Joey Daly, Cargo Analyst, provides some clarity on how existing vessels will need to adapt in order to be compliant with the International Maritime Organisation’s (IMO) decarbonisation agenda, and where VesselsValue fits in. The report explores how calculating a vessel’s energy efficiency can determine the extent of change required to achieve compliance, and therefore meet these new IMO regulations in the drive towards greener Shipping. You can read the full piece here.
“The EEXI will be introduced in 2023 and is calculated using a modification of the formula used for EEDI. Unlike EEDI, however, EEXI will apply retrospectively to already existing vessels that may have not have been built with sustainability and energy efficiency in mind. VesselsValue data shows that, prior to any efficiency modifications, more than 75% of the fleet (Bulkers, Tankers and Containers) will not be compliant.
According to GLoMEEP (Global Maritime Energy Efficiency Partnerships), a new bulbous bow can cost a fixed value of USD 100,000 plus material costs ranging from USD 250,000 to USD 700,000, and lead to a reduction in fuel consumption of up to 6%. When monitoring a fleet, portfolio, or potential acquisition, judging the required cost and work to bring vessels into compliance can be challenging, especially when looking at a large number of vessels every day.
Access to EEDI/EEXI calculations for an extensive range of cargo vessels is essential to monitor and analyse market fundamentals. The challenge of decarbonisation will extend to all areas of Shipping, and EEXI alone will present a myriad of challenges to owners, operators and financiers…”
