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About Commodity Insights
Refined Products, Maritime & Shipping, Fuel Oil
October 22, 2024
By Max Lin
HIGHLIGHTS
Dutch shipping firm returns to bound4blue for wind-assisted propulsion
Growing interest in marine wind power as GHG regulations tighten
Dutch shipping company Amasus has returned to bound4blue to order another suction sail system, poised to be the largest of its kind to be installed on a general cargo ship, the companies said Oct. 22 amid ongoing maritime decarbonization efforts.
The 22-meter unit, a wind-assisted propulsion system, will be retrofitted to a 2,876-dwt ship at Astander Shipyard in Santander, Spain, in mid-2025, according to a statement.
“We need to consider new ways of working and new technological solutions” to achieve “a more efficient, responsible and sustainable shipping industry,” Amasus said in the statement.
With the EU and International Maritime Organization tightening regulations on greenhouse gas emissions, a limited but growing number of ship operators have sought to harness wind power to save energy.
bound4blue’s technology promises to reduce fuel consumption by up to 40% and has a payback period of less than five years, which could be shortened further if ship operators opt for more expensive alternative fuels, according to the Spanish engineering company.
FuelEU Maritime, the EU’s regulation on the GHG intensity of marine energy that will come into force next year, recognizes wind-assisted propulsion as a compliance option even as many industry participants expect conventional ships to burn more biofuels amid the regulatory drive.
The delivered bunker price for 0.5% sulfur marine fuel oil, the prevalent bunker type, was assessed at $568.04/mt on average in September, according to Platts data from S&P Global Commodity Insights. The B30 with 30% FAME 0 was at $750.78/mt.
In July 2023, Amasus installed two 17-meter suction sails of bound4blue on its general cargo ship Eems Traveller.
“It’s the first time we’ve secured a second agreement with a shipowner,” said José Miguel Bermúdez, CEO and co-founder at bound4blue, whose clients also include Eastern Pacific Shipping, Odfjell and Marflet Marine.