Damen Shipyards Group, in partnership with Atal Solutions and other parties, is leading a significant project to retrofit four bulk carriers for BAM Shipping with fuel-saving technologies.
This retrofit involves integrating eight technologies to achieve a minimum of 20% fuel reduction and up to a 99% decrease in greenhouse gas emissions. Damen’s role is to provide the vessels with the necessary emission reduction systems. The project aims to comply with regulations such as the Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII), while also extending the vessels’ operational life by ten years and lowering their operational costs.
During the 2024 GREEN4SEA Athens Forum, John N. Cotzias, Projects & Finance, Xclusiv Shipbrokers, explained how new ship designs and technological innovations can significantly reduce fuel consumption, advocating for a more widespread adoption of energy saving technologies to reduce emissions.
Atal Solutions has arranged 123.7 million USD in funding for this effort, including a 105.2 million USD supplier’s credit. This financial arrangement allows vessel owners to provide only 15% equity and offers a ten-year repayment period with competitive interest rates. The project focuses on utilizing existing, proven technologies to achieve significant environmental improvements promptly.
According to Atal Solutions’ founder Edwin Sieswerda, the approach prioritizes practical and quickly implementable solutions over idealistic ones. Furthermore, Rutger van Dam from Damen highlighted the project’s role in promoting sustainable shipping while ensuring economic viability.
The project is expected to be completed by Q1 2025.
