The demand for advanced propeller retrofits and energy-saving devices (ESDs) has seen remarkable growth, nearly quadrupling since 2020. This surge is driven by shipping owners and operators striving to improve energy efficiency amidst tightening emissions standards. Despite the evident advantages—high-efficiency propellers can save between 3-10% on fuel, while popular devices like rudder bulbs can achieve reductions of approximately 3.5%—only 1.74% of the global fleet has adopted this technology from new builds. Interestingly, the order book reflects a different trend: 8.42% of vessels being built opt for ESDs, indicating a higher inclination among new constructions than in the existing fleet.
Bulk carriers, tankers, and container ships emerge as key segments for retrofitting due to their significant fuel consumption. For instance, 16.87% of bulk carriers on order will have rudder bulbs, contrasting sharply with just 6.74% of the current fleet. While over 10,000 vessels in the existing fleet and order book are equipped with some form of propulsion energy-saving technology, there is a notable increase in retrofitting. Since 2020, approximately 1,400 vessels have undergone ESD retrofits, indicating a four-fold growth.
By the end of 2024, around 1,500 vessels are projected to install these devices. Regulatory pressure, particularly from initiatives such as the International Maritime Organization’s Carbon Intensity Indicator and various European regulations, significantly fuels this retrofit trend. For instance, a projected 20% reduction in fuel consumption could save an Aframax tanker operator nearly $3 million over a decade, solely from decreased regulatory exposure. However, challenges remain in the retrofit process.
Many operators face difficulties in selecting the appropriate technology due to potential interactions between devices and unverified performance claims. Moreover, biofouling poses a risk, as marine growth on propellers and ESDs can diminish efficiency gains. To navigate these complexities, Lloyd’s Register (LR) advocates a comprehensive five-step approach, emphasizing thorough vessel assessment, advanced hydrodynamic analysis, and ongoing performance monitoring. As Claudene Sharp-Patel, LR’s Global Technical Director highlights, successful retrofitting not only saves fuel and enhances compliance but also necessitates a sophisticated analytical approach and effective integration with existing systems.
This comprehensive strategy is part of LR’s commitment to guiding the shipping industry towards cleaner, greener practices.