Greek shipowners have made detailed enquiries into the development of both nuclear-powered tankers and bulk carriers in the recent past with some considering the potential of the fuel to meet stringent new regulations.
A well-placed source, who spoke on condition of anonymity, told Container News that a number of Greek owners had been exploring the possibilities of installing nuclear power on newbuilding ships, with some discussions going into very detailed considerations.
No nuclear powered vessel is on the verge of being ordered, but the level of detail in the discussions shows that owners have not discounted the possibilities either, said the source.
Owners are looking for solutions to what they understand is a pressing issue, in climate change, and they understand the need for regulations, said the source.
He went on to say, “What Greek owners dislike is people trying to convince them of [technological] solutions that are not mature.”
He pointed to ammonia power as one such technology, that is a very expensive technology which actually does not yet exist. Even so, Euronav has ordered the first ammonia, dual fuel VLCC, and he said that some owners have enquired about methanol too.
“Building methanol ships is fine, they already exist but the green methanol is very expensive and Greek owners cannot pay such high prices for green fuels,” said the source.
He added that Greeks are not able to pay a carbon tax which would bring the cost of green fuels into line with conventional fuels of today.
“What Greeks are really concerned about are the next steps, so they prefer to wait and see what happens, but will continue to order conventionally powered ships until there is more certainty in the market.”
In defence of the Greek tanker and bulk carrier owners, he said these ships are not like container vessels that operate to a schedule, knowing which ports they will call at, and with the knowledge that they will call at those ports regularly.
A bulk carrier will never know which ports it will be commissioned to load cargo and where to discharge that cargo, so if you have a methanol powered ship without the infrastructure around to service that vessel there will be major problems.
“In this sense, it is easier for container ship owners and operators to develop and use low carbon fuels compared to other shipping sectors.
Another vessel design source said that the smaller bulk carriers, from Kamsarmaxes downwards are more difficult to decarbonise because there is insufficient space on board to fit the technology required by low or net zero carbon fuels.
That is why many Greek owners are looking seriously at carbon capture and storage (CCS) advances to help them overcome the very real challenges they face to decarbonise in a timely fashion.
While there has been no breakthrough in the “marinisation” of CCS technology there is an expectation that a breakthrough is imminent as land-based technologies already exist.
Mary Ann Evans
Correspondent at Large
