Retrofit vs Newbuild

Retrofitting for

Maximum Benefits

Retrofitting means reduced emissions, shorter delivery time, and not adding unneeded capacity.

Benefits of Retrofitting

Retrofitting offers significant environmental and economic benefits.  But we must invest time and money to realize these benefits. We see these as worthwhile investments for a Better World.

A Very Large Gas Carrier LPG VLGC at drydock for retrofitting with LPG Propulsion Technology
Our Crew with a vessel at drydock.

Making Our Green Ships Greener

With LPG engines, we reduce greenhouse gas emissions, cut fuel costs, and gain operational efficiencies. By retrofitting, we can reap benefits even before our vessels are on water. Compared with a newbuild, retrofitting an existing ship:

  • Emits 97% less carbon during construction;
  • Takes 2 months, versus 2 years to complete; and
  • Does not add unneeded shipping capacity to the market

Retrofitting costs USD 8 to 9 million, while it costs 10 times more at USD 80 million to order a newbuild with the same technology.

Retrofitting vessels is also aligned with our broader asset management strategy as we maximize the value of our current assets on water while considering the best way forward in our journey towards a zero-carbon future.

Looking at the whole maritime industry, there is enormous potential in retrofit. More than half of the current VLGC fleet and ~7,500 merchant vessels can be retrofitted with LPG propulsion. The potential for LPG as a clean marine fuel alternative is tremendous.