Carbon capture may offer lower costs than alternative fuels, especially for existing dry bulk fleets facing decarbonisation challenges.
Onboard carbon capture and storage (CCS) could provide a more commercially viable decarbonisation pathway than alternative fuels for many bulk carriers, according to DNV vice president and global business director for bulk carriers, Morten Løvstad.
Speaking at Riviera’s International Bulk Shipping Conference in London on 19 November 2024, Mr Løvstad emphasised that while no single solution suits all ships and trades, CCS holds particular promise for existing fleets.
“For some ships, for some trades, especially the existing fleet, [CCS] could be more attractive from a commercial and time side,” Mr Løvstad explained.
He pointed to the dry bulk sector as a potential beneficiary due to the infrastructure challenges associated with alternative fuels, including limited bunkering availability.
Mr Løvstad expressed optimism about the technological development of CCS, noting the cost of implementing CCS could be lower than transitioning to alternative fuels.
“We think carbon capture will play an important role, especially for the existing fleet,” he said, adding high fuel costs and capital expenditure for retrofitting or building new ships further increase the appeal of CCS.
Acknowledging the logistical hurdles CCS still faces, Mr Løvstad noted widespread infrastructure for carbon transport and storage remains under development. However, he stressed CCS could provide a pragmatic solution for shipowners navigating the complex energy transition landscape.
The discussion also touched on DNV’s broader efforts to analyse decarbonisation strategies, including the Maritime Forecast to 2050. Mr Løvstad described the project as a “massive study” involving both top-down and bottom-up analyses of macroeconomic trends and regulatory shifts.
DNV shares its findings openly with the industry, offering downloadable reports and datasets for independent analysis.
“Instead of having just a lot of different scenarios, we try to come up with our best guess on what will happen [and] how fast the energy transition will happen,” Mr Løvstad explained.
source: riviera news
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