GCMD and INTERCARGO Partner on Decarbonization
The Global Centre for Maritime Decarbonisation (GCMD) and the International Association of Dry Cargo Shipowners (INTERCARGO) have signed a two-year partnership to accelerate decarbonization efforts in the dry bulk segment.
Bulk carriers account for 42.7% of the world’s oceangoing fleet by deadweight tonnage (dwt) and present unique decarbonization challenges, particularly for small and medium-sized owners operating unpredictable tramp trades.
Whilst the industry works to scale low carbon fuel availability and ready ports for their handling and bunkering, there is an urgent need to adopt pragmatic, near-term solutions, such as drop-in biofuels, onboard carbon capture systems and energy efficiency technologies to meet the IMO’s decarbonization targets.
GCMD is actively conducting pilots and trials to lower barriers for the broad market adoption of these solutions. With INTERCARGO’s operational expertise and member network, the partnership will help advance the deployment of these solutions across the dry bulk segment.
Shipowners often face challenges in deploying energy efficiency technologies due to fuel savings uncertainty, and some face limited access to financing. GCMD is installing sensors onboard vessels to validate fuel savings that will underpin pay-as-you-save (PAYS), a financing model that GCMD is developing in parallel to link repayments to verified fuel savings.