LR, Greek shipping majors launch new global maritime emissions reduction center

The Lloyd’s Register (LR) Maritime Decarbonization Hub has partnered with Greek shipowners Capital Group, Navios Maritime Partners, Neda Maritime Agency, Star Bulk and Thenamaris to launch Maritime Emissions Reduction Centre (M-ERC) that will focus on optimizing efficiency of the existing fleet. 

The M-ERC is being created with the goal of removing technical, investment and community barriers for the uptake of solutions to reduce the greenhouse gas (GHG) emissions of the existing global fleet, offering a collaborative ‘safe space’ for the maritime value chain’s stakeholders, to safely navigate to net zero.

To inform and inspire the adoption of new and existing solutions to facilitate the maritime energy transition, the center will use its applied research and innovation to remove uncertainties and barriers, enabling the uptake of technologies and solutions today.

Furthermore, the M-ERC will help drive optimal operational gains, identifying and resolving the commercial obstacles that stakeholders face.

The center will also play an important role in ensuring that today’s ships are suitable for the energy transition while ensuring that the people within the industry have the necessary training and skills.

These goals will be achieved through research and collaboration with shipyards and original equipment manufacturers (OEMs) alongside the M-ERC’s work across society, ports and seafarer organizations.

“Whilst there is much uncertainty on future fuels, the one clarity is that the less fuel used, benefits us today and beyond 2050. We need to explore every possible efficiency gain from the current fleet that we can. Energy saving technologies and operational practices will play the primary role in delivering the 30% reduction of emissions targeted by the IMO in just six years from now. So, we need to make every upcoming drydocking count and the Maritime Emissions Reduction Centre in Athens will support our industry to evaluate and implement existing and new solutions,” Nick Brown, CEO, Lloyd’s Register, said.

“We are proud to be a part of this alliance that aims to establish an ecosystem for research and innovation in the shipping industry in Greece. Energy transition in the shipping industry is a challenge that necessitates collective forces. Maritime Emissions Reduction Centre is the implementation act of this initiative, and it is our duty to participate in this first movers’ alliance, an international decarbonization maritime hub, where knowledge, skills, innovation, and research are shared. Its goal is to collaboratively work towards achieving a feasible, safe and sustainable decarbonization pathway for the maritime fleet,” Evangelos Marinakis, Chairman and Founder, Capital Maritime & Trading Corp. said.

“Navios believes in the fundamental importance of developing appropriate technologies and solutions for reducing carbon emissions. As responsible members of the global community, we continue to investigate novel approaches for solving this complex problem. Participating in the establishment of the global Maritime Emissions Reduction Centre is another example of our commitment to this effort.  We are delighted to collaborate with Lloyd’s Register, and we hope our collective efforts will bear fruits in the short term,” Angeliki Frangou, Chairwoman of the Board and CEO of Navios Maritime Partners LP stated.

“At Star Bulk, we are excited to collaborate with our Greek shipping colleagues and Lloyd’s Register in founding the Maritime Emissions Reduction Centre. This initiative reflects our shared commitment to driving sustainable change and underscores the role of Athens as a global maritime hub. By leveraging Greece’s shipping heritage and expertise, we are able to take steps today to improve the energy efficiency of the world fleet and to reduce the carbon footprint of our industry,” Charis Plakantonaki, Chief Strategy Officer, Star Bulk Carriers Corp., said.

As part of the collaboration between the LR Maritime Decarbonization Hub and Greek shipowners, the center will aim to attract global and regional funding to fund activities, projects and initiatives to deliver on the desired outcomes of the M-ERC. It is anticipated that more shipping stakeholders will join the initiative in the months to come.