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Noboru Ueda C hairman & President, ClassNK

The Economics of Eco-Ships. Noboru Ueda C hairman & President, ClassNK. S-1. The First Factor – Charter Rates. The Peak BDI: 11,000. The Crash BDI: 650~. Today:. BDI: 650~ Roughly the same as 2009. Baltic Dry Index (BDI). Source: Bloomberg. S-2. The Second Factor – Ship Prices.

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Noboru Ueda C hairman & President, ClassNK

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  1. The Economics of Eco-Ships Noboru Ueda Chairman & President, ClassNK S-1

  2. The First Factor – Charter Rates The PeakBDI: 11,000 The CrashBDI: 650~ Today: BDI: 650~Roughly the same as 2009 Baltic Dry Index (BDI) Source: Bloomberg S-2

  3. The Second Factor – Ship Prices The Peak (2008)Capesize $104m Panamax $58.5m Handymax $50m Handysize $40m The Crash (2009)Capesize $57m Panamax $35m Handymax $31m Handysize $25m TodayNB Price: 20%below 2009 prices $45m $27m $25m $19m Handysize Handymax Capesize Panamax Source: Drewry S-3

  4. The Third Factor – Bunker Fuel Prices The PeakBunkers: $750/t The CrashBunkers: $250/t Today Bunkers: $680/tMore than 2.5x2009 prices Baltic Dry Index (BDI) 380cst Bunker (Singapore) Source: Bloomberg S-4

  5. The Third Factor – Bunker Fuel Prices Bunker Prices: Singapore 380 CST 1999: Bunkers Less than $100/t Today: Bunker Price almost 7 times higher than 1999! Long term trend of higher prices Source: SSY S-5

  6. Why Fuel Costs Matter Now Test Case: Panamax BC Year: 1999 Mil. US$ Newbuilding Price:$27 mil Fuel:35 t/day Voyages: 250 days Fuel price Ship price 35t/day x $100/t x 250 days=$875,000/year x 25 years Lifetime Fuel Cost $21.8 Million Lifetime Fuel Cost Only 80% of Ship Price Source: Drewry S-6

  7. Why Fuel Costs Matter Now Test Case: Panamax BC Year: 2012 Mil. US$ Newbuilding Price:$27 mil Fuel:35 t/day Voyages: 250 days Fuel price Ship price 35t/day x $700/t x 250 days=$6.1 Mil/year x 25 years Lifetime Fuel Cost $153 Million Lifetime Fuel Cost 550% of Ship Price Source: Drewry S-7

  8. The Value of Eco-Ships Standard Panamax BC and 20% More Fuel Efficient Eco-Ship With Bunkers @ $700 tons a daya 20% decrease in fuel consumption = $1.2 million savings each year 35 tons / day Mil. US$ 28 tons / day Lifetime Savings of $30.6 Million over 25 years (per ship) Years after Delivery Source: Drewry S-8

  9. Eco-Ships have already arrived IHI Marine United (IHIMU) eFuture 310T Tanker & 56B Bulk Carrier 30% GHG reduction via integrating the following technologies: • Whale back bow • Electronically controlled diesel engine • Variable nozzle area turbocharger • Waste heat recovery system • Single-screw, twin-engine propulsion system • Contra-rotating propellers IHIMU estimates that the initial cost of these new systems will be recouped within 5 or 6 years. S-9

  10. Eco-Ships have already arrived Universal Shipbuilding Corp. (USC) Next-generation “G-Series” Capesize & Panamax BC G209BC (209,000 DWT) G80BC (80,000 DWT) 20% Fuel savings from new technology: • LEADGE-Bow • Super Stream Duct (SSD) • SURF-BULB • Delivery from end of 2013 S-10

  11. Eco-Ships have already arrived Mitsui Engineering & Shipbuilding Neo Supramax 66BC • 66,000 DWT • Length: abt. 200 m • Beam: 36.0 m • Depth: 18.45 m • Draft: 15.2 m • Fuel savings: 30% • Launched onto market Conventional 56BC 35 tons/day Neo Supramax 66BC 25 tons/day Fuel Savings 30% MES estimates that the initial cost of these new systems will be recouped within a few years. S-11

  12. Eco-Ships have already arrived S-12

  13. How do we improve efficiency? • Improvement of Optimum Hull Form (New bow, hull shape) • Reduction of Hull Friction (Coatings, Air lubrication) • Improvement of Propeller Efficiency (CRP, ducts) • Improvement of Engine Efficiency (Turbochargers, engines • Utilization of Renewable Energy (Solar, hybrid systems) We have to look at the entire ship but this requires cooperation across many sectors…. S-13

  14. Industry Wide Initiatives All-Japan GHG Emission Program 12 ShipbuildersMHI, IHI, Oshima… 22 R&D Projects 30% 7 Shipping Co.NYK, MOL, K-Line... GHG Emission Reduction vs. Existing Ships 7 NPO/GovClassNK, MTI, MLIT… 11 MakersYanmar, Nippon Paint... 2009-2013 Our Contribution:USD 28 Million to 19 of 22 projects S-14

  15. Hybrid Turbocharger FlexibleCoupling Combined generator + Turbocharger. Already in use on bulk carrier Shin Koho CO2 Reduction: 2% High Speed PM Generator S-15 Output Terminal Box

  16. Hybrid Power Systems Auriga LeaderVehicle Carrier Hybrid solar panel and battery/fuel cell system used to reduce electric power needs during voyage – reducing fuel use. CO2 Reduction: 2% S-16

  17. Hybrid Power Systems Hybrid solar panel and battery/fuel cell system used to eliminate the need for generators/fuel use in berthat port CO2 Reduction: No emissions in port Emerald AceVehicle Carrier Delivered: June2012! S-17

  18. Air lubrication System Bubbles generated by blower reduce the frictional resistance between the vessel’s bottom and water. CO2 Reduction : 12-13% at sea trials on Module Carrier S-18

  19. Air Lubrication Revolutionary Technology but with many challenges… The Solution: A united effort by 10+ Shipyards and research organizations S-19

  20. Many Challenges: • Development and optimization of blower system and controls. • Testing shape of openings, size of bubbles and effect on hull. • Study flow of bubbles along hull in order to improve efficiency. • Develop design tools for application to other ship types. • Ensure performance (propeller, sea chest, etc) not affected by new system. S-20

  21. Results of Collaboration: Soyo Type: Coal Carrier (BC) Size: 91k DWTLength: 235mBeam: 43mDraft: 13m First test application of new MALS Air Lubrication technology on a traditional deep draft cargo vessel, built at Oshima Shipbuilding in Japan for NYK. CO2 Reduction : 4-8% during sea trials depending on draft level S-21

  22. Results of Collaboration: MALS-ADMMAX Size: 95k dwt BCLength: 237mBeam: 40mDraft: 12.5m (Designed Load) Jointly developed by rival shipbuildersMitsubishi Heavy Industries (MHI)& Oshima Shipbuilding for sale to U.S. based grain/dry bulk major ADM. S-22

  23. The Next Steps MALS-14000CS • Capacity: 14,000 TEU • Length: 366 m • Beam: 48.8 m • Draft: 15.2 m • MHI Air Lubrication System (MALS) • Fuel savings : 35% S-23

  24. Is this Green Revolution Real? MPG +15% +70% Year Source: US EPA S-24

  25. Yesterday, Today & Tomorrow S-25

  26. 谢谢！ Thank you very much

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