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Decarbonization and new challenges

Shipowners, get ready to invest!

by Port News Editorial Staff

Shipping companies will need to invest $3.4 trillion to renew and expand their fleets between now and 2050.  This was disclosed by Clarksons Research’s non-executive chairman, Martin Stopford, taking part in a webinar hosted by Capital Link during which he presented the results of a study conducted in April 2020.

Mr. Stopford explained that in order to be compliant with the new decarbonization requirements, carriers will need to spend $2.2 trillion on renewing their existing fleet. Another $1.2 trillion will be needed to expand fleets to accommodate the increased volumes of goods shipped by sea forecasted for the next few years.

Containerships and bulkers will each spend 15% of the total amount shown, while renewing and expanding the gas tanker fleet will require about $340 million, 12% of the total figure. A further 6% will be spent on tankers.

Clarksons’ forecasts are based on a scenario characterized by a moderate growth in traffic and by the prediction that CO2 emissions from ships will decrease from 900 million tons in 2008 to 324 million tons in 2050. This figure reflects the IMO objectives of reducing emissions by at least 50% over the next 29 years.

In the meantime, according to Mr. Stopford, it will be necessary to manage the existing fleet efficiently. The analyst explained how ships built before 2020 will be responsible for 50% of all shipping emissions by 2050. Diesel ships built after 2020 will account for 22% of total shipping emissions by 2050, with the remaining 28% coming from hybrid vessels.

Translation by Giles Foster

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