Greek shipowner George Procopiou would not order an LNG-fuelled ship today.
Speaking to TradeWinds at the 35 th Anniversary of the Costas Grammenos Centre for Shipping, Trade and Finance meeting in London Procopiou said: “Things are changing too fast and other better solutions will be coming.
Instead he said he would order a ship with a smaller engine and burn compliant fuel or even 0.1% low sulphur offerings.
“That is the solution,” he said “We put 0.1% in all and immediately we go from A to Z.
"I do believe that LNG is the fuel of the moment," he told the meeting. "But that moment will not last for very long. It is a good fuel but for a very short period. Technology is moving in very big leaps and we have to target the right direction."
Advocating slow steaming and smaller engines, he said: "If we want a cleaner planet we have to pay."
Procopiou, whose dry bulk, tanker and LNG ship fleet now numbers 126 vessels, said shipowners try to include the best engineering on their vessels and care very much about the marine environment.
He said he grew up by the sea and gave up plans for a career in civil engineering to go into shipping.
Just back from China on the overnight flight, Procopiou pointed out that the Chinese have banned open loop scrubbers and the sale of heavy fuel oil (HFO). “This speaks volumes,” he said.
Suddenly to have the ship that is carbon free is illusionary
George Procopiou
But he added that shipping needs to look at both what is desirable to do and what is do-able.
He said the IMO should work with other industry participants like yards, engine manufacturers and classification societies, to set realistic goals on emissions that are achievable and gradually increase these to achieve the desired target.
“Suddenly to have the ship that is carbon free is illusionary,” he said.
Procopiou gave a robust response to a presentation on marine bunkering.
“Why should shipping be the garbage dump of all residual fuels and all residuals of the refining industries,” he said.
He quoted a Greek proverb. “We cannot stroke the donkey to stroke the saddle,” explaining that the donkey is the refineries and major oil companies and shipowners and their vessels the saddle.
“I don’t understand why we have to install on every ship a small refinery and we do not prohibit the existence of this fuel [HFO] that is damaging the environment.”
“Why do we have owners speculate on the differential of price and to be obliged to destroy our engines?
“The biggest hypocrisy is that the solution is scrubbers,” he said, to loud applause from the room.
