An ocean of opportunity
The iconic MMG propeller was already positioned last week. From left: Christoph Lücke, director SMM; Lars Greitsch, managing director, MMG; Claus Ulrich Selbach, business unit director Maritime & Technology Fairs at Hamburg Messe und Congress (Source: HMC)
SMM opened this morning to a global shipping industry facing an unprecedented mix of fortunes. Most shipping sectors are buoyant despite the impact of geopolitics and disruption to supply chains. A sector that has been accustomed until recently to a role as the silent backbone of world trade has instead found itself thrust into the headlines for various reasons.
Firm markets have led to a ship contracting spree which has many shipbuilders fully booked for years. New ship prices, already high, continue to climb, with demand for containerships, gas carriers, and car carriers at record levels.
Meanwhile, as decarbonisation gathers pace, entirely new ship types are being developed. The first liquid carbon dioxide carriers are now under construction, for example, while the latest generation of wind turbine installation vessels bear almost no resemblance to their forebears.
Shipping’s classification societies, equipment suppliers, and technology developers have stepped in – and new energy saving technologies are yielding substantial efficiency gains. Ship repair and retrofit yards, meanwhile, are working overtime to bring the existing fleet up to the latest standards, committing to the principle that it is better to improve a ship already built, if possible, than to replace it.
The power of the wind will be a key feature at this year’s event, with a wide range of wind-assisted propulsion systems on display. Mostly installed so far on existing ships, many vessels of the future are likely to harness wind power as a supplementary source of energy.
Expect to see AI mentioned more than once. Expect, too, discussion of onboard carbon capture, the means by which shipping might be able to meet even the most stringent environmental regulations while driving down costs.
As ship technology develops at record pace, and many vessels currently under construction are ‘ready’ for new technologies, the maritime business is undergoing transformational change in an environment of unparalleled opportunity.
