Decarbonisation firmly on shipowners’ ‘to do’ lists – but where’s the money?

A survey asked shipowners about their plans for decarbonisation. The discussion has definitely begun but 75% of respondents have yet to instigate the ‘big conversation’ with finance providers over funding their energy transition strategies.

In response to the following questions, shipowners responded:

Is your company already preparing a decarbonisation/GHG reduction strategy?

Yes: 100%

Do any of your vessels currently run on LNG?

Yes: 12.5%

No: 87.5%

Have you introduced a fuel optimisation/performance management system across some or all of your vessels?

Yes: 100%

Where will you source the information on which you can base your decisions about alternative fuels and/or propulsion technologies

Class societies: 12.5%

Industry organisations: 37.5%

Sector/environmental consultants: 0%

Fuel suppliers: 12.5%

Technology/engine manufacturers: 25%

Other: 12.5%

Have you already started a dialogue with one or some of the above?

Yes: 87.5%

No: 12.5%

Has the IMO’s recently published 4th GHG study changed your viewpoint about which fuel option to consider?

Yes: 12.5%

No:  37.5%

Not yet discussed: 50%

Has the IMO’s recently published 4th GHG study changed your viewpoint about when to start implementation of a decarbonisation strategy?

No: 100%

What is the timescale for the renewal of your fleet?

Next 5 years: 25%

5-10 years: 37.5%

10-15%: 37.5%

Have you had any engagement with banks or other financial institutions over the financing of vessels operating on alternative fuels or new propulsion technologies?

Yes: 25%

No: 75%

If yes, have those initial discussions been:

Helpful: 15%

Rather not say: 85%

Have you already had discussions with your customers about the decarbonisation issue (e.g. cargo owners)?

Yes: 50%

No: 50%

Do you think the IMO’s initial GHG reduction targets for 2030 are achievable with existing fuels/technology/vessel operational and design solutions?

Yes: 62.5%

No: 12.5%

Not confident: 25%

How confident are you that shipping can hit the IMO’s 2050 GHG reduction targets?

Very confident: 25%

Possibly: 62.5%

Not confident: 12.5%

Lesley Bankes-Hughes

Lesley Bankes-Hughes