The maritime industry is getting greener, and while that might once have seemed like vague speculations of a better tomorrow for today's shipowner it represents a quandary. With IMO's oft-repeated decarbonisation targets - a 40% reduction in average carbon intensity by 2030 and a 50% reduction in total greenhouse gas (GHG) emissions by 2050 - looming large, is it better to invest in current proven solutions knowing that a costly retrofit of greener technologies may be necessary in the vessel's lifetime? Or is it more prudent to squeeze further life out of existing tonnage in the hope that the picture will become clearer in the next few years? With the news in January that the global orderbook has dropped to its lowest level in 31 years - and notwithstanding other factors such as Covid-19 - the evidence would appear to suggest that many owners are leaning towards the second option, at least until the precise regulatory requirements become clearer. Needless to say that represents a problem for shipbuilders.
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