The maritime industry faces a pivotal challenge – decarbonising the global fleet for a greener, more sustainable future. For the prepared, the investment to retrofit now can be an opportunity to realise savings tomorrow.
Shipping remains under continuous pressure to meet greenhouse gas (GHG) reduction targets, decarbonise fleets, and operate more efficiently. Meeting these challenges means considering a raft of potential fleet and fuel options. Without improvements, many vessels will not comply with new regulations like FuelEU, while decarbonisation pathways can be uncertain and require significant capital investment. The industry faces a complex choice between retrofitting, buying new vessels, and the challenge of securing green fuel supplies.
LR helps ship owners and managers find ship retrofits that make environmental and economic sense. Retrofitting ships helps you to operate compliantly and economically, whether that’s installing more efficient propellers, wind-assisted propulsion systems (WAPS), hull enhancements to improve efficiency, carbon capture technology to collect and sequester emissions, or new ship engines designed to use low carbon fuels.
Retrofit Solutions
- Options analysis
- Feasibility and Risk Assessment
- Execution
- Operation
Our Advisory service helps you choose the right strategic approach by assessing your fleet’s GHG emissions and exploring cost-effective options with clear timelines for executing specific retrofits. This assessment gives a detailed summary of what can be achieved using various asset management technologies based on your fleet and operations. It includes an analysis of both Return on Investment and Total Cost of Ownership and whether investing in new ships could be the most cost-effective option.
If you have developed your strategy, LR does the due diligence to verify that approach, helping you secure improved financial terms and reassure internal and external stakeholders.
Our retrofit experts work with you to reduce risks and ensure a smooth retrofit. We'll collaborate to choose technology providers and ship designers and provide a comprehensive understanding of every technical detail. Advanced modelling helps to identify and assess risks and ensure that selected retrofits deliver the performance and safety expected.
Our comprehensive support services ensure meticulous planning and effective execution for any type of retrofit while minimising time off-hire. Installation is carefully assessed to spot hidden costs and ensure all critical factors are considered, addressed and integrated. Our trusted advisers oversee retrofits before and during installation to certify and lend expertise on the ground.
Once the retrofit is in place, our retrofit experts thoroughly test your ship to ensure it operates as designed, performs as expected, and secures the intended benefits. Our global client support supports fleets in service and finds practical solutions to any problem.
Why LR?
A changing world demands a new approach to energy. We've led two maritime transitions - from sail to steam and from steam to diesel – over the course of more than 260 years, with expertise and foresight to meet challenge after challenge. This is why LR is ideally placed to tackle energy transition, guiding the industry to resolve sustainable business ambitions.
Action towards a net zero world continues to build. We're helping clients to act now, giving them confidence that their decisions will help their business succeed throughout their decarbonisation journey. Adapt and thrive in the energy transition with LR.
