UK investment manager Tufton Investment Management has promised investment in zero-carbon capable ships before 2030.
The manager of London-listed shipping fund Tufton Oceanic Assets made the pledge as part of the United Nations General Assembly and Climate Week in New York.
Tufton Investment also said it will align its funds to the Paris Agreement on climate change by fully transitioning them to zero-carbon energy sources by 2050.
"These new commitments are significantly ahead of current industry targets and aligned with those of other industry leaders who have also been members of the Getting to Zero Coalition alongside the investment manager since September 2019," Tufton Investment said.
The company said in July that it plans to invest about $1m per vessel in energy saving devices over the next few years.
10% reduction target initially
The aim is to increase efficiency and reduce emissions by approximately 10% and have expected returns above the company's targets.
Tufton Investment said it believes that further retrofits enabling secondhand vessels to become capable of consuming zero-carbon fuels are technically feasible and will increasingly become economically attractive over the next few years.
"The investment manager will continue to assess the suitability of the company's vessels for such further retrofits in collaboration with leading charterers with strong decarbonisation targets," the company added.
The group has also revealed it has completed a chemical tanker trip using 100% sustainable marine biofuel in partnership with Dutch supplier GoodFuels.
The project was carried out with operator Stolt Tankers and technical manager Synergy Group.
The bunkers are derived from feedstocks such as those used in cooking oil and waste animal fats.
The 20,762-dwt Monax (built 2005) travelled from northern Europe to Canada, with the biofuel achieving a well-to-exhaust CO2 reduction of between 80% and 90% compared to fossil fuel equivalents, without requiring modifications to the engine or fuel infrastructure.
The Monax is one of the seven Tufton vessels that operate in the Deep-Sea Fleet pool of Stolt Tankers Joint Service.
"The use of this biofuel is in line with both Tufton's and Stolt Tankers' ambition to significantly reduce the carbon emissions from their combined fleets," Tufton Oceanic said.
The two companies have also agreed a partnership on other sustainability and environmental projects.
Tufton Investment chief executive Andrew Hampson said: "Tufton is committed to increasing the use of zero-emission fuels in commercial operation over time as a step towards transitioning the portfolio fully to zero-carbon energy sources by 2050."
