The Cost of Carbon Compliance Leads the Discussion at the ABS Hellenic National Committee

Source: 5/30/2024, Location: Europe

ABS, the leading Class in Greece, shared the latest insights on critical issues like FuelEU, the impact of geopolitical challenges on global trade and the carbon value chain, with Greek shipowners, ship managers and charterers, at the annual ABS Hellenic National Committee Meeting.

The session yielded open conversations, directly addressing the real challenges and viable solutions to meet 2050 decarbonization targets.

“We need different ways to approach decarbonization, not just through the lens of a CII rating. In the case of FuelEU, there are market-based measures based on well-to-wake emissions, not just what’s on a vessel. So, the strategy now is focused on how to apply sustainability practices to the whole fleet, not just an individual ship, to maximize incentives and reduce the cost of compliance,” said Christopher J. Wiernicki, ABS Chairman and CEO.

Wiernicki elaborated on the FuelEU program, reviewing analysis on different alternative fuels and technologies, including wind-assisted propulsion, and the impact on the daily cost of compliance over time. He also expanded on the fleet pooling opportunity within FuelEU, walking through different scenarios where owners could lower the carbon intensity measurement by pooling, for example, one LNG vessel with five assets using light fuel oil.

“With our deep technical experience and client-centric approach, ABS is well-positioned to operate in this emerging intersection of safety, technology and regulation,” he said.

Among the special guests at the committee was former ABS Chairman Bob Sommerville.

John McDonald, ABS President and COO, delivered an update on shipyard operations, noting that shipyards around the world are near capacity with yards in China looking to increase availability and provide more slots to support new builds.

The agenda also addressed the current geopolitical landscape and its impact on shipping, with ABS sharing insight into the challenges brought on by supply chain disruptions.

Vassilios Kroustallis, ABS Senior Vice President, Global Business Development, presented a market outlook. New orders for vessels show an increase in dual-fuel readiness in comparison to conventional fuels, with the majority of new builds designed to be LNG-ready followed by methanol and ammonia.

“Sharing knowledge and collaborating on solutions are important activities for the shipping industry right now. ABS is a steadfast partner, providing valuable insight for us as we navigate new regulations while maintaining safe and viable operations,” said Peter Livanos, Chairman of GasLog Ltd. and the ABS Hellenic National Committee Chairman.

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