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Newport shipping ready to aid shipowners with LNG bunker conversions for IMO 2050

23 Jul 2020

UK-based technical and commercial ship management services company Newport Shipping LLP on Wednesday (22 July) said it is now ready to offer a full range of services to help shipowners meet the challenge of achieving the IMO 2050 decarbonisation goals by converting their vessels to use liquefied natural gas (LNG) as a bunker fuel.

The International Maritime Organization’s (IMO) 2050 target is seeking to cut emissions to zero by 2050, and the target is increasingly being used by member states as an all-encompassing regulation to reduce emissions to the atmosphere, it explained. 

“Achieving the IMO 2050 targets requires synchronized collective moves by all key market participants,” said Xia Lianghui, Managing Director, Newport Shipping.

“The recent COVID-19 crisis will only intensify the urgency towards building a more environmentally friendly and humane global eco-system for generations to come.

“Newport Shipping’s management has decided to take an immediate and proactive approach to be part of the solution.”

Newport Shipping said it believes the first step for the industry to meet the targets set by the IMO 2050 guidelines is to attain a 40% reduction of emissions by 2030 in order to transition to achieving the 2050 target.

The firm added it is confident that conversion with existing technology LNG modification can offer the shipping industry a credible and achievable mid-term solution in cutting emissions for shipowners to meet the 2030 target.

“Retrofitting all the vessels currently at sea with greener technology is paramount if we want to attain the scale of emission-cutting that is required,” noted Xia. 

“As we see it now, apart from agreeing on the optimum fuel option, the other major challenge is that the agreement and implementation of the environmental agenda is governed by financial metrics.”

Newport Shipping offers clients seeking to make the switch to LNG a suite of full-service options accompanied by supporting financial packages.

“We offer our turnkey solution with a 5-7 year payment plan without fixed vessel mortgage collateral,” explained Xia.

“This is a cost-effective solution to alleviate the upfront financial burden imposed on shipowners today so they can plan for tomorrow.”

Photo credit: Newport Shipping LLP
Published: 23 July, 2020

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