SINGAPORE, Nov. 20, 2025 /PRNewswire/ -- The Global Centre for Maritime Decarbonisation (GCMD), AIM Horizon Investments and their partners today announced the successful closing of the Fund for Energy Efficiency Technologies (FEET), securing total commitments of up to USD 35M, exceeding its initial target. 

As the world's first fund for vessel retrofits leveraging a pay-as-you-save repayment mechanism, FEET directly addresses the long-standing financial barriers hindering the sector's uptake of vessel retrofits. This fund has drawn strong interest from across the maritime value chain, including equipment manufacturers, shipowners, and investors.

GCMD provides catalytic equity and is FEET's appointed decarbonisation advisor. FEET is managed by AIM Horizon Investments. Formerly known as FPG AIM Capital, AIM Horizon Investments is a Singapore-based fund manager specialising in maritime and aviation funds for institutional and accredited investors. Shareholders of AIM Horizon Investments hold the fund's commercial equity position, while the Development Bank of Japan Inc. (DBJ) holds the preferred equity position. DBS Bank and ING (which acted as Coordinating Bank) have in principle agreed to provide senior debt financing.

Scaling EET adoption to reduce emissions

Improving energy efficiency remains one of the most effective strategies to reduce emissions and fuel costs. Energy Efficiency Technologies (EETs), such as wind-assisted propulsion systems (WAPS)^[1] and air lubrication systems (ALS)^[2], can deliver immediate fuel savings, assisting shipowners to stay competitive amid tightening regional carbon regulations. However, even with a retrofit market valued at over USD 20B, uncertainties around EET performance and access to financing continue to limit uptake.

A primary difficulty restricting adoption is the inherently variable fuel savings from EET retrofits, which depend on operational and environmental factors, such as routing and weather conditions. The lack of standardised methodologies to accurately measure fuel savings further challenges uptake.

This uncertainty has made the return on investment period difficult to predict and has exacerbated the split-incentive issue, where shipowners are expected to invest in retrofits whereas charterers realise savings. 

Verified savings at the core of pay-as-you-save

A pay-as-you-save repayment mechanism addresses payback uncertainty with EETs by directly linking repayment to quantified and verified fuel and regulatory savings. Deploying this mechanism requires robust data collection and analysis to isolate the retrofit's contribution to overall fuel savings.

To this end, GCMD has undertaken EET performance pilots, equipping vessels with additional sensors to acquire high-precision, high-resolution data and applying rigorous data analytics to quantify fuel savings with statistical confidence. As more data is collected across diverse operating and environmental conditions, these datasets can be used to model and predict savings under varying scenarios.

Unsecured financing solution to accelerate EET uptake

Commercial vessels are typically financed through loans which have a first priority mortgage over the vessel. As the cost of EETs is small relative to the vessel's value, it is not practical for shipowners or the existing secured financiers to provide vessel security to prospective retrofit financiers. Consequently, unsecured financing solutions are needed to accelerate the uptake of EETs.

FEET decouples retrofit financing from vessel mortgages by offering unsecured leases. Under this structure, FEET provides up to 100% financing for the equipment and associated installation and sensorisation costs, and leases the hardware to shipowners. In return, shipowners make repayments linked directly to verified fuel and regulatory savings. At the end of the lease, ownership of the EET is transferred to the shipowner for a nominal fee.

Blended financing and project diversification to manage risks

A blend of catalytic capital, commercial and preferred equities, as well as senior debt, allows FEET to balance financial risk while keeping financing costs competitive. By investing in a diverse portfolio of projects across technologies, manufacturers, vessel owners and types, FEET spreads investment exposure across its portfolio and enhances fund resilience.

Several projects have already been identified and have progressed to the final investment decision stage, reflecting strong industry interest and confidence. The fund remains open to shipowners and ship operators seeking support for adopting EETs.

Poised for scale

FEET is designed to scale beyond this initial closing, recognising the vast market size and shipping sector's pressing decarbonisation needs. GCMD and AIM Horizon Investments are targeting to scale the fund to USD 500M by 2030, capable of supporting around 200 ships.

Scaling FEET will create a virtuous cycle: as the fund grows in size and its projects diversify, financing costs will decrease, and richer performance data on EET will be generated. This, in turn, will spur further innovation and deliver greater benefits for shipping companies, investors and EET manufacturers.

Professor Lynn Loo, CEO, GCMD, said, "Bringing FEET to life has taken persistence and a willingness from everyone involved to step into the unknown. There was no playbook; our teams were learning as we went. This is exactly the kind of collaborative, problem-solving mindset needed to move the needle on maritime decarbonisation. My hope is that FEET will accelerate the uptake of shipboard energy efficiency solutions and help unlock the scale of action needed to turn the industry's decarbonisation ambition into tangible progress."

Michiel Muller, Partner AIM Horizon & FPG AIM, said, "We are proud to work in this partnership and bring an innovative financial product for maritime decarbonisation. It has taken a huge collective effort to create a solution that immediately reduces carbon emissions and has competitive economics that will enable it to really scale. In GCMD we have found a like-minded partner whose professional and scientific approach impressed us since the start, and it was an opportunity to further expand our long-standing relationships with DBJ, ING and DBS Bank."

Corporate Finance Department, Division 4, DBJ, said, "We believe that the adoption of EETs is an effective solution for maritime decarbonisation. FEET provides a platform to support this, and DBJ has decided to invest in the fund. We are proud to be involved in such an international and ambitious initiative, and we sincerely hope that FEET's efforts will expand and contribute to the decarbonisation of the maritime industry."

Stephen Fewster, Global Head of Shipping, ING, said, "At ING we aim to put sustainability at the heart of what we do. We are therefore delighted and honoured to have collaborated with GCMD and our partners to drive the adoption of energy efficiency retrofits which are key for shipping's decarbonisation. We look forward to further cooperation with GCMD and scaling this innovative solution to accelerate the industry's transition to Net Zero."

Max Lim, Managing Director and Group Head, Shipping, Aviation, Logistics & Transportation, DBS, said, "Shipping is the lifeblood of global trade – moving about 80% of all goods across the world. At the same time, the sector accounts for about 3% of global greenhouse gas emissions. Decarbonising this industry represents both a major challenge and a compelling opportunity. The FEET initiative not only supports the adoption of technologies for energy efficiency, but also seeks to help shipowners manage financial and climate risks. DBS is proud to be a partner in this pioneering effort that endeavours to make the transition to cleaner shipping both commercially viable and scalable."

About the Global Centre for Maritime Decarbonisation

The Global Centre for Maritime Decarbonisation (GCMD) was established as a non-profit organisation on 1 August 2021 with a mission to support the decarbonisation of the maritime industry by shaping standards, deploying solutions, financing projects, and fostering collaboration across sectors.

Founded by six industry partners namely BHP, BW Group, Eastern Pacific Shipping, Foundation Det Norske Veritas, Ocean Network Express and Seatrium, GCMD also receives funding from the Maritime and Port Authority of Singapore (MPA) for qualifying research and development programmes and projects. Since its founding, bp, Hanwha Ocean, Hapag-Lloyd, NYK Line and PSA International have joined as Strategic partners. To-date, over 130 centre- and project-level partners have joined GCMD, contributing funds, expertise and in-kind support to accelerate the deployment of scalable low-carbon technologies and lowering adoption barriers. 

Since its establishment, GCMD has launched four key initiatives to close technical and operational gaps in: deploying ammonia as a marine fuel, developing an assurance framework for drop-in green fuels, unlocking the carbon value chain through onboard carbon capture and articulating the value chain of captured carbon dioxide as well as closing the data-financing gap to widen the adoption of energy efficiency technologies.

GCMD is strategically located in Singapore, the world's largest bunkering hub and busiest transshipment port. For more information, go to www.gcformd.org.

About AIM Horizon Investments

AIM Horizon Investments (formerly known as FPG AIM Capital) is a Singapore-based, licensed asset manager focused on private investments in the maritime and aviation sectors. The firm is led by an experienced team with over 80 years of collective expertise in fund management and transportation finance.

AIM Horizon Investments is affiliated with FPG AIM, which since 2012 has directly sourced and structured more than US$23 billion of shipping, container, and aircraft transactions. The group's industry-leading team of 26 specialists operates from key transportation hubs across Asia, EMEA, and the Americas, and has received multiple awards for innovative financing solutions.

About Development Bank of Japan Inc.

DBJ is a wholly government-owned financial institution in Japan, and its corporate mission is "Applying financial expertise to design the future." Its ship finance team has extensive experience in the maritime industry, serving both Japanese and international clients.

One of the team's recent areas of focus is supporting maritime decarbonisation through financial solutions.

About ING

ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank's more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING's ESG rating by MSCI was reconfirmed by MSCI as 'AA' in August 2024 for the fifth year. As of December 2023, in Sustainalytics' view, ING's management of ESG material risk is 'Strong'. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that's not. See how we're progressing on ing.com/climate.

About DBS

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named "World's Best Bank" by Global Finance, "World's Best Bank" by Euromoney and "Global Bank of the Year" by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World's Best Digital Bank" by Euromoney and the world's "Most Innovative in Digital Banking" by The Banker. In addition, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 17 consecutive years from 2009 to 2025.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com

SINGAPORE, June 13, 2025 /PRNewswire/ -- The Global Centre for Maritime Decarbonisation (GCMD) today released a comprehensive report detailing the learnings of a pioneering pilot successfully completed on 14 September 2024. The pilot involved the ship-to-ship transfer of liquid ammonia between two gas carriers, the Green Pioneer and the Navigator Global, at the Western Anchorage WA19, 20 nautical miles (NM) from Port Dampier in Pilbara, Western Australia.

This landmark trial showcased lightering and simulated bunkering operations, transferring 2,700 metric tonnes (MT) of liquid ammonia at a rate of 700-800 cubic metres per hour (m³/hr). The location was strategically chosen for its operational advantages, including an existing ammonia terminal, longstanding expertise in ammonia handling, a dedicated large anchorage, and a safe distance from shore.

Titled " Path to zero-carbon shipping, insights from ammonia transfer trial in the Pilbara", the report outlines how the trial specifically addressed technical, logistical, safety, and regulatory requirements associated with ammonia transfer within an operating port's anchorage.

Key highlights from the safety studies

Comprehensive safety studies were structured around four key areas: feasibility, risks, consequences, and response. Findings across all four areas confirmed that ship-to-ship ammonia transfer at anchorage can be both safe and practicable, provided that recommended safeguards and operational controls are implemented.

The safety studies provided quantitative insights into the operational limits and emergency preparedness for this trial, forming a reference for future pilots and commercial-scale operations.

To establish the allowable weather envelope for safe ammonia transfer operations for this trial, a mooring analysis was conducted, referencing prior LNG bunkering operations. This analysis, which evaluated 36 different sea states, concluded that safe operations are possible up to a maximum wind speed of 20 knots and a swell height of 0.3 meters. These conditions are well within the weather threshold required to prevent bridge wing collisions.

Computational Fluid Dynamics (CFD) plume dispersion modelling was conducted to evaluate potential ammonia release scenarios. A conservative approach was taken, simulating a release of 33 m³ ammonia, corresponding to four times the volume of the most credible worst-case scenario.

At a wind speed of 10 m/s, CFD results showed that a 33 m³ release on the deck of the ship would produce a plume of up to 40 metres tall, 60 meters wide and 750 meters long. Within the dedicated anchorage boundary of 1 NM (1,852 metres), such a release is unlikely to pose safety risks or operational disruption to vessels at adjacent anchorage points.

Hazard Identification (HAZID) and Hazard and Operability Study (HAZOP) highlighted 23 medium-level risks specific to the trial that were mitigated through the implementation of additional controls, like the use of Emergency Release Couplings (ERC), avoiding simultaneous operations (SIMOPS), and stationing a standby incident response vessel. These findings form a basis that future bunkering operations can adapt and build upon.

Emergency response measures included specification of communication protocols, a personal protective equipment (PPE) matrix, the appointment of an incident handler, verification of onboard spill kits, and the deployment of a firefighting tugboat. Vessel crews also conducted ammonia-specific emergency drills to reinforce readiness.

The report also documents the operational aspects of the trial, detailing the transfer systems, shutdown arrangements, and a timeline of key events.

Beyond the trial

The development of ammonia propulsion systems has accelerated, with the first two-stroke dual-fuelled ammonia engine expected to be operational early next year. IMO's approval of the world's first global emissions pricing framework tied to GHG fuel intensities in April 2025 is likely to further position ammonia as a viable zero-carbon fuel for shipping. In light of these developments, GCMD is continuing its collaboration with industry partners to close safety, technical and operational gaps with real vessels and in front-running ports.

 Professor Lynn Loo, CEO of GCMD, said, "In the past, bunkering guidelines took years to develop and were typically derived from experience with actual operations. In this case, guideline development is preceding actual commercial-scale operations, making it all the more important that these trials are as informative and comprehensive as possible so they can serve as a relevant reference for industry bodies in refining safe handling procedures, emergency response plans, and operational guidelines.

To access the report, please click here.

• Infrastructure and procedures for handling captured carbon dioxide (CO₂) at ports are currently inadequate
• Defining clear pathways to offload, utilise, and/ or sequester CO₂, is crucial for large-scale commercialisation of onboard carbon capture and storage

SINGAPORE, March 19, 2024 /PRNewswire/ -- A recent study commissioned by the Global Centre for Maritime Decarbonisation (GCMD), in collaboration with Lloyd's Register and ARUP, has identified low port readiness as a major hurdle bottlenecking the adoption of Onboard Carbon Capture and Storage (OCCS) system as a practicable decarbonisation solution. Whilst the technologies required for offloading onboard captured CO₂ exist at high levels of maturity, safe operationalisation of captured CO₂ transfer by trained personnel has not been demonstrated.

The report, titled "Concept study to offload onboard captured CO₂," found that while a limited number of ports possess the infrastructure to offload liquefied CO₂ (LCO₂), they are primarily designed to handle food-grade CO₂. The higher purity standards that accompany this use limits the interoperability of facilities to handle onboard captured CO₂.

The study examined over ten planned LCO₂ related infrastructure projects worldwide. Located near, or with transport links from, CO₂-emitting industrial clusters, these projects are likely to handle much larger volumes of captured CO₂ than that from OCCS systems; port infrastructure needed for offloading, storing and transporting onboard captured CO₂ will likely need to be integrated with these projects for economies of scale. However, as many of such projects remain in concept phase and have not reached Final Investment Decision (FID), ports have not proceeded with offloading infrastructure investments. This chicken-and-egg dilemma highlights the overall infancy of the carbon value chain.

Furthermore, introducing LCO₂ offloading into already complex port operations will likely impact port efficiency and operational performance. The need for additional buffer zones to address the safety concerns of LCO₂ handling and storage will also add to existing space constraints at ports and terminals. 

About the study: Addressing the gap in the carbon capture value chain

This 9-month long study aims to address a gap in the onboard carbon capture value chain. OCCS has recently gained traction as a potential interim solution to help international shipping meet IMO's emissions reduction targets, with potential deliberations at future Marine Environment Protection Committee (MEPC) sessions. While achieving emissions reductions through OCCS hinges on successfully integrating a shipboard-compatible system within space constraints, equally important is addressing the fate of captured CO₂ by establishing its utilisation or sequestration pathways.

This study complements GCMD's Project REMARCCABLE (Realising Maritime Carbon Capture to demonstrate the Ability to Lower Emissions) by addressing the feasibility of OCCS as a practicable, end-to-end solution at scale. For OCCS systems to be operationally feasible, the industry needs to develop a collaborative ecosystem to enable the value chain for managing captured CO₂. 

By systematically considering the needs of the entire value chain, this study evaluated four concept configurations of offloading infrastructure from of a possible 162 scenarios, identified the operational standards and safety guidelines for handling LCO₂, developed models for the quantification of costs for scaled-up infrastructure, articulated manpower competency frameworks for offloading operations, and analysed the potential regulatory scenarios needed to address the current uncertainties surrounding LCO₂ offloading from OCCS.

Concepts for safe offloading of LCO₂

One of the key considerations is to examine how LCO₂ can be offloaded safely to the appropriate infrastructure.

The study determined that captured CO₂ in its liquefied form is likely the most efficient and cost-effective option for onboard storage and transport. Based on this, the study shortlisted four concepts covering key offloading modalities, such as Ship-to-Ship and Ship-to-Shore, serving as building blocks that can be combined to cover a wider range of offloading concepts.

In ranking the operability of these concepts, the study identified Ship-to-Ship and Ship-to-Shore transfers using an intermediate LCO₂ receiving vessel as the most promising modalities for offloading at scale, with captured CO₂ eventually sequestered or used as feedstock for manufacturing synthetic fuels.

Ship-to-Terminal transfer of captured CO₂ stored in ISO tank containers was identified to be more compatible at smaller scales and for end uses that require higher grades of CO₂. This modality of transfer is also most compatible with existing port infrastructure and therefore easier to pilot today.

Safety considerations handling LCO₂

Handling LCO₂ onboard presents a unique set of safety challenges not commonly encountered when handling fuels in shipping. The study offers an in-depth examination of hazards, such as asphyxiation and toxicity, if a leak or a loss of containment takes place.

Unique to CO₂ is evaluation of its storage at conditions near its triple point, where the gaseous, liquid and solid phases of CO₂ co-exist. Storage at or near the triple point is sensitive to impurities, and minor changes in temperature and pressure can lead to a phase change from liquid to solid CO_2, leading to hazardous situations, such as blockage in pipes and build-up of pressure.

To address these hazards, a series of safety studies, including a Hazard Identification (HAZID) of offloading, Simultaneous Operations (SIMOPS) and a coarse Quantitative Risk Analysis (QRA), were conducted and mitigation measures and emergency response procedures articulated for handling LCO₂.

Professor Lynn Loo, CEO of GCMD, said, "While pilots have successfully demonstrated numerous capture technologies onboard ships, it is still uncertain how captured carbon on merchant ships can be safely offloaded, and what the rest of the value chain looks like. This study sheds light on these challenges, and highlights recommendations to holistically address these concerns for parties interested in advancing OCCS / LCO₂ offloading concepts."

Nick Brown, CEO of Lloyd's Register, said: "The maritime industry requires a comprehensive understanding of the safety and operational challenges posed by all emissions reduction technologies. This study, which focused on port readiness and considerations for the safe handling and offloading of LCO₂, addresses some of the gaps that exist in the carbon capture value chain and will support industry stakeholders in making informed investment decisions around carbon capture solutions and the creation of regulatory and operational guidelines."

Robert Cooke, Design Lead of Arup said, "As a result of the study, it has been promising to see how transferable existing CO₂ industrial knowledge is to an offloading application. Arup brought together energy and maritime capabilities to outline the concepts for onboard captured CO₂ offloading and develop how this new process can practically and safely integrate into busy port environments. We look forward to seeing the technologies and implementation develop into effective marine decarbonisation solutions."

To access the full study findings, please download the report here.

About the Global Centre for Maritime Decarbonisation

The Global Centre for Maritime Decarbonisation (GCMD) was established as a non-profit organisation on 1 August 2021 with a mission to support the decarbonisation of the maritime industry by shaping standards, deploying solutions, financing projects, and fostering collaboration across sectors.

Founded by six industry partners namely BHP, BW Group, Eastern Pacific Shipping, Foundation Det Norske Veritas, Ocean Network Express and Seatrium (formerly Sembcorp Marine), GCMD also receives funding from the Maritime and Port Authority of Singapore (MPA) for qualifying research and development programmes and projects. To-date, over 100 centre- and project-level partners have joined GCMD, contributing funds, expertise and in-kind support to accelerate the deployment of scalable low-carbon technologies and lowering adoption barriers. 

Since its establishment, GCMD has launched four key initiatives to close technical and operational gaps in: deploying ammonia as a marine fuel, developing an assurance framework for drop-in green fuels, unlocking the carbon value chain through shipboard carbon capture and articulating the value chain of captured carbon dioxide as well as closing the data-financing gap to widen the adoption of energy efficiency technologies.

GCMD is strategically located in Singapore, the world's largest bunkering hub and second largest container port. For more information, go to www.gcformd.org