A new tool to compare the environmental performance of vessels and fleets against regulatory and market benchmarks has been launched by consultancy Maritime Strategies International (MSI).
The Environmental Credentials tool, part of MSI’s Forecast Marine eValuator (FMV) service within its HORIZON online platform, creates an environmental assessment when users run an FMV report, which can be applied to individual ships, sectors, classes and fleets.
The system provides ratings against the IMO’s EEXI and CII regulations to 2026 and Annual Efficiency Ratios for 2020 and 2021, measured against the Poseidon Principles trajectory and a ‘zero emissions’ scenario by 2050.
The environmental credentials are currently available for tankers, bulk carriers and containerships and will be extended to specialist vessel sectors in the near future, MSI says.
In its Q1 2022 dry bulk market report MSI assessed the EEXI values of the fleet by using a range of data sources, sense-checked with a selection of owners. It estimates that just under 80% of dry bulk ships will not meet EEXI regulations and in almost all cases, MSI believes that dry bulk vessels will fit an engine power limiter (EPL) to meet the requirements.
Early analysis suggests that the Capesize fleet, ironically given its young age, could be impacted the most. This is because a large share of the existing fleet was constructed between 2006-2011, before more fuel-efficient designs were developed in 2013-14.
“Older vessels requiring a large EPL to meet EEXI criteria would have the least flexibility of operations, reducing their potential to speed up to meet laycan windows when faced with delays such as those caused by bad weather; ultimately this would lead to lower cargo volume and a reduction in potential freight revenue, reducing the economic life of a ship,” said Will Fray, Director, MSI.
“A significant number of 10-15 year old ships are at risk and over the next five years will age into a bracket much more susceptible to being scrapped, particularly if freight markets decline from today’s levels, as forecasted by MSI.”