Decarbonisation + Alternative Fuels


FAQs


By Eva Kelesidou, Senior Claims Executive, Standard Club


The Standard Club has produced a document in order to answer in a brief but comprehensive manner a number of questions that are frequently asked relating to decarbonisation and alternative fuels. The club’s internal Alternative Fuel Working Group, in collaboration with the club’s Advisory Panel consisting of external experts, has been monitoring the developments associated with the decarbonisation of the shipping sector and has been providing solid advice and guidance.


1. A brief overview of the current situation... The maritime industry is embarking on a major transition


from conventional to zero or carbon neutral fuels driven by the pressure to decarbonise. The transition will not take place overnight and will have a significant impact on costs, asset values, and earning capacity. The industry participants will need to understand the drivers and implications now to be able to plan accordingly and assess the associated risks.


Whilst regulations will set direct requirements that shipowners must comply with, the public as well as third-party stakeholders (including governments, classifications societies, ports, shipyards, banks and cargo owners) will increasingly have high expectations that will require transparency and promote decarbonisation. Access to finance for newbuilds will also be dependent on shipowners being able to demonstrate that they can meet decarbonisation targets.


The Report • September 2022 • Issue 101 | 59


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