reduction of CO2 emissions 25%
reduction of NOx emissions 85 to 90%
reduction of SOx and Particulate Matter emissions 100%
reduction of CAPEX through economies of scale. Up to 15%
reduction of OPEX comparing to HFO 25%
reduction of OPEX comparing to MGO 50%
…Europa Ship Plan… this massive shipbuilding plan for dual fueled green vessels could substantially benefit the whole region significantly contributing to the reduction of CO2, NOx, SOx and PM emissions towards the 2020 environmental compliance. In parallel the platform is aiming at closing the financing gap for the general green and air quality compliance by applying state-of-the-art financing methodologies and tools blending EU incentives and commercial banks and funds traditional lending.
…in line with what the stated industry needs are at present: a balance between CAPEX and OPEX, a risk sharing mechanism and some business cases to test the structure. In parallel the EIB, European Investment Bank, is introducing new product solutions.
The process includes actions such as vessels retrofit for LNG as a marine fuel, scrubbers installation and newbuilding with green features. Considering this emerging needs currently prevailing, EV, provides invaluable financial support to these companies for their smooth adoption of the upcoming European legislation initiating in 2018 with the reporting of annual emissions of large vessels using every EU port and the implementation of the goals towards climate change in 2020.
In South Europe, the average age of vessels operating in Short Sea is even higher, approximately 25 years. It is therefore quite adverse that the majority of these vessels have such a long life span and a technology incompatible with the available solutions. Considering this, the retrofitting option becomes a non-feasible one for the vast majority of the fleet and the implementation of ESP in the Short Sea Fleet of South Europe through the shipbuilding of new innovative green vessels seems as the optimum and only possible solution.
Europa Venture is an affiliated company of OceanFinance, established as an SPV intended to design and coordinate the EUROPA SHIP Plan, a project targeting the renewal of the European short-sea fleet using financial blending.
Europa Venture utilizes European Innovative Financial Instruments (EIB Shipping Financing Tool, Juncker Plan, ΤΕΝ-Τ policy, Connecting Europe Facility etc.) for the transition to a greener economy in the industry of shipping, reinforcing the European economy and strengthening its global competitiveness.
Europa Venture aims to significantly benefit the shipping industry enabling the financing of retrofits for LNG and scrubbers, installations of BWT/SCR and EGR systems as well as newbuildings with green innovative technologies in general. The Europa Venture platform intends also to contribute to the development of infrastructure in ports, by assisting in the financing of LNG storage facilities, the use of bunkering vessels on ports and other means that lead to the conformity to the respective regulations.
EUROPA SHIP Plan
The EUROPA SHIP Plan introduces sustainable financing through financial blending for the renewal of the European Shortsea shipping fleet, by adding innovative and green characteristics to it. Starting from the Mediterranean, we are developing an adaptation plan for new-buildings and retrofits of the entire short-sea fleet of Southern Europe.
- Comply with the forthcoming environmental requirements and regulations
- Implement the innovative financing mechanisms available
- Unlock funding for new short sea vessel constructions
- Support strategic investments in infrastructure facilities
ESP in a few words:
- Is based on the formulation of a Pool coordinated by EUROPA VENTURE Ltd
- Has been initiated by the Hellenic Shortsea Shipowners Association (HSSA)
- Is supported by the Greek Association of Passengers Shipping Companies (SEEN)
- Aims the renewal of the Mediterranean/European Shortsea Shipping fleet
- Depends on existing or newly established European Innovative Financial Instruments & Tools (TEN-T, CEF, Juncker Plan & EIB Shipping Financing Tool, etc.)
- Reduces greenhouse CO2 emissions and NOx , SOx & Particulate Matter emissions
- Is associated with significantly reduced CAPEX and OPEX comparing to HFO and MGO
- Expands risk sharing between both shipyards and ship equipment manufacturers
The establishment, implementation and adoption of the regulatory framework is an ever-changing process that is based on experience, technology developments and strategies and needs to be constantly monitored and systematized in order to ensure the normal and efficient operation of any maritime corporation.
The European Union’s Sulphur Directive 2012/33/EU that aims to the limitation of the Sulphur emissions from commercial shipping to 0.50% from 2020 (for non SECAs), along with the IMO Convention concerning the Ballast Water Treatment are future challenges for the shipping industry. The Directive 2014/94/EU deploying the EU’s alternative fuels infrastructure will require LNG infrastructures at maritime ports by the end of 2025.