An ABS (American Bureau of Shipping) study that utilized data from vessels within the Avance Gas Holding (AGH) fleet suggests that a new-build, dual-fuel gas carrier ship generates lower CO2 emissions over its operational lifetime than an existing gas carrier that has been converted to run on dual fuel.
ABS compared the potential greenhouse gas emissions of a dual-fuel, new-build very large gas carrier (VLGC) with those of two of AGH’s VLGC ships over a 20- and 25-year lifecycle – this included the vessels’ decommissioning. The findings suggest that conversion of a vessel increases emission intensity by between 13.7% and 32.6% compared with a completely new vessel. The study compared 20- and 25-year lifecycle emissions from AGH’s VLGC Monsoon (converted to dual fuel from its diesel-fired SME engine) and VLGC Promise (converted from its diesel-fired SMC engine) with those from a new-build dual-fuel vessel (with similar specifications to AGH’s LPG gas carrier). The LPG carrier was evaluated in virgin steel and 70% recycled steel formulations.
“Decarbonization pathways are highly complex and challenging to evaluate how to produce the best strategy for reducing the GHG footprint over the lifetime of assets. These decisions matter both to the operational performance of shipping companies and to the environment, as well as to further investments as we embrace carbon economics,” commented Georgios Plevrakis, ABS director of global sustainability. “We are proud to be able to assist forward-looking operators such as AGH with making sense of the challenges they face, with bespoke studies that shine a light on the best investment strategy.”