Eastern Pacific Shipping (EPS) has provided financing for wind propulsion systems on two of its vessels. This financing has been conducted through a fund whose payments are linked to independent fuel savings. These projects represent the first use of wind propulsion technology in the EPS fleet.
Details of Financing and Technology Used
The Energy Efficiency Technologies Fund (FEET), managed by AIM Horizon Investments, collaborates with the Global Center for Maritime Decarbonization (GCMD) as an advisor in the field of decarbonization. This fund has been utilized for the first time with EPS projects. The vessels Pacific Sentinel and Pacific Sunstone have been equipped with three 22-meter suction sails, making them the first ships in the EPS fleet to adopt wind propulsion technology.
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The FEET fund provides up to 100% initial financing for energy efficiency technologies, and ship owners make their payments based on fuel savings and approved regulations. This financing model is based on previous tests conducted with GCMD and EPS on the Pacific Sentinel, where researchers collected 276 million data points over four months of trading in the Americas.
Analysis and Impact on the Shipping Industry
The analysis conducted included 203 sail transitions to reliably separate the impact of this technology on fuel consumption from changes in operational conditions. The methodology of this research has been independently reviewed, and savings from future projects must be validated before payment calculations. This approach represents a significant step towards decarbonization and improving energy efficiency in the shipping industry.
EPS CEO Cyril Ducau stated, "Decarbonization progresses faster when technology, data, and financing come together." The FEET fund relies on support from the Japan Development Bank, DBS Bank, and ING, and its partners are looking to expand the financing model to other energy efficiency technologies in shipping fleets.
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