“Basically the eco-ship concept is really just a marketing ploy by the almost dead shipyards to try and get a short lease on life. In the dry bulk and tanker space there is no such thing as an eco-ship,” he stated. “What is the sell the yard is trying to do? They say they are going increase the diameter of the propellers so if the propeller moves at a slower speed, therefore burning less oil, it’ll give you same momentum.”
While he said this was “scientifically correct,” having a much larger propeller meant you had to have the stern much lower in the water leaving the bulbous bow sticking out the water, resulting in more drag and resistance than from the economies from the propeller.
“You will never be able to benefit from that,” Hashim said. On ballast voyage on a bulker, he said, as result of having the stern lower in the water you would lose more money than you would save on the loaded leg.
Speculative owners buying eco-ships could drag down a dry bulk market recovery forecast for 2014 and 2015. “The tourist speculators who are trying to come into the business at this stage trying to buy these new ships at 1% or 5% option money is what is going to create the next downcycle for the business.”
Hashim is among the distinguished speakers who will be sharing their views at Sea Asia 2013 on 9 – 11 April at Marina Bay Sands in Singapore. The region’s premier maritime event, Sea Asia 2013 is jointly organised by Seatrade and the Singapore Maritime Foundation (SMF). For details please visit www.sea-asia.com.
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