The shipping industry unnecessarily wastes 4.37 million barrels of oil each day, the equivalent of more than $140 billion in fuel costs per year at current prices, according to Dutch maritime technology company DK Group.
DK's said shipping consumes 369 million tons of bunker fuel each year, equivalent to 7.29 million barrels a day or 2.66 billion barrels annually, representing 8.5 percent of global oil supplies.
The Rotterdam-based firm said its figures are supported by United Nations-commissioned research and prove that ships are emitting an extra 672 million tons of CO2 per year.
DK Group founder Jørn Winkler said, "voluntary" ship technologies, including twin propellers and hull design efficiencies, could reduce fuel consumption and oil usage by 30 percent to 40 percent, but that opportunity is being missed as many shipbuilders are failing to incorporate the technologies available. He also noted the current trend for slowing down vessels to reduce fuel consumption.
"If slow steaming is combined with technologies we will see drastic reductions that can reach more than 50 percent in reduced fuel usage and costs, which equates to 4.37 million barrels a day. When compared to current ship fuel use levels, it means saving almost half of the production in Saudi Arabia, which given global demand for oil represents corporate irresponsibility," he said.
Christian Eyde Møller, DK's chief executive officer, urged the International Maritime Organization, which is meeting this week in Oslo to discuss greenhouse gases and global warming, to create a new industry standard that forces shipyards to adjust rapidly to modern technology and design.
"The IMO should present solutions that makes it understandable and visible for end users that 'green transportation' and high fuel prices has a price; shipping has for too long been the elephant in the corner while consumers and investors pay the prices for its inefficiencies," he said.
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