewable and low-carbon energy sources.
One solution to the decarbonization challenge is the evolution of the energy industry, which supports the creation of an alternative, low-carbon fuel supply chain. The ABS Market Outlook presents a comprehensive analysis of the current energy sector, highlighting forthcoming challenges and opportunities. As global companies escalate their carbon capture projects, the need for transporting captured carbon becomes paramount. Ships designed for the transportation of liquid carbon as cargo are emerging as a crucial link in the carbon value chain, ensuring the safe and efficient transfer of liquid carbon from capture sites to utilization or storage facilities.
The regulatory landscape
The IMO GHG (International Maritime Organization Greenhouse Gas) reduction strategy, as revised during the IMO’s 80th meeting of the Marine Environment Protection Committee (MEPC 80), will usher in significant changes in vessel design and operations.
The global fleet must transition from conventional fuels to greener alternatives, necessitating new designs, engine upgrades, retrofits, and the development of new fueling infrastructure. Enhanced energy efficiency measures, including improved hull designs and operational optimizations such as route planning, are imperative. Furthermore, vessels may need real-time emission monitoring and reporting systems, requiring crew training for effective implementation and compliance.
For older ships, retrofitting challenges may arise, potentially rendering them commercially unviable before the end of their expected service life. Conversely, new, compliant ships may experience a relative increase in market value.
New fuels, new risks
The proliferation of alternative fuels for vessel propulsion and as part of cargo, such as electric vehicles (EVs), introduces new risks for marine insurers.
These emerging risks coincide with a generally positive year for marine hull underwriters, as reported by the International Union of Marine Insurers (IUMI). Global ocean hull premiums saw a 5.7% increase, reaching $8.4 billion in 2022, with claims characterized as “moderate,” albeit experiencing a modest uptick this year.
Over the past three years, the loss ratio has followed a downward trend, with 2022 loss ratios hitting their lowest point since 2015. However, shipping’s greenhouse gas emission targets for 2050 and the adoption of dual-fuel systems in newbuildings, as well as the transition to alternative fuels, present novel risks for marine insurers.
Ilias Tsakiris, Chair of IUMI’s Ocean Hull Committee, underscores the inherent complexity of emission reduction technologies compared to conventional ship propulsion methods, leading to increased risks. The swift implementation of these technologies, aligned with decarbonization and GHG emissions reduction, presents new challenges. Adequate regulations are essential to ensure the safety of those operating the new ships and the vessels themselves, necessitating the comprehensive training of the global seafaring workforce.
Potential alternative fuels like ammonia pose significant toxicity risks to crew members, the environment, and the general public in the event of a spill. Methanol, while having a lower fire risk than fuel oil, burns with an invisible flame, making fires more challenging to detect and extinguish.
The transition to new fuels extends beyond vessels and involves onshore infrastructure and energy companies, presenting a complex process that may challenge certain regions in keeping pace.
Moreover, the shift to alternative fuels impacts not only vessel propulsion but also the cargo carried, with lithium-ion batteries increasingly prevalent in various shipments, including EVs. Concerns have arisen regarding the growing number of fires onboard containerships and roll-on/roll-off (ro-ro) vessels involving lithiumion batteries.
Tsakiris cites a notable incident in July 2023, where a fire broke out on a Panamanian-registered car carrier, the Fremantle Highway, off the Dutch coast. While the cause remains unknown, it took days to control the blaze. Out of over 3,700 cars on the vessel, nearly 500 were electric vehicles.
IUMI emphasizes that fires resulting from EVs are not more common than those from conventional engines, and traditional fuels also carry a substantial fire risk. However, the industry has greater experience managing these conventional risks than it does with the fire risk associated with EVs.
To address these concerns, IUMI recently released a position paper on “Best practice & recommendations for the safe carriage of electric vehicles (EVs),” underscoring the importance of early fire detection, the installation of drencher and CO2 extinguishing systems, and the establishment of welldefined cargo acceptance protocols. Special consideration is given to the charging of EVs on roll-on/ roll-off passenger (ropax) vessels, contingent upon comprehensive risk assessments and the implementation of appropriate safety measures.
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