World News
Christiana Shipping Sees 17-20% Fuel Saving From Frugal Propulsion System
Christiana Shipping is seeing fuel consumption savings of as much as 20% from a vessel control system from Frugal Propulsion.
The company now plans to install the system on all 13 of its ships, up from two at present, it said in an emailed statement on Monday.
The AI-based system optimises a ship's engine and propeller in relation to draught, load, waves and wind with a view to maximising fuel efficiency.
The system is cutting fuel consumption from Christiana Shipping's tankers by 17-20% at eco speed, or by 10-14% with speed remaining the same as before.
The company expects to see a return on its investment in about 12 months.
"The market increasingly values a low carbon footprint when chartering tankers," Rune Eriksen Lorentsen, chief operating manager at Christiana Shipping, said in the statement.
"Therefore, it makes a huge difference whether your vessel will receive a high or a low CII-rating.
"In addition, the Frugal Propulsion system provides us with very accurate data on the ship's performance, which helps us document our fuel consumption.
"Emission regulations will be tightened ongoing, and it is important to stay ahead."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 6.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 618.00 | 11.50 | 802.50 | 6.50 |
| Fujairah | 642.00 | 5.50 | 883.50 | 5.50 |
| Global 20 Ports Average | 661.50 | 3.50 | 859.00 | 5.00 |
| Global 4 Ports Average | 629.50 | 1.00 | 799.50 | 1.50 |
| Global Average Bunker Price | 719.00 | 3.50 | 915.00 | 7.50 |
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