University College London (UCL) Energy Institute and Carbon War Room have published a report looking at the role of energy efficiency in vessel competitiveness by bringing together data on market dynamics and data on vessel operational patterns derived from the Automatic Identification System (AIS).
The research showed that vessels with higher design efficiency, as measured by the GHG Emissions Rating, save more fuel on average than design alone would indicate. This means, for example, that in 2012 the difference in fuel costs between a B-rated and an F-rated Capesize vessel was, on average, $5,500 per day, or nearly $1.5 million annually; a higher difference than would be anticipated based on design.
Despite this, efficient vessels do not appear to deliver significant rewards for anyone other than the fuel payer. In the time charter market, charterers appear to be reaping rewards when they choose vessels with high GHG Emissions Ratings, but owners of efficient ships do not share in the benefits. On average, there should be a fuel saving for charterers choosing vessels with high GHG Emissions Ratings, according to the study.
The full report is available free to access HERE