London shipowner looks to wind to propel green transition
A London-based private shipowner is spearheading a drive to bring wind-powered shipping to the forefront of the UK’s bid to decarbonise.
Union Maritime will take delivery of a 115,000-tonne oil tanker fitted with 120ft sails later this month. It is aiming to build a fleet of up to 34 wind-assisted ships, which would be the largest in the world.
Brands Hatch, the first wind-propelled ship to enter the fleet, will use 1,200 tonnes less fuel than its counterparts each year, equating to a reduction of more than 3,800 tonnes of carbon dioxide emissions.
Union Maritime’s founder, Laurent Cadji, has taken a punt on the technology in a bid to get ahead of rivals in the tanker space as global shipping looks to decarbonise before 2050. Wind is also being used by some bulk carriers.
“I think it has a very meaningful role to play,” Cadji told Morning Wire in an interview.
“Some of our vessels coming out of the yards this year will have a 20 per cent improvement on greenhouse emissions. So the impact is substantial of what can be achieved with investment in new technology.”
While it won’t be enough to power vessels on its own, the goal is to combine the technology with alternative fuels to dramatically cut emissions on each journey.
The launch of Brands Hatch – which will set sail from a Shanghai shipyard within weeks – comes at a critical juncture in shipping’s race to net-zero.
The International Maritime Organisation (IMO) in April announced plans to charge ships at least $100 for every tonne of carbon dioxide they emit above set targets. But critics argue it won’t be enough to meet the 2050 deadline.
Cadji believes the UK could be a particular beneficiary of developments in wind propulsion, given it has fallen behind in the alternative fuel space.
The Brands Hatch sails were developed by a Portsmouth-based company called Bar Technologies, which was founded in 2017.
Among its stakeholders are the Olympic gold medal winner Sir Ben Ainslie and Martin Whitmarsh, the former chief executive of Aston Martin’s Formula One team.
“I think when you look at some of the engineering skillsets, and wind is a good example of it, I think the UK has a real skill, Cadji told Morning Wire. “I think those skills will play a major role as we look at volving maritime assets.”
Shipowners and charterers chew over costs
The old hand though admits there will be challenges before wind can make a significant dent on global emissions.
For one, the technology is expensive and it will take time before the finance community gets comfortable enough to provide enough capital to accelarate adoption.
Other infrastructure will also be required to support the roll-out including investment in “weather technology,” he added. “Once the first mover has made that move it becomes clearer how that will work and how that integrates.”
Another issue is bringing charterers on board. Shipowners own and operate vessels, yet it is the charterers that rent them out for the voyage.
“The chartering community will have to be willing to pay for it,” Cadji told Morning Wire.
Talks are ongoing over what premium they will have to pay for any variation in performance with the new vessels.
Those discussions will take time but Cadji said the mood among charterers was broadly one of optimism.
“They’re very excited as with anything like this, it’s new and different. We made that investment with the knowledge that it was uncharted territory and as such we would need to prove it works, have a dialogue with them.”