Ship repair and conversion specialist Newport Shipping believes that achieving IMO 2050 goals can best be achieved by converting ships to be LNG-fuelled.
“Achieving the IMO 2050 targets requires synchronized collective moves by all key market participants. The recent COVID-19 crisis will only intensify the urgency towards building a more environmentally friendly and humane global eco-system for generations to come. Newport Shipping’s management has decided to take an immediate and proactive approach to be part of the solution”, said Lianghui Xia, Managing Director, Newport Shipping.
Newport Shipping believes that for the industry to meet the targets set by the IMO 2050 guidelines it needs to take a step-by-step approach strategy. The first step is to attain a 40% reduction of emissions by 2030 in order to transition to achieving the 2050 target. The company is confident that conversion with existing technology LNG modification offers the shipping industry a credible and achievable mid-term solution in cutting emissions for shipowners to meet the 2030 target.
“Retrofitting all the vessels currently at sea with greener technology is paramount if we want to attain the scale of emission-cutting that is required. As we see it now, apart from agreeing on the optimum fuel option, the other major challenge is that the agreement and implementation of the environmental agenda is governed by financial metrics”, said Xia.
Newport Shipping offers clients seeking to make the switch to LNG a suite of full-service options accompanied by supporting financial packages. “We offer our turnkey solution with a 5-7 year payment plan without fixed vessel mortgage collateral. This is a cost-effective solution to alleviate the upfront financial burden imposed on shipowners today so they can plan for tomorrow”, said Xia.
Newport Shipping’s turnkey solution encompasses equipment procurement, full-scope design work, on-site project execution at the shipyard with deferred payments. It is a one-stop-shop for shipowners to upgrade their fleet to comply with the increasingly strict environmental regulations.