The Liberian Registry is collaborating with US-based consultancy EfficientShip Finance (ESF) to launch an innovative environmental initiative aimed at reducing global carbon emissions, improving fleet efficiency and competitiveness, and promoting a greener Liberian-flag fleet.

This joint effort will provide a complete, turnkey, energy-saving solution for ships with an add-ons specifically crafted for emissions control areas (ECAs).

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Within this initiative, ESF will be responsible for financial capital required for each project, technology performance and fuel volatility risk, as well as the technical supervision and monitoring to perform retrofits.

"It should help owners and operators reduce fuel costs while creating the potential to increase hire or charter rates."

LISCR vice-president and project manager of the green initiative Christian Mollitor said: "It should help owners and operators reduce fuel costs while creating the potential to increase hire or charter rates or achieve better pool points and increase asset values in the second-hand market.

"It should also produce improved utilisation rates and marketability, and reduce port costs, freeing up funds for core business investments, including new ship acquisitions, or just facilitating the preservation of cash reserves to make it through a tough market."

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The Liberian Registry will offer a 50% annual tonnage tax discount for ships participating in this green initiative in the first year and 25% discount in both the second and third years.

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The programme would also include the installation of exhaust scrubber systems or the conversion of engines to LNG dual-fuel for ships deployed within ECA zones.