Freight Rate War Engulfs Asia-Europe asTranspacific Rally Vanishes
With spot rates on Asia-Europe shipments now being discounted on an almost daily basis, freight buyers on the trades fear that a new freight rate war may now be fully underway.
As the Cargill-chartered bulk carrier marks its first test voyage using the ‘WindWings’ technology, another wind-assisted propulsion system has reached a critical milestone.
Classification society Bureau Veritas has partnered with GT Green Technologies with the goal of providing an approval in principle (AiP) for their AirWing technology, which provides wind-based propulsion solution for the maritime sector.
The AiP from Bureau Veritas will be a significant advancement for the AirWing20™ system’s design, which has received funding from the UK Government’s Department for Transport.
GT Green Technologies is aiming to deliver the first AirWing20™ wind propulsion unit for installation on a vessel in 2024, with the support of Bureau Veritas and commercial partner PEI TECH. A major partnership with a prominent shipowner for the inaugural installation is expected to be announced soon.
“The classification process is an important step in the technical validation of this solution to address compliance with applicable class rules, notations and other regulations, and helps to pave the way for the next phases of development,” said Laurent Leblanc, Senior Vice President, Technical & Operations at Bureau Veritas Marine & Offshore.
“We are thrilled to join forces with Bureau Veritas to classify our revolutionary AirWing20™ technology,” said George Thompson, CEO of GT Green Technologies. “This collaboration solidifies our commitment to delivering the best-in-class solution to the market. With this significant milestone, we are gaining tremendous momentum, assembling a talented team, and taking concrete steps toward reshaping the industry for the better.”
GT Green Technologies has received substantial financial support through the UK Government’s Transport Research Innovation Grant (TRIG) program program. The program, which is overseen by Connected Places Catapult on behalf of the Department for Transport, is designed to foster advancements and encourage research in the transport sector.
“Our selection as a recipient of this prestigious grant reflects our commitment to revolutionizing the shipping industry with cutting-edge, environment saving technology,” added Thompson. “We also look forward to sharing news in the near future on the installation of the first AirWing20™ unit on a vessel, along with other significant collaborations.”
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