Capital Ship Management Corp., Daewoo Shipbuilding and Marine Engineering (DSME) and Lloyds Register have entered into a joint develop agreement for developing the use of LNG as a marine fuel, which will incorporate the key principles and aims of the International Maritime Organisation’s (IMO) Strategy for Sustainable Maritime Transport Systems.
As part of Capital’s business strategy, the use of alternative marine fuels (including LNG) will be evaluated, as the company seeks new ways to reduce emissions and the energy required to operate maritime vessels.
Evangelos Marinakis, Chairman of the Board of Capital Product Partners LP, said: “We need to understand and derive the maximum benefit from new technologies and the innovations that can drive total corporate performance – making our ships more efficient and attractive in the market place, offering our seafarers safe and rewarding careers, all while working to reduce the environmental impact of the ships we manage.”
Lloyd’s Register is providing independent verification of Capital’s sustainability performance to ensure effective measurement of progress and client awareness of key performance indicators as well as supporting the LNG as fuel joint development project. “Capital’s strategy is a platform for innovation,” said Apostolos Poulovassilis, Regional Marine Manager EMEA for Lloyd’s Register.
“And we provide independent insight, risk analysis, experience and the verification to support operational and investment decisions – as new systems, processes and technologies are considered and adopted. Capital is addressing the issues that are raised by the research and development that we have carried out to date such as our Global Marine Fuel Trends 2030 report issued in March.”
LNG as fuel
The joint development project between Capital, Lloyd’s Register and DSME is specifically examining LNG as fuel, its technology specification and costs including fuel performance, as well as the potential safety implications of its use on a future ultra large container ship design which will be developed with input from all three stakeholders.
Lloyd’s Register now has a significant portfolio of newbuilding and design projects underway supporting the expansion of LNG as fuel away from small scale local trades into more sophisticated, larger volume LNG as fuel projects.
Mr Marinakis concluded: “Capital Ship Management strongly believes that the benefits of lower SOX, NOX and, potentially, reduced greenhouse gas emissions makes LNG as a marine fuel an attractive option. We think that competitive LNG pricing and an adequate global LNG bunkering infrastructure could be a reality within five to ten years. We want to be ready and we welcome the broad support that our partners Lloyd’s Register and DSME can provide in helping us develop more sustainable shipping solutions.”
Adapted from press release by Ted Monroe
Read the article online at: https://www.lngindustry.com/lng-shipping/09062014/lloyds_register_dsme_and_capital_enter_into_lng_fuel_development_project/