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German shipowner Hammonia wins grant for 25% fuel saving retrofits

The Dutch Postcode Lottery has funded a Carbon War Room (CWR) project to retrofit efficiency packages on three German-flagged heavy-lift vessels, with expected fuel savings of 25%.

Owned by Hamburg shipowner Hammonia Reederei and operated by New Orleans charterer Intermarine, the vessels Industrial Royal, Industrial Ruby and Industrial Revolution will be fitted with an optimised bulbous bow and coated with high-performance paint, as well undergoing rudder, trim and ballast optimisation at standard drydock.

Under the deal, Intermarine has agreed to award Hammonia market-beating charter rates through a retrofit clause in the charter party, effectively sharing the fuel savings between both companies. "This deal showcases how to overcome the split incentive between owners and charterers, and delivers hard proof of the fuel savings from deep retrofits,” said Galen Hon, CWR shipping operations manager.

“Hammonia and Intermarine should be congratulated for employing best practices to measure and monitor savings, and for sharing their data—which will increase industry confidence in the profitability of retrofits. These first movers will inspire more owners and charterers to follow in their footsteps.”

CWR also issued a $120,000 retrofit grant to install continuous monitoring software on on the three sister vessels, to be analysed by independent third-party University College London (UCL) over a five-year period.

Liberian-flagged Industrial Ruby will also be eligible for a 50% tonnage tax discount for the first year after retrofit, thanks to an incentive scheme at the registry to reward efficiency retrofits using third-party finance.

“This deal proves the profitability of shipowners and charterers collaborating on multi-technology retrofits,” said CWR chairman José María Figueres. “Hammonia and Intermarine should be lauded for using innovative financing and best practices in measurement and methodology to win a competitive edge.”

Margriet Schreuders, head of charities at the Dutch Postcode Lottery, added: “The Dutch Postcode Lottery is thrilled that our commitment to a green and sustainable future is being realised by way of this collaboration. More efficient ships give environmental benefits for port communities around the world.”

Posted 10 March 2016

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