The Dubai-based Zaitoun Green Shipping L.L.C has participated at the 9^th edition of “Gulf Intelligence Energy Market Forum” that was held from the 30^th September to the 1^st of October 2019. The forum carried out the theme of ‘IMO2020- Megatrends and the Energy Transition’; where key industry players and decision makers shared their insights on the topic during informative sessions and roundtables. The forum was held under the Patronage of His Highness Sheikh Hamad Bin Mohammed Al-Sharqi, Member of the Supreme Council and the Ruler of Fujairah, UAE.

Commenting on his participation, Eng.Mohammed Zaitoun, CEO of Zaitoun Green Shipping and the President of the International Maritime Consortium emphasized, “We are moving rapidly towards the IMO2020 and the shipping industry needs to keep up its pace to align itself with the new regulations and the future. There is a call for change that needs to be addressed in the industry; more ship owners and decision makers need to diversify their business models to stay ahead of the curve, maintain their sustainable growth and preserve their continuity in the market.”

Decreasing vessels footprint for a prosperous future

According to market research, LSFO (Low Sulphur Fuel Oil) is priced around 200-300 dollars per barrel. This is an alarming indicator for ship owners, and calls for immediate actions. Keeping sustainable standards in the shipbuilding process is a key differentiator when it comes to achieving greater efficiency and maximizing performance on large merchant vessels.

“Ships are responsible for more than 18 percent of some air pollutants. Therefore, there is need to change the ships that are being built to be more sustainable and proactive towards environmental compliance. According to a report from the European Union, international shipping contributes to 2.5% of global greenhouse gas emissions annually, and it is predicted to rise between 50% and 250% by 2050.” Zaitoun confirmed.

Zaitoun concluded, “The UAE has made considerable efforts in sustainability and ensuring vessels efficiency as tone of the world’s leading countries in maritime. Conferences, workshops and forums are being held across the country to prepare for IMO2020 and the future of LNG fuels and cleaner energy forms. These changes need to be applauded, as they are efforts in which other vital parties shall collaborate with the government such as ship owners, decision makers, key players and investors in the market. These entities need to carry out the needed tangible actions to tackle the market challenge of producing cleaner energy, in addition to the financial institutions that should change their finance methods to enhance maritime investment. Eco-efficient vessels demand a premium price at new build stage, are more likely to be chartered, maintain asset value over time, have a longer lifespan and ensure profitability.”

­­­­It’s worth mentioning that Zaitoun Green Shipping has initiated innovative sustainable and green initiative through the International Maritime Consortium to ensure the efficiency of ships and create a new business model for the market. The company contributed to the construction of the world’s greenest and most efficient Ultra Large Container Vessels. The efficient and qualified vessels went on to produce countless TEU (Twenty-foot Equivalent Unit) records and resulted in 60% lower CO2 output per TEU compared to larger container vessels existing in the market.