EMEA News
Wind-Assisted Propulsion Offers Hedge Against Fuel Price Swings: BAR Technologies
As wind is a freely accessible energy source, UK-based maritime tech firm BAR Technologies urges the shipping industry to fully harness its power to safeguard against bunker fuel price fluctuations and market disruptions.
“Unlike manufactured fuels, wind is infinitely abundant, harvested on board, free at the point of use, and not subjected to the same technological, economic, and market-based disruptions,” BAR Technologies said in an email statement on Wednesday.
The company thinks that shipping industry may struggle to secure alternative marine fuels due to competition from sectors like aviation. Even if they manage to secure them, rising demand could drive up the prices of these fuels.
Small fleet operators may find it even more difficult to secure alternative fuels due to limited purchasing power.
BAR Technologies highlights data from sector specialists Alphaliner, revealing that of the 100 largest container lines, 76 operate fewer than 50 vessels, with 28 of them managing just 10 ships or fewer.
Operators are relying too heavily on biofuels and other low-carbon fuels, overlooking the potential of wind propulsion, it said.
“The misconception that wind propulsion is complex and unreliable overlooks a wealth of data showing the opposite.”
Wind can offer immediate, sustained fuel savings, regardless of the bunker fuel used.
“As a natural resource, the amount of wind available for harvesting on each voyage will fluctuate, but the data is very clear: when averaged out over time, wind represents a steady, reliable, and highly abundant resource which can be effectively ‘bunkered’ along many trade routes,” John Cooper, CEO of BAR Technologies, said.
