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As of January 1, the offshore sector became part of the EU-MRV regulation. Now applying to general cargo ships between 400 and 5,000 GT and offshore vessels of 400 GT and above, this is the first offshore inclusion in a series of existing regulations that previously applied only to the shipping sector. Additionally, the EU CSRD mandates Tier 1 and 3 emissions reporting for actors like ports, OEMs, shipowners, and service providers. Next, the EU ETS will include vessels over 5,000 GT from 2027, with a review period determining the inclusion of offshore vessels and cargo ships between 400 and 5,000 GT.
Spinergie has developed a unique model to help the sector comply with regulatory requirements and better understand fleet and vessel greenhouse gas emissions (GHG). The Emissions Model supports maritime players in complying with environmental regulations, responding to new auction criteria, and building decarbonization strategies to make informed decisions.
Spinergie’s Emissions Model
Our recently published white paper, GHG Reduction Regulations: Spinergie’s Emissions Model, provides a full explanation of Spinergie's emissions model, including case studies.
The model, which relies on publicly available data integrated into our advanced Market Intelligence solution, uses a bottom-up approach to estimate fuel consumption and emissions across offshore fleets and projects. It allows operators to assess their exposure and develop effective strategies to minimize it. Calculating energy consumption for each vessel and activity, the model estimates the power (and corresponding fuel rate) required to perform the activity.
It can be used to calculate the emissions on a vessel-by-vessel basis or to understand fleet impacts better, as demonstrated in this case study.
Case Study: The impact of long transits on GHG emissions
In this instance, a long transit is defined as crossing two regions with a distance of over 5,000km. Spinergie tracked the long transits of the AHTS and PSV fleet over two years by identifying significant relocations. Some initial observations were made:
- In Q4 2023, travel distances increased as assets were repositioned for the expected activity surge in 2024.
- This trend included relocations from the North Sea to Brazil.
- AHTS vessels accounted for the most travel due to their consistent involvement in ocean towage activities.
The chart above compares quarterly trip (long transit) counts with the number of unique vessels involved. This illustrates the distinct roles of AHTS vessels, which primarily handle ocean towage with long transits integral to their operations. In contrast, PSVs relocate based on market demand and frequently move to new regions for assignments. The number of PSVs, therefore, equals the number of trips taken.
GHG Emissions
GHG emissions from long transits reached 143 kt CO2e in Q4 2023, the highest level in two years. The speed has a direct influence on fuel consumption rate. A 10% speed reduction across all transits could cut support fleet emissions by an average of 8%. This is a significant opportunity for vessel owners as more offshore companies set net-zero targets. Furthermore, the reduction in fuel consumption results directly in fuel-saving costs. But, vessel owners and charterers need to work together on initiatives to reduce emissions.
The impact of Speed Reduction in an 8,500km trip
The analysis reveals that the average trip is 8,500km long. Spinergie analysis indicates that an additional two days of transit will save an average of 37 tons of fuel and a $25,000 fuel economy per trip.
- On average, recorded activity spans 23 days at sea and covers 8,500 kilometers. A 10% speed reduction would extend the voyage by 11%, adding about two extra days at sea to complete it.
- Reducing the average speed of long transits by 10% directly impacts total fuel consumption. This 10% reduction in speed leads to an average fuel savings of 8%, or approximately 37 tons.
- With an average MGO price of $750 per ton, a 10% speed reduction can save up to $25,000 in fuel costs.
This approach cuts CO₂ emissions proportionally and saves costs directly, making it a strong strategy for environmental and financial goals.
Spinergie’s emissions model lays the groundwork for emissions reduction strategies by allowing vessel owners and other players to prepare effectively and take proactive steps toward sustainability.
The combination of cutting-edge technology, validated methodologies, and extensive data coverage is what brings Spinergie clients actionable insights. These insights empower our clients to make the decisions that will reduce their environmental impact, optimize their operations, and help them successfully navigate evolving regulations.
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