The Liberian Registry has committed to offering tax discounts of up to 50% for vessels retrofitting energy efficiency technologies through a financing partnership between Carbon War Room (CWR) and EfficientShip Finance (ESF). This represents more than $53 million available in tax breaks across the Liberian registered fleet in addition to the fuel cost savings that efficiency retrofits offer.
Under the agreement between The Liberian Registry, ESF and CWR, each ship retrofitted by ESF under the innovative Self- Financing Fuel- Saving Mechanism will be entitled to a 50% discount on annual tonnage tax in the first year and up to 25% discount in the second and third years- a discount of up to $13,800 for a ship of 100,000 gross tons.
”The turnkey solutions that ESF provides to retrofit market- ready technologies that offer significant financial savings as well as reduce the carbon and other emissions produced are available to any ship owner and operator with zero capital expenditure up front”,said Oliver Petrakakos, COO, ESF
By offering tax discounts to ships retrofitting energy efficiency technologies through EfficientShip finance and Carbon War Room’s partnership, the Liberian Ship Registry is adding thousands of extra dollars to the savings that these retrofits already offer.”, commented Jeff Erikson, Director of Global Projects, Carbon War Room.
In July 2014, ESF became a CWR partner to provide third-party capital, technical expertise and turnkey solutions for ship owners to retrofit their vessels under the Self-Financing Fuel-Saving Mechanism, a financing model developed by Carbon War Room and UCL Energy Institute. The model allows vessels to be retrofitted with zero capital expenditure while allowing owners to benefit from the savings in fuel, money and carbon and other emissions.
”This represents a great opportunity for owners with ships delivered prior to eco-boom to have their ships retrofitted with proven fuel- saving technologies. It should help owenrs and operators reduce fuel costs while creating the potential to increase hire or charter rates or achieve better pool points and increase asset values in the secondhand market” said Christian Mollitor, Vice President and Project Manager of the green initiative at the Liberian International Ship & Corporate Registry
Source: CWR
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