|Starting from 2013, ships will be determined the ranking by fuel efficiency, which will affect chartering. This will change shipping market spectrum and shipowners would invest more in newly-developed newbuildings.|
Park Mu-Hyun, an analyst from Korea's E*Trade Securities, said, "At the IMO MEPC 62nd session in July 2011, the Energy Efficiency Design Index (EEDI) and Ship Energy Efficiency Management Plan (SEEMP) were adopted mandatory."
He said, "Development of shipbuilding technical skills, starting with UK's 'Rivet', Japan's 'Welding' and Korea's 'Floating Dock', will go on with 'EEDI'."
The EEDI requires a minimum energy efficiency level per capacity mile to reduce CO2 emission and ships with lower EEDI are better ones, Park said.
Adoption of the EEDI means that ships built after 2013 will have to meet a minimum standard of energy efficiency. The standards will be strengthened over time, with the aim of a 10% improvement of ships built in 2015-2019.
15% or 20% for 2020-24 and 30% for ships delivered after 2025, therefore, according to Park, those newbuildings contracted from after 2013 should have fuel efficiency improved by over 10% and lower the speed.
He added, "Theoretically, if the speed slows down by one knot, EEDI improves by 14-17%. When EEDI takes effect, small-to-medium size commercial ship segment, which faces more deterioration on average, and EEDI will become one of technical indicators and speed up shipbuilding industries' restructuring."
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