SRC Group’s Post

Estonian government has announced a €25M support measure for shipowners over the next three years to refit vessels and reduce their environmental footprint. This initiative could translate into up to €250M in revenue for Estonia's maritime technology sector—a significant boost for the industry. The full details of the measure, including application conditions, are expected by the end of Q1 2025. Let’s see how this will shape the green transition in shipping. If you are interested in the Government Support Scheme for vessel refitting, please feel free to contact me! #MaritimeIndustry #GreenTransition #Innovation #Estonia #retrofit #GovernmentSupport #MethanolSuperstorage #SRCgroup

Port of Tallinn’s CEO, Valdo Kalm, shares his views on the future of the maritime sector and how it boosts the Estonian maritime economy. Alongside sustainable solutions for achieving climate neutrality and international cooperation, such as the Green Corridor initiative between Tallinn and Helsinki, Estonia is creating new opportunities with a €25 million investment in ship conversions. The average useful lifespan of ships is about 30-50 years, depending on the type, docks, and maintenance. This is a long-term investment, meaning vessels will need to be rebuilt due to the pressure of environmental regulations. As a result, there is an opportunity to create a ship conversion center or retrofit hub in Estonia, which would bring direct economic benefits to the country and its maritime sector while enabling ports’ existing infrastructure to be used more efficiently. Port of Tallinn’s Muuga harbor and Old City Harbor hold the necessary quays for this, and we are ready to look into the oppotunity. Learn more about how the green transition boosts the Estonian maritime economy in the Trade with Estonia article: https://lnkd.in/dgV724SS #GreenTransition #MaritimeEconomy #ClimateNeutrality #GreenCorridor #Sustainability #Innovation #ShipConversion #RetrofitHub #InvestinEstonia #PortOfTallinn

Important step in supporting Estonian Maritime Industry! This decision will benefit companies offering sustainable, greener and innovative solutions in their everyday business.

🚢 We launched a Green Maritime Working Group last week to support the shipping/maritime elements of the UK-Singapore Green Economy Framework (GEF). The working group was hosted by Kara Owen, the British High Commissioner to Singapore, and with Lord Aamer Sarfraz, the UK Prime Minister’s Trade Envoy for Singapore. Our first discussion covered a range of topics including standards, fuels, innovation, financing and skills. Beyond maritime, the Lord Sarfraz also spoke with Chamber President Damian Adams and Vice President & President-Elect Haslam Preeston on the wider developments in the Chamber and the UK-Singapore business community. Thanks to the following companies and government partners who are pioneering the Greem Maritime Working Group with the Chamber: Shell Shipping HFW The Baltic Exchange & SGX Group Lloyd's Register SGS Bureau Veritas Group bp Norstar Shipping Watson Farley & Williams Institute of Marine Engineering, Science & Technology (IMarEST) BIMCO UK in Singapore Department for Business and Trade The Chamber looks forward to driving private sector-led opportunities in the green maritime space through the working group and our member companies. If you or your business is keen to get involved in the working group or any of the Chamber's green/maritime initiatives, drop us a comment or DM. #maritime #greenmaritime #sustainability #shipping

Navigating the Waves of Change In recent years, the maritime industry has faced increasing pressure to address its environmental impact. As the world's primary mode of transportation for goods, shipping plays a significant role in global emissions. However, amidst growing concerns about climate change and sustainability, the industry is undergoing a profound transformation towards decarbonization During one of the survey, study reveals the barriers on achieving the success where 48% respondent reported the high stake cost and difficulties such as infrastructure availability, technical complexities which includes the yards availability, technological availability for retrofit having long lead time. - Infrastructure availability (35%) - Technical complexities (28%) - Yard availability (20%) - Technological availability for retrofitting (17%) A majority of the stake-oholders shown the inclination towards the hydrogen fuel where about 68% of respondents look for financial incentive in any from to drive it to the success. - Government subsidies (40%) - Tax credits (25%) - Grants and funding (20%) - Carbon pricing mechanisms (15%) A collaborative approach and government initiatives are the major contributing factors to minimise the financial implications on owners, where Norway , Singapore are the leading Governments' who are benefiting the owners financially with different means, - Norway: up to 20% of the total investment cost - Singapore: up to 10% of the total investment cost Where Norway, support for shipowners to install exhaust gas cleaning systems or switch to cleaner fuels under NOx Fund. A Green Shipping Program Offers financial incentives for shipowners to adopt environmentally friendly technologies and fuels, Tax Exemptions to a certain to shipowners from paying taxes on income generated from operating environmentally friendly vessels. Singapore Gov facilitates the stakeholders with financial incentives under,  Green Port Programme - Green Energy and Technology Programme - Maritime Singapore Green Initiative - Tax Rebates the annual tonnage tax & Registration fee rebate. https://lnkd.in/gybNvS9i #MaritimeDecarbonization #SustainableShipping #ClimateAction #Innovation #Collaboration #shipping #decarbonization #maritime #marine #shipowner #MPA #singapore #sustainability

Ports Must Embrace Green Strategies to Thrive in Future Maritime Trade Ports are at the heart of global trade, handling about 80% of international goods transported by sea. However, with increasing scrutiny on environmental impacts, the maritime sector is facing a significant shift in how it operates. A recent study led https://lnkd.in/ekvqjDTe

How do you think the new green international shipping routes, supported by UK government funding, will impact the global shipping industry's sustainability efforts? https://lnkd.in/d_54hdMG Via UK government #GreenShipping #ShippingRoutes #InternationalShipping

The recent Draghi Report has highlighted the need for shipping to make the leap into clean fuels, no matter the type. "The report also recognizes that shipping together with aviation, are the most difficult sectors to decarbonize. Investment needs for shipping alone will be around €40 billion each year from 2031 to 2050. Scaling up the production of clean fuels and clean and innovative technologies in Europe is set as a major objective. In this regard, the report identifies the need for adequate access to finance, including special calls for shipping under the ETS Innovation Fund. Upskilling and reskilling needs for the green and digital transition are also highlighted. The report estimates that up to 250,000 seafarers in the EU could be affected in the coming years, with the figure going up to 800,000 seafarers globally that will have to be reskilled in the next decade." This gives extreme impetus to place all possible solutions on the table. Which also means we have to stop mudslinging other solutions with misinformation, even as we have our preferred choice of fuels. We also need to bear cognizance that we have to help our seafarers overcome the concerns that they may harbour when handling such fuels. For they are the biggest enabler to decarbonise shipping. How can the challenges affecting the fuel scale up and seafarer reskilling be solved? Feel free to comment below. #sustainableshipping #seafarersarekeyworkers

European Shipowners welcome the focus of new Competitiveness Compass on industry competitiveness and open trade ⚓ European Commission's Competitiveness Compass: ➡️ Refers explicitly to the essential role of shipping to the European economy, which builds on the recommendations of the Draghi report on the need to keep European shipping internationally competitive ➡️ Calls for additional measures to de-risk investments needed to swiftly scale up the production of renewable and low-carbon fuels for shipping under the upcoming Sustainable Transport Investment Plan ➡️ Proposes a new simplification approach and the commitment of the Commission to reduce reporting burden by at least 25% for all companies and at least 35% for SMEs ➡️ Highlights open trade as a key driver for Europe's growth, prosperity and resilience Read our statement here: https://lnkd.in/d5dQyjP2 #AllHandsOnDeck

This week, as the maritime industry gathers for Singapore Maritime Week (SMW), we're thrilled to share that OceanScore's insights on the impact of the EU ETS on Singapore-registered vessels have been featured by SeaNews, among other esteemed publications. 🔗 https://lnkd.in/g9vcrtFC 📈 Our analysis highlights that Singapore, a pivotal maritime hub, will face significant emissions liabilities under the fully implemented EU ETS in 2026, emphasizing the city-state's central role in global trade and decarbonization efforts. As the industry navigates these new regulations, OceanScore is committed to providing the digital tools and expertise needed to manage these challenges effectively, leveraging insights like these to foster a more efficient and comprehensive approach.  💡 #oceanscore #singaporemaritimeweek #sustainabilityinshipping #maritimeindustry #euets