Everllence warns retrofit slowdown threatens IMO goals

Everllence has warned that a slowdown in retrofit activity could leave the IMO’s Net Zero Framework out of reach, even if all newbuildings switch to zero or near-zero fuels by 2030.
The engine designer said stalled investment in engine conversions risked opening a 50-GW shortfall in the power that must be converted by 2050 if shipping is to meet the IMO’s 2023 greenhouse gas strategy. Everllence said that even if every newbuild delivered from 2030 ran on zero or near-zero fuels, around 50 GW of existing two-stroke engine capacity would still need conversion to meet the target.
The company said that equated to about 2,000 large containerships, bulk carriers and tankers. It added that of roughly 30,000 two-stroke engines in vessels above 5,000 gross tons, around 5,300 were technically suitable for conversion.
Klaus Rasmussen, project sales director, PrimeServ Denmark, Everllence, said owners were holding back on conversion spending until IMO rules became clearer. He said: “The retrofit market is currently in the doldrums with shipowners backing off investment until clarity arrives regarding IMO rules.”
He warned that uncertainty was pushing owners towards interim efficiency measures instead of full fuel conversions, creating a risk of future capacity bottlenecks once net-zero rules took effect. He said rapid action on retrofits was now critical.