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Hammonia Reederei and Intermarine to share fuel efficiency savings

A collaboration agreement between Hammonia Reederei, a Hamburg-based shipowner, and New Orleans-based charterer Intermarine has seen three sister vessels retrofitted with multiple efficiency technologies which are expected to create 25 per cent fuel savings, to be shared between the two companies.

{mprestriction ids="1,2"}The Carbon War Room (CWR), a non-profit environmental organisation, awarded Hammonia a $120,000 grant to retrofit the vessels Industrial Ruby, Industrial Royal, and Industrial Revolution. Intermarine has agreed to award Hammonia a rate that is above market rates through a retrofit clause in the charter party.

This effectively shares the fuel savings between both parties, while also earning Hammonia a five-year time charter.

Furthermore, as Industrial Ruby is Liberian flagged, this vessel is eligible for a 50 per cent tonnage tax discount for the first year after retrofit. This is part of the incentive scheme offered by The Liberian Registry to encourage and reward efficiency retrofits using third-party finance.

The retrofit bundle installation includes an optimised bulbous bow, rudder optimisation, high-performance hull coating, and trim and ballast optimisation. The 10,536 dwt Industrial Ruby is the final vessel to leave drydock after undergoing the retrofit and was relaunched on March 1.

“This deal proves the profitability of shipowners and charterers collaborating on multi-technology retrofits. Hammonia and Intermarine should be lauded for using innovative financing and best practices in measurement and methodology to win a competitive edge,” said José María Figueres, chairman of the board, Carbon War Room.

The CWR grant funded the installation of continuous monitoring software on Industrial Ruby, Industrial Royal, and Industrial Revolution in order to measure, verify, and publicise the fuel and carbon savings. The data will be analysed by independent third-party University College London (UCL) over a five-year period, with initial results being released to the industry six months post-drydock.{/mprestriction}

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