Ricardo has been appointed to lead a green shipping corridor feasibility study between Panama and Algeciras, Spain, aimed at supporting the decarbonisation of maritime trade and strengthening sustainable global connectivity.
The study is funded by the European Union delegation in Panama and Costa Rica and will assess the technical, financial and policy requirements needed to make the Panama–Algeciras route a viable green shipping corridor.
Ricardo will carry out the work in collaboration with the Algeciras Bay Port Authority, the Panama Canal Authority and the Panama Maritime Authority, with Maritime & Logistics Consulting Group, S.A. acting as a subcontractor.
As part of the assignment, Ricardo will evaluate feasible alternative fuel options and their operational implications to identify realistic pathways for transitioning trans-oceanic container shipping toward zero- or near-zero-emission energy sources.
The study will also assess the commercial case for the corridor, examining capital costs for alternative-fuel vessels compared with conventional ships, fuel price differentials, and operating costs linked to regulatory frameworks such as the IMO Net-Zero Framework, FuelEU Maritime and the EU Emissions Trading System.
In addition, the study will identify policy measures and financial mechanisms that could help close cost gaps, accelerate deployment and support the development of a reliable zero-emission fuel supply chain along the route.
Green shipping corridors focus on specific trade lanes where vessels operate using low-emission propulsion. Ricardo has led several similar studies globally and said the Panama–Algeciras corridor has particular strategic importance due to its scale and connectivity.
“The Panama–Algeciras green shipping corridor is not only significant because of its trans-oceanic distance, but also because it connects two major global bunker hubs with strong potential to become green hubs,” said Alexi Pons, Associate Director for Transport Policy, Ricardo. “Developing green shipping infrastructure along this route could deliver transformative benefits for both regions.”
The results of the feasibility study are expected to be delivered by April 2026.
