It has been confirmed by Clarksons Research in its latest World Fleet Register, that the Republic of the Marshall Islands (RMI) Registry has the world’s youngest deep water shipping fleet, with an average age of 9.4 years. Furthermore, Clarksons has established ‘green’ categories assigned to ships that invest in emission reduction technologies such as LNG fuel and alternative fuels, battery/hybrid systems, engine control optimisation and energy savings technologies such as wind and solar. Currently, based on these criteria, more than 50% of the gross tonnage of the RMI flagged blue water fleet is utilising green technologies.
“We are happy to report that the data being collected now shows that RMI is the greenest fleet overall. This is a credit to our owners and we applaud them for reducing shipping’s impact on our planet,” says Bill Gallagher, President, International Registries, Inc. (IRI), which provides administrative and technical support to the RMI maritime and corporate registries.
IRI points out that there is a correlation between high quality flag standards and high levels of regulatory compliance. Moreover as shipping moves to achieve the International Maritime Organisation’s targets for greenhouse gas emissions reduction, Environmental, Social and Governance (ESG) criteria are playing a larger part in the financing of vessels. According to Gallagher it is important that shipowners utilise a Flag State that has the commitment and proven track record to support them in their journey towards ESG compliance.
“ESG is not just about environmental practices, but also includes crew welfare. Over the course of the last 12 months to present day, our operators worked proactively, deviating vessels and arranging charter flights to relieve crew members when necessary,” he says. “They recognise that efforts to support and protect crew welfare result in safer and more secure vessels.”