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Greece Marine Technology LNG Shipping

In recent years, the global maritime industry has undergone a transformative shift towards sustainability, driven by the imperative to reduce carbon emissions and mitigate environmental impact. The shipping industry has been coined as the 8th largest emitter if it were to be considered an independent nation.

One of the key technologies at the forefront of this transition is carbon capture dual-fuel LNG (liquefied natural gas), offering a cleaner and more efficient alternative to traditional fossil fuels. Within this landscape, Greece emerges as a significant player. This report explores Greece’s role in fostering the development and adoption of carbon capture dual-fuel LNG technologies, with a focus on key industry players from the maritime industry.

IMO Regulations
The IMO has implemented a wide array of regulatory measures. The decarbonization targets include a 20% reduction in emissions by 2030, a 70% reduction by 2040 and the ultimate goal of achieving net-zero emissions by 2050. Reaching these targets will require the application of new technologies. The key to achieving reduction of emission is developing, maturing and scaling up solutions to a level where the cost is acceptable. LNG is now considered a mature alternative fuel option.

Greece’s Maritime Leadership
Greece’s maritime heritage is renowned worldwide with a strong legacy of seafaring excellence and industry leadership. This legacy extends to the modern era, where Greece maintains a prominent position in the global shipping market. According to the latest reports, Greece’s tanker fleet is valued at US$69.5 billion, making it the second-largest LNG fleet owner globally. This robust presence underscores Greece’s significance as a hub for maritime innovation and investment. Greece controls about 20% of the global shipping industry.

Aiming towards Sustainability
Strategic investments taking place in Greece in LNG dual-fuel tankers signify a proactive approach towards reducing carbon emissions and embracing cleaner energy solutions. A recent order of four additional LNG dual-fuel vessels from a major Greek shipping company, totaling eight vessels, highlights the growing importance of identifying of carbon capture technologies for the LNG fleet that will dominate the Greek shipping industry for the next 20 years. With a total investment of nearly US$700 million, these vessels are poised to contribute significantly to the reduction of greenhouse gas emissions in maritime operations and even more so as technologies to make these vessels cleaner and more efficient come into play.  The end goal is to find economically viable alternative fuel options, but as we progress towards this goal, finding an interim solution that is as clean as possible is key and this would be in the LNG space.

Cargo Containment and Propulsion Systems
Efforts to reduce boil-off gas (BOG) will drive the adoption of reliquefication capabilities in LNG carriers, essential for maintaining efficiency. Emerging technologies like shaft generators, batteries, and fuel cells will play a pivotal role in enhancing energy efficiency. Electric propulsion may gain prominence, offering flexibility and reduced energy consumption. Compliance with the Energy Efficiency Design Index (EEDI) will necessitate innovations in propulsion systems and cargo containment.

Hull Design and Efficiency Measures
While hull designs may see incremental changes, the emphasis will be on integrating air lubrication, advanced antifouling, and potential adoption of wind propulsion to boost overall energy efficiency. Smart technologies will optimize operations, reducing fuel consumption and enhancing performance across the entire journey.

Shipping Corridors
Green shipping corridors offer a unique opportunity for testing and implementing infrastructure, novel technologies, and alternative fuels in the maritime industry’s quest for decarbonization. U.S. firms support stakeholders in these corridors through informed decision-making using optimization tools, fostering collaboration and risk-sharing among shipowners, fuel providers, and port operators. Techno-economic assessments are complex and require detailed analysis by stakeholders like ports, fuel suppliers, and shipowners. Understanding these corridors helps optimize decisions for sustainability and commercial viability. Developing a successful green corridor necessitates establishing quantifiable metrics, including standardized emissions estimation methods.

Green Transition Journey
Many Greek shipping companies are listed on U.S. stock market and among them many are notable players driving the eventual adoption of carbon capture dual-fuel LNG technologies. With a vision of achieving a 100% “green fleet” by 2030, Greece has embarked on a transformative journey towards sustainability. The shipping sector investments in dual-fuel LNG tankers and eco-friendly technologies demonstrate a commitment to environmental stewardship. Many shipping firms have recent deliveries of newly built dual-fuel LNG tankers and some are piloting carbon capture on LNG vessels.

The recent privatization of the Elefsina Shipyards by a U.S.-Greek firm has contributed to the new era in shipbuilding and green transition projects.

Collaborative Opportunities for U.S. firms
With 20% of the global shipping industry, Greece is a potential customer for any firm interested in providing solutions to decarbonize the shipping sector.  Given the nation’s LNG fleet, the immediate need would be in emissions reduction solutions for the current dual use vessels. This could include carbon capture, AI data analytics, engine optimization platforms, and more. Firms are already piloting carbon capture, and such solutions are sure to be of interest.

Firms interested in learning more, can contact the U.S. Commercial Service Shipping Commercial Specialist Athina Kladis at Athina.Kladis@trade.gov. Tradeshows of interest include the Posidonia Show (held biannually in Greece) and Digital Ship.