There are more than 10,000 vessels that can benefit from retrofits and carbon credits, which could extend the trading life of the existing fleet and delay the need for risky newbuilding investment decisions while carbon-free fuels are not yet available, according to Marsoft.
The US-based advisory, which in collaboration with MIT, developed a proprietary technology called GreenScreen that offers access to carbon credit revenues for reducing emissions from ships, has helped owners validate some of the key elements of their investment strategies, including Bob Burke-led Ridgebury Tankers.
Placing a value on carbon is key to reducing its use
Burke said the company believes that maximizing the useful trading life of the existing tanker fleet and reducing the need for newbuildings, particularly while no zero carbon fuels are commercially ready, is an important part of following the most efficient and economical pathway to a zero carbon future, adding that for Ridgebury placing a value on carbon is key to reducing its use.
According to Arlie Sterling, president of Marsoft, the GreenScreen breakthrough eliminates barriers which until now have made it impractical for shipping to access the carbon credit markets. “Marsoft’s industry-level solution enables shipowners to verify CO2 emission reductions within the current regulatory window and to take advantage of the rapidly growing markets in carbon credits to fund investments that reduce CO2 emissions,” asserted Sterling.
Marsoft worked with the MIT Sea Grant Program Design Lab to create the analytical foundation of its GreenScreen models, which allowed it to take advantage of the best in naval architecture, tank testing, and software design.
The Boston-based company believes that evolving regulatory measures and climate policy changes are likely to shift the goal post for shipping and could shorten the window for qualifying, and urged owners to act now to ensure recognition of their emission saving investments. Its GreenScreen-based methodology has been accepted by the Gold Standard, the global carbon registry, as the basis for issuing carbon credits for investments that reduce CO2 emissions from ships.