A Critical Step Towards Sustainable Shipping
This Sunday, October 6, 2024, at 12 PM IST, Dmet Club is proud to host a highly insightful session with Prakash Chandra, Director at Fleet Management Limited on upcoming Sunday Citadel. He will discuss the pressing issue of “The Journey to Green Fuel for the Maritime Industry”, addressing one of the most important transitions facing global shipping today.
The maritime industry is under increasing pressure to reduce its carbon footprint and align with international sustainability goals. With organisations like the International Maritime Organization (IMO) mandating a 50% reduction in greenhouse gas emissions by 2050, the race is on to explore and implement green fuels.
This session will explore how the industry can adopt alternative fuels like ammonia, hydrogen, and LNG to meet these goals, reduce environmental impact, and create a sustainable future for shipping.
Session Details:
Date: Sunday, October 6, 2024
Time: 12 PM IST
Zoom Meeting Link: Join Zoom Meeting
Meeting ID: 869 8852 8167
Passcode: DMET
The Role of Green Fuel in Transforming the Maritime Industry
The need for green fuel in the maritime industry has never been more urgent. With rising concerns about climate change and increasing regulations around emissions, shipping companies must adopt sustainable practices to remain viable in the long term. Currently, the maritime sector is responsible for around 2.5% of global greenhouse gas emissions. As the demand for shipping grows, these numbers could increase unless alternative, cleaner fuels are integrated into everyday operations.
But what exactly is green fuel, and why is it important?
Green fuels, also known as alternative or sustainable fuels, are fuels derived from renewable energy sources that significantly reduce the carbon footprint compared to traditional fossil fuels like heavy fuel oil (HFO). The most promising options include liquefied natural gas (LNG), ammonia, methanol, and hydrogen.
Key Benefits of Green Fuels:
Significant Reduction in Carbon Emissions:Traditional marine fuels produce large amounts of CO2 when burned. In contrast, green fuels like ammonia and hydrogen emit little to no carbon dioxide, making them ideal for reducing the maritime industry's overall carbon footprint.
Compliance with Environmental Regulations:Governments and regulatory bodies across the world are tightening environmental standards for shipping. The IMO has set ambitious targets to reduce emissions by at least 50% by 2050, compared to 2008 levels. Transitioning to green fuels is essential for companies to meet these regulatory requirements and avoid costly penalties.
Energy Efficiency and Cost Savings:Although the initial cost of switching to green fuels may be high, their improved energy efficiency often leads to long-term cost savings. These fuels are typically more energy-dense, which means vessels can travel further on less fuel.
Enhanced Corporate Image and Market Opportunities:Companies that adopt green fuels can showcase their commitment to sustainability, which is increasingly important to customers, investors, and regulators. This not only enhances corporate image but also opens up new market opportunities as sustainability becomes a key purchasing factor.
About Prakash Chandra – Leading the Way in Green Shipping
Prakash Chandra is no stranger to the maritime industry, having dedicated over two decades to leading innovations in shipping operations and fuel management. As Director at Fleet Management Limited, a leading global ship management company, he oversees the technical management of diverse tanker fleets, including LNG (Liquefied Natural Gas), LPG (Liquefied Petroleum Gas), oil, and chemical tankers.
Prakash’s journey with green fuel began as the maritime industry increasingly recognised the need for alternative fuel sources. With an eye on sustainability and the future of shipping, he has been at the forefront of several pioneering initiatives aimed at developing and implementing green fuel solutions for the maritime sector.
His Key Contributions Include:
Operation of Dual-Fuel Vessels:Prakash has extensive experience operating dual-fuel vessels powered by a combination of methanol, LNG, LPG, and ammonia. These vessels are pivotal in the transition to greener shipping operations, as they allow flexibility in fuel choices, gradually phasing out heavy fuel oil in favor of more sustainable options.
LNG Bunkering Operations:As the maritime world transitions to greener alternatives, Prakash has played a critical role in the operational management of LNG bunkering and ship-to-ship transfers in collaboration with Shell, a global energy leader. LNG, being a cleaner-burning fuel, is seen as a bridge fuel for the industry as it works toward even lower-emission fuels like ammonia and hydrogen.
Leadership in Ammonia Development:Prakash is deeply involved with the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, where he is working on the development of ammonia as an alternative fuel for the maritime industry. Ammonia, with its zero-carbon combustion, is emerging as one of the most promising solutions for reducing emissions in shipping.
Collaborative Projects on Ammonia Bunkering:Prakash’s work extends to collaborative projects like SABRE, a consortium focused on developing ammonia bunkering at Singapore. SABRE brings together key industry players, including Sumitomo, Maersk, Sea Span, K-Line, and the Maritime and Port Authority of Singapore (MPA), to create infrastructure and operational frameworks for ammonia use in shipping.
Ammonia Deployment in the US:Prakash is also involved in the RADIUS project, a consortium working on deploying ammonia bunkering at the Port of Savannah in the United States. This initiative involves collaboration between Sumitomo, Maersk, the Port of Georgia, ABS, Savage, and Tote, aimed at setting the foundation for ammonia to become a mainstream maritime fuel in the U.S.
Exploration of Hydrogen as Fuel:In addition to his work on ammonia, Prakash is actively exploring hydrogen as a drop-in fuel for LNG vessels. Hydrogen has the potential to drastically improve the Carbon Intensity Indicator (CII) of vessels, helping to further reduce the environmental impact of maritime operations. By using hydrogen, ships can also mitigate the issue of methane slip, a concern when using LNG as fuel.
Prakash Chandra’s Professional Journey
Prakash Chandra has held various leadership positions throughout his career at Fleet Management Limited, having risen from Technical Manager to General Manager and now Director. His focus on alternative fuel studies and his extensive knowledge of tanker operations have established him as a thought leader in the maritime industry.
His qualifications include a Bachelor's Degree in Marine Engineering from the Marine Engineering and Research Institute and an Accelerated Management Program from NUS Business School, reflecting his deep technical expertise and strategic thinking in the field of green shipping.
Conclusion: Paving the Way to a Greener Future
The future of the maritime industry depends on its ability to innovate and adopt sustainable practices. Through the leadership of experts like Prakash Chandra, the industry is making significant strides in exploring alternative fuels like ammonia, hydrogen, and LNG. These fuels promise to drastically reduce carbon emissions, ensure regulatory compliance, and improve the overall efficiency and sustainability of global shipping operations.
Join us on Sunday, October 6, 2024, to explore the latest developments in green fuel and hear from Prakash Chandra on how the maritime industry is navigating its path toward a greener future.