Intermarine trio undergoes retrofit

CWR awarded Hammonia a USD120,000 grant to retrofit the three heavy lift vessels; while Intermarine has agreed to provide Hammonia an above-market rate through a retrofit clause in the charter party. This effectively shares the fuel savings between both parties and earns Hammonia a five-year time charter.

Furthermore, since Industrial Ruby is Liberian flagged, the ship is eligible for a 50 percent tonnage tax discount for the first year after retrofit, explained CWR.

The retrofit bundle installation includes an optimised bulbous bow, rudder optimisation, high-performance hull coating, and trim and ballast optimisation at standard drydock.

The 10,536 dwt Industrial Ruby is the final ship to leave drydock after undergoing the retrofit and was relaunched on March 1, 2016.

All three of the ships were purchased second-hand by Hammonia and the vessels' financier has extended the liens in order to finance most of the USD1.2 million retrofits. HLPFI understands that the ships are ex-Beluga Shipping vessels.

The CWR grant has funded the installation of continuous monitoring software on the three multipurpose ships in order to measure, verify and publicise the fuel and carbon savings. The data will be analysed by the University College London (UCL) over a five-year period.

"This deal showcases how to overcome the split incentive between owners and charterers, and delivers hard proof of the fuel savings from deep retrofits," said CWR shipping operations manager Galen Hon.

CWR believes the deal should serve as a model for the rest of the industry, which achieves greater savings as well as creating win-win scenarios for both charterers and owners - something that the company says is especially pertinent in today's market of overcapacity.

www.carbonwarroom.com

www.hammonia-reederei.de

www.intermarine.com