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tomers increasingly prefer greener shipping lowering CapEx costs for both new and
options. Additionally, ships that are not existing vessels.
equipped with future-proof technologies Secondly, the integration of multiple tech-
may become obsolete before their lifespan nologies can further improve efficiency.
ends. This delay could slow down global Combining alternative fuels with carbon
emissions reductions, and without a broader capture systems and advanced engine
investment in new technologies, the devel- designs can lead to a significant reduction
opment of the necessary environment for in overall emissions. This integration of
these new technologies may be hindered. solutions across various aspects of a ship’s
operation, including fuel, propulsion, emis-
According to the participants’ responses, implement- sions capture, and energy use, increases
ing multiple technological solutions is viewed as the the likelihood of substantial reduction in the
most effective way to reduce a ship’s carbon foot- carbon footprint of new and existing fleets.
print. Is the shipping industry nearing a tipping point Furthermore, stringent regulations from
where substantial benefits from the implementation the IMO and regional entities like the Euro-
of technological solutions will be witnessed? pean Union are accelerating the shift toward
There are reasons to believe that the ship- greener technologies. Compliance require-
ping industry is on the verge of experienc- ments are pushing shipping companies to
ing substantial benefits from the transition adopt innovative solutions in order to meet
to new technologies. Firstly, decarbonisa- emissions reduction targets and avoid pen-
tion technologies are maturing significantly, alties. Financial and market incentives are
with LNG and LPG engines already installed also encouraging investment in sustainable
on operating ships, and alternative fuels like shipping technologies, potentially giving
methanol, biofuels, and carbon capture sys- early adopters a competitive advantage.
tems progressing from experimental stages All the above factors will contribute to more
to practical applications. As more vessels and more shipping operators implement-
adopt these solutions, they will become ing new technological solutions with proven
more accessible to the broader market, benefits in the future.
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