Retrofit Market in 'Doldrums' as Owners Await IMO Clarity: Everllence

by Ship & Bunker News Team
Thursday April 23, 2026

Engine manufacturer Everllence says the retrofit market has stalled as shipowners hold back investment pending clarity from the IMO, raising concerns over the sector’s ability to meet its net-zero ambitions.

Achieving net-zero will depend on both zero- or near-zero (ZNZ) fuelled newbuilds and large-scale conversion of the existing fleet, but retrofit activity is currently lagging, it said in an email statement on Thursday.

“The retrofit market is currently in the doldrums with shipowners backing off investment until clarity arrives regarding IMO rules, Klaus Rasmussen, Project Sales Director at Everllence-PrimeServ Denmark, said.

“This leaves a huge gap in the attainability of the NZF. Without these retrofits, it will be close to impossible to meet GHG targets in time. Action is critical.

“We have to scale the conversion pathway and unlock the vessel volume required to meet the IMO’s strategy.”

Even if all newbuilds are capable of operating on ZNZ fuels by 2030, Everllence estimates that around 50 GW of existing two-stroke engine capacity will still need to be converted by 2050 -equivalent to roughly 2,000 large vessels.

Of the global fleet of around 30,000 ships above 5,000 GT with two-stroke engines, about 5,300 are considered technically suitable for conversion.

The company said continued delays risk creating capacity constraints as owners prioritise short-term efficiency upgrades over full-fuel conversions.

Ship & Bunker News Team
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