Middle East Conflict Drives Spike in War Risk Insurance Costs
U.S. and Israeli attacks on Iran and Tehran's reprisals have doubled the price of insuring shipments to the Middle East and the Gulf in the last week, insurance sources said on Monday.
A newcastlemax bulk carrier belonging to Singapore-based Berge Bulk will be fitted with four WindWings sails in the second quarter of 2023.
The WindWings technology is offered by BAR Technologies and Yara Marine Technologies, who partnered in 2021 to offer commercial-scale wind-assisted propulsion technology to the global shipping industry.
The installation will involve the 2018-built, 210,000 DWT bulk carrier Berge Olympus, making Berge Bulk an early adopter of the technology. The large, solid wing sails will measure up to 50 meters tall and will be capable of reducing CO2 emissions by as much as 30% through a combination of wind propulsion and route optimisation, according to a joint press release. A video also shows the sails tilting.
“At Berge Bulk, we believe in the results that can be achieved by harnessing wind power,” says James Marshall, CEO of Berge Bulk. “Evaluating this groundbreaking technology, the estimated impact on reducing emissions can be at least as significant as transitional fuels. We look forward to continuing our collaboration with BAR Tech and Yara Marine to install the first WindWings onboard Berge Olympus and for the optimisation needed when deploying such innovative technologies.”
The agreement follows an Approval-in-Principle (AiP) in November 2021 from classification society DNV for WindWings, aka BARTech WindWings by Yara Marine Technologies.
BAR Technologies was formed in 2016 as a spin-off of the British America’s Cup racing team BAR, founded by competitive sailor and decorated Olympian Ben Ainslie.
“Berge Bulk’s decision to invest in our WindWings technology is a clear endorsement of its commitment to moving to decarbonise its vessel fleet and be one of the leaders of sustainable change in shipping,” said John Cooper, Chief Executive Officer, BAR Technologies. “By retrofitting WindWings technology to existing vessels, firms like Berge Bulk can begin to make an immediate impact on decarbonising their fleets while at the same time seeing significant efficiencies in current fuel use. With Berge Bulk joining a pipeline of WindWings installations through 2023, we look forward to working with our partners to make significant inroads into reducing vessel carbon emissions.”
The installation comes as the commercial shipping industry is increasingly turning to modern wind-assisted propulsion technology to help decarbonize.
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