UK’s ship management company Newport Shipping’s LNG fuel tank system for crude tankers and bulkers has gained class approval to facilitate retrofits in line with new environmental requirements.
Classification society DNV granted the approval-in-principle (AIP) affirming the technical feasibility of the concept for the very large crude carrier (VLCC) and Capesize vessel classes.
This prepares the LNG fuel tank system to be implemented in Newport’s design work on retrofits.
Newport Shipping’s concept is based on deck-mounted LNG tanks that can be installed without major modifications to the vessel hull, thereby reducing installation costs. This is a part of a retrofit solution using a dual-fuel engine that would also be suitable for future use of carbon-neutral methane such as bio-LNG.
Newport Shipping is now positioned to take a leading role in the growing market to adapt vessel fuel systems for LNG. Only a few such retrofits were seen globally to date.
Newport Shipping’s managing director Lianghui Xia said: “LNG is one of the cleanest transition fuels currently available globally and can be used with minimum modifications to a ship. CO2 emissions can be reduced by between 20 per cent and 30 per cent just by switching to LNG without installing any other equipment.”
Besides environmental, LNG has also significant cost benefits as it is much cheaper than most fuels and there is already a worldwide bunkering network in place.
Xia says that Newport Shipping’s concept offers a practical and cost-efficient solution to cut fleet emissions in the near term pending the adoption of technologies for carbon-neutral fuels such as ammonia and hydrogen.
Clients of LNG retrofit solution will be offered a long-term payment plan over five to seven years on 60 per cent of the total cost.
Newport Shipping is now poised to bring this LNG retrofit solution to the global shipping market, the company states.