World News
Drax Group Awards £1 Million Funding to Wind-Assisted Propulsion Firm
Renewable energy company Drax Group has provided £1 million in funding to a company specialising in wind-assisted propulsion technology.
Smart Green Shipping will use the investment, matched by a grant from the UK government's Clean Maritime Demonstration Competition, to install a lightweight retractable windsail on board a ship, it said in an emailed statement on Tuesday.
The firm is currently undertaking sea trials of its FastRig system on one of Nuclear Transport Solutions' specialist vessels, the Pacific Grebe.
The system can potentially cut fuel consumption by up to 30% on transatlantic routes.
"Modern 21st century easily retrofittable wing sails lower the cost of propelling ships, which reduces the dependency on commodity-based fuels – whether fossil or alternative fuels – and improves supply chain certainty," Diane Gilpin, CEO of Smart Green Shipping, said in the statement.
"Smart Green Shipping shares a joint mission with Drax Group to use renewables to move renewables.
"We are immensely grateful for the support from Drax Group to create seamless and easy-to-access wind solutions for cargo owners and ship owners."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 553.50 | 0.00 | 673.00 | 0.00 |
| Rotterdam | 514.50 | 0.00 | 651.00 | 0.00 |
| Houston | 545.00 | 0.00 | 671.00 | 0.00 |
| Fujairah | 543.00 | 0.00 | 747.00 | 0.00 |
| Global 20 Ports Average | 574.00 | 0.00 | 748.00 | 0.00 |
| Global 4 Ports Average | 539.00 | 0.00 | 685.50 | 0.00 |
| Global Average Bunker Price | 627.00 | 0.50 | 799.50 | 1.00 |
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