Technology

Shipping industry proposes $5 billion R&D fund to reduce emissions

Maritime associations representing 90% of world merchant fleet submits R&D programme proposal to IMO.

Published

7 years ago

December 18, 2019

Admin

Maritime associations representing 90% of world merchant fleet on Wednesday (18 December) submitted a proposal to form the world’s first collaborative shipping R&D programme to help eliminate CO2 emissions from international shipping.

The proposal includes core funding from shipping companies across the world of about USD 5 billion over a 10-year period.

Highlights of the proposal:
• A new non-governmental Research & Development organisation to pave the way for decarbonisation of shipping.
• Core funding from shipping companies across the world of about USD 5 billion over a 10-year period.
• To accelerate the development of commercially viable zero-carbon emission ships by the early 2030s.

Meeting the IMO GHG reduction goals will require the deployment of new zero-carbon technologies and propulsion systems, such as green hydrogen and ammonia, fuel cells, batteries and synthetic fuels produced from renewable energy sources, they say.

These do not yet exist in a form or scale that can be applied to large commercial ships, especially those engaged in transoceanic voyages and which are currently dependent on fossil fuels.

As such, the shipping industry is proposing the establishment of an International Maritime Research and Development Board (IMRB), a non-governmental R&D organisation that would be overseen by IMO Member States.

The IMRB will be financed by shipping companies worldwide via a mandatory R&D contribution of USD 2 per tonne of marine fuel purchased for consumption by shipping companies worldwide, which will generate about USD 5 billion in core funding over a 10-year period.

This USD 5 billion in core funding over a 10-year period generated from the contributions is critical to accelerate the R&D effort required to decarbonise the shipping sector and to catalyse the deployment of commercially viable zero-carbon ships by the early 2030s.

The shipping industry’s proposal will be discussed by governments in London at the next meeting of the IMO Marine Environment Protection Committee in March 2020.

Speaking on the announcement, Esben Poulsson, Chairman International Chamber of Shipping said:

“The coalition of industry associations behind this proposal are showing true leadership. The shipping industry must reduce its CO2 emissions to meet the ambitious challenge that the International Maritime Organization has set. Innovation is therefore vital if we are to develop the technologies that will power the 4th Propulsion Revolution. This proposal is simple, accountable and deliverable and we hope governments will support this bold move.”

Guy Platten, Secretary General International Chamber of Shipping said:

“We must not leave it to others to carry the burden of addressing the climate crisis. Nor will we ask others to decide the future of maritime. We embrace our responsibility, and we ask the world’s governments to support our efforts.

“Greta Thunberg is right to say that ‘creative accounting and clever PR’ often lie behind supposed commitments to sustainability, but our plans are transparent, and our regulator has teeth. Now we ask the wider shipping community for their blessing. Change on this scale is difficult and often daunting. But in this case, it could not be more necessary. “

Simon Bennett, Deputy Secretary General International Chamber of Shipping said:

“Even using conservative estimates for trade growth, a 50% total cut in CO2 by 2050 can only be achieved by improving carbon efficiency of the world fleet by around 90%. This will only be possible if a large proportion of the fleet is using commercially viable zero-carbon fuels. In practice, if the 50% target is achieved, with a large proportion of the fleet using zero-carbon fuels by 2050, the entire world fleet would also be using these fuels very shortly after, making 100% decarbonisation possible – which is the industry’s goal.

“$2 a tonne will generate about 5 billion dollars over a ten year period – based on total fuel consumption by the world fleet of about 250 million tonnes per year – which we believe should be sufficient to accelerate the intensive R&D effort we need to fully decarbonise our sector within the ambitious timeline agreed by IMO.”

The international shipowner associations making this proposal, which collectively represent all sectors and trades and over 90% of the world merchant fleet, are:

BIMCO
CRUISE LINES INTERNATIONAL ASSOCIATION
INTERCARGO
INTERFERRY
INTERNATIONAL CHAMBER OF SHIPPING
INTERTANKO
INTERNATIONAL PARCEL TANKERS ASSOCIATION
WORLD SHIPPING COUNCIL

Photo credit: International Maritime Organization
Published: 18 December, 2019

Technology

Ofiniti steps up Singapore investment with ZeroNorth eBDN acquisition

Ofiniti has agreed to acquire ZeroNorth’s eBDN solution, including Singapore-based BTS Pte Ltd, as the company increases its multimillion-dollar investment in the city-state.

Published

2 hours ago

September 23, 2026

Admin

Maritime technology company Ofiniti on Tuesday (22 September) said it has agreed to acquire the eBDN solution from ZeroNorth and will, on completion, bring its technology and customers onto Ofiniti’s Bunker Operating System.

The transaction marks the latest step in Ofiniti’s rapid expansion since becoming an independent company in 2024. Through a combination of acquisitions and organic growth, Ofiniti is bringing together technology, capabilities and customers that have historically been spread across separate solutions.

The acquisition further strengthens Ofiniti’s position as it builds the Bunker Operating System connecting supply, demand and infrastructure across the bunkering ecosystem.

The transaction will, on completion, bring ZeroNorth’s eBDN solution and customers into Ofiniti’s digital delivery, while ensuring continuity for existing customers.

For ZeroNorth, the transaction is a deliberate portfolio decision, as the company concentrates its investment in bunkering on the parts most closely connected to core shipping operations – procurement, pricing and planning.

Søren Andersen, CEO of ZeroNorth, said: “eBDN has an important role to play in the continued digitalization of fuel operations, and we are proud of what we have built. We believe Ofiniti is well placed to take eBDN forward and continue developing it for the industry.

“ZeroNorth will continue to invest in bunkering, focusing on the areas where we can create the greatest impact for the industry – connecting fuel decisions more closely with voyage and vessel operations, while increasingly applying agentic AI across the voyage.”

BTS Pte Ltd – the legal entity and license holder behind ZeroNorth’s eBDN solution – is Ofiniti’s third acquisition, following Singapore-based Angsana Technology and Dutch maritime technology company Teqplay, as Ofiniti continues to bring complementary capabilities together within its Bunker Operating System.

Tue Raguse, CEO of Ofiniti, said: “Bunkering has been built around fragmented systems, data and ways of working, and we see a huge opportunity to change that.”

“We are deliberately building Ofiniti to connect supply, demand and infrastructure in one ecosystem. That means growing organically, but also bringing together strong businesses and technology where that can create better solutions for customers and a more connected industry.”

Since its spin-out from DNV in September 2024, Ofiniti has grown to serve more than 200 customers globally and has processed more than 50,000 bunker operations to date.

Singapore has been central to Ofiniti’s growth and will play an increasingly important role in the company’s next phase.

Ofiniti today holds a significant share of Singapore’s digital bunkering market and is increasing its multimillion-dollar investment into technology, talent and presence in the country as it continues to expand internationally.

“We are here to invest, contribute and build for the long term. Our ambition is to continue strengthening our capabilities in Singapore and use what we learn here to help connect bunkering operations across markets around the world,” said Raguse.

Photo credit: Ofiniti
Published: 23 September, 2026

Alternative Fuels

J-ENG completes land-based testing of hydrogen-fuelled marine engine

Engine will be installed on a 17,500 DWT multipurpose vessel to be built by Onomichi Dockyard for MOL and MOL Drybulk, with onboard demonstration testing scheduled to begin in April 2028.

Published

1 day ago

September 22, 2026

Admin

Japan Engine Corporation (J-ENG) on Friday (18 September) said it has completed land-based testing of the world’s first hydrogen-fuelled engine for large commercial vessels, the 6UEC35LSGH.

During factory testing, the engine achieved a hydrogen co-firing rate of at least 95%, reducing GHG emissions by more than 95% compared with conventional heavy-fuel-oil engines.

By adopting a high-pressure direct injection system, which injects fuel directly into the cylinder at high pressure, J-ENG said the engine achieves stable hydrogen combustion.

Safety measures were also implemented, including a robust structure to prevent hydrogen leakage and double-walled piping for hydrogen supply lines.

“Approval testing was conducted in the presence of ClassNK and was completed successfully,” the company said.

The engine will be installed on a 17,500 DWT multipurpose vessel to be built by Onomichi Dockyard for Mitsui O.S.K. Lines and MOL Drybulk.

Hydrogen fuel will be supplied to the engine through a marine hydrogen fuel system, consisting of marine hydrogen fuel tanks and a fuel supply system, developed and manufactured by Kawasaki Heavy Industries.

In addition, Nippon Kaiji Kyokai (ClassNK) will conduct safety assessments throughout each stage of the engine’s development and the vessel’s design, construction and operation.

The vessel will then undergo sea trials before onboard demonstration testing begins in April 2028.

Kawasaki will also develop and manufacture bunkering equipment for supplying liquefied hydrogen to vessels.

“The demonstration will further evaluate the engine’s durability and performance under actual operating conditions,” J-ENG added.

Photo credit: J-ENG
Published: 22 September, 2026

FuelEU

GTT Marine partners with BetterSea on FuelEU trading, pooling integration

Integration will enable GTT Marine customers and platform users to execute FuelEU trading and pooling end-to-end, directly from the Vesper Insights platform.

Published

1 day ago

September 22, 2026

Admin

GTT Marine partners BetterSea to integrate FuelEU trading, pooling into Vesper Insights

BetterSea, provider of a FuelEU compliance platform and marketplace, and GTT Marine, a business unit of the GTT Group, on Monday (21 September) announced a white-label integration partnership to accelerate FuelEU Maritime compliance for shipping companies.

Under the partnership, GTT Marine will integrate BetterSea’s platform into its own Vesper Insights platform offering, enabling GTT Marine customers and platform users to execute FuelEU trading and pooling end-to-end, directly from the Vesper Insights platform.

Through this white-label integration, customers will gain access to BetterSea’s full FuelEU infrastructure, including marketplace access, simulation tools, pooling and post-trade workflows, as well as streamlined Thetis reporting capabilities, all within the Vesper Insights environment.

This creates a uniquely aligned offering for customers seeking a single, trusted route to FuelEU compliance and execution.

As FuelEU Maritime moves into operational reality, shipping companies need more than visibility into compliance exposure. They need the ability to assess options, execute transactions, and complete workflows reliably and at scale.

The BetterSea-GTT Marine partnership addresses that need by combining BetterSea’s execution-ready FuelEU platform with GTT Marine’s strong position in vessel performance and maritime innovation.

Through the BetterSea-GTT Marine partnership, customers will gain:

access to FuelEU trading and pooling execution directly within GTT Marine Vesper Insights platform
access to BetterSea’s FuelEU marketplace
simulation tools to compare compliance pathways across different regulations and evaluate cost exposure
pooling and post-trade workflows supported by standardized legal and financial structures
pool tracking and Thetis reporting capabilities to support the full FuelEU execution process
fully streamlined and connected route to end-to-end FuelEU compliance

Maximilian Schroer, Co-CEO, BetterSea, said: “This partnership with GTT Marine marks an important step in our mission to make FuelEU compliance and pooling easier to access and execute, while underlining BetterSea’s position as the market leading FuelEU marketplace.

“By embedding our platform into GTT Marine Vesper Insights offering, we are giving customers a seamless and efficient path from compliance understanding to full trading and pooling execution, all within an environment they already know and use.”

Christian Treu, VP Revenue, GTT Marine, said: “At GTT Marine, we are committed to equipping our customers with practical and high-value solutions for the decarbonisation transition.

“Through this partnership with BetterSea, we can offer our users direct access to a complete FuelEU execution framework, from simulation to trading, pooling, and reporting, directly via our platform.”

Photo credit: GTT Marine
Published: 22 September, 2026