…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
Europa Venture is an affiliated company of Ocean Finance, established as an SPV for the design and coordination of the EUROPA SHIP Plan, a project targeting the renewal of the European SSS fleet using financial blending.
Europa Venture utilizes the European innovative financial instruments (EIB Shipping Financing Tool, Juncker Plan, Trans-European Transport Policy, Connecting Europe Facility Program, etc.) for the transition to a greener economy in the shipping industry, 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 new-buildings with green innovative technologies.
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 construction of LNG bunkering vessels and other means that lead to the conformity with the respective regulations.
EUROPA SHIP Plan
The EUROPA SHIP Plan introduces sustainable financing through financial blending for the renewal of the European SSS fleet, by incorporating innovative and green characteristics. Starting from the Mediterranean, EUROPA SHIP Plan acts as an adaptation plan for new-buildings and retrofits of the entire SSS fleet of Southern Europe.
Objectives:
- Comply with the forthcoming environmental requirements and regulations
- Implement the innovative financing mechanisms available
- Unlock funding for new SSS 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 SSS fleet
- Depends on existing or newly established European Innovative Financial Instruments & Tools (EIB Shipping Financing Tool, Juncker Plan, Trans-European Transport Policy, Connecting Europe Facility Program, etc.)
- Reduces greenhouse CO2 emissions and NOx , SOx & PM emissions
- Is associated with significantly reduced CAPEX and OPEX comparing to HFO and MGO
- Expands risk sharing between both shipyards and ship equipment manufacturers.
green compliance
The establishment, implementation and adoption of the regulatory framework is an ever-changing process that is based on experience, technology developments and strategies, and it needs to be constantly monitored and systematized in order to ensure the normal and efficient operation of any maritime corporation.
The EU’s Sulphur Directive (2012/33/EU) that aims the limitation of sulphur emissions from commercial shipping to 0.50% as of 2020 (for non-SECAs), along with the IMO Convention concerning the Ballast Water Treatment, and EU Directive 2014/94/EU deploying alternative fuels infrastructure which will require LNG infrastructures at maritime ports by the end of 2025, are among the future legal challenges the maritime industry has to address.