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Green vessels", "environmentally-friendly", "eco-ships"; all those terms are more and more frequently introduced in the everyday business of shipping. With pressure to the shipping industry from international organizations and institutions rising and demanding a cleaner "modus operandi", ship owners may well have to shift their attention, as has already been the case, towards more environmentally friendly vessels. In fact, many are already contemplating the increase of such vessels in their fleet mix.
One financial incentive towards this new direction has been the major increase of bunker fuels, which are a major part of the daily expenses of any shipping company. In its latest report, London-based shipbroker Gibson said that "today’s weak tanker market means bunker prices play an even greater role, as the rising cost of bunker fuel undermines the shipowners ability to break-even, let alone cover actual costs. Following escalating tensions between Iran and the West and concerns surrounding the supply of crude from the region, front month Brent futures prices rose to a 6 month high this week (above $120/bbl), whilst WTI moved above $100/bbl. The climb also meant bunker prices in main bunkering centres worldwide climbed to their highest level since 2008" said Gibson.
In its report, it mentioned that by Thursday of the past week, the price of Fujairah high sulphur fuel oil (HSFO) reached $741/tonne, more than $100/tonne higher than during the corresponding period last year. "Soaring bunker prices have added further pressure on shipowners costs, highlighting the advantages of more fuel efficient ships. This week, John Fredriksen outlined plans to invest hundreds of millions of dollars in new tankers for Frontline 2012, which could eventually include an order for fuel efficient VLCCs. Frontline suggests that at current bunker prices the savings could be as much as $10,000/day, following improvements in engine efficiency and the subsequent bunker consumption. This implies a ‘saving’ of some 15 tonnes/day. Although this statement may raise a few eyebrows, a more detailed analysis shows that savings could potentially be even higher" mentioned Gibson.
It went on to say that latest "reports suggest that highly efficient VLCCs (due to be delivered soon) can super slow steam, with bunker consumption around 30 tonnes/day less than conventional modern tonnage. Based on the assumption of bunker prices remaining high ($700/tonne plus), this could translate to savings of some $20,000/day. At current levels this would make a significant difference on shipowners’ profitability. However, such promising sounding prospects are likely to be treated with a hint of caution as this is a relatively new area for shipowners. Many industry participants will be studying the performance of these eco ships over the coming months. However, eco ships come up at a higher start up price relative to conventional modern tankers. Nonetheless, if newbuilding prices continue to fall and fuel costs continue to rise, an increase in new efficient VLCC orders is likely to prevail, especially as the tanker industry increasingly comes under even more environmental pressure" concluded Gibson.
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