New article of Mr George Andreadis at SHIPPING Magazine (February 2025 issue)
The Greek shipping community has been steadfast in its commitments to promoting green shipping, having recently announced over €900m in green pledges that look to support the decarbonization of the global fleet. Among these measures is a €500m initiative to install electrical hook-ups for ships in 12 ports on the mainland and islands by 2030, alongside a continued commitment to support the integration of low-carbon alternative fuel into the global supply chain.
In recent months, the Greek market has experienced a surge in LNG imports and is currently considered one of Europe’s leading LNG hubs. Due to Greece’s geopolitical position, it can receive LNG cargoes from multiple sources and routes, supporting a more interconnected and resilient natural gas market in Southeast Europe. Furthermore, significant efforts have been made in recent years to develop Greece’s LNG infrastructure, most notably with regard to the launch of the Alexandroupolis LNG terminal, which consists of a floating storage and regasification unit (FSRU), as well as a subsea and onshore natural gas pipeline that connects the FSRU to the National Natural Gas Transmission System, which commenced operations in October 2024.
In fact, recent reports have revealed a spike in LNG imports to Greece, as a result of the fractious geopolitical landscape. Analysis by the Independent Commodity Intelligence Service (ICIS), highlights that Greece imported six LNG cargoes in January 2025 alone, totalling approximately 430,000 tonnes of LNG, a significant increase from December 2024 imports of 313,860.
The global demand for LNG has led to considerable investment in its production, infrastructure, and distribution networks, and Bureau Veritas has played a significant role in developing and integrating LNG into maritime operations. From as early as 2012, BV has been involved in awarding Approval in Principle (AiP) certification of ship designs dedicated to ship-to-ship bunkering of LNG and has led in developing rules and guidelines for LNG bunkering. Rules such as NR620 LNG Bunkering Ship focus specifically on the transfer system of the vessels to prevent leads and boil-off gas handling systems for ships that aren’t sailing continuously but are waiting for fuel delivery.
BV has also led in the classification of LNG bunkering vessels, which are integral to supplying the world’s fleet with LNG. To date, BV has classified 35% of the world’s bunkering ships in service and has around 50% of the world’s orderbook. Recently, our fleet has grown with several newbuilds, including two 18,000 m3 LNG bunkering vessels for Hercules Shipping, shipping arm of Peninsula at Hyundai Mipo Dockyard, and one 18,600 m3 vessel for Ibaizabal at Hudong-Zhonghua which will be ready for delivery from 2026.
Despite these positive signals within the Greek market, the maritime industry is experiencing a sustained period of volatility. Macro-geopolitical events continue to disrupt day-to-day vessel operations, whilst casting a shadow of uncertainty over maritime markets and the green agenda. Also, the introduction of an increasingly stringent regulatory landscape, designed to reduce the industry’s carbon emissions, is forcing owners and operators to adapt their operations and engage with new and emerging clean technologies in order to achieve compliance.
By 2027, under the EU ETS, all shipowners will be required to surrender European Emissions Allowances (EUAs) to cover 100% of the CO2 emissions for their voyages between EU ports, and 50% for those between an EU and non-EU ports. To supplement the objectives of EU ETS, under FuelEU Maritime, vessels are now required to decrease the greenhouse gas intensity of the fuel they use by 2% relative to an industry benchmark based on GHG intensity of vessels in 2020.
As a leading classification society, it is BV’s role to support the industry as it adapts to these newly introduced regulations. The industry has been aware of the introduction of FuelEU Maritime since the announcement of the EU’s “Fit for 55” package, in 2021. In that time, BV has developed information and advice as well as dedicated seminars to help owners and operators understand the details of the provisions and what is required from them in order to remain compliant.
In such a period of volatility, the role of class societies, such as BV, as trusted partners in supporting industry stakeholders as they attempt to navigate these global challenges, cannot be overstated. Through its Rules, AiPs and risk assessment processes, BV helps to de-risk ambitious new projects relating to alternative fuels, as well as new energy saving technologies such as carbon capture and storage systems, and wind propulsion technologies.
In 2024, BV published a technical report on wind propulsion. It highlights that, as of July 2024, more than 105 wind propulsion systems have been installed on over 45 ships, in addition to 10 ships that are already prepared for potential installation of wind propulsion systems, with studies suggesting that 30% of the entire global fleet will have engaged with wind propulsion technology by 2050.
Bureau Veritas has been instrumental in the development of Rules for wind propulsion (NR 206 wind propulsion system) as well as classification notations WIND PROPULSION - 1 & WIND PROPULSION - 2, which ratifies that the wind propulsion system in place has been tested and meets these safety standards.
In order to fill the regulatory void that international bodies have currently left, BV’s notations cover the design, construction and operation of wind propulsion systems on ships, as well as the associated safety requirements. At the planning stage, BV examines and approves the structural, mechanical and electrical plans, as well as their safety and stability, in accordance with BV’s NR 467 Rules for the classification of steel ships and the NR206 Wind Propulsion system.
The path to decarbonization is undeniably complex, with regulatory pressures and technical challenges creating significant obstacles. Yet, collaboration and innovation hold the key to progress. Adopting low-carbon fuels, supported by strong partnerships and clear standards, will be critical in driving the industry’s energy transition.
To support this unprecedented level of collaboration, BV recently launched the Future Shipping Team (FST), a multidisciplinary initiative bringing together internal and external experts to tackle the complex and multifaceted issues that the modern maritime industry currently faces. With over 250 specialists across 12 key areas, the FST focuses on emerging fuels, advanced technologies, lifecycle analysis, and ESG (Environmental, Social, and Governance) progress. By driving research, building strategic partnerships, and developing new standards, the FST is helping the maritime sector transition to low-carbon fuels, whilst supporting broader decarbonization goals.
BV and the FST are dedicated to leading the maritime industry’s green transition by supporting the development of efficient systems for low-carbon fuel production and distribution, as well as supporting the development of clean technologies. However, immediate and collective action is crucial. Only through a unified effort can the industry overcome current supply chain fragmentation, meet its environmental targets, and pave the way for a cleaner, more sustainable future.