Liberian Registry Partnership to Fund Eco-Retrofits

Shipowners will not need upfront capital and will repay financing from savings

Maritime authority Liberian Registry Wednesday announced it has launched a new "green" initiative that aims to assist shipowners in improving their environmental credentials.

Liberian Registry said it had entered into a partnership with U.S. consultancy EfficientShip Finance (ESF) to launch the programme.

"Our aim is to ensure that Liberia remains the greenest fleet afloat," said Scott Bergeron, CEO of Liberian Register's U.S.-based manager, the Liberian International Ship & Corporate Registry (LISCR).

"The Liberian administration welcomes any new technology and ship designs which improve operational efficiency and lower ship emissions to the atmosphere, including greenhouse gases."

Under the scheme, the retrofits will be financed by ESF and repayments made by shipowners will be assessed as a proportion of the savings they have achieved through lower fuel consumption or additional negotiated hire earnings.

The proposed improvements include wake-improving ducts, rudder bulbs and fins, protracted tip propellers, engine improvements, smooth coatings, and performance and trim optimising software.

For ships trading within Emissions Control Area (ECA) zones, scrubber installation or dual-fuel conversions will also be offered.

Those who join the initiative will receive tonnage tax discounts, reducing dues by 50 percent in the year of joining and 25 percent for the second and third years.

In November, maritime technology companies said moves towards stricter emissions controls, such as the introduction of 2015 ECA rules, offered innovation opportunities for bunker saving technologies.