The Lloyd’s List Podcast: How to retrofit a more efficient shipping industry

The ships of the future will be more efficient. But the global fleet currently carrying the 11bn tonnes of seaborne trade annually will be operational into the 2030s and so keeping the existing ships running longer more efficiently is part of the overall balance required to green shipping’s energy transition. There is an entire industry out there with proven technology that can make existing ships up to 20% more efficient with relatively attractive payback periods promised, at least on paper. But it is inevitably more complex than that. Most shipowners have assessed technical options for retrofits and operational efficiency improvements for existing vessels. However, lack of clarity on technical performance, financial accessibility and who stands to benefit from any investment has too often hampered uptake. Until there is clarity, investment decisions are likely to remain challenging. This week’s edition of the podcast explores the barriers and potential solutions to more widespread retrofitting of the existing fleet. Featuring expert insights from: • Michael Parker, Chairman of the Poseidon Principles • Charles Haskell, LR's Decarbonisation Programme Manager, • Tony Foster, Chief executive Marine Capital • Tuomas Riski, CEO of Norsepower