ShippingWatch

NGO: New financing could kick-start retrofit

The environmental NGO Carbon War Room has worked intensely on a new financing model to make retrofitting attractive to shipowners.

Photo: Presse

The financial crisis has kept many shipping companies and shipowners from retrofitting their ships, in spite of the obvious long-term benefits, including large savings on, particularly, fuel. But a new financing model will make it attractive for shipowners to choose this option while also helping to reduce the shipping industry's CO2 emissions, which is one of the causes the NGO Carbon War Room advocates, President José Maria Figueres, tells ShippingWatch.

"Following a big collaboration with the industry we've been able to construct a mechanism, which via the future fuel savings gained from retrofitting is able to pay for the moderations performed on the ships. We've found third-parties, financial companies, who are really interested in supplying this kind of financing to help the carriers retrofit their ships. Especially at a time when a big part of the industry is still trying to leave the financial crisis and may not have the resources themselves. At the same time, they see this as a new growth industry that they would like to invest in," he says.

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