Rewards for being green

The perennial problem is that it is the owner who pays for the technology, but the charterer who reaps the benefits in terms of lower fuel costs. It can be argued that a ship which uses less fuel can command premium rates in the market, and this is a reasonable assumption. But in the current markets, characterised by over-supply of tonnage, the benefits that a ‘premium’ ship enjoys are likely to be limited to the fact that it is easier to place than an elderly oil-guzzler rather than finding a charterer willing to pay a substantially higher rate.

A possible answer to the eternal question comes in carbon credits. International Paints has got together with carbon credits issuer The Gold Standard to formulate a scheme whereby if a ship currently coated in old-technology anitifouling converts to International’s premium smooth foul-release coating, the resulting fuel saving will earn carbon credits for International, which can be converted to cash, and passed on to the shipowner. So it looks like a win-win situation: the charterer saves fuel, and the owner gets the benefit of the carbon credits.

Of course, it’s all very limited at present. Just one product from one supplier, and one issuer of carbon credits. It hasn’t been an easy scheme to set up, taking, according to International, around two years to establish a sound methodology, being not only the first maritime scheme but the first involving moving assets, on a worldwide scale. Naturally there are conditions. If the owner fits any other energy saving devices like a Mewis duct the ship becomes ineligible, which sounds a bit harsh but is understandable because the methodology established so far is limited to quantifying the fuel saving resulting from the premium coating. But The Gold Standard in particular is keen to see an overall reduction in carbon emissions, not necessarily from a single source. We are assured that the scope of the scheme can be extended to other products and other manufacturers – it’s just a case of being able to establish, then quantify and record, how much fuel is saved from each measure.

It looks like a good idea, with considerable promise.