More than 75% of cargo ships not EEXI compliant - VesselsValue

Three quarters of bulkers, tankers and containers will not be compliant with the IMO's Energy Efficiency Existing Ship Index (EEXI) when it kicks in next year unless they improve their efficiency rating, data firm VesselsValue says.

PHOTO: Bunkering of a bulk carrier. Getty Images

The EEXI has been introduced by the International Maritime Organisation (IMO) to curb greenhouse gas emissions from ships. It is related to the technical design of ships for which the first periodical survey will begin next year.

Since the EEXI will apply retrospectively to existing ships, many will not be compliant as they have not been designed with sustainability and energy efficiency in mind, VesselValue says.

“The challenge of decarbonisation will extend to all areas of Shipping, and EEXI alone will present a myriad of challenges to owners, operators and financiers,” it says.

VesselsValue's Joey Daly argues that switching to alternative fuels is the only sustainable option to achieve future, more ambitious global decarbonisation targets. This will require newbuilds to run on low-emission fuels like ammonia, hydrogen and bioLNG.

Retrofitting technology will also play a key role in the transition and can be done with less extensive modifications to ships, he says.