Sustainable Business Model for Shipping Industry

Abstract

In recent years, sustainabiliiy in a climate and an environmental perspective has become an issue of highest priority. The importance of shipping industry is very much traced for international transportation. It is generally acknowledged that more than 90 percent of international trade is carried by ship. Throughout the last century the shipping industry has seen a general trend of increases in total trade volume. The advances in technology have also made shipping an increasingly efficient and swift method of transport. Presently the shipping industry is facing ever greater challenges, especially regarding fuel and energy consumption. Other than economical issues there are some environmental issues which are resulted due to burning of more fuel. It is estimated that 4% of the global C0₂, SO_x and NO_x emissions come from international shipping. Shipping installations having higher fuel efficiency in all operational stages will be increasingly favored and will presumably have great potential for future growth. Parts of these requirements can easily be met by controlling the speed of electric motors used for centrifugal pumps and propulsion system onboard ship using variable frequency drives. The use of non conventional energy sources e.g. solar energy, Tidal energy, Geothermal energy, Fuel cells etc. also reduces emission of carbon and other green house gases by more than 50%. In this paper the speed controlling using VFD is discussed for saving energy and for reducing GHG emission [1], Therefore the use of green technology not only saves energy, expenditure and improves the overall business but also makes sailing more safe, eco-friendly and environmental friendly.