- An approach to bring clarity to financiers regarding the real-world costs and fuel consumption benefits in marine vessels from the deployment of new and existing fuel efficient technologies
- Considered retrofitting of technologies to existing vessels, as well as new build vessels
- A £1.8m project completed in mid-2019 led by BMT Group in partnership with Black & Veatch.
This £1.8m project developed a practical approach to predict the benefit of a range of carbon abatement/fuel efficiency technologies on marine vessels over real-world usage cycles for use in business cases and financial metrics for vessel financiers and stakeholders involved in the vessel/fuel efficient technology procurement chain.
Our analysis of the marine market showed that market barriers exist that could limit the uptake of cost-effective fuel efficiency technologies. One of these barriers was the ability to accurately and transparently predict and then measure real-world fuel consumption benefits when efficiency technologies are deployed. This inability led to a lack of confidence from the financing market and thus a restriction in the financing and deployment of fuel efficient technologies.
The project was led by BMT Group, a leading, engineering, science and technology consultancy operating mainly in the maritime industries, in partnership with Black & Veatch the leading engineering, consulting and construction company.
The output from the project was also made available through a new website www.fuelefficientshipping.com.