26 June 2008
The shipping industry is wasting 4.37 million barrels of oil a day through the use of inefficient engines and hull designs, according to United Nations research.
The revelation comes after Saudi Arabia announced plans to increase production by 200,000 barrels a day.
In addition ships are wasting the equivalent of more than $140billion (Dh514bn) of consumers' and investors' money in fuel costs every year, says the maritime technology company DK Group, drawing on UN figures.
And the use of inefficient technologies at sea causes the unnecessary emission of 672 million tonnes of carbon dioxide a year which exceeds the aviation industry's total output of 600m tonnes.
The shipping industry consumes 369m tonnes of bunker fuel a year, equivalent to 7.29m barrels a day or 2.66bn barrels per year amounting to 8.5 per cent of global oil supplies.
Research commissioned by UN's International Maritime Organisation shows technologies that are currently voluntary - including twin propellers and efficient hull designs - could slash fuel consumption and oil usage by up to 40 per cent.
One of the world's leading shipping companies last week admitted that yards were dragging their heels over the adoption of new technologies. Tey Yoh Huat, APL's Vice-President of Technical Services, said yards could build ships designed for greater efficiency and fit engines, which burned fuel more efficiently and polluted less - but failed to do so.
"Ship owners and operators are currently in the spotlight and face much more public scrutiny than refiners or shipyards," he said.
DK Group founder Jorn Winkler said: "When technology efficiencies of 30 to 40 per cent are added to the current trend for slowing down vessels to reduce consumption, shipping's fuel wastage is truly exposed.
"If slow steaming is combined with more efficient technologies we will see reductions of 4.37m barrels a day. When compared to current ship fuel use levels, it means saving almost half the production of Saudi, and given global demand for oil, this represents corporate irresponsibility," he said.
The IMO is holding its first meeting to discuss greenhouse gases in Oslo this week.
The shipping industry is wasting 4.37 million barrels of oil a day through the use of inefficient engines and hull designs, according to United Nations research.
The revelation comes after Saudi Arabia announced plans to increase production by 200,000 barrels a day.
In addition ships are wasting the equivalent of more than $140billion (Dh514bn) of consumers' and investors' money in fuel costs every year, says the maritime technology company DK Group, drawing on UN figures.
And the use of inefficient technologies at sea causes the unnecessary emission of 672 million tonnes of carbon dioxide a year which exceeds the aviation industry's total output of 600m tonnes.
The shipping industry consumes 369m tonnes of bunker fuel a year, equivalent to 7.29m barrels a day or 2.66bn barrels per year amounting to 8.5 per cent of global oil supplies.
Research commissioned by UN's International Maritime Organisation shows technologies that are currently voluntary - including twin propellers and efficient hull designs - could slash fuel consumption and oil usage by up to 40 per cent.
One of the world's leading shipping companies last week admitted that yards were dragging their heels over the adoption of new technologies. Tey Yoh Huat, APL's Vice-President of Technical Services, said yards could build ships designed for greater efficiency and fit engines, which burned fuel more efficiently and polluted less - but failed to do so.
"Ship owners and operators are currently in the spotlight and face much more public scrutiny than refiners or shipyards," he said.
DK Group founder Jorn Winkler said: "When technology efficiencies of 30 to 40 per cent are added to the current trend for slowing down vessels to reduce consumption, shipping's fuel wastage is truly exposed.
"If slow steaming is combined with more efficient technologies we will see reductions of 4.37m barrels a day. When compared to current ship fuel use levels, it means saving almost half the production of Saudi, and given global demand for oil, this represents corporate irresponsibility," he said.
The IMO is holding its first meeting to discuss greenhouse gases in Oslo this week.
By Staff Writer
© Emirates Business 24/7 2008
