EuroGreen Maritime Secures Seven-Year Charter with Equinor ASA for Four Advanced Hybrid Battery / Dual-Fuel Methanol Tankers with Wingsails

Rhea-AI Summary

EuroGreen Maritime SAS (EGM) solidifies its commitment to environmental excellence by entering a seven-year charter agreement with Equinor ASA for four eco-friendly vessels, showcasing a significant advancement in green shipping.

Insights

Environmental Analyst

The agreement between EuroGreen Maritime SAS (EGM) and Equinor ASA highlights a strategic shift within the maritime industry towards sustainable practices. EGM's commitment to deploying MR IMO II Product Tankers with advanced eco-friendly technology is a proactive response to the increasing regulatory pressures and societal demands for cleaner shipping solutions. The integration of dual-fuel methanol engines, battery-hybrid systems and wind assistance propulsion not only marks an evolution in vessel design but also sets a benchmark for the industry's environmental standards.

From an environmental perspective, the significant reduction in GHG, SOx and NOx emissions surpasses the International Maritime Organization's (IMO) 2030 targets. This indicates a forward-looking approach by both companies to address climate change. The adoption of such technologies may serve as a catalyst for other companies to invest in green innovations, potentially leading to a broader transformation of the maritime sector.

Maritime Industry Analyst

The seven-year charter agreement for four state-of-the-art tankers represents a substantial financial commitment from Equinor ASA, with the vessels valued at over US$250 million. This move is not only a testament to the company's dedication to environmental stewardship but also signals confidence in the long-term profitability of green shipping solutions.

Equinor's decision to integrate these vessels into their product trading activities could provide a competitive advantage by potentially reducing operating costs through improved fuel efficiency and by future-proofing against stricter environmental regulations. As the maritime industry continues to evolve, companies like EGM and Equinor that invest in sustainable technologies may experience enhanced market positioning and potentially higher returns on investment.

Energy Sector Financial Analyst

For stakeholders in Equinor ASA, a company listed on the New York Stock Exchange, this development is indicative of the company's strategic investments in sustainability, which could influence investor perception positively. The long-term charter agreement ensures that Equinor has access to innovative shipping technology that aligns with its sustainability goals, which may be viewed favorably by environmentally conscious investors.

Moreover, by locking in a seven-year agreement, Equinor is hedging against potential future cost fluctuations in the shipping industry, which could be influenced by volatile fuel prices or regulatory changes. This strategic move could enhance Equinor's risk management profile and stabilize a portion of its logistics expenses, which is an important consideration for financial analysts evaluating the company's future financial performance.

NANTES, France--(BUSINESS WIRE)-- EuroGreen Maritime SAS (EGM), a pioneering French shipping company at the forefront of sustainable maritime solutions, announced today that it has solidified its commitment to environmental excellence by entering into a seven-year charter agreement for four vessels with the Norwegian energy company Equinor ASA (NYSE: EQNR) after being awarded the contract of the tender process initiated in December 2023. This transaction represents a significant advancement in green shipping and underscores a shared vision for a cleaner, more sustainable maritime industry.

(Photo: Business Wire)

Innovative marine technology for a greener future

Under this landmark agreement, EGM will deliver four state-of-the-art MR IMO II Product Tankers developed in collaboration with LMG Marin France to set new standards in eco-friendly shipping, which rely on proven, commercial-utilized technologies. The vessels, scheduled for delivery starting in the first half of 2026 through 2027 and representing a value of more than US$250 million at delivery, will be built at Wuhu Shipyard Co., Ltd.'s new facility in Weihai, China. These ships will be managed on behalf of EGM by V.Ships France under this time charter agreement with Equinor upon delivery.

Each tanker features scaled, cutting-edge technology, including a MAN B&W dual-fuel methanol engine with a shaft generator complemented by a battery-hybrid power generation system, ensuring efficient and environmentally friendly operation and cold ironing shore power. In addition, the vessels are further equipped with wind assistance propulsion based on a pair of OceanWings^® wingsails systems developed by the French company AYRO, enhancing their green credentials. GHG, SOx, and NOx emissions are reduced by more than 45%, 95%, and 50%, respectively, with no particles compared to conventional MR designs exceeding IMO 2030 targets.

Specifications and operations

• Vessel type: MR IMO II chemical tankers, 18 tanks, 12 segregations, MarineLINE^® coating for optimal cargo operation.
• Eco propulsion: Powered by a dual-fuel methanol engine with a shaft generator.
• Wind assistance system: An innovative pair of OceanWings^® by AYRO significantly reduces fuel consumption and emissions.
• Battery pack: Incorporating a large battery pack to improve power management.
• Shore power connection: To cut emissions during port operations.
• Flag and management: The four tankers will proudly fly the French flag and be managed by the esteemed ship manager, V.Ships France, of Nantes.

A strategic move for sustainable shipping

Equinor ASA plans to deploy these technologically advanced vessels into product trading activities. This initiative represents a significant step in reducing maritime operations' environmental footprint, further aligning with EGM's and Equinor's sustainability goals.

About EuroGreen Maritime (EGM)

EuroGreen Maritime is a visionary shipping company based in France, dedicated to leading the transition towards more sustainable maritime practices. Through innovation and collaboration, EGM is committed to reducing the environmental impact of shipping and promoting cleaner seas for future generations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240408231181/en/

For further information, press contacts, and inquiries, please reach out to:



Christian Garin

CEO

EuroGreen Maritime SAS

cg@eurogreenmaritime.eu



Bill Mendel

Mendel Communications

bill@mendelcommunications.com

917-664-1796

Source: EuroGreen Maritime SAS

FAQ

What is the significance of the charter agreement between EGM and Equinor ASA?

The charter agreement signifies a major advancement in green shipping and highlights a shared vision for a cleaner, more sustainable maritime industry.

What are the key features of the vessels under the agreement?

The vessels are state-of-the-art MR IMO II Product Tankers with eco-friendly technology like dual-fuel methanol engines, battery-hybrid power generation systems, and wind assistance propulsion.

Where will the vessels be built?

The vessels will be built at Wuhu Shipyard Co., 's new facility in Weihai, China.

How much is the value of the vessels at delivery?

The vessels represent a value of more than US$250 million at delivery.

How much do emissions reduce compared to conventional MR designs?

GHG, SOx, and NOx emissions are reduced by more than 45%, 95%, and 50%, respectively, with no particles compared to conventional MR designs exceeding IMO 2030 targets.